Deutsche Beteiligungs AG (DBAG) reported a mixed first half of 2026, with robust operational performance from its portfolio companies offset by declining valuation multiples for peer group companies, leading to a net loss and an adjusted forecast for the full year. The company announced seven transactions—three acquisitions and four disposals—and allocated 90.5 million euros to new investments.
As of June 30, 2026, DBAG's net asset value (NAV) per share stood at 33.65 euros, down from 36.37 euros at the end of 2025. Net income for the first half was -34 million euros, compared to 8.2 million euros in the same period last year. The decline was primarily driven by valuation-related effects, despite positive contributions from portfolio companies to gross gains and losses on measurement and disposal. EBITA from Fund Investment Services was 6.8 million euros, slightly lower than the 7.1 million euros reported in H1 2025.
The company's available liquidity decreased to 96.7 million euros from 103.1 million euros at the end of 2025. DBAG returned 26.1 million euros to shareholders through dividends and share buybacks during the period.
Three new investments were completed in H1 2026. DBAG Fund VIII acquired a majority stake in Hipp Technology Group via a management buyout, strengthening its presence in the healthcare sector. DBAG also acquired a minority stake in Bug Bounty Switzerland, a pioneer in AI-driven cybersecurity testing, financed entirely from its own balance sheet. 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. The TNL transaction is expected to close in Q3 2026.
Notable disposals included the exits of duagon and Kraft & Bauer from DBAG Fund VII. The company is pursuing further disposals to raise capital for new investments in high-growth areas.
The portfolio companies demonstrated resilience despite macroeconomic headwinds, making positive overall contributions. However, these gains were insufficient to counterbalance the negative impact of declining valuation multiples for peer companies, which DBAG uses to value its portfolio.
Geopolitical factors, including the armed conflict in the Middle East, disruptions to global sea routes, and tariff announcements, have dampened growth in Europe and pressured Germany's export-driven economy. While AI-based software solutions are boosting productivity in some IT sectors, they threaten others, contributing to lower valuation multiples.
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."
Looking ahead, DBAG intends to maintain its shareholder-oriented distribution policy, aiming for a cash dividend of at least 1.00 euro per share annually and regularly evaluating share buyback programs. The company's adjusted forecast reflects the challenging market conditions, but its strategic focus on structural growth and timely exits remains unchanged.
