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} } Deutsche Beteiligungs AG Analysts ' Conference Call , 6 August 2026 Half - yearly Financial Report 2026 as at 30 June 2026
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Deutsche Beteiligungs AG 2 Your hosts Tom Alzin Spokesman of the Board of Management Brigitte Friedrich-Haack Head of Corporate Development
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Deutsche Beteiligungs AG 3 High investment activity at the start of the new financial year despite the continued pressure on capital market valuations 1 Thereof: 3 acquisitions and 4 exits Key Developments High investment activity with 7 transactions1 closed or signed in H1 2026 Focus on scalable business models in structurally growing markets Portfolio valuation again impacted by strong negative multiple effect 2 of 3 new investments acquired through bilateral negotiations €26.1mn distributed to shareholders through dividends and share buybacks 2026 guidance updated
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Deutsche Beteiligungs AG 4 Key highlights H1 2026 1 Number of shares outstanding as of 30 June 2026: 17,240,951 2 Per number of shares outstanding on average in YTD2026 Note: YTD distribution per share amount €1.51 Key Developments NAV per share and NAV EBITA €6.8mn (H1 2025: €7.1mn) Fund Investment Services Group Income Assets under Management €2.9bn (H1 2025: €2.7bn) Net income €-34.0mn (H1 2025: €8.2mn) Net income per share2 €-1.95 (H1 2025: €0.46) NAV per share1 €33.65 (31 Dec 2025: €36.37) NAV €580.2mn (31 Dec 2025: €639.7mn)
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Deutsche Beteiligungs AG 5 Private Equity: Sectors and diversification Portfolio Update Diversification by sectors (% of total portfolio value) Diversification by portfolio companies (% of total portfolio value) 30% 14% 14% 21% 9% 11% 30 June 2025 17% 15% 15% 28% 14% 11% 30 June 2026 Industry and industrial technology Business services Environment, energy and infrastructure IT services & software Healthcare Others Growth sectors 30 June 2026 Top 16-35: 27% Top 11-15: 16% Top 6-10: 22% Top 1-5: 35%
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Deutsche Beteiligungs AG 6 New Long-Term Investment: Bug Bounty Switzerland (BBS) Portfolio Update BBS operates the Cyber Resilience Shield, a plug and play SaaS platform Attractive growing market Highly scalable business Closed in April 2026 Minority investment Highlights Value Creation Levers • Bug Bounty Switzerland is a Swiss pioneer in ethical hacking and intelligent cybersecurity testing. • It operates the Cyber Resilience Shield, a plug-and-play SaaS platform that enables continuous, scalable exposure testing by orchestrating AI-based analysis together with a global network of more than 16,000 vetted ethical hackers. • BBS serves enterprise customers in highly regulated and critical sectors and has been built profitably without any prior external financing. Investment Case Support management team and organisation Accelerate organic growth Strengthen BBS‘s positioning
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Deutsche Beteiligungs AG 7 DBAG ECF IV acquires TNL Group Portfolio Update A leading environmental consultancy specialising in large - scale infrastructure Bilateral negotiations Primary transaction Signed in May 2026 Identified through own network Highlights Value Creation Levers • Leading environmental planning platform focused on regulated and mission-critical end markets, serving across environmental permitting, ecological assessments and planning-related services. • Strong positioning with blue-chip clients, supported by deep technical expertise, long-standing relationships and high customer stickiness. • Exposure to attractive structural growth drivers, including the energy transition, infrastructure expansion and rising environmental and permitting requirements. Investment Case Expansion into adjacent ESG - Consulting markets Selective add- on acquisitions Founder transition and improved Governance
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Deutsche Beteiligungs AG 8 NAV per share and shareholder distributions Financials NAV per share as of 31 Dec 2025 -2.72 Net income H1 2026 NAV per share as of 30 Jun 2026 1.51 Dividend & buyback H1 2026 NAV per share + distributions H1 2026 as of 30 Jun 2026 36.37 33.65 35.16 • DBAG continued its shareholder- oriented policy in H1 2026 and paid a dividend of 1€ per share as decided at the AGM in June 2026 • NAV was impacted by the negative development of the valuation multiples of the peer group companies resulting in a significantly lower NAV per share in H1 2026 NAV per share development (in €mn)
