AdCapital AG

Latest Results (27.12.2025):

AdCapital AG — first half (Q1–Q2) 2024: The company reported H1 2024 results showing a modest revenue decline but a material earnings improvement. Group sales fell to €81.1m (‑5% vs H1 2023), while EBIT roughly doubled to €3.8m and the consolidated net profit turned positive at €1.76m. The balance sheet shows slightly higher assets and equity, but net financial assets remained negative. Management reiterates a full‑year 2024 sales guidance of €171.2m–€176.9m and an expected EBIT range of €7.8m–€10.4m, while flagging regional demand weakness and cost pressures as risks.

Top-line and profitability

Sales: €81.09m in H1 2024 (H1 2023: €85.39m, −5%). Operating result (EBIT): €3.77m (H1 2023: €1.88m, ≈+100%). Consolidated annual net profit: €1.76m (H1 2023: loss €0.07m).

Attributable earnings

After minority interests (‑€0.62m), group earnings attributable to AdCapital shareholders were €1.14m (H1 2023: group loss €0.97m).

P&L detail and drivers

Materials cost ratio improved to 51.3% (from higher historic levels); personnel costs rose to 29.5% of performance. Other operating income increased (including a one‑off sale‑and‑lease‑back at Erich Jaeger). Financial result worsened to ‑€1.28m (vs ‑€0.96m) due largely to higher interest expenses.

Balance sheet and liquidity

Total assets €114.36m (31.12.23: €112.03m). Equity €49.87m (31.12.23: €47.89m); equity ratio improved to ~43.6% (from 42.7%). Cash and cash equivalents €3.0m (down from €4.48m); net financial assets (cash minus current bank liabilities) ≈ ‑€17.9m, deteriorating ~€1.8m vs year‑end 2023.

Working capital movements

Inventories rose to €52.0m (31.12.23: €48.14m), contributing to higher working capital and the decline in net financial assets.

Subsidiary performance

Erich Jaeger significantly improved EBIT margin (benefitting in part from a sale‑and‑lease‑back); Bavaria Digital Technik (BDT) grew revenue >8% and earnings; KTS improved margins despite sales declines. FRAKO and TALLER reported negative contributions in H1 due to weak markets and higher sickness/operational pressures.

Outlook, guidance and risks

Full‑year 2024 guidance: sales €171.2m–€176.9m; EBIT €7.8m–€10.4m (vs 2023 EBIT €3.3m). Management warns of a subdued outlook in Europe, NAFTA and China, plus risks from higher transport, energy and insurance costs and process cost increases. Strategy focuses on sales & operational measures and selective M&A opportunities.