Blue Cap AG: Preliminary Figures for the first half of 2026

Blue Cap AG: Preliminary Figures for the first half of 2026

• First-half revenue of EUR 62.9 million, as expected below prior-year level (PY: EUR 64.4 million);
• full-year guidance confirmed for Group revenue of EUR 170-190 million and an Adjusted EBITDA margin of 7.5-8.5%

Munich, October 20, 2026 – Blue Cap AG (“Blue Cap”) reports preliminary first-half results in line with expectations. Accordingly, the Management Board confirms the full-year guidance issued on May 7, 2026.

In the first half of 2026, Blue Cap generated Group revenue of EUR 62.9 million (PY⁽¹⁾: EUR 64.4 million). Operating result (Adjusted EBITDA⁽²⁾) amounted to EUR 2.2 million (PY: EUR 2.8 million), and the Adjusted EBITDA margin was therefore 3.5% (PY: 4.2%). Excluding a negative one-off effect of approx. EUR 1 million at Group level resulting from a subsequent posting at a subsidiary in the prior year, the operating result would have been correspondingly higher and above the prior-year figure. Due to the ongoing consolidation of Janoschka, figures refer to the continuing business segments, i.e. the portfolio as of December 31, 2025. For transparency reasons, Blue Cap reports Janoschka’s figures from closing (June 2026) on an informational basis under HGB. Revenue of the company, which will be allocated to the Industrials segment, amounts to EUR 7.9 million, while Adj. EBITDA amounts to EUR 0.5 million. This corresponds to an Adj. EBITDA margin of 6.6%.

Group key figures at a glance (excluding Janoschka)

Blue Cap continues to have a solid balance sheet and financing structure. Net leverage (incl. lease liabilities) remains below 0 and thus clearly below the target of under 3.5 years.

Highly divergent performance across the portfolio

As of June 30, 2026, Blue Cap’s portfolio includes five majority holdings, allocated to the segments Industrials and Business Services, as well as one minority holding. Blue Cap’s portfolio is experiencing very divergent developments across individual holdings in a market environment that remains volatile.

The Industrials segment presents a mixed picture. At H+E, part sales exceeded expectations; however, the significantly higher prices for plastic granulates more than offset the positive revenue effect. Planatol fell short of expectations, while Janoschka developed in line with expectations and confirmed the earnings levers defined in its 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.

For 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 further course of 2026, the focus is on operational development and supply chain management.

Henning Eschweiler, Management Board of Blue Cap: “The first half was challenging for our portfolio from a market perspective. We focused on projects for continuous earnings growth and will benefit from these in H2. The current business performance confirms our expectations.”

Segment key figures before consolidation at a glance (excluding Janoschka)

Note: Rounding differences may occur; figures refer to the continuing business segments

Highlight of the first half: record dividend paid

The Annual General Meeting of Blue Cap was held on June 23, 2026. All agenda items were approved with very high levels of support. Dr. Christian Diekmann, Management Board of Blue Cap: “At this year’s Annual General Meeting, we were once again able to grant our shareholders a record dividend of EUR 1.60 and allow them to participate in the value realization from the sale of con-pearl. We are pleased with the high approval levels and the resulting confidence of our shareholders.”

Outlook: 2026 guidance confirmed

The preliminary financial figures for the first half are within the Management Board’s expectations. The Board therefore confirms the existing guidance for the current financial year, expecting to achieve Group revenue of EUR 170 – 190 million, an Adjusted EBITDA margin of 7.5 – 8.5%, and net leverage below 3.5 years.

Important Notice

In connection with the published figures, a conference call with the Management Board of Blue Cap AG will take place today at 2:00 p.m. CEST. You can register via this link. The presentation will be available on our website following the conference call at https://www.blue-cap.de/investor-relations/praesentationen/.

The figures published in this press release are preliminary. Further details about the company can be found on the website: www.blue-cap.de/investor-relations/. The complete Half-Year Report 2026 will be published at the end of October 2026.

⁽¹⁾ continuing business segments (excluding con-pearl, divested in August 2025)

⁽²⁾ Adjustments: adjusted for extraordinary, prior-period and other effects from reorganization measures and one-off items

About Blue Cap AG

Blue Cap AG is a capital-markets-listed investment company founded in 2006 and headquartered in Munich. The company acquires medium-sized B2B companies in special situations and supports them in their entrepreneurial development, with the aim of later selling them at a profit. The acquired companies are headquartered in the DACH region, generate revenue between EUR 20 and 200 million, and have a sustainably stable core business. Blue Cap typically holds majority stakes in six companies from the plastics engineering, production technology, pre-press solutions, life sciences and business services sectors. The Group currently employs around 2,000 people in Germany and other European countries. Blue Cap AG is listed on the Open Market (Freiverkehr) (Scale, Frankfurt and m:access, Munich; ISIN: DE000A0JM2M1; ticker symbol: B7E). www.blue-cap.de

Contact:

Blue Cap AG
Annika Küppers
Corporate Affairs
Tel. +49 89 288909-24
ir@blue-cap.de