AdCapital AG

Latest Results (08.02.2026):

AdCapital AG — first half (Q1–Q2) 2024: Revenue fell modestly but profitability improved. Group sales for H1 2024 were EUR 81.09m (H1 2023: EUR 85.39m, -5%), while EBIT rose to EUR 3.77m (H1 2023: EUR 1.88m, ≈ +100%) and the consolidated net profit was EUR 1.76m (H1 2023: net loss EUR 0.07m). Management confirms an adjusted full‑year 2024 sales guidance of EUR 171.2m–176.9m and an expected EBIT range of EUR 7.8m–10.4m, while flagging a challenging economic and cost environment.

Sales and operating profit

Sales: EUR 81.09m in H1 2024 (down 5% y/y). Operating result (EBIT): EUR 3.77m (up from EUR 1.88m). Return on sales (EBIT/total operating performance) improved to 4.5% from 2.2%.

Net result and group earnings

Consolidated net profit: EUR 1.76m (H1 2023: loss EUR 0.07m). After minority interests, group earnings were EUR 1.14m (H1 2023: -EUR 0.97m).

Balance sheet and liquidity

Total assets: EUR 114.36m. Equity increased to EUR 49.87m (from EUR 47.89m at 31.12.2023); equity ratio up to 43.6% (from 42.7%). Cash and equivalents fell to EUR 3.00m (from EUR 4.48m); net financial position (cash minus current bank liabilities) was negative EUR 17.9m (worse vs -16.1m at year-end).

Working capital and cost structure

Inventories rose to EUR 51.96m. Materials ratio improved (down to 51.3% from 54.7%), while personnel expenses rose to 29.5% of operating performance (from 26.7%). Other operating income increased (EUR 5.98m vs EUR 3.14m), helped by a one‑off sale‑and‑lease‑back at Erich Jaeger. Financial result deteriorated (EUR -1.28m vs -0.96m).

Subsidiary performance

Mixed contributions: ERICH JAEGER GmbH + Co. KG materially improved its EBIT margin (including one‑off transaction benefit); Bavaria Digital Technik (BDT) grew revenue >8% and lifted earnings; KTS improved EBIT margin despite lower sales; FRAKO and TALLER recorded negative earnings contributions amid a difficult market and high absenteeism at FRAKO.

Outlook and guidance

Management reiterates a full‑year 2024 sales range of EUR 171.2m–176.9m and expects EBIT of EUR 7.8m–10.4m (vs EUR 3.3m in 2023). The updated forecast reflects weaker H1 sales, subdued prospects in Europe/NAFTA/China and higher costs (transport, energy, insurance, process costs).

Risks and one‑offs

Key risks: uncertain macro outlook, regional slowdowns, geopolitical/supply‑chain disruptions and rising input/transport/insurance costs. Notable one‑off: sale‑and‑lease‑back at Erich Jaeger materially supported H1 EBIT.