Blue Cap AG with Improved Profitability in the First Half of 2025
Blue Cap AG with Improved Profitability in the First Half of 2025
• Half-year revenue at EUR 97.9 million, as expected below prior-year level (previous year: EUR 102.3 million)
• Profitability significantly improved: EBITDA margin rises to 8.8% (previous year: 7.2%)
• Substantial increase in Net Asset Value (NAV) to around EUR 29 per share (Dec 31, 2024: EUR 27)
• Full-year guidance confirmed after con-pearl exit: Group revenue of EUR 120–140 million and Adjusted EBITDA margin of 5.0–6.0%
Munich, August 22 2025 Blue Cap AG (“Blue Cap”) today confirmed the preliminary figures published on July 30, 2025, with the release of its half-year report. As expected, the Group generated consolidated revenue from continuing operations(1) of EUR 97.9 million in the first half of the year, below the prior-year level (previous year: EUR 102.3 million). Adjusted(2) EBITDA amounted to EUR 8.9 million, clearly above the prior year (previous year: EUR 7.5 million). This corresponds to a margin of 8.8% (previous year: 7.2%) on the adjusted total output. The result highlights the resilience of the portfolio: while customer restraint and lower order volumes are reflected in revenues, successful transformation processes are providing stabilizing effects.
Improvement in Net Asset Value – Continued Strong Balance Sheet and Financing Structure
As of June 30, 2025, the Group’s NAV amounted to EUR 130.6 million, or around EUR 29 per share, compared to EUR 120.2 million, or EUR 27 per share, as of December 31, 2024.
Henning Eschweiler, COO of Blue Cap, explains: “The increase compared to year-end reflects the successful development of key holdings. Particularly noteworthy is the earnings-driven increase in the NAV within the Plastics segment, as well as a slight gain at Planatol in the Adhesives & Coatings segment. Slightly weaker contributions in the Business Services segment only marginally offset this positive overall development.”
Blue Cap continues to maintain a solid balance sheet and financing structure. The net debt ratio (including lease liabilities) rose slightly to 0.6 years (March 31, 2025: 0.3), and remains well within the target range of below 3.5 years. Net financial debt decreased to EUR 14.3 million (Dec 31, 2024: EUR 18.9 million).
Divergent Performance Across the Portfolio
As of June 30, 2025, the Blue Cap portfolio comprised five majority holdings allocated to the Plastics, Adhesives & Coatings, and Business Services segments, as well as one minority investment. In a persistently challenging environment, the individual holdings developed very differently.
The Plastics segment benefited from positive margin development and a stable order intake at con-pearl. H+E also showed a solid performance within expectations, holding its ground in an automotive market still characterized by cost pressure. Overall, the segment was able to maintain its already strong revenue level while achieving higher profitability.
The Adhesives & Coatings segment, currently consisting of Planatol, stabilized its revenues and almost reached the prior-year level. Profitability also improved year-on-year.
In the Business Services segment, market caution remained evident. As expected, both HY-LINE and Transline recorded lower revenues compared to the first half of the previous year. However, thanks to targeted efficiency measures, profitability in this segment also improved.
At the minority holding Inheco, the transformation measures completed in 2024 resulted in a stabilized EBITDA.
Looking at the Business Services segment, caution continues to prevail in the respective markets. As expected, both HY-LINE and Transline fell short of the previous year’s revenue in the first half of the year. While revenue declined, profitability in this segment also increased thanks to targeted efficiency measures.
At the minority shareholding Inheco, the transformation measures completed in 2024 showed initial success and were reflected in a stabilized EBITDA.
Henning Eschweiler, COO of Blue Cap: “We are satisfied with the overall operational performance in the first half of the year. In a market environment that remains demanding, we have succeeded in securing the earnings quality of the top performers in our portfolio while also continuously improving the currently challenging segments.”
Segment key figures before consolidation at a glance
| EUR m | H1 2025 | H1 2024 | Changes in % or in basis points (bps) |
|---|---|---|---|
| Plastics | |||
| Revenue | 52.9 | 52.3 | 1.3% |
| Adjusted EBITDA | 7.7 | 6.4 | 19.7% |
| Adjusted EBITDA margin in % | 14.0 | 12.0 | >100 bps |
| Adhesives & Coatings | |||
| Revenue | 15.8 | 16.2 | -2.4% |
| Adjusted EBITDA | 1.0 | 0.9 | 13.2% |
| Adjusted EBITDA margin in % | 6.3 | 5.5 | >100 bps |
| Business Services | |||
| Revenue | 29.2 | 33.9 | -13.8% |
| Adjusted EBITDA | 1.4 | 1.2 | 18.6% |
| Adjusted EBITDA margin in % | 4.8 | 3.5 | >100 bps |
Note: Rounding differences may occur; figures refer to continuing operations as of June 30, 2025.
Full-Year 2025 Guidance for Continuing Operations Confirmed – Focus on Acquisitions
The Management Board confirms its transaction-related adjusted guidance from August 13, 2025, for the full year. Accordingly, Group revenue for the continuing operations (excluding con-pearl) is expected to be in the range of EUR 120–140 million, with an adjusted EBITDA margin between 5.0% and 6.0%.
Dr. Henning von Kottwitz, CEO, comments: “With the highly successful sale of con-pearl at the right time, we were once again able to realize significant value for our shareholders in line with our Best Owner approach. At the same time, we underscore our focus on new acquisitions: we remain active in several processes and are reviewing companies with the necessary patience.”
Note
The half-year report is available for download on the company’s website at www.blue-cap.de in the Investor Relations section. Direct link: https://www.blue-cap.de/investor-relations/berichtswelt/
(1) Continuing operations (excluding the divested shareholdings Neschen and Nokra sold in September and October 2024). Since con-pearl was sold after June 30, 2025, the financial figures of the continuing operations still include this entity.
(2) Adjustments: Adjusted for extraordinary, non-recurring, and other effects from restructuring measures and one-off items.
