Blue Cap reported a strong set of results in H121. Revenues rose 6% y-o-y to €121m and the adjusted EBITDA margin improved 330bp y-o-y to 8.4%. After the acquisition of HY-LINE in early August, Blue Cap updated its FY21 guidance to revenues of €265–275m and an adjusted EBITDA margin of 8–9%. Group NAV increased by 1% to €155m, as the contribution from acquisitions was offset by higher net debt. Driven by the strong performance and several acquisitions, the discount to group NAV declined from 30% at end FY20 to 17% currently.