Deutsche Beteiligungs AG Sees Potential Recovery Amid Market Challenges

Deutsche Beteiligungs AG's Q1 report reveals a net asset value (NAV) per share at €35.29, down from €36.37 at the end of 2025, largely due to weak capital markets. However, early recovery signs are emerging. The gross portfolio value dropped from €789m to €693m, influenced by portfolio exits and market effects.

Under Fund Investment Services, EBITA was €3.1m, impacted by increased expenses. The forecast for 2028 hinges on the successful launch of DBAG Fund IX, crucial for future growth. Two notable disposals occurred this quarter, with more exits anticipated, including investments nearing life-end in DBAG Fund VI.

Despite current challenges, management reaffirmed FY26 guidance of €36-40 NAV/share. Shareholder returns are ongoing, supported by a share repurchase program and proposed dividends. The overall investment outlook remains optimistic with an unchanged target price of €39.