Interim report
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Half - yearly financial report 30 June 2026 First half and second quarter 2026 } Deutsche Beteiligungs AG
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Half-yearly financial report as at 30 June 2026 2 Consolidated key figures Consolidated key figures 1st half-year 1st half-year 2nd quarter 2nd quarter 2026 2025 2026 2025 or 30 June 2026 or 31 Dec 2025¹ Key performance indicators for the Company’s financial objec- tives Net asset value per share (reporting date)2 € 33.65 36.37 0.0 28.1 EBITA Fund Investment Services3 €mn 6.8 7.1 3.7 3.3 Other indicators Net asset value (reporting date) €mn 580.2 639.7 0.0 Net income €mn (34.0) 8.2 (13.6) (1.1) Earnings per share (basic)4 € (1.96) 0.46 (0.79) (0.06) Assets under management or advisory (reporting date) €mn 2,858.7 2,696.0 1 In accordance with IAS 34, we use the figures as at 31 December 2025 as comparative information for reporting- date figures such as net asset value per share, net asset value and assets under management or advisory, and the figures reported in the first half of 2025 (1 January 2025 to 30 June 2025) as comparative information for period -based figures such as EBITA from Fund Investment Services, net income and earnings per share. 2 Based on the number of DBAG shares outstanding as at the respective reporting date (i.e. taking the share buyback programmes into account) 3 Earnings before interest, taxes and amortisation of intangible assets 4 Earnings per share calculated in accordance with IAS 33 are based on net income divided by the average number of DBAG shares outstanding during the reporting period. Figures for the second quarter were not reviewed by external auditors. At a glance De utsche Beteiligungs AG (DBAG) is one of the most renowned private equity houses in the German- speaking region of Europe (the “DACH” region). Focusing primarily on the DACH region and Italy, we assist well- positioned mid- market companies on their sustaina ble value creation journey and help them to open up new horizons. As an investor and fund advisor, we offer flexible private equity and pri- vate debt investment and financing solutions, while also generating at- tractive returns for DBAG, our shareholders and our fund investors. In its Fund Investment Services segment, DBAG provides advisory services to the closed-end private equity funds which are initiated and structured by DBAG itse lf, while DBAG subsidiary ELF Capital initiates, structures and advises private debt funds. In its Private Markets Investments segment, DBAG uses its own assets to provide private equity or private debt to companies in which it has in- vested. DBAG has been listed on the Frankfurt S tock Exchange since 1985 and its shares are listed in the market segment with the highest transparency requirements, the Prime Standard. DBAG is an SDAX constituent.
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Half-yearly financial report as at 30 June 2026 3 Table of c ontents Letter to our shareholders 5 The interim management report on the first half -year and the second quarter of the financial year 202 6 6 Fundamental information about the Group 7 Business review of the Group 11 Opportunities and risks 24 Forecast 25 Interim consolidated financial statements as at 30 Jun e 202 6 26 Consolidated statement of comprehensive income 27 Consolidated statement of cash flows 28 Consolidated statement of financial position 29 Consolidated statement of changes in equity 30 Condensed notes to the interim consolidated financial statements for the first six months of the financial year 2025 31 Notes on the consolidated statement of comprehensive income and the consolidated statement of financial position 37 Other disclosures 43 Res ponsibility statement 57 Certi ficat e following a review engagement 58 Fina ncial calendar 59
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Half-yearly financial report as at 30 June 2026 4 Key messages for the first half of 2026 7 transactions1 agreed upon or closed in H1 Focus on quickly scalable business models in structural growth markets Lower valuation multiples weigh on earnings performance 2 of 3 new investments acquired after bilateral negotiations €26.1 mn returned to shareholders via dividends and share buybacks Forecast for 2026 adjusted 1 3 new investments and 4 disposals
