Germany · Delayed Price · Currency is EUR Deutsche Beteiligungs AG Earnings Call Transcripts
Fiscal Year 2026
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Strong exit and multiple add-ons drove activity, but NAV growth underperformed by 4.2% year to date. €100 million convertible bond and share buybacks aim to capitalize on market opportunities, with guidance narrowed but maintained.
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Fully achieved revised guidance with strong NAV growth and significant liquidity from exits. Shareholder returns remain high via dividends and buybacks, while a cautious outlook is maintained amid market volatility. Plans include deploying excess cash in private debt and new sectors.
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Quarter highlighted by the duagon sale, driving a major valuation uplift and strong cash inflow. MAIT acquisition expands IT sector exposure, while high shareholder distributions and robust deal flow continue. Guidance is reiterated, with NAV per share as the new key KPI.
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Met guidance with €24.7M net income and €36M returned to shareholders. Major transactions included the sale of duagon and acquisitions in IT and healthcare, with cautious guidance for 2024 NAV per share at €36–€40.
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NAV remained stable year-over-year, but net income was negative EUR 35 million due to lower valuation multiples. Dividend was maintained, and guidance for 2025 is reaffirmed, with expectations for increased capital deployment and realizations.
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Seven transactions, including major exits and acquisitions, drove over €500 million in bilateral deals. Despite a weak quarter and negative net income, guidance is reiterated, portfolio rotation continues, and liquidity remains strong.