• Sales increase of 44% to EUR 173.3 million (previous year: EUR 120.8 million)
• Adjusted EBITDA margin⁽¹⁾ improves to 9.9% (previous year: 8.4%)
• The indicative net asset value amounts to EUR 168.5 million or EUR 38.34 per share

Munich, 30 August 2022 – Blue Cap AG (“Blue Cap”) continued to develop positively in the first half of 2022. “The fact that we have further optimized and diversified our portfolio over the past two years is paying off today. Despite the burdens, we can look back on a good first half of 2022 and have grown strongly and profitably again," said the Management Board of the Munich-based investment company in the half-year report published today, which confirms the preliminary figures published at the end of July.

Blue Cap increased its consolidated sales by around 44% to EUR 173.3 million (previous year: EUR 120.8 million) compared to the previous-year period. The operating result (adjusted EBITDA⁽¹⁾) improved to EUR 17.7 million (previous year: EUR 10.5 million). This corresponds to a margin of 9.9% (previous year: 8.4%) of the adjusted total output. The adjusted EBIT more than doubled compared to the previous period and reached a value of EUR 11.1 million (previous year: EUR 5.3 million), the corresponding margin increased to 6.2% (previous year: 4.2% ) to. The net debt ratio (including lease liabilities) was 2.5 years (31 December 2021: 2.6 years) and thus within the target range of less than 3.5 years.

The indicative net asset value (“NAV”) remained almost unchanged at EUR 168.5 million (31 December 2021: EUR 172.8 million). While the portfolio companies con-pearl and the medical technology company INHECO, which is growing sustainably and profitably, increased in value in view of the current good business development, Neschen, Planatol, H+E and Uniplast recorded valuation declines as a result of the currently greater uncertainty and thus weakened expectations with regard to future business development.

Equity capital (EUR 111.6 million, previous year: EUR 98.2 million) as a proportion of total capital decreased slightly to 35.9% (previous year: 36.7%). This was mainly due to the first-time consolidation of the Transline Group and an increase in net working capital, which led to higher net debt and total assets.

Plastics segment remains the largest and most profitable segment

As of 30 June 30 2022, the Blue Cap portfolio included eight majority holdings, which are allocated to the Plastics, Adhesives & Coatings, Business Services and Others segments, as well as one minority holding.

As in the previous year, the Plastics segment is the segment with the highest sales and earnings. The main driver is the portfolio company con-pearl, which continued to benefit from a good order situation in the logistics area and from its high level of sustainability expertise. The development of H+E and Uniplast was solid, despite the difficult environment and the delayed or partial passing on of raw material and energy price increases to customers.

In the first half of the year, the Adhesives & Coatings segment was affected by increases in raw material and energy prices and supply bottlenecks for important materials. Accordingly, the development of earnings in this business area was below the previous year despite improved sales.

In the Business Services segment, HY-LINE was able to significantly increase its deliveries thanks to improved material and product availability, while order intake continued to be strong. Transline developed at about previous-year level, although the overall economic uncertainty became noticeable in individual customer projects being postponed.

In the Others segment, the sale of Gämmerler and Carl Schaefer reduced sales compared to the previous year but had a positive effect on the operating result. Nokra, Blue Cap's smallest portfolio company, had a good service business and developed significantly better than in the same period of the previous year and almost as planned. The continued stable development of orders from the pharmaceutical and diagnostics sectors led to results at the prior-year level at the minority holding INHECO, even after the corona pandemic had abated.

Segment key figures at a glance

Note: rounding differences are possible

(*) The Others segment includes consolidation effects at holding level, Nokra, the Group's holding, real estate management companies, and portfolio companies already sold as of the reporting date.

Outlook 2022: Confidence dominates, portfolio work is the main focus

On 25 August 2022, the Management Board of Blue Cap AG adjusted its forecast for the full year 2022. He now assumes that group sales will be in a range of EUR 335-350 million (previously: EUR 305-325 million). Even in an environment characterized by cost increases, the absolute operating result is expected within the scope of the original guidance to be in a range of EUR 27-32 million and thus above the previous year (EUR 24.6 million). The adjusted EBITDA margin should be between 8-9%. CFO Matthias Kosch comments: “The positive corporate development so far in 2022 confirms our business model and our strategy. Blue Cap is well positioned in both the short and long term. To ensure earning power and liquidity, we will focus in the coming months on our portfolio, optimizing net working capital and passing on cost increases to customers.”

The half-year report is available for download on the website www.blue-cap.de in the Investor Relations area.

⁽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

About Blue Cap AG

Blue Cap AG is a capital market-listed investment company founded in 2006 and headquartered in Munich. The company invests in medium-sized companies in the B2B sector and supports them in their entrepreneurial development. These are headquartered in the DACH region, typically generate revenue of between 30 and 80 million euros and have an intact core business. Blue Cap holds mostly majority stakes in nine companies in the adhesives technology & coating technology, plastics technology, production technology, medical technology and business services sectors. The companies in the Blue Cap Group develop independently and each pursue their own growth strategies. The group currently employs around 1,300 people in Germany and other European countries. Blue Cap AG is listed on the over-the-counter market (Scale, Frankfurt and m:access, Munich; ISIN: DE000A0JM2M1; stock exchange symbol: B7E). www.blue-cap.de

Contact:

Blue Cap AG
Lisa Marie Schraml
Investor Relations & Corporate Communications
Tel. +49 89 288909-24
[email protected]