Deutsche Beteiligungs AG · XETR:DBAN
Deutsche Beteiligungs — FY2025 Earnings Presentation
15 slides from Deutsche Beteiligungs's earnings presentation, Mar 10, 2026
Slide 1: Analysts' Conference Call, Annual Report 2025
Analysts‘ Conference Call, 10 March 2026 Annual Report 2025 31 December 2025 Deutsche Beteiligungs AG 1
Slide 2: Your hosts
Your hosts Tom Alzin Brigitte Friedrich-Haack Spokesman of the Head of Corporate Development Board of Management Deutsche Beteiligungs AG 2
Slide 3: Agenda
Y-Werte Agenda 1 Key Developments 2 Portfolio Update 3 Financials 4 Outlook Deutsche Beteiligungs AG 3
Slide 4: Key highlights Q4 & FY 2025
Key Developments Key highlights Q4 & FY 2025 €2.07 per share €149mn invested in Acquisition of Return to Private Equity & Totalmobile1 Shareholders2 Private Debt2 (€36mn) Group net income Updated Guidance Outlook for 2026 €24.7mn2 confirmed remains promising 1 Joint investment by Solvares Continuati
Slide 5: Key highlights Q4 & FY 2025: NAV per share and Fund Investment Services
Key Developments Y-Werte Key highlights Q4 & FY 2025 NAV per share and NAV Fund Investment Services EBITA Assets under Management NAV per share1 €14.3mn €2.7bn €36.37 (31 Dec 2024: €35.78) Group Income NAV Net income Net income per share2 €639.7mn (31 Dec 2024: €649. 7mn) €24.7mn €1.38 1 Number of s
Slide 6: Private Equity: Sectors and diversification
Portfolio Update Private Equity: Sectors and diversification Diversification by sectors Diversification by portfolio companies (% of total portfolio value) (% of total portfolio value) Industry and industrial technology 29% Top 16-35: 28% Business services 16% Top 11-15: 13% Environment, energy and
Slide 7: Key transaction highlights 2025
Portfolio Update Y-Werte Key transaction highlights 2025 Firian acquired ASAP Projekt DBAG acquired minority DBAG Fund VII sold duagon to GmbH and Vanstraelen stake of FinMatch from own Knorr-Bremse Sprinkler + Piping NV Balance Sheet (LTI) Closed in January 2026 March July September Add-on of Acqui
Slide 8: NAV per share and shareholder distributions
Financials Y-Werte NAV per share and shareholder distributions NAV per share development 38.44 (in €mn) • DBAG continues its shareholder- oriented distribution policy with steady 2.07 dividends of €1 per year and continuation of share buyback 36.37 program 35.78 0.59 • Shares are bought back at purc
Slide 9: Portfolio value
Financials Y-Werte Portfolio value Portfolio value development 788.9 (in €mn) 55.6 • DBAG’s largest private equity -36.2 investments (additions) FY 2025 relate 66.6 to the minority investment in FinMatch, the acquisition of MAIT as well as a follow-on investment made into an existing portfolio compa
Slide 10: Change in value
Financials Y-Werte Change in value Net gains and losses on measurement (in €mn) • Change in earnings: mainly driven by 68.9 solid current trading and a strong operational performance of several 55.6 portfolio companies -42.1 28.7 • Change in debt: related to add-on acquisitions for congatec, Avrio a
Slide 11: Fund Investment Services
Financials Y-Werte Fund Investment Services Income and EBITA from Fund Investment Services (in €mn) • Income from Fund Services is broadly 48.4 48.5 stable compared to 2023/2024 • EBITA from Investment Fund Services amounts €14.3mn for FY 2025 • Slight decrease in EBITA-margin compared to 2023/2024
Slide 12: Good Financial Base for Investment Plans
Financials Y-Werte Good Financial Base for Investment Plans Overview financial basis • Following a period of excess liquidity in 2024, we successfully (in €mn) reduced cash drag and have now fully invested the proceeds 331 from the convertible bond • €149mn invested, marking one of our largest inves
Slide 13: Guidance 2025
Outlook Y-Werte Guidance 2025 Forecast 2025 FY 2025 Financial performance indicators 31 Dec 2025 31 December 2025 (updated on 17 July 2025) Net asset value (NAV) €639.7 €625mn - € 665mn NAV per share €36.37 €35 – €38 EBITA Fund Investment Services €14.3mn €10mn - €15mn Deutsche Beteiligungs AG 13
Slide 14: New guidance for 2026 and 2028
Outlook Y-Werte New guidance for 2026 and 2028 FY 2025 Financial performance indicators Guidance 2026 Guidance 2028 31 December 2025 NAV per share €36.37 €36 – €40 €41 – €48 EBITA Fund Investment Services €14.3mn €5mn - €9mn €11mn - €17mn Deutsche Beteiligungs AG 14
Slide 15: Financial agenda
Appendix Y-Werte Financial agenda 7 May 2026 Publication of the Quarterly Statement for the first quarter 2026, Analysts‘ Conference Call 2 June 2026 Annual General Meeting 2026, Frankfurt/Main 6 August 2026 Publication of the half-yearly Financial Report 2026, Analysts‘ Conference Call 5 November P