Blue Cap AG reports solid Q3 2025 after con-pearl exit: Robust profitability and strong balance sheet create scope for further growth
• Adjusted EBITDA for Q3 2025 was EUR 5.3 million, slightly above the previous year's figure
• Adjusted EBITDA margin improved to 5.3% after 4.9% in the same quarter of the previous year
• Consolidated revenue of EUR 97.3 million below the previous year's level as planned
• Very comfortable asset and financial position
• Management Board confirms outlook for fiscal year 2025 with expected revenue between EUR 120 million and EUR 140 million and an adjusted EBITDA margin of 5.0% to 6.0%
Munich, November 4, 2025 With the successful sale of Blue Cap AG’s (“Blue Cap”) stake in con-pearl GmbH in August 2025 (see press release dated August 13, 2025), the company succeeded in further strengthening the profitability of its remaining portfolio in the third quarter of 2025. Despite the expected decline in revenue from continuing operations(1) to EUR 97.3 million (previous year: EUR 103.6 million), adjusted(2) EBITDA increased slightly to EUR 5.3 million (previous year: EUR 5.2 million). As a result, the adjusted EBITDA margin also improved from 4.9% to 5.3%. The slight increase in profitability is primarily attributable to the Business Services segment and the portfolio company HY-LINE included therein, which benefited from the turnaround and efficiency measures initiated last year.
Blue Cap AG is in an extremely strong financial position. Due to its high capital base, which is based on the successful exits over the past twelve months, the net debt ratio (including lease liabilities) fell to below zero years as of September 30, 2025. The strong financial position enables further potential for future growth and shall primarily be used for acquisitions.
Overall stable development in the existing portfolio
As of September 30, 2025, Blue Cap’s continued portfolio comprises four majority shareholdings, which are assigned to the Plastics, Adhesives & Coatings and Business Services segments, as well as one minority shareholding.
The Plastics segment developed notably above expectations, resulting in a slight increase in revenue. Likewise, profitability exceeded projections though not quite matching the high results achieved in 2024.
In the Adhesives & Coatings segment, Planatol developed steadily and also above expectations. While revenues matched previous year’s level, profitability notablyincreased. Overall, Planatol continues to face a challenging market.
In the Business Services segment, HY-LINE was able to successfully realize the positive effects of its turnaround and efficiency programs which were initiated in the previous year. The company managed to significantly improve its profitability, compared to the same period of the previous year. Due to the significant decline in revenue compared to the already weak previous year, profitability nevertheless remains below expectations. This adverse development is due to the subdued market environment and project postponements by individual customers. Likewise, the second portfolio company in the segment, Transline, remains significantly below the previous year and behind expectations in terms of revenue. However, the company managed to maintain its adjusted EBITDA margin at the previous year’s level thanks to comprehensive operative restructuring measures.
The minority shareholding Inheco was able to improve in all relevant key figures compared to the previous year. After an overall good first half of the year, the tariffs on Switzerland communicated in August led to a noticeable downturn in Q3. Despite the significant improvement compared to the previous year, the company thus remains below forecast.
Segment figures before consolidation (continuing operations) at a glance
| EUR m | 9M 2025 | 9M 2024 | Changes in % or in basis points (bps) |
|---|---|---|---|
| Plastics | |||
| Revenue | 31.4 | 30.7 | 2.4% |
| Adjusted EBITDA | 4.4 | 4.9 | -10.3% |
| Adjusted EBITDA margin in % | 13.7 | 15.8 | < -100 bps |
| Adhesives & Coatings | |||
| Revenue | 23.7 | 23.6 | 0.3% |
| Adjusted EBITDA | 1.5 | 1.2 | 27.0% |
| Adjusted EBITDA margin in % | 6.0 | 4.8 | >100 bps |
| Business Services | |||
| Revenue | 42.2 | 49.4 | -14.4% |
| Adjusted EBITDA | 2.3 | 1.9 | 20.3% |
| Adjusted EBITDA margin in % | 5.3 | 3.8 | >100 bps |
Note: Rounding differences are possible; information on changes is based on calculations using exact values
Forecast for full year 2025 confirmed
The Blue Cap Management Board confirms the forecast for the 2025 financial year, which was adjusted in mid-August due to the transaction. The forecast for the Group is for revenue of EUR 120-140 million and an adjusted EBITDA margin of 5.0-6.0%. The annual forecast refers to continuing operations and excludes all key figures relating to con-pearl, which was sold in August 2025.
The focus of M&A activities remains on acquisitions.
A virtual conference call with the Management Board of Blue Cap AG will take place today at 2:00 p.m. to discuss the published figures.
Registration is possible via the following link: https://www.appairtime.com/event/6a4ce5c2-ce46-4b05-8e23-675c52f8dfbd
The presentation will be available on the website at https://www.blue-cap.de/investor-relations/praesentationen/ following the conference call.
(1) Unless otherwise stated, the information in this announcement always refers to continuing operations.
(2) Adjustments: Adjusted for extraordinary, non-periodic and other effects from reorganization measures and one-time effects, as well as effects arising from purchase price allocations.
