AdCapital AG

Latest Results (25.03.2026):

AdCapital AG — Q2 2024 (first half 2024, Jan–Jun): Revenue fell 5% year‑on‑year to EUR 81.1m (K€ 81,091) but operating profitability improved sharply: EBIT roughly doubled to EUR 3.77m (K€ 3,771) and the consolidated net profit was EUR 1.76m (K€ 1,760). Group earnings after minority interests were EUR 1.14m (K€ 1,140). Balance sheet strength edged up (equity EUR 49.87m, equity ratio 43.6%); however working capital rose (inventories EUR 51.96m) and net financial assets remained negative at EUR -17.9m. Management reiterates an upgraded 2024 guidance of EUR 171.2m–176.9m sales and EBIT EUR 7.8m–10.4m, while flagging continued regional demand uncertainty and rising cost pressures.

Revenue and growth

Sales for H1 2024: EUR 81.1m (down 5% from EUR 85.4m in H1 2023). Management cites weak markets in Europe, NAFTA and China as reasons for softer sales.

Profitability (EBIT)

EBIT rose to EUR 3.77m (K€ 3,771) vs EUR 1.88m in H1 2023 — roughly +100% improvement, supported by margin improvements at key subsidiaries and a one‑off sale‑and‑lease‑back at Erich Jaeger.

Net result and group earnings

Consolidated net profit: EUR 1.76m (K€ 1,760) versus a small loss in the prior year period. After minority interests, group earnings were EUR 1.14m (K€ 1,140).

Subsidiary performance

Mixed contributions: ERICH JAEGER improved margins (plus one‑off transaction), Bavaria Digital Technik grew revenue >8% and earnings, KTS improved EBIT margin despite lower sales, while FRAKO and TALLER reported negative earnings contributions in H1 2024.

Balance sheet and liquidity

Total assets EUR 114.36m; equity EUR 49.87m (up ~EUR 2.0m vs 31.12.23). Inventories increased to EUR 51.96m; cash and cash equivalents were EUR 3.00m (K€ 2,997).

Financial position / net financial assets

Net financial assets (cash minus current bank liabilities) were EUR -17.9m (deterioration vs EUR -16.1m at year end 2023). Non‑current bank liabilities and finance lease liabilities totalled about EUR 13.6m.

Guidance and outlook

Full‑year 2024 guidance: sales EUR 171.2m–176.9m; EBIT EUR 7.8m–10.4m (management expects improvement vs 2023 EBIT of EUR 3.3m), but warns the forecast depends on an uncertain macro environment and potential further cost increases.

Key risks highlighted

Management flags risks from weaker regional demand (Europe/NAFTA/China), higher transport/energy/insurance and process costs, and potential geopolitical or supply‑chain disruptions that could affect the guidance.