Deutsche Beteiligungs reported a net asset value (NAV) of €613 million for the first quarter of fiscal 2026, equivalent to €35.29 per share, representing a 2% decrease from the prior quarter.
The company said the quarter-on-quarter reduction largely reflected weaker capital market multiples at the end of March, although those multiples showed some recovery in April. For comparison, the fourth quarter of fiscal 2025 reported a NAV of €640 million, or €36.37 per share.
At the Fund Investment Services division level, earnings before interest, taxes and amortization (EBITDA) were €3.1 million in the first quarter, down from €3.8 million in the same period last year. Deutsche Beteiligungs attributed the decline in Fund Investment Services EBITDA to a higher cost base.
On a group basis, net income for the quarter was negative €20.5 million, a deterioration from net income of €9.2 million in the first quarter of fiscal 2025. The company said valuation-related effects were the primary driver of the negative group result for the period.
Activity in the quarter included two completed disposals - duagon and Kraft & Bauer - and the agreement to make a new investment in Hipp Technology Group, which operates in the medical technology sector. Proceeds from the exits, combined with the investment activity, increased the companys liquidity position to €152.4 million, up from €103.1 million at the end of fiscal 2025. This liquidity sits against callable capital commitments of €189 million.
Deutsche Beteiligungs highlighted a shift in portfolio composition: information technology services and software now represent 29% of the portfolio, up from 21% in the first quarter of fiscal 2025.
The company reaffirmed its fiscal 2026 guidance, maintaining a NAV per share target range of €36 to €40 and Fund Investment Services EBITDA guidance of €5 million to €9 million. For fiscal 2028, Deutsche Beteiligungs reiterated projected targets of NAV per share of €41 to €48 and Fund Investment Services EBITDA of €11 million to €17 million.
Additionally, the company extended its share buyback program - originally launched in March 2025 - through July 31, with an authorized volume of up to €20 million.
Context and implications - The quarter's NAV contraction was tied to valuation multiple movements rather than reported operating performance alone. Disposals improved the firm’s cash position, while the group-level loss was driven by valuation adjustments. The company has held its near- and medium-term financial guidance and kept the share buyback active through late July.