Deutsche Beteiligungs (DBAN) Q3 2025 earnings summary

Executive summary

• Sale of duagon resulted in a major valuation uplift and a money multiple above 2.5x, with closing expected in Q4 2025.

• Acquired MAIT, expanding IT services exposure to 20–21% of the portfolio, and completed several add-on acquisitions.

• Invested €148mn in private equity and debt over nine months, with high investment activity expected to continue.

• Distributed €32.5–33mn to shareholders via dividends and buybacks, nearly matching profits for the year.

• Guidance for FY 2025 confirmed, with expectations for an eventful Q4 and high transaction activity over the next 12 months.

Financial highlights

• Net income for Q1–Q3 2025 was €8.4mn, down from €53.4mn year-over-year; net income per share was €0.47.

• NAV per share at 30 Sep 2025 was €35.28, down from €35.78 at 31 Dec 2024.

• Gross portfolio value increased to €737.5mn from €599.2mn at year-end 2024.

• EBITA from Fund Investment Services was €11.2mn, compared to €13.4mn in Q1–Q3 2024.

• Assets under management or advisory stood at €2,648.8mn, down from €2,828.7mn at year-end 2024.

Outlook and guidance

• Guidance for FY 2025 confirmed: NAV per share forecasted at €35–38, NAV between €625mn and €665mn.

• EBITA from Fund Investment Services expected to range from €10mn to €15mn for FY 2025.

• High investment and transaction activity anticipated to continue over the next 12 months.

• Focus will shift to NAV per share as the key KPI for management and reporting from next year.

• Forecast assumes stable capital market valuation levels and no unforeseen effects from portfolio company budget updates.