First-half results exclude Janoschka
Revenue totaled €62.9 million in the first six months of 2026, compared with €64.4 million a year earlier. Adjusted EBITDA decreased from €2.8 million to €2.2 million, leaving a margin of 3.5%. The results included a one-time cost of about €1 million attributable to 2025.
Those group figures exclude the newly acquired Janoschka group, whose consolidation is still underway. Blue Cap separately reported Janoschka's results under HGB for the period beginning with the acquisition's closing in June 2026: revenue of €7.9 million, adjusted EBITDA of €0.5 million and an adjusted EBITDA margin of 6.6%. Janoschka will be assigned to the Industrials segment.
Higher Industrials sales fail to lift earnings
Blue Cap's portfolio at June 30 consisted of five majority holdings across Industrials and Business Services, along with one minority investment. The two operating segments both recorded lower adjusted EBITDA, though their revenue trends differed.
Industrials generated €38.1 million in revenue, up 7%, while its adjusted EBITDA fell 48% to €1.8 million. At H+E, plastic granulate prices rose by as much as 25% in response to the Iran war, according to Blue Cap's earnings call presentation. The added costs more than outweighed the benefit of higher-than-expected parts revenue.
H+E's contracts do not permit it to pass those cost increases directly to customers. The increases therefore weighed on 2026 results, although recovery is possible in later periods. Fellow Industrials holding Planatol also performed below expectations.
Project delays weigh on Business Services
Business Services recorded revenue of €24.8 million, a decline of 14%, and adjusted EBITDA of €1.1 million, down 24%. HY-LINE's first-half performance was slightly below expectations after projects shifted from the second quarter to the third. Blue Cap expects strong order intake to support a good second-half outlook.
Transline's performance was also subdued. Blue Cap's earnings call presentation identified process automation and the closure of Transline's loss-making French subsidiary as measures expected to further improve its cost structure.
Inheco, the group's 42% minority stake accounted for using the equity method, delivered first-half revenue and EBITDA well above expectations. Blue Cap reported substantially better industry sentiment than a year earlier, healthy order intake and easing headwinds in China. Inheco is also developing Taiwan as a platform for scalable manufacturing and growth.
Segment value rises as group NAV falls
The indicative net asset value of the group stood at €118.7 million, or about €26 per share, down from €125.3 million at the end of 2025. Segment NAV moved in the opposite direction, increasing by €12.0 million to €47.6 million.
Blue Cap's equity ratio was 55.0% on June 30, 2026. The company said net leverage, including lease liabilities, remained below zero at the half-year reporting date, well below its target of less than 3.5 years.
Shareholders received a record dividend of €1.60 per share, approved at the annual general meeting on June 23, 2026. All agenda items won very high levels of support. The payout allowed shareholders to participate in the value realized through the sale of con-pearl.
