Deutsche Beteiligungs (DBAN) Transition period summary

Executive summary

• Net asset value (NAV) per share at €35.78, up 1% year-over-year, but group net income declined to -€35.2 million from -€5.9 million; achieved lower end of forecast for short financial year 2024 and reaffirmed outlook for 2025–2027.

• Dividend proposal of €0.25 per share for the short financial year and a €20 million share buyback program announced for 2025.

• Portfolio value decreased due to lower valuation multiples and less favorable economic outlook.

• Closed two new platform investments and one successful disposal, strengthening mid-sized market position.

• Final closing of DBAG ECF IV fund, more than doubling predecessor's volume.

Financial highlights

• Group net income at -€35.2 million compared to -€5.9 million year-over-year, mainly due to changes in valuation multiples.

• NAV per share as of 31 December 2024: €35.78, up 1% year-over-year (adjusted for dividends).

• EBITA from fund investment services rose to €5.1 million from €2.7 million, aided by a one-off advisory fee effect.

• Available liquidity at €250–253 million, including cash, securities, and undrawn credit lines.

• NAV of €649.7 million, within forecasted range but at the lower end.

Outlook and guidance

• Full-year 2025 guidance reaffirmed, with expectations for increased capital deployment and realizations; NAV expected to rise to €665–780 million by end of 2025 and €815–955 million by end of 2027.

• EBITA Fund Investment Services guidance: €8–13 million for 2025 and €12–18 million for 2027.

• Realizations expected mainly in summer and early autumn; capital deployment likely in the first half.

• Negative income attributed to technical valuation effects, expected to reverse over the year.

• Attractive risk/return relationship expected due to market conditions and valuation levels.