Deutsche Beteiligungs AG · XETR:DBAN
Deutsche Beteiligungs — Investor Presentation (August 2025)
30 slides from Deutsche Beteiligungs's investor presentation, August 2025
Slide 1: Corporate Presentation
Corporate Presentation Frankfurt/Main, August 2025
Slide 2: Management team with more than 40 years of combined experience in private equity
Introduction Management team with more than 40 years of combined experience in private equity with comprehensive CFO background Tom Alzin Jannick Hunecke Melanie Wiese Spokesman of the Board of Management Member of the Board of Management Chief Financial Officer Joined DBAG in 2004 Joined DBAG in 20
Slide 3: What are we talking about today?
Introduction What are we talking about today? DBAG acquires Mittelstand companies … Profitable business with Within sector focus in Headquartered in DACH or strong market position structurally growing Northern Italy markets … in promising situations Family-owned business With high value creation Via
Slide 4: Diversified earnings streams from investments as well as recurring management fees
Introduction Diversified earnings streams from investments as well as recurring management fees ► Value-enhancing investment strategies in private markets with focus on family-owned businesses ► Fund investment services business generating highly visible cash flows covering >100% of DBAG’s fixed cos
Slide 5: Full range of Private Equity & Debt solutions for DACH Mittelstand
Focus Full range of Private Equity & Debt solutions for DACH Mittelstand Corporates Private equity Private debt Small- Long- Direct Capital Mid-cap cap Te r m lending solutions ► Small-cap MBOs in ► Mid-cap MBOs in ► Exclusively DBAG ► Credit investments ► Flexible Senior DACH via DBAG DACH and Ital
Slide 6: Private equity: Investment strategy focusing on key sectors in DACH and Italy
Focus Private equity: Investment strategy focusing on key sectors in DACH and Italy DBAG’s private equity portfolio is rooted in Europe… …but globally active ► DBAG invests in ► Broadly diversified leading mid-cap across industries companies with development ► More than two thirds potential in the o
Slide 7: Private equity: Sectors and diversification
Strategy, competitive strengths and market position Private equity: Sectors and diversification Diversification by sectors Diversification by portfolio companies (% of total portfolio value) (% of total portfolio value) 100% Industry and industrial Top 16-35: 27% 30% technology Industrial services 1
Slide 8: What makes DBAG special?
Differentiation What makes DBAG special? As the “founding” institution of private equity in Germany, DBAG is perfectly positioned to unlock the potential of Mittelstand companies in German-speaking Europe and Italy. Throughout market cycles, the team has consistently delivered great results based on
Slide 9: Private equity: Who is the wider team of the DBAG platform?
Differentiation Private equity: Who is the wider team of the DBAG platform? ► Investment Advisory Team of 36 (senior members with 18 years of average private equity experience): strong alignment of interest through co-investment by senior team members worth €25mn and highly incentivised by carried i
Slide 10: Private equity: Long-term, structurally growing market
Growth Private equity: Long-term, structurally growing market Number of German MBOs and transaction volume1 Number of DBAG investment opportunities (mid-market segment, €50-250mn) screened by quarter2 62 256 335 (+31%yoy) 6.6 96 51 2 88 47 2 5.4 43 78 6.6 42 2 73 69 66 5 34 35 34 34 3 61 5.4 60 4 31
Slide 11: SME sector in DACH with foreseeable successions provide plenty of private equity opportunities
Differentiation SME sector in DACH with foreseeable successions provide plenty of private equity opportunities to invest Mittelstand as vast hunting ground for DBAG funds Large addressable ► >75,000 family-controlled companies in DBAG’s size focus market ► ~11,000 facing succession issues in the nex
Slide 12: Market-leading position in private equity; High proportion of family successions
Differentiation Market-leading position in private equity; High proportion of family successions reflecting DBAG’s reputation # of transactions in German MBO market by PE company, German DBAG MBOs – by vendor type 2020-2024 8% 0% 2010-2024 (enterprise value €50-250mn) 36% 52% Families and founders C
Slide 13: DBAG able to confirm strong long-term track record even in recent slowish M&A environment
Differentiation DBAG able to confirm strong long-term track record even in recent slowish M&A environment Strong and consistent long-term investment returns … 2.4x Successful track record of 58 fully or partially realised transactions over 1995-2024 gross Money-Multiple … more than confirmed through
Slide 14: Case study – new DBAG Long-Term Investment FinMatch
Differentiation – Private Equity Case study – new DBAG Long-Term Investment FinMatch Value creation levers ► Support the FinMatch management and Provider of financial solutions for medium-sized companies organization in targeted initiatives Minority ► Further accelerate organic growth FinMatch opera
Slide 15: Case study – DBAG Fund VIII portfolio company congatec acquires JUMPtec from Kontron