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Half-yearly financial report as at 30 June 2026 5 Letter to our shareholders Dear shareholders, Our business showed a mixed performance in the first half of 2026. On the one hand, fundamental geopolitical changes put a considerable strain on free trade, leading to uncertainty about future prospects. Chief among these are the armed conflict in the Middle East – which is causing ongoing disruption to one of the most important sea routes for global energy supply – and the constant announcements of higher tariffs and other impediments to trade. This has a dampening effect on growth in Europe and exerts particular pressure on Germany’s traditionally export- driven economy. An other factor specific to the IT sector is that, while the massive roll-out of AI-based software solutions currently under way is enabling significant productivity gains for many business models, it is threatening the very foundations of others. As a result, the multiples of peer group companies that we use to value our portfolio companies were down in the period under review, which in turn had a negative impact on DBAG’s net gains and losses on meas- urement and disposal. In view of this, we adjust ed our forecast for the financial year 2026 on 16 July. On the other hand, the factors that we are able to influence directly performed well. We are very pleased to see that the performance of our portfolio companies remains robust despite the strong macroeconomic headwinds. Toge ther, our portfolio companies have made positive contributions to DBAG’s gross gains and losses on measurement and disposal. While this was also true for our investments in the IT services & software sector, their positive performances over the six -month period could not offset the negative effect from the lower valuation multiples for peer group companies. As well as this, our strategic focus on rapidly scalable business models in structural growth markets is once again paying off. In addition, our broad product range is opening up attractive new investment opportu- nities. Thi s being the case, we were able to develop our investment portfolio again in a variety of ways in the first half of 2026. We closed or agreed upon seven transactions – three acquisitions and four disposals – and invested 90.5 million euros in promising new investments. DBA G Fund VIII, which is advised by DBAG, acquired a majority stake in Hipp Technology Group via a management buyout, thereby increasing our exposure to the fast-growing healthcare sector. We already reported on this recently. We acquired a minority stake in Bug Bounty Switzerland (BBS) as a Long- Term Investment, financing it exclusively from DBAG’s own balance sheet. The Swiss company has established itself as a pioneer in AI-driven cybersecurity testing and protects organisati ons such as the Swiss Na- tional Cyber Security Centre (NCSC) and companies from the financial services, defence and critical infrastructure sectors from digital risks. The TNL Group is also active in a market with future potential. It special- ises in planning and securing environmental permits and in providing construction services for power lines, wind and solar projects, and traffic infrastructure. As a service provider that is actively involved in driving the energy transition and infrastructure expansion, TNL has a strong market position. In the quarter under review, DBAG ECF IV – which is advised by DBAG – agreed to acquire a majority stake in TNL via a management buyout. We expect the transaction to be closed in the third quarter of 2026. We also closed or agreed upon four disposals in the first half of the year. Particularly of note here are duagon and Kraft & Bauer, both by DBAG Fund VII, which is advised by DBAG. As you are already aware, we are also working on additional exits. We are confident that we will have further successful transactions to report in the second half of the year, which in turn will allow us to fi- nance new investments in high-growth companies. In this way, we will be in a position to leverage the excellent opportunities that present themselves above all in times of great change and also to initiate a new investment and value creation cycle. Bec ause of our shareholder-oriented distribution policy, you will actively participate in our success. In the first half of 2026, a total of 26.1 million euros was returned to shareholders via dividends and share buybacks. In the future, we will continue to aim for a cash dividend of at least 1.00 euro per share every year and will also examine possible share buyback programmes on a regular basis. The Board of Management of Deutsche Beteiligungs AG Tom Alzin Jannick Hunecke
