Deutsche Beteiligungs (DBAN) Q1 2026 earnings summary

Executive summary

• Seven transactions were completed in the last eight months, including four acquisitions and three exits, deploying over €500 million in bilateral deals and expanding strategically into healthcare with the Hipp Technology Group investment.

• Recent exits, such as Kraft & Bauer and duagon, have boosted liquidity and strengthened ties with entrepreneurial partners.

• Portfolio remains resilient and diversified across sectors, despite economic and geopolitical disruptions.

• Guidance for FY 2026 is confirmed, with continued focus on portfolio diversification, value creation, and exit readiness.

Financial highlights

• Net income for Q1 2026 was negative €20.5 million, or minus €1.17 per share, down from €9.2 million and €0.51 per share in Q1 2025, mainly due to market volatility and valuation changes.

• NAV per share declined to €35.29 as of 31 March 2026, from €36.37 at year-end 2025, but remained mainly stable despite disposals and market fluctuations.

• Gross portfolio value decreased to €692.7 million from €788.9 million at year-end, mainly due to disposals and negative valuation effects.

• Assets under management or advisory stood at €2.7 billion.

• Available liquidity increased to €152.4 million from €103.1 million at the end of 2025.

Outlook and guidance

• FY 2026 NAV per share guidance is set at €36–€40, with EBITA from Fund Investment Services expected between €5 million and €9 million.

• Guidance has been reiterated despite a weak first quarter, with expectations of more exits and continued portfolio rotation.

• NAV per share was pressured by low market multiples at quarter-end but saw significant recovery in April.

• Fund IX launch may be delayed until later in the year, pending further exits.