24 October 2023 - 11:14
Publication of inside information in accordance with Art. 17 (1) of the Market Abuse Regulation (EU) 596/2014

Munich, 24 October 2023 Blue Cap AG (“Blue Cap”) is adjusting its revenue and earnings forecast for the current financial year. The basis for this adjustment is the weaker than expected business development in the third quarter of 2023 and a subsequent updated outlook for the fourth quarter of 2023. The Blue Cap Management Board assumes that the consolidated revenue for the full year for continuing operations(1) will be in a range of 265-285 million euros (previously: 275-295 million euros) and the adjusted(2) EBITDA margin will be in a range of 7-8% (previously: 8-9%). The net debt ratio should remain below the target of 3.5 years in 2023.

The weak economic situation was reflected in the third quarter primarily in project postponements and declines in demand at the companies in the Plastics segment, con-pearl and H+E, and at Planatol in the Adhesives & Coatings segment. At H+E, the production shutdown of a large OEM as a result of severe flooding in parts of Eastern Europe also had a negative impact. Revenue for continuing operations(1) amount to EUR 63.7 million for the third quarter of 2023 (Q3 2022: EUR 77.0 million). The adjusted(2) EBITDA amounts to EUR 4.4 million in the third quarter of 2023 (Q3 2022: EUR 7.8 million), which corresponds to a margin of 7.0% (Q3 2022: 9.9%) of total output. The Management Board expects that the difficult economic conditions will continue to have an impact in the final quarter of the year.

The new forecast is subject to further acquisitions or sales of investments. Blue Cap will publish its 2023 nine-month figures as planned on October 25, 2023.

(1) Due to the sale of Uniplast on June 14, 2023, Uniplast's contributions in the current year as in the previous year are summarized under discontinued operations. The continued operations therefore include all portfolio companies except for Knauer-Uniplast Group. The information in this release, including information on the prior-year periods, always relates to continued operations unless otherwise noted.

(2) Adjustments: Adjusted for extraordinary, out-of-period and other effects from reorganisation measures and one-off effects as well as for effects arising from purchase price allocations.