Blue Cap AG presents Annual Report 2024 and looks back on a successful financial year

Blue Cap AG presents Annual Report 2024 and looks back on a successful financial year

• Consolidated revenue in the 2024 financial year of EUR 205.9 million and adjusted EBITDA margin of 9.9% within the forecast corridor
• Net asset value as at 31.12.2024 at EUR 120.2 million above previous year (EUR 112.3 million)
• Dividend proposal of EUR 1.10 per share, including a special dividend of EUR 0.45 due to successful exits
• Forecast for 2025 confirmed: Revenue of EUR 200-220 million and adjusted EBITDA margin between 10.0-11.0%

Munich, May 19, 2025 - Blue Cap AG ("Blue Cap") publishes its key financial figures for the financial year 2024 in its annual report presented today, according to which the company achieved consolidated revenue for continuing operations⁽¹⁾ of EUR 205.9 million (-5.9% compared to previous year: EUR 218.7 million). The adjusted⁽²⁾ EBITDA margin rose to 9.9% (previous year: 8.2%). It is slightly below the preliminary figure communicated on March 28, 2025 (10.3%). The decline is mainly due to balance sheet reclassifications made as part of the final preparation of the annual financial statements. Absolute adjusted EBITDA increased significantly compared to the previous year to EUR 20.7 million (+15.6% compared to the previous year: EUR 17.9 million). The key financial figures are therefore within the forecast corridors of EUR 200-220 million and 9.5-10.5% respectively.

Net asset value per share at EUR 26.79

The net asset value (NAV) increased to EUR 120.2 million as at December 31, 2024 (December 31, 2023: EUR 112.3 million), which corresponds to a value of EUR 26.79 per share (December 31, 2023: EUR 25.03 per share).

The year-on-year increase is due in particular to a very good financial year and therefore significantly improved earnings at con-pearl. Last but not least, Neschen and nokra were sold above their valuations, which is now reflected in the group's significantly higher net cash. Reduced value contributions from HY-LINE, Transline and Planatol had a mitigating effect.

Portfolio: Plastics shines with significant increase in revenue and earnings

As at December 31, 2024, 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 recorded a noticeable increase in both revenue and earnings. The main driver of this development was con-pearl, which benefited from a strong order backlog in the USA. H+E also performed very stably and better than expected against the backdrop of the difficult situation in the automotive industry. With an adjusted EBITDA of EUR 19.5 million and a margin of 17.2%, this segment made the largest contribution to the group's earnings.

The Adhesives & Coatings segment, consisting of Planatol, was affected by the absence of the recovery expected in the industry, which was felt in almost all business areas. Thanks to successfully implemented measures to increase gross profit in combination with strict cost discipline, earnings increased slightly compared to the previous year, but fell short of expectations overall.

In the Business Services segment, the two companies HY-LINE and Transline performed significantly below the previous year and worse than expected. The difficult economic situation led to a significant underutilization of capacity at both companies and thus to a noticeable decline in both revenue and adjusted EBITDA.

Following an extensive turnaround program, the minority holding Inheco was able to significantly improve all relevant key figures compared to the previous year.

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
^(*) Continuing operations, adjusted for the Neschen and nokra investments sold in 2024
^(**) Key figures for the 2023 financial year were 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 a dividend of EUR 1.10 per share (previous year: EUR 0.65) to the Annual General Meeting, which is expected to be held virtually on June 27, 2025. 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 dividend policy despite the generally uncertain macroeconomic environment.

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.

The audited annual financial statements can be downloaded from the Investor Relations section of the website www.blue-cap.de (direct link: https://www.blue-cap.de/investor-relations/berichtswelt/).

(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 (EUR 16.20)

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 800 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

Contact:

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