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Half-yearly financial report as at 30 June 2026 7 Fundamental information about the Group Structure and business activity Deutsche Beteiligungs AG (DBAG) is a listed private equity company with roots dating back to 1965. The Company has been listed on the Frank- furt Stock Exchange since 1985 and its shares are listed in the market segment with the highest transparency requirements, the Prime Stand- ard. DBAG is an SDAX constituent. DB AG offers mid -sized companies a wide range of investment and fi- nancing solutions for their specific needs, including both private equity and private debt solutions. The Company’s business model is based on two segments: › In its Fund Investment Services segment, DBAG provides advisory services to the closed-end private equity funds which are initiated and structured by DBAG itself (DBAG funds), while DBAG subsidiary ELF Capital Advisory GmbH (ELF Capital) initiates, structures and advises private debt funds (ELF funds). › In its Private Markets Investments segment, DBAG uses its own assets to provide private equity to companies in which it has invested. DBAG makes these private equity investments alongside the DBAG funds. In addition, DBAG can purchase minority investments using its own financial resources, i.e. without a fund, in what we refer to as “Long-Term Investments”. DBAG also invests its own assets in the ELF funds to provide private debt. Private equity and private debt investments both make up DBAG’s private markets investments. The Company’s management is based at DBAG’s registered office in Frankfurt/Main, where its business processes are also conducted. While DBAG focuses on mid-market companies in Germany, Austria and Swit- zerland (the “DACH” region), the Company maintains a local office in Milan and also invests in Italy alongside the DBAG funds. Private equity investments in other European countries are made on a more selective basis. The ELF funds invest in the DACH region and in Northwest Europe. DBAG’s office in Luxembourg provides the DBAG funds’ companies there with management and investment-related services. Integrated business model
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Half-yearly financial report as at 30 June 2026 8 Fundamental information about the Group DBAG’s business model, which is geared towards increasing value for its shareholders, is based on two pillars: the Fund Investment Services seg- ment and the Private Markets Investments segment. The DBAG funds and the ELF funds closely link the two segments, with DBAG providing advisory services to the DBAG funds and ELF Capital to the ELF funds. DBAG uses its own assets to invest alongside the DBAG funds or without them. The Company also invests in the ELF funds.
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Half-yearly financial report as at 30 June 2026 9 Fundamental information about the Group Overview of the DBAG funds The following table summarises key information about current DBAG funds as at 30 June 2026: Fund Target Start of investment period End of investment period Size¹ thereof DBAG Share of DBAG's co-invest- ment DBAG Fund V (in liquidation) Buyouts February 2007 February 2013 €539mn €105mn 19% DBAG ECF I: DBAG Expansion Capital Fund Growth financing May 2011 May 2017 €201mn €94mn 47% DBAG ECF II: DBAG Expansion Capital Fund First New Vintage Growth financing and small buyouts June 2017 June 2018 €85mn €35mn 41% DBAG ECF III: DBAG Expansion Capital Fund Second New Vintage Growth financing and small buyouts June 2018 December 2020 €96mn €40mn 41% DBAG ECF IV: DBAG Expansion Capital Fund IV Small buyouts December 2022 December 2028 €249mn €100mn 40% DBAG Fund VI (in liquidation) Buyouts February 2013 December 2016 €700mn €133mn 19% DBAG Fund VII Buyouts December 2016 July 2022 €1,010mn2 €200mn3 20%4 DBAG Fund VIII Buyouts August 2020 December 2026 €1,109mn5 €255mn6 23% DBAG Solvares Continuation Fund Single Asset Fund December 2024 December 2029 €246mn €22mn 9% 1 DBAG Fund VI, DBAG Fund VII and DBAG Fund VIII: each excluding investments made by experienced members from the DBAG investment advisory team and selected members of DBAG’s Managing Directors. 2 DBAG Fund VII consists of two sub-funds: a principal fund (808 million euros) and a top-up fund (202 million euros). 3 DBAG has committed 183 million euros to the principal fund and 17 million euros to the top-up fund. 4 The proportion of co-investments amounts to 23 per cent for the principal fund and 8 per cent for the top -up fund. 5 DBAG Fund VIII consists of two sub-funds: a principal fund (910 million euros) and a top-up fund (199 million euros). 6 DBAG has committed 210 million euros to the principal fund and 45 million euros to the top-up fund.
