Blue Cap AG with 9-month figures 2022: Increase in sales and earnings in all operating business segments

_Consolidated sales increase by 39% to EUR 265 million (previous year: EUR 190.2 million)
_Absolute adjusted EBITDA(1) at EUR 25.6 million already above the value for the full year 2021 (FY 2021: EUR 24.6 million) and 61% above the comparable prior-year period
_Adjusted EBITDA margin(1) improves to 9.5% (previous year: 8.2%) of total output
_Confirmation of the guidance for the financial year 2022 in anticipation of a more moderate development in the fourth quarter: sales between 335-350 million euros, adjusted EBITDA margin between 8-9%

Munich, October 24, 2022 Blue Cap AG ("Blue Cap") continued to develop dynamically in the third quarter of 2022. As of the end of September, consolidated group sales increased significantly to EUR 265 million compared to the previous year's figure (previous year: EUR 190.2 million). The operating result (adjusted EBITDA) rose to EUR 25.6 million (+61% compared to the previous year, previous year: EUR 15.9 million). This corresponds to a margin of 9.5% (previous year: 8.2%) of the total output. Adjusted EBIT more than doubled compared to the previous year period and reached a value of EUR 15.5 million (previous year: EUR 7.7 million). The corresponding margin also climbed significantly to 5.7% (previous year: 4.0%). The net debt ratio (including lease liabilities) was 2.2 years (31 December 2021: 2.6 years) and thus within the target range of less than 3.5 years. It should be emphasized that the situation regarding the procurement of materials and the corresponding prices eased noticeably in many areas over the course of the third quarter.

The improvements are particularly due to the new acquisitions HY-LINE Group, H+E and Transline. But also organically(2), the group of companies developed positively with a sales increase of 21.5% and an adjusted EBITDA growth of 25.2% compared to the same period of the previous year. Although the sales of Gämmerler and Carl Schaefer reduced revenue compared to the previous year, they had a clearly positive effect on the operating result.

Earnings growth in all segments
As of September 30, 2022, Blue Cap's portfolio includes eight majority holdings, which are allocated to the Plastics, Adhesives & Coatings, Business Services and Others segments, and one minority holding.

The Plastics segment was able to noticeably increase both sales and earnings. The main driver of this development is the portfolio company con-pearl, which benefited from a good order situation in the logistics sector in the third quarter. After a difficult first half of the year, H+E was recently able to improve its ability to deliver and thus also its operating performance. Uniplast's earnings continued to be slightly below the previous year due to the delay in passing on raw material price increases.

The Adhesives & Coatings segment increased both its sales and its absolute adjusted EBITDA compared to the previous year. Neschen in particular increased its production and ability to deliver in the third quarter. Planatol felt the effects of a decline in demand due to the economic situation in the third quarter.

The HY-LINE Group from the Business Services segment also grew very strongly in the third quarter of 2022. Thanks to improved material and product availability, the company was able to significantly increase its deliveries compared to the previous year, while order intake continued to be strong. Transline developed slightly below the previous year's level. The overall economic uncertainty made itself felt in individual project postponements by customers.

The year-on-year development of the Others segment was significantly influenced by the sale and deconsolidation of Gämmerler and Carl Schaefer. Blue Cap's smallest investment, Nokra, developed better than in the same period of the previous year, but fell short of expectations due to project postponements. The continued stable development of orders from the pharmaceutical and diagnostics sectors, even after the corona pandemic subsided, led to results at the minority holding INHECO that were above plan.


Segment key figures at a glance
EUR million9M 20229M 2021Change in % or in basis points (bps)
Plastics
Revenue126.999.627%
Adjusted EBITDA15.311.533%
Adjusted EBITDA margin in % 11.811.350bps
Adhesives & Coatings
Revenue72.964.613%
Adjusted EBITDA4.94.75%
Adjusted EBITDA margin in % 6.67.1-50bps
Business Services
Revenue62.84.4>100%
Adjusted EBITDA5.50.4>100%
Adjusted EBITDA margin in % 8.68.510bps
Others (*)
Revenue6.325.5-75%
Adjusted EBITDA-0,02-0,697%
Adjusted EBITDA margin in % -0.3-2.3200bps

Note: rounding differences are possible
(*) The Others segment includes Nokra, the Group's holding, real estate management companies, and portfolio companies already sold as of the reporting date.

Confirmation of guidance for 2022
The Management Board of Blue Cap AG confirms the existing forecast for the current financial year of being able to achieve group sales of between EUR 335-350 million, an adjusted EBITDA margin of between 8-9% and a leverage ratio of less than 3.5 years. “We have seen very strong organic development in many areas over the past few months. However, the possible downturn in economic development will also affect us in some parts of the portfolio. All in all, we expect a moderate fourth quarter based on the broad distribution and the continued very good development of some companies. We remain in close contact with the management of our portfolio companies to be able to react quickly to changing conditions at any time," explains Tobias Hoffmann-Becking, CEO of Blue Cap.

Important note:
To coincide with the publication of the 9-month figures, a conference call with the Management Board of Blue Cap AG will take place at 2:00 pm today. You can register under this link (see below). The corresponding presentation can be found on our website under https://www.blue-cap.de/en/investor-relations/presentations/ after the conference call.

(1) Adjustments to reflect extraordinary, prior-periodic and other effects from reorganization measures and one-off effects, as well as effects arising from the purchase price allocations
(2) The basis for calculating organic growth is the current portfolio

Hello, my name is Lisa Marie Schraml

Investor Relations & Corporate Communications


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