Differentiation – Private Equity Case study – DBAG Fund VIII portfolio company congatec acquires JUMPtec from Kontron Value creation levers Congatec strengthens technology leadership ► Become the clear market leader for COMs: and Computer-on-Module (COM) portfolio congatec & JUMPtec operate in the l
Slide 16: Private Debt – What we achieved together with ELF Capital
Differentiation – Private Debt Private Debt – What we achieved together with ELF Capital DBAG has now invested €83mn in total in four Target market: Preference for family -owned market private debt deals structured by ELF Capital leaders with solid, profitable business models and sound growth prospe
Slide 17: Private Debt: Attractive market opportunity
Growth Private Debt: Attractive market opportunity Growing and still largely underserved lower-mid market lending space with traditional bank lenders under regulatory pressure – European SMEs looking for alternative solutions SMEs1 as backbone of economy Low market penetration in Germany Direct lend
Slide 18: DBAG – a leading platform for future growth
Key Investment Highlights DBAG – a leading platform for future growth Leading position in the large SME DACH market where foreseeable successions provide plenty of 1 opportunities to invest 2 Unique offering through a full range of private equity & private debt solutions for clients 3 Highly balance
Slide 19: Forecast & Outlook
Forecast & Outlook Forecast 2025 H1 2025 31 Dec 2025 Financial performance indicators 30 June 2025 (updated on 17 July 2025) NAV per share € 35.21 35–38 Net asset value €mn 626.9 625–665 EBITA Fund Investment Services €mn 7.1 10–15 ► On 17 July 2025 we updated our forecast for the FY 2025 – the adju
Slide 20: Appendix
Appendix
Slide 21: Net asset value per share and NAV
Private Markets Investments segment Net asset value per share and NAV NAV per share Forecast and NAV outstanding as of 30 June 2025 NAV is impacted by increased volatility and uncertainty, which affects the development of our portfolio companies 35.78 665-780 -0.57 35.21 Many portfolio companies see
Slide 22: EBITA from Fund Services
Fund Services EBITA from Fund Services (€mn) ► Income from Fund Services decreased by €0.8mn 24.8 24.0 ► EBITA from Fund Services declined yoy by €1.8mn, mainly due to overall lower income from advisory 17.2 services and higher personnel expenses 16.9 ► Forecast for EBITA from Fund Services for the
Slide 23: Good financial base for investment plans
Financial basis Good financial base for investment plans (€mn) ► In July 2025, further €30mn were invested, 331 thereby reducing the available liquidity 253 255 ► Following a period of excess liquidity in recent quarters, we successfully reduced 126 cash drag and have now fully invested the proceeds
Slide 24: Portfolio valuation follows worldwide accepted valuation guidelines in multi-stage process
Appendix: Portfolio background Portfolio valuation follows worldwide accepted valuation guidelines in multi-stage process Valuation guidelines Valuation committee ► Fair value measurement as per ► Board of Management IFRS 13 ► Head of Finance v ► Substantiates IPEV Valuation ► Finance officer v Guid
Slide 25: The portfolio comprises 35 companies
Appendix: Portfolio background The portfolio comprises 35 companies1 Long- Term- 4 Invest- ments DBAG 6 Fund VIII DBAG 10 Fund VII DBAG small-cap 12 program DBAG 4 Fund VI 2013- 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 1 As of 30 June 2025 Corporate Presentation – August 2025 25
Slide 26: DBAG Portfolio
Appendix: Portfolio background DBAG Portfolio Revenues Company Profile First invested (€mn) akquinet IT services June 2022 150 AOE Bespoke enterprise solutions August 2023 19 Avrio Energie Biogas platform July 2023 10 Braun Connectivity Cable systems and interior vehicle lighting January 2017 94 Sol
Slide 27: DBAG Portfolio
Appendix: Portfolio background DBAG Portfolio Revenues Company Profile First invested (€mn) evidia Radiology and nuclear medicine May 2019 399 September Firian Fire protection systems 211 2020 Fischer Tiretech Mechanical engineering for the tyre industry June 2018 86 freiheit.com Software Engineerin
Slide 28: DBAG Portfolio
Appendix: Portfolio background DBAG Portfolio Revenues Company Profile First invested (€mn) Products and services for infrastructure and building mageba February 2016 129 (CHF) construction sectors Manufacturer of metal applications for the luxury goods MTWH June 2022 158 industry Netzkontor Service
Slide 29: DBAG Portfolio
Appendix: Portfolio background DBAG Portfolio Revenues Company Profile First invested (€mn) Hand-moulded and automated moulded castings with steel Silbitz August 2015 148 and iron basis Solvares Real time scheduling and route optimisation software October 2018 43 TBD Technische Construction services
Slide 30: DBAG's ESG management throughout the entire investment process
Appendix: ESG management at DBAG DBAG’s ESG management throughout the entire investment process ensures strong stewardship and collaboration with portfolio DBAG is talking the talk … KPIs requested from portfolio derived from material topics (climate change, health & safety, diversity and compliance
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