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Half-yearly financial report as at 30 June 2026 10 Fundamental information about the Group Overview of the ELF funds The following table summarises key information about current ELF funds as at 30 June 2026: Fund Target Start of investment period End of investment period Size thereof DBAG Share of DBAG's co-invest- ment ELF European Lending Fund I Senior debt April 2019 December 2023 €201mn €0mn 0%1 ELF European Lending Fund II Senior debt July 2024 July 2028 €50mn €25mn 50% ELF Capital Solutions Fund I Credit opportunities July 2024 July 2028 €76mn €75mn 99% 1 DBAG has not invested in ELF European Lending Fund I. Fundamental information about the Group – in detail Please refer to the chapter “Fundamental information about the Group” in the combined management report as at 31 December 2025 (see An- nual Report 2025, pages 26 et seqq.) if you are interested in finding out more about the integrated business model and DBAG’s particular strengths, the target system with its financial and non -financial objec- tives, and our approach to management and control.
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Half-yearly financial report as at 30 June 2026 11 Business review of the Group Macroeconomic and sector -specific environment Overall economic outlook: Shock from Iran war ab- sorbed relatively well In its World Economic Outlook (WEO) Update from July 2026, the Inter- national Monetary Fund (IMF) states that “the global economy as a whole has, so far, weathered the shock from the war [in Iran] better than feared”. It also indicates that effects in the m ain areas of influence – commodity prices, inflation expectations and financial conditions – have been relatively limited so far. However, the adjustment process has only just begun. While commercial and strategic destocking have pro- vided temporary relief from reduced energy supply, early warning indi- cators such as purchasing manager indices relating to manufacturing in- dustry point to a weakening momentum. In addition, some countries “are experiencing more strain than others”. 1 O n the back of these developments, global growth in the first quarter of 2026 was stronger than expected, slowing from 3.8 per cent in the fourth quarter of 2025 to 3.0 per cent on an annual- ised basis. This compares with the IMF’s forecast of 2.7 per cent in the April 2026 WEO. A ccording to the authors, this positive surprise could be explained in part by “the steady increase in the share of renewable energy in global en- ergy production and the fact that many economies are less energy inten- sive than they were even just a few years ago [...]”. Due to this, these economies have become more resilient to higher energy prices than ex- pected. Fiscal support and robust domestic demand in some countries also helped to bring about a higher performance than anticipated. However, “much of the positive surprise was concentrated in a few economies that are well integrated into the global technology value chain [...].” For example, the top four net exporters of AI -related 1 International Monetary Fund. World Economic Outlook Update: Global Economy in Crosscurrents of War and Technology. Washington, D.C. July 2026. hardware (Taiwan, Korea, Thailand and Malaysia) saw an average sea- sonally adjusted annualised deviation of +4.4 percentage points, com- pared with -0.3 percentage points for the rest of the world. I n Germany, GDP grew by 1.4 per cent on an annualised basis in the first quarter of 2026. This increase was mainly driven by net exports and turned out to be twice as high as the April 2026 WEO forecast of 0.7 per cent. In the US, the GDP’s increase at an annualised rate of 2.1 per cent in the first quarter of 2026 was below the 2.5 per cent projected in April 2026, but still showed a solid pace. Business investment in equipment and intellectual property – especially IT licences – proved to be a strong growth driver, as imports are going up and consumer spending is weak- ening. D BAG’s portfolio companies are by no means immune to the challenging macroeconomic environment. Uncertainty about future political and economic developments often put a damper on demand. Other negative factors are still -high input costs and demanding supply chain manage- ment. By expanding its investment strategy to include sectors outside of the manufacturing industry in recent years, DBAG has been able to re- duce the risks arising from economic and structural changes for the en- tire portfolio. 2 Transactions where financial investors have acquired a majority stake in a German company alongside the management team, and which had a transaction value of be- tween 50 and 250 million euros for the debt-free company. This information was Private equity market: Deal flow significantly im- proved at the start of 2026 D ue to the varied structure of the private equity market, comparisons over short periods of time only provide limited information. Transparency is also limited – because for every transaction for which a value is pub- lished, there are several others for which no quantitative information is released. That is why we regularly perform our own market analyses, together with industry magazine FINANCE, in order to examine the spe- cific market segment in which DBAG is active. 2 A ccording to the most recent figures for the calendar year 2025, a total of 45 transactions were executed in our segment, a slight increase on the 42 from the reference period. At 4.8 billion euros, the market vol- ume was stable, meaning that the buyout market remained on a par with the previous year, whereas other M&A segments such as venture capital and large-cap reported double-digit declines. A ccording to FINANCE magazine, the buyout market benefited from sig- nificantly improved planning visibility for financings, with banks and pri- vate debt providers once again competing fairly for the most attractive financings. compiled from publicly available sources, together with estimates and research by DBAG in cooperation with the German industry magazine FINANCE.
