Deutsche Beteiligungs - An active exit pipeline for the quarters ahead

Deutsche Beteiligungs' (DBAG's) NAV total return (TR) of 2.1% in 9M25 was dampened by the continued weak market backdrop in Germany. That said, DBAG has seen a good flow of transactional opportunities, both in terms of new investments (underpinned by, among others, its ability to structure more complex deals involving bilateral agreements with existing owners) and exits (as illustrated by the successful realisation of duagon, signed in September 2025). DBAG is now fully invested, but continues its new deal origination and buybacks given the contracted exit proceeds and the fact that portfolio companies representing over 20% of its NAV are subject to ongoing discussions with investors on realisations. Share repurchases were NAV-accretive given the wide discount at which DBAG's shares trade to the NAV of its private market investments (34.8% at present), on top of which DBAG's shares offer exposure to its fund services business, generating recurring earnings (guided at €10-15m in FY25).

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