Deutsche Beteiligungs AG: Positive Adjustments Amid Market Challenges

Deutsche Beteiligungs AG (DBAG) has shown resilience in Q3 2026, with NAV per share at €33.84, marking a 0.6% increase from Q2. This figure fits within the fiscal year 2026 guidance of €32-36. The company's net income recovered to €3.7 million after two negative quarters, though it remains affected by provisions for carried interest. Notably, DBAG realized roughly €100 million from its portfolio, with assets sold above carrying values, indicating strong exit strategies.

The firm expects two further exits in Q4/early Q1, potentially bringing FY26 realizations to €150-180m. DBAG's IT services and software holdings have shown strong earnings growth, suggesting more exits may soon follow. Meanwhile, the minority acquisition in thermal-imaging specialist Vected aligns with its long-term investment strategy.

The fee business and private debt operations are on course, contributing to a stable financial outlook. Looking forward, Fund IX is on track for a mid-2027 launch, backed by strong performances from previous funds.