Deutsche Beteiligungs (DBAN) Q1 2025 earnings summary

Executive summary

• Q1 2025 performance was in line with expectations, with stable Fund Investment Services and confirmation of full-year 2025 guidance.

• A new private debt investment was concluded, and attractive opportunities for exits and investments were identified.

• Liquidity remains strong at €226mn, supporting ongoing investment activity and a share buyback program of up to €20mn announced in February 2025.

Financial highlights

• Net income for Q1 2025 was €9.2mn, down from €30.5mn in Q1 2024.

• Net asset value (NAV) increased to €653.4mn (€36.40 per share) from €649.7mn (€35.78 per share) at year-end 2024.

• Net income per share was €0.51, compared to €1.62 in Q1 2024.

• Assets under management or advisory rose to €2,856.3mn from €2,828.7mn at 31 Dec 2024.

• Income from Fund Services was €12.1mn, slightly up from €11.8mn year-over-year.

Outlook and guidance

• Guidance for FY 2025 confirmed, with NAV expected in the €665–780mn range by year-end and NAV per share forecasted at €36–43 for 2025.

• EBITA from Fund Investment Services expected at €8–13mn for 2025.

• Further private debt transactions and successful disposals are anticipated.

• The impact of new US tariffs is being closely monitored, with offsetting effects expected from German infrastructure stimulus.