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Half-yearly financial report as at 30 June 2026 12 Business review of the Group The private equity mid -market is sending mixed signals for 2026. In FI- NANCE’s spring survey, 44 per cent of the private equity professionals surveyed rated the current market situation as worse than in the summer of 2025, while only 17 per cent saw an improvement. At the same time, 56 per cent are optimistic about 2026, while 39 per cent expect things to get worse. H owever, deal flow – our most important hard indicator – paints a clearer picture than sentiment. Deal flow has improved steadily, reaching 5.4 points on a scale of 1 to 10. This marks the fourth consecutive im- provement and the highest figure since summer 2023. This suggests that the market environment is normalising, even though it is still some way off its all-time high of 6.4 points (winter 2021). N evertheless, the overall circumstances vary depending on the company and its financial situation. This is why we draw on our decades of expe- rience to help the companies in which we invest to adapt their financing structures to changing framework conditions and to optimise their posi- tion in the respective environment. Private debt: Debt funds significantly increase their market share in the first quarter of 2026 According to the most recent figures available to Houlihan Lokey 3, the supply of acquisition financing, which is key to our business, developed positively in the first quarter of 2026. A fter a strong final quarter of 2025, with 49 transactions closed, the German mid-cap market maintained its solid momentum at the start of 2026. A total of 34 transactions were closed in the first quarter of 2026, which was down by around 31 per cent on the fourth quarter of 2025. According to the authors, this primarily reflects the usual seasonal slow- down, as the first quarter traditionally reports lower transaction volumes. 3 Houlihan Lokey: MidCapMonitor. An Analysis of Pan-European PE-Sponsored Debt Financing Activity, n.p., Q1 2026. Against this backdrop, the level of activity in the first quarter of 2026 indicates a good start to the year. Bot h debt funds and banks remained active lenders in the first quarter of 2026. Debt funds continued to strengthen their position, financing 71 per cent of the closed transactions and significantly expanding their market share as a result. This demonstrates that their interest in new business remains as strong as ever. Banks financed the remaining 29 per cent of the transactions. By comparison, debt funds accounted for 57 per cent and banks for 43 per cent of the transactions in 2025 as a whole. A ccording to Houlihan Lokey, both banks and debt funds remain open to new business and are contributing to the continued high level of fi- nancing activity in the German mid-cap market.
