Announcement • May 30
KAP AG Reaffirms Earnings Guidance for the Year 2026 KAP AG reaffirmed earnings guidance for the year 2026. For the 2026 financial year, the Management Board continues to expect revenue at Group level to reach between €230.0 million and €250.0 million. Announcement • May 27
KAP AG, Annual General Meeting, Jul 10, 2026 KAP AG, Annual General Meeting, Jul 10, 2026, at 10:00 W. Europe Standard Time. Announcement • May 29
KAP AG, Annual General Meeting, Jul 11, 2025 KAP AG, Annual General Meeting, Jul 11, 2025, at 10:00 W. Europe Standard Time. Announcement • Apr 19
KAP AG Announces Change on the Management Board Dr. Hartmut Sauer has notified the Supervisory Board of KAP AG (“KAP”), a medium-sized industrial holding company listed on the stock exchange (German securities identification number: WKN 620840; ISIN DE0006208408), that he wishes to resign from his office on the Management Board with effect from 15 April 2025 and thereby step down from the Management Board. The Supervisory Board has assented to his request. Marten Julius will take over Dr. Sauer’s Management Board duties and manage KAP AG – in accordance with its Articles of Association – as sole member of the Management Board. Appointed to KAP AG’s Management Board in September 2023, Dr. Hartmut Sauer was responsible particularly for the development of the surface technologies segment. He has served the KAP Group in various capacities since 2019. Announcement • Dec 20
KAP AG to Report Fiscal Year 2024 Results on Mar 13, 2025 KAP AG announced that they will report fiscal year 2024 results on Mar 13, 2025 Reported Earnings • Sep 02
First half 2024 earnings released: €0.63 loss per share (vs €4.23 profit in 1H 2023) First half 2024 results: €0.63 loss per share (down from €4.23 profit in 1H 2023). Revenue: €168.4m (down 16% from 1H 2023). Net loss: €4.89m (down 115% from profit in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. New Risk • Aug 30
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 43% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (43% net debt to equity). Market cap is less than US$100m (€79.2m market cap, or US$87.8m). Announcement • Jul 11
KAP AG to Report Q2, 2024 Results on Aug 29, 2024 KAP AG announced that they will report Q2, 2024 results on Aug 29, 2024 New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (€84.7m market cap, or US$92.2m). Announcement • Aug 22
KAP AG Revises Earnings Guidance for the Full Year 2023 KAP AG revised earnings guidance for the full year 2023. For the year, significantly lower revenue is now predicted, each with an anticipated year-on-year deviation in the low double-digit % range. Previously, revenue was expected to be slightly above the previous year. Announcement • Jul 24
KAP AG to Report Q2, 2023 Results on Aug 29, 2023 KAP AG announced that they will report Q2, 2023 results on Aug 29, 2023 Upcoming Dividend • Jul 10
Upcoming dividend of €1.00 per share at 5.3% yield Eligible shareholders must have bought the stock before 17 July 2023. Payment date: 19 July 2023. The company is not currently making a profit and its cash payout ratio is 83%. Trailing yield: 5.3%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (3.1%). Reported Earnings • May 02
Full year 2022 earnings released: €0.36 loss per share (vs €2.79 profit in FY 2021) Full year 2022 results: €0.36 loss per share (down from €2.79 profit in FY 2021). Revenue: €433.5m (up 25% from FY 2021). Net loss: €2.76m (down 113% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 25
Third quarter 2022 earnings released Third quarter 2022 results: Net income: (down €2.21m from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 31
Second quarter 2022 earnings released Second quarter 2022 results: Net income: (up €533.0k from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 25
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 01 September 2022. Payment date: 05 September 2022. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 5.1%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.8%). Upcoming Dividend • Jul 01
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 12 July 2022. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 5.1%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (4.1%). Reported Earnings • May 02
Full year 2021 earnings released: EPS: €2.79 (vs €0.60 loss in FY 2020) Full year 2021 results: EPS: €2.79 (up from €0.60 loss in FY 2020). Revenue: €345.6m (up 7.1% from FY 2020). Net income: €21.6m (up €26.3m from FY 2020). Profit margin: 6.3% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 27
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: €0.30 (up from €0.26 in 3Q 2020). Revenue: €84.5m (down 3.7% from 3Q 2020). Net income: €2.23m (up 82% from 3Q 2020). Profit margin: 2.6% (up from 1.4% in 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €19.80, the stock trades at a trailing P/E ratio of 76.1x. Average trailing P/E is 36x in the Industrials industry in Germany. Total loss to shareholders of 41% over the past three years. Reported Earnings • Sep 30
Second quarter 2021 earnings released: €0.067 loss per share (vs €0.13 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: €91.6m (up 24% from 2Q 2020). Net loss: €533.0k (loss narrowed 60% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 24
Upcoming dividend of €1.75 per share Eligible shareholders must have bought the stock before 01 October 2021. Payment date: 05 October 2021. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.3%). Reported Earnings • May 27
First quarter 2021 earnings released: EPS €0.61 (vs €0.05 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: €90.1m (down 2.8% from 1Q 2020). Net income: €4.72m (up €5.11m from 1Q 2020). Profit margin: 5.2% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 26
Full year 2020 earnings released: €0.47 loss per share (vs €2.14 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: €322.7m (down 9.4% from FY 2019). Net loss: €3.68m (loss narrowed 78% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 07
New 90-day high: €15.40 The company is up 23% from its price of €12.50 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Industrials industry, which is also up 23% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: €15.00 The company is up 24% from its price of €12.10 on 28 August 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Industrials industry, which is down 5.0% over the same period. Reported Earnings • Sep 25
First half earnings released Over the last 12 months the company has reported total losses of €16.0m, with losses widening by 154% from the prior year. Total revenue was €343.7m over the last 12 months, down 12% from the prior year. Is New 90 Day High Low • Sep 21
New 90-day high: €14.50 The company is up 1.0% from its price of €14.40 on 23 June 2020. The German market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Industrials industry, which is up 13% over the same period.