Deutsche Beteiligungs AG · XETR:DBAN
Deutsche Beteiligungs — Investor Presentation (March 2026)
24 slides from Deutsche Beteiligungs's investor presentation, Mar 18, 2026
Slide 1: Corporate Presentation
Corporate Presentation Frankfurt am Main, March 2026
Slide 2: Management team with more than 40 years of combined experience in private equity
1 Introduction Management team with more than 40 years of combined experience in private equity Tom Alzin Jannick Hunecke Spokesman of the Board of Management Member of the Board of Management Joined DBAG in 2004 Member of the Board of Management Joined DBAG in 2001 Member of the Board of Management
Slide 3: We are DBAG – Pre-eminent partner of capital for DACH & Italy mid-market
1 Introduction We are DBAG – Pre-eminent partner of capital for DACH & Italy mid- market DBAG Listed >80 60 years €2.7bn assets under management of investing in since 1985 management or bu y - o u t s mid-market companies advisory The portfolio 25 of 37 €5.6bn 63 2.3x / 35.2% Companies previously re
Slide 4: Diversified earnings streams from investments as well as recurring management fees
1 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
Slide 5: Premier access to Mittelstand across the entire capital structure
2 Focus Premier access to Mittelstand across the entire capital structure 1 Private equity platform 2 Private credit platform Small Cap Mid Cap Long-Term Direct Lending Capital Solutions • Small Cap MBOs in • Mid Cap MBOs in • Exclusively DBAG • Credit investments in • Flexible senior DACH via DBAG
Slide 6: Private Equity: Investment strategy focusing on key sectors in DACH and Italy
2 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 • More than two development thirds of the potential
Slide 7: Private Equity: Sectors and diversification
2 Focus 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 infrastru
Slide 8: DBAG's investment talent is deep, committed and growing
3 Differentiation DBAG’s investment talent is deep, committed and growing >100 41 14 >380 >70 >80 Te a m m e m b e r s Investment advisory years of ⌀ tenure with DBAG years of combined PE years of PE experience of (ex)C-Level professionals professionals of 13 (Managing) Partners experience 6 senior
Slide 9: SME sector in DACH with foreseeable successions provide plenty of private equity opportunities to invest
3 Differentiation SME sector in DACH with foreseeable successions provide plenty of private equity opportunities to invest Large Mittelstand as vast hunting ground for DBAG funds addressable • >75,000 family-controlled companies in DBAG’s size focus • ~11,000 facing succession issues in the next 4 y
Slide 10: Market-leading position in private equity; High proportion of family successions
3 Differentiation Market-leading position in private equity; High proportion of family successions reflecting DBAG’s reputation German MBO market by PE company 2011-2025 German DBAG MBOs by vendor type 2021-2025 (Number of transactions) (% of total MBOs) 9% Family and founders 9% 36 Corporate spin-o
Slide 11: DBAG is able to confirm strong long-term track record even in recent slowish M&A environment
3 Differentiation DBAG is able to confirm strong long-term track record even in recent slowish M&A environment Strong and consistent Successful track record of long-term investment returns… 2.4x ~60 fully or partially realized transactions Gross Money Multiple … more than confirmed through our recen
Slide 12: Case study – DBAG Fund VIII acquires MAIT
4 Case Study: Private Equity Case study – DBAG Fund VIII acquires MAIT Investment Case • MAIT is a TOP 10 German mid-market IT consultancy with 25 locations and 900 employees in DACH and Benelux • MAIT has long-standing business relationships – more than 60 percent of customers have been with MAIT f
Slide 13: Case study – Sale of duagon to Knorr-Bremse
4 Case Study: Private Equity Case study – Sale of duagon to Knorr-Bremse Investment Case • DBAG Fund VII acquired Swiss-based duagon in 2017 as a succession case from the company’s founders • duagon employs approx. 750 people in eight countries and achieved a compound EBITDA CAGR >30% (FY22-FY25) Le
Slide 14: Case study – Acquisition of Totalmobile by Solvares
4 Case Study: Private Equity Case study – Acquisition of Totalmobile by Solvares Investment Case • Joint investment by Solvares Continuation Fund, DBAG Fund VIII and FAPI • As a result of the transaction, Solvares Continuation Fund can potentially be significantly increased (no concentration risk) U
Slide 15: ELF Capital - Strong proprietary deal funnel drives earnings visibility and stability
5 Case Study: Private Debt ELF Capital - Strong proprietary deal funnel drives earnings visibility and stability • ELF has allocated €105m across four private debt deals since • Blended gross MoM (3y): 1.39x commencement of strategic partnership with DBAG • Target market: Preference for family-owned
Slide 16: DBAG – a leading platform for future growth
6 Key Investment Highlights Y-Werte DBAG – a leading platform for future growth 1 Leading position in the large SME DACH market where foreseeable successions provide plenty of opportunities to invest 2 Unique offering through a full range of private equity & private debt solutions for clients 3 High
Slide 17: Forecast & Outlook
6 Outlook Y-Werte Forecast & Outlook 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 A
Slide 18: Appendix
Appendix Deutsche Beteiligungs AG 18
Slide 19: NAV per share and shareholder distribution
7 Appendix Y-Werte NAV per share and shareholder distribution 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 purch
Slide 20: Fund Investment Services
7 Appendix 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 21: Good Financial Base for Investment Plans
7 Appendix 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 22: The portfolio comprises 37 companies (as of 31 December 2025)
7 Appendix Y-Werte The portfolio comprises 37 companies (as of 31 December 2025) Long-Term- 5 Investments DBAG Fund 7 VIII DBAG Fund 10 VII1 DBAG small-cap 11 program DBAG Fund 4 VI 2013- 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 Deutsche Beteiligungs AG 22
Slide 23: Portfolio valuation follows worldwide accepted valuation guidelines in multi-stage process
7 Appendix Y-Werte 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 • Substantiates IPEV Valuation • Finance officer Guidelines (industry
Slide 24: ESG Management at DBAG
7 Appendix Y-Werte ESG Management at DBAG DBAG is talking the talk … Framework-oriented KPI-quantified Process-driven Our portfolio approach follows Generally accepted metrics are collected yearly from Standardization ensures proper management of industry best practices the entire portfolio based on
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