Dear Shareholders,
Ladies and Gentlemen,

Looking back at the year 2025 so far, we see three themes that define Blue Cap’s performance: stability, transformation, and new beginnings.

Stability has been achieved with regard to safeguarding results within our portfolio. Our holdings delivered an overall solid performance in the first half of the year and demonstrated that our turnaround measures are reflected in positive profitability developments.

Transformation, because with the exit of con-pearl in August we once again proved how we can realize value at the right time. A company in crisis was transformed into a profitable specialist through focus, efficiency improvements, and international expansion. The sale to a strategic investor is emblematic of our aspiration to successfully develop portfolio companies and hand them over at the right moment.

And finally, new beginnings: we are looking ahead and want to seize new opportunities. We intend to achieve this goal primarily through acquisitions.

Also in this issue: In an interview with Planatol’s CEO Thomas Lösch, you will learn about his priorities, how he aims to strengthen innovation and customer focus, and why he sees great potential for the future.

We now wish you an enjoyable read! Please feel free to contact us at ir@blue-cap.de if you have any questions or suggestions.

Best regards,
Your Blue Cap Team