Blue Cap AG continues good development in the first quarter and presents significantly increased dividend proposal for the past financial year

• Adjusted EBITDA increases slightly year-on-year to EUR 4.5 million
• Adjusted EBITDA margin at 9.3 % compared to 7.8 % in the previous year’s quarter
• At EUR 46.5 million, Group revenue below the previous year's level as planned
• Dividend proposal of EUR 1.10 per share, including a special dividend of EUR 0.45 due to successful exits
• Management Board confirms outlook for 2025: revenue of EUR 200-220 million and adjusted EBITDA margin between 10.0-11.0%

Munich, May 14, 2025 - Blue Cap AG ("Blue Cap") continues its profitable course in the first quarter of 2025. Despite the expected decline in revenue from continuing operations⁽¹⁾ to EUR 46.5 million (previous year: EUR 53.9 million), adjusted⁽²⁾ EBITDA increased slightly to EUR 4.5 million (previous year: EUR 4.4 million). As a result, the adjusted EBITDA margin also improved noticeably from 7.8% to 9.3%

The company's net assets and financial position remain very good. The equity ratio was 47.3% as at March 31, 2025 (December 31, 2024: 45.0%). The net leverage ratio (including lease liabilities) was 0.3 years (December 31, 2024: 0.9 years) and thus remains well within the target corridor of less than 3.5 years. Net financial debt fell significantly to EUR 7.2 million compared to the figure as at December 31, 2024 (EUR 18.9 million). This reflects a comfortable liquidity position, which has increased significantly as a result of the sales made in 2024.

Portfolio: Plastics continues strong performance and dynamic order intake in the first quarter

As at March 31, 2025, Blue Cap's continuing portfolio included five majority shareholdings, which are allocated to the Plastics, Adhesives & Coatings and Business Services segments, as well as one minority shareholding.

The Plastics segment posted a significant increase in earnings despite a decline in revenue. con-pearl started the 2025 financial year with a strong first quarter. The company benefited in particular from increasing customer demand in the logistics markets, both in Europe and the USA. The company also won a major order in the USA at the end of the quarter, which will provide an additional boost in the second quarter. H+E also performed above expectations despite the persistently challenging industry environment. The company also succeeded in acquiring an order from an ailing competitor, which opens up potential for further growth from 2026.

In the Adhesives & Coatings segment, Planatol's performance in the first three months of the year was stable and slightly above expectations. Overall, however, the company continues to face noticeable pressure on margins and expects the year as a whole to be challenging. 

In the Business Services segment, portfolio company HY-LINE benefited significantly in the first quarter from the turnaround and efficiency measures initiated last year. As a result, the company was able to significantly increase its earnings compared to the same period last year. The increased order backlog will also have a positive effect in the coming months, although the market environment will remain challenging. Transline's performance was weaker than expected. For 2025, the focus is consistently on optimizing cash flow in a market environment that remains tense.

Following an extensive turnaround program, the minority holding Inheco was able to significantly improve all relevant key figures compared to the previous year. The aim in 2025 is to secure the good level of earnings. Due to the high proportion of the company's business in the USA, developments relating to the planned tariff increases are being monitored very closely.

Segment key figures before consolidation (continued) at a glance

Note: Rounding differences are possible; information on changes is based on the calculation with exact values
^(*)Key figures Q1 2024 have been adjusted for the investments Neschen and nokra, which were sold in 2024, to ensure comparability
^(**)bps=basis points

Increased dividend proposal of EUR 1.10 per share - dividend yield⁽³⁾ at 6.8 %

The Management Board and Supervisory Board will propose to the Annual General Meeting - to be held virtually on June 27, 2025 - the payment of a dividend of EUR 1.10 per share for the 2024 financial year (previous year: EUR 0.65). This is made up of a basic dividend of EUR 0.65 plus a special dividend of EUR 0.45 from the successful disposals of Neschen and nokra. The dividend yield⁽³⁾ is therefore currently an attractive 6.8%. Blue Cap thus confirms its position as a dividend stock despite the generally uncertain macroeconomic environment.

Dr. Henning von Kottwitz, CEO of Blue Cap, comments: "The dividend proposal represents the highest dividend distributed to date and underlines our clear commitment to a reliable and attractive dividend policy. The additional special dividend planned for this year reflects the successful divestments of the past year and at the same time creates a balance between allowing shareholders to participate in the successful exits and enabling new investments.”

Forecast for 2025 confirmed - focus for the financial year is on portfolio acquisitions

The Management Board of Blue Cap confirms the forecast for the 2025 financial year announced at the end of March. In view of the persistently tense economic situation and the major geopolitical uncertainties, it expects revenue to remain constant and profitability to improve slightly compared to the previous year. The forecast for the Group is revenue of EUR 200-220 million and an adjusted EBITDA margin of 10.0-11.0%.

Following the two realized divestments, Blue Cap has high financial reserves and placing a strategic focus on portfolio acquisitions this year. The focus in the existing portfolio will be on the Business Services segment. The portfolio work will concentrate on increasing cash flow and earnings under the current market conditions.

On the occasion of the published figures, a virtual conference call with the Executive Board of Blue Cap AG will take place today at 11:00 am. Registration is possible using this link.

The presentation will be on the website after the conference call, at https://www.blue-cap.de/investor-relations/praesentationen/.

(1) The information in this release always relates to continuing operations unless otherwise stated. Continuing operations include all portfolio companies with the exception of nokra Optische Prüftechnik and Neschen Coating GmbH, which were sold in September 2024 and October 2024 respectively.

(2) Adjustments: Adjusted for extraordinary, out-of-period and other effects from reorganization measures and one-off effects as well as effects arising from purchase price allocations

(3) Based on XETRA closing price on 13.05.2025 (16.20 Euro)

About Blue Cap AG

Blue Cap AG is a Munich-based investment company founded in 2006 and listed on the capital market. The company acquires medium-sized companies from the B2B sector in special situations and supports them in their entrepreneurial development with the aim of selling them profitably at a later date. The acquired companies are headquartered in the DACH region, generate sales of between EUR 20 and 200 million and have a sustainably stable core business. Blue Cap mostly holds majority stakes in six companies from the Adhesives & Coating Technology, Plastics Technology, Production Technology, Life Sciences and Business Services sectors. The Group currently employs around 1,000 people in Germany and other European countries. Blue Cap AG is listed on the open market (Scale, Frankfurt and m:access, Munich; ISIN: DE000A0JM2M1; ticker symbol: B7E). www.blue-cap.de/en

Contact:

Blue Cap AG
Annika Küppers
Corporate Affairs
Phone +49 89 288909-24
akueppers@blue-cap.de