Deutsche Beteiligungs (DBAN) Q4 2025 earnings summary

Executive summary

• Achieved stable performance in 2025 with net income of €24.7 million, meeting guidance despite challenging market conditions and subdued results.

• Completed major transactions, including the sale of duagon and acquisitions of MAIT, Totalmobile, and a minority stake in FinMatch.

• Investment volume reached €149 million, among the highest in recent years.

• Distributed €36.43 million to shareholders via dividends and buybacks, exceeding group net income.

• NAV per share increased to €36.37 from €35.78 year-over-year.

Financial highlights

• Net income for 2025 was €24.7 million; NAV per share at year-end was €36.37, with total NAV at €639.7 million.

• €149 million invested, with two-thirds in private equity and one-third in private debt.

• Gross portfolio value rose to €788.9 million, with €98.3 million in private equity and €66.6 million in private debt additions.

• EBITA from Fund Investment Services reached €14.3 million, at the upper end of guidance.

• Assets under management or advisory totaled approximately €2.7 billion.

Outlook and guidance

• Guidance for 2026 set at €36–€40 NAV per share and EBITA Fund Investment Services of €5–€9 million.

• 2028 guidance: NAV per share €41–€48, EBITA Fund Investment Services €11–€17 million.

• KPIs shifted to NAV per share and EBITA from Fund Investment Services for better shareholder alignment.

• Several portfolio companies are mature, with exit timing dependent on market conditions.

• Cautious approach maintained due to market volatility and sector-specific challenges.