Deutsche Beteiligungs AG (DBAG) navigated a challenging first half of 2026, marked by robust operational performance from its portfolio companies but overshadowed by declining valuation multiples for peer group companies. The company reported a net asset value (NAV) per share of 33.65 euros as of June 30, 2026, down from 36.37 euros at the end of 2025. Net income for the period was -34 million euros, compared to 8.2 million euros in the same period last year, driven largely by valuation-related effects.
Despite the adverse market conditions, DBAG demonstrated strong transaction activity, agreeing upon or closing seven transactions: three acquisitions and four disposals. The company allocated 90.5 million euros to new investments. Notable acquisitions included a majority stake in Hipp Technology Group via a management buyout, strengthening its position in the healthcare sector, and a minority stake in Bug Bounty Switzerland, a pioneer in AI-driven cybersecurity testing. Additionally, DBAG ECF IV agreed to acquire a majority stake in TNL Group, a service provider supporting the energy transition through environmental permits and construction services for power lines, wind and solar projects, and traffic infrastructure. The TNL transaction is expected to close in the third quarter of 2026.
The disposals included exits from duagon and Kraft & Bauer from DBAG Fund VII, with further disposals in the pipeline to raise capital for new investments. The company's available liquidity stood at 96.7 million euros as of June 30, 2026, down from 103.1 million euros at the end of 2025. EBITA from Fund Investment Services was 6.8 million euros, slightly lower than the 7.1 million euros in H1 2025.
DBAG's portfolio companies withstood macroeconomic headwinds and made positive overall contributions to gross gains and losses on measurement and disposal. However, these gains were insufficient to offset the negative impact of declining valuation multiples for peer group companies, particularly in certain sectors. The company cited fundamental geopolitical changes, including the armed conflict in the Middle East, disruptions to global energy supply routes, and threats of higher tariffs, as dampening factors on European growth and Germany's export-driven economy. The ongoing development of AI-based software solutions also created divergent effects, boosting some business models while threatening others.
In response to these challenges, DBAG adjusted its forecast for the financial year 2026 on July 16, 2026. Tom Alzin, Spokesman of the Board of Management, stated, "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. That makes no difference to our course: we still invest where we see structural growth and sell when the conditions are right. It is precisely during periods like these that attractive opportunities for sustainable value growth present themselves."
DBAG returned 26.1 million euros to shareholders through dividends and share buybacks in the first half of 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. As of June 30, 2026, the number of shares outstanding was 17,240,951.
