Significant proceeds collected in Q126

Deutsche Beteiligungs (DBAG) reported a 3.0% NAV per share decline in Q126 due to a de-rating in public comparable companies triggered by the war in the Middle East. However, DBAG’s management highlighted that there was a clear recovery in comparable public multiples in April. Management guidance of NAV per share of €36–40 in FY26 (which remains unchanged) and its dividend recommendation of €1.00 per share (in line with its current dividend policy) implies an NAV total return of 2–13% for FY26. Other key highlights in Q126 include the agreed investment in the medtech company Hipp Technology Group and the receipt of proceeds from the successful duagon exit agreed last year, which provides DBAG with a solid balance sheet for new investment...