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Half-yearly financial report as at 30 June 2026 13 Business review of the Group Review of key events and transactions Investment portfolio developed in a variety of ways Our portfolio included 36 (31 December 2025: 37) investments at the end of the reporting period. Three new investments were agreed upon in the first six months of 2026, two of which have already been closed. O ur investment in Hipp Technology Group, a development and manu- facturing partner in the field of medical technology, enabled us to stra- tegically expand our portfolio share in the structurally growing healthcare sector. Hipp benefits from long- term drivers such as demo- graphic change, increased OEM outsourcing and rising regulatory com- plexities. Looking ahead, the Group intends to step up its international expansion, especially in the US. A nother promising investment is Bug Bounty Switzerland (BBS). BBS ad- dresses one of the key structural challenges of the digital age – as the use of AI tools spreads, the new technology also widens attack surfaces, speeds up vulnerability hunting and increases the complexity of attacks. The company’s proprietary service- as-a-software approach combines human and machine intelligence to confront this development. Through a minority investment structured as a Long- Term Investment, we were able to offer the company a partnership that extends beyond the usual duration of private equity fund investments. I n addition, we have agreed to finance the MBO of the TNL Group, which oversees multifaceted construction developments such as wind and solar parks, HV and UHV lines, and traffic infrastructure projects. Traffic infra- structure expansion, energy transition and the expansion of the German transmission grids in line with the Network Development Plan all com- bine to drive ongoing demand for qualified environmental planning ser- vices. This means that TNL’s growth is largely independent of economic cycles. A ll three new investments are family- owned or founder -led. DBAG’s many years of experience in meeting the specific requirements of com- panies like these was a key factor in the successful conclusion of these deals. W e also completed three disposals in the course of the reporting period: the duagon exit had already been agreed upon in September 2025. The disposals of Kraft & Bauer and mageba were agreed upon and closed in the first six months of 2026. We also agreed upon the disposal of Silbitz. I n addition, our existing investments have performed well. Of particular note was the merger of Solvares and Totalmobile, which created a pro- vider with a broad-based portfolio of vertical solutions along the entire FSeM value chain (field service management software). The company sees further potential for growth in the consolidation of this fragmented market. DBAG provided an equity contribution to facilitate the merger of the two companies. Further funds were raised from the other inves- tors in the DBAG Solvares Continuation Fund. M AIT and operasan successfully continued their buy-and-build strategy, with several add -on acquisitions agreed upon or closed in each case. Furthermore, Cartonplast was able to secure funding of 230 million eu- ros, giving the company additional financial flexibility to implement fur- ther strategic and operational projects. T he table below provides an overview of key transactions executed dur- ing the first half-year 2026. Name, registered office, event 1 Fund Sector, description of company activities Date of agreement or clos- ing Revenues (€mn) 2 Equity contribu- tion from DBAG (€mn) duagon, Switzerland Disposal DBAG Fund VII Industry and industrial technology Electronics and software solutions for the rail industry 01/2026 (closing) 1423 (2025) 0.0 MAIT, Germany Add-on acquisition of Ideal, Finland DBAG Fund VIII IT services & software IT consultancy and software integration company 01/2026 (closing) 24 (FC 2026) 0.0 operasan, Germany Add-on acquisition of renal centre in Lüdenscheid DBAG Fund VII Healthcare Nephrology and dialysis 02/2026 (agreement) 6 (FC 2026) 0.0 operasan, Germany Add-on acquisition of renal centre in Nuremberg DBAG Fund VII Healthcare Nephrology and dialysis 02/2026 (agreement) 2 (FC 2026) 0.0 Totalmobile, United Kingdom Majority investment DBAG Fund VIII / DBAG Solvares Con- tinuation Fund IT services & software Field service management software 02/2026 (closing) 744 (FC 2026) 21.6 Kraft & Bauer, Germany Disposal DBAG Fund VII Industry and industrial technology Fire extinguishing systems 03/2026 (closing) 30 (2025) 0.0
