Deutsche Beteiligungs AG (DBAG) experienced a mixed first half of 2026, marked by strong transaction activity but a decline in net asset value (NAV) due to lower valuation multiples for peer group companies. The company reported seven transactions, including three new investments and four disposals, with 90.5 million euros allocated to new investments. Despite robust operational performance from portfolio companies, the negative impact of valuation multiples more than offset operational gains, leading to a net loss of 34 million euros in H1 2026.
As of June 30, 2026, DBAG's NAV per share stood at 33.65 euros, down from 36.37 euros at the end of 2025. The company's available liquidity was 96.7 million euros, and EBITA from Fund Investment Services was 6.8 million euros, slightly lower than the 7.1 million euros in H1 2025. The decline in NAV was primarily attributed to lower valuation multiples for peer group companies, which are used to value DBAG's portfolio companies. This prompted DBAG to adjust its forecast for the financial year 2026 on July 16, 2026.
The transaction activity in H1 2026 included three acquisitions and four disposals. Notably, DBAG Fund VII exited duagon and Kraft & Bauer, while DBAG Fund VIII acquired a majority stake in Hipp Technology Group, a management buyout in the healthcare sector. DBAG also acquired a minority stake in Bug Bounty Switzerland, a cybersecurity testing firm, and DBAG ECF IV agreed to acquire a majority stake in TNL Group, which supports the energy transition. These transactions underscore DBAG's strategy of investing in high-growth sectors and divesting when conditions are favorable.
Portfolio companies performed robustly, making positive contributions to gross gains and losses on measurement and disposal, even in the IT services and software sectors. However, this was not enough to counterbalance the declining valuation multiples. The geopolitical landscape, including conflicts and trade tensions, has exerted pressure on global trade and European growth, adversely affecting valuation multiples for certain sectors.
DBAG returned 26.1 million euros to shareholders through dividends and share buybacks in H1 2026. The company intends to continue its shareholder-oriented distribution policy, aiming for a cash dividend of at least 1.00 euro per share annually and regularly reviewing potential share buyback programs.
Tom Alzin, Spokesman of the Board of Management, commented, "From an operational perspective, our portfolio companies generated positive earnings contributions in the first half of the year, but this was more than offset by lower valuation multiples for peer group companies in certain sectors. That is why we revised our forecast for 2026 on 16 July." He emphasized that DBAG continues to invest in areas of structural growth and sell when conditions are right, seeing attractive opportunities for sustainable value growth during such periods.
