Deutsche Beteiligungs (DBAN) Q3 2026 earnings summary

Executive summary

• Nine-month net loss was €30.3m versus €8.4m net income a year earlier, mainly due to negative portfolio valuation effects; Q3 valuation gains partially recovered.

• Four new investments and five exits were agreed or completed in the first nine months; portfolio companies completed or agreed 13 add-on acquisitions.

• Revised FY2026 guidance was confirmed, with both key performance indicators within expected ranges at 30 September.

Financial highlights

• 9M net loss was €30.3m versus €8.4m net income; net loss per share was €1.75 versus earnings per share of €0.47.

• NAV was €583.9m and NAV per share €33.84, down from €639.7m and €36.37 at 31 December 2025.

• Gross portfolio value declined to €725.9m from €779.2m, including €85.8m additions, €98.8m disposals and a €41.4m negative value change.

• Gross gains and losses on portfolio measurement and disposal were negative €31.6m for 9M; Q3 contributed positive €17.4m.

• Q3 net income was €3.7m versus €0.2m a year earlier; income from Fund Services was €36.9m versus €36.1m.

Outlook and guidance

• FY2026 guidance was confirmed: NAV per share of €32–€36 and Fund Investment Services EBITA of €9m–€11m; 9M figures were €33.84 and €10.1m, respectively.

• Outlook prioritizes exits and preparing portfolio companies for exit; one or two exits were viewed as possible before year-end, though transactions could slip into Q1.

• Absent further strong peer-multiple recovery, dynamic Q4 results were not expected; full-year guidance remained subject to valuation levels.

• Fund IX fundraising was planned to start in November, with closing targeted for mid-2027.