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Half-yearly financial report as at 30 June 2026 14 Business review of the Group Name, registered office, event 1 Fund Sector, description of company activities Date of agreement or clos- ing Revenues (€mn) 2 Equity contribu- tion from DBAG (€mn) UNITY, Germany Add-on acquisition of NEXT Data Service DBAG ECF IV IT services & software AI and IT consulting 03/2026 (closing) 2 (FC 2026) 0.0 Bug Bounty Switzerland, Switzerland Minority investment DBAG Long-Term In- vestment IT services & software Cybersecurity 04/2026 (closing) 8 (FC 2026) 6.6 mageba, Switzerland Disposal DBAG ECF OV Industry and industrial technology Bridge engineering and infrastructure 04/2026 (closing) 1223 (FC 2026) 0.0 TNL, Germany Majority investment DBAG ECF IV Environment, energy and infrastructure Environmental planning 05/2026 (agreement) 24.5 (FC 2026) 15.1 Hipp Technology Group, Germany Majority investment DBAG Fund VIII Healthcare Medical technology 06/2026 (closing) 96 (FC 2026) 25.8 MAIT, Germany Add-on acquisition of 4ITEGO, Belgium DBAG Fund VIII IT services & software IT consultancy and software integration company 06/2026 (closing) 47 (FC 2026) 0.0 MAIT, Germany Add-on acquisition of Janus, Sindelfingen DBAG Fund VIII IT services & software IT consultancy and software integration company 06/2026 (closing) 11 (FC 2026) 0.0 Silbitz, Germany Disposal DBAG Fund VI Industry and industrial technology Foundry technology 06/2026 (agreement) 12.2 (FC 2026) 0.0 1 For acquisitions, the figures relate to the companies acquired. 2 “FC” indicates forecast. 3 Currency stated in CHF. 4 Currency stated in GBP.
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Half-yearly financial report as at 30 June 2026 15 Business review of the Group Financial Performance Overall assessment: Lower valuation multiples for peer group companies have a negative impact on the valuations of our portfolio companies During the period under review, the armed conflict in the Middle East and the ongoing geopolitical changes took their toll on global trade and fuelled uncertainty about future developments. Another factor specific to the IT sector is that, while the massive roll -out of AI-based software solutions currently under way is enabling significant productivity gains for many business models, it is threatening the very foundations of oth- ers. All of this pushed down the valuation multiples for listed peer group companies, which we use to value our portfolio companies, which in turn had a negative impact on net gains and losses on measurement and disposal in the period under review. O ur portfolio companies are adapting to these changing conditions and continue to perform strongly. They have been consistently implementing their value appreciation strategies and have made positive earnings con- tributions to DBAG’s gross gains and losses on measurement and dis- posal. While this was also true for our investments in the IT services & software sector, their positive performances over the six -month period could not offset the negative effect from the lower valuation multiples for peer group companies. O ur Fund Investment Services segment is also going from strength to strength and we are expanding the base with a view to generating in- come from advisory services. Accordingly, income from Fund Services in- creased year on year. Condensed consolidated statement of comprehensive income €'000 1st half- year 2026 1st half- year 2025 2nd quar- ter 2026 2nd quarter 2025 Net income from investment activity (28,031) 14,701 (10,491) 2,409 Income from Fund Services 25,159 23,964 12,607 11,912 Income from Fund Services and investment activity (2,872) 38,665 2,116 14,321 Personnel expenses (16,186) (15,938) (8,017) (8,285) Other operating income 4,587 6,807 2,675 5,632 Other operating expenses (13,167) (16,786) (7,313) (10,553) Net interest income (5,326) (4,565) (2,807) (2,394) Other income/expense items (30,093) (30,482) (15,462) (15,600) Earnings before taxes (32,965) 8,183 (13,346) (1,279) Income taxes (1,076) 13 (232) 228 Earnings after taxes (34,041) 8,196 (13,578) (1,051) Net income attributable to other shareholders 0 1 0 0 Net income (34,041) 8,195 (13,578) (1,052) Other comprehensive income 548 79 1,194 468 Total comprehensive income (33,493) 8,274 (12,385) (584) Figures for the second quarter were not reviewed by external auditors. Other income/expense items: Slight year- on-year decline Net expenses under other income/expense items comprise personnel ex- penses, other operating income, other operating expenses and net in- terest income. P ersonnel expenses remained largely at the previous year’s level during the period under review, despite the average number of employees in- creasing from 115 in the previous year to 121 in the first six months of 2026. Other operating income is regularly affected by increasing or decreasing income from consultