• Group revenue of EUR 62.9m, as expected below prior-year level (PY: EUR 64.4m), and Adjusted EBITDA of EUR 2.2m (PY: EUR 2.8m)
• Indicative Net Asset Value of the Group as of June 30, 2026: EUR 118.7m (December 31, 2025: EUR 125.3m)
• Indicative Net Asset Value per share of approx. EUR 26

Munich, October 30, 2026 Blue Cap AG (“Blue Cap”) today published its half-year report 2026, thereby confirming the figures preliminarily communicated on October 20, 2026. Accordingly, the Group generated Group revenue(1) of EUR 62.9m in the first half of 2026, as expected (PY: EUR 64.4m). Adjusted(2) EBITDA amounted to EUR 2.2m (PY: EUR 2.8m), and the Adjusted EBITDA margin to 3.5% (PY: 4.2%). Results are burdened by a one-off effect of approx. EUR 1m. It relates to a subsequent booking in a portfolio company and is economically attributable to financial year 2025.

Balance sheet and financing structure remain solid
The Group continues to have a solid balance sheet and financing structure. The equity ratio stood at 55.0% as of June 30, 2026. This headroom allows the Group to swiftly seize opportunities as they arise.

Net Asset Value: segments up, Group NAV down in the half-year
The indicative Net Asset Value (NAV) of the Group stood at EUR 118.7m as of June 30, 2026, EUR 6.6m below the value as of December 31, 2025 (EUR 125.3m). The NAV of the segments rose by EUR 12.0m to EUR 47.6m (December 31, 2025: EUR 35.6m). Based on the number of shares, the NAV corresponds to approx. EUR 26 per share (December 31, 2025: approx. EUR 28).

Segments with Divergent Performance
As of June 30, 2026, Blue Cap’s portfolio comprises five majority holdings, allocated to the Industrials and Business Services segments, as well as one minority holding. In a continuing volatile market environment, the individual holdings in the portfolio are developing very differently.

The Industrials segment presents a mixed picture. At H+E, partial revenues were above expectations; however, the significantly higher prices for plastic granulates more than offset the positive revenue effect. Planatol was below expectations, while Janoschka developed in line with expectations and confirmed the earnings levers defined in the investment case.

In the Business Services segment, restraint continues to be evident in the respective markets. HY-LINE was slightly below expectations in the first half, but its order intake supports the outlook. Transline recorded a further revenue decline with stable margins; process automation and the closure of the French subsidiary are improving the cost structure.

At the minority holding Inheco, revenue and earnings in the first half were significantly above expectations. The market environment has improved noticeably compared with the prior year. For the remainder of 2026, the focus is on operational development and the management of supply chains.