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Deutsche Beteiligungs AG 9 Portfolio value Financials 1 short-term bridge financings (€9.7mn as per 31.12.2025 and €- 7.8mn as per 30.06.2026) Gross portfolio value 31 Dec 2025 63.2 Additions -94.6 Disposals -58.8 Change in value 1.9 Bridges Gross portfolio value 30 Jun 2026 779.2 691.0 • DBAG’s largest private equity investments (additions) in H1 2026 relate to additions in Solvares Continuation Fund due to acquisition of Totalmobile accompanied by DBAG Fund VIII and the investment in Hipp Technology Group. • The disposals are primarily related to the exits of duagon and Kraft & Bauer, that have been closed in Q1 2026 • The change in value reflects the strong negative multiple effect resulting from macroeconomic pressures on our valuation peer group Portfolio value development (in €mn) 1
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Deutsche Beteiligungs AG 10 Change in value Financials Change in earnings -9.1 Change in debt Operating performance -65.8 Multiples and valuation changes Net gains and losses on measurement 16.1 7.0 -58.8 • Change in earnings: related to positive current trading of individual portfolio companies • Change in debt: related to further add-on acquisitions by congatec and MAIT • Multiple and valuation changes: primarily driven by negative valuation multiples of peer group companies as per 30 June 2026 • Despite the positive development of capital markets since April, multiples of our valuation peer group did not recover and were the main driver of the negative net gains and losses on measurement Net gains and losses on measurement in H1 2026 (in €mn)
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Deutsche Beteiligungs AG 11 Portfolio valuation impact driven by peer group multiple contraction Financials Source: S&P Data, DBAG Company Data Automotive Broadband Environment, Energy & Infrastructure Healthcare Industrial Components Business Services Machinery Software & IT Services 8% 14% -10% -8% 4% -6% 5% -33% Multiple development of valuation peer group companies (relative development in %, June 2025 – June 2026) • The NAV decline reflects lower multiples of listed peer group companies used for valuation and not deteriorating operational performance of DBAG's portfolio companies. • DBAG’s broad sector diversification provides a natural buffer, with positive multiple development in several sectors partially offsetting compression elsewhere. • Current valuation headwinds appear cyclical rather than structural and are expected to ease over time.
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Deutsche Beteiligungs AG 12 Fund Investment Services Financials • Income from Fund Services slightly increased compared to H1 2025 • EBITA from Fund Investment Services is down to €6.8mn mainly due to the placement agent fees for the Solvares Continutation Fund • This leads to a slight decrease in EBITA- margin compared to H1 2025 Income and EBITA from Fund Investment Services (in €mn) H1 2025 H1 2026 24.0 7.1 25.2 6.8 Income from Fund Services EBITA
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Deutsche Beteiligungs AG 13 Good financial base for upcoming investments Financials • Good financial base to cover the existing investment commitments and to seize attractive investment opportunities • Callable capital commitments exceeding the available liquidity are expected to be covered by returns from disposals • Capital commitments declined significantly in H1 2026, showing further investment activity Overview financial basis (in €mn) 31 210 41 158 72 55 103 97 Callable Capital Commitments Financial Resources Credit Lines (not drawn) 31 Dec 2025 30 Jun 2026
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Deutsche Beteiligungs AG 14 Guidance & Outlook Outlook Financial performance indicators H1 2026 30 June 2026 Old Guidance FY 2026 EBITA Fund Investment Services €6.8mn €5mn - €9mn NAV per share €33.65 €36 – €40 New Guidance FY 2026 (updated on 16 July 2026) €9mn - €11mn €32 – €36
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Deutsche Beteiligungs AG 15 Financial calendar 5 November 2026 Publication of the Quarterly Statement for the third quarter and the nine months period 2026, Analysts‘ Conference Call 24 November 2026 Deutsches Eigenkapitalforum, Frankfurt/Main 4 March 2027 Publication of the Annual Report and Consolidated Financial Statements as at 31 December 2026 for the 2026 financial year 5 May 2027 Publication of the Quarterly Statement for the first quarter 2027, Analysts‘ Conference Call 17 June 2027 Annual General Meeting 2027, Frankfurt/Main Appendix
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Deutsche Beteiligungs AG 16 The portfolio comprises 36 companies (as of 30 June 2026) Appendix 2013 - 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 6 8 8 10 4 DBAG small-cap program DBAG Fund VI DBAG Fund VII DBAG Fund VIII Long-Term- Investments Closing expected in Q3 2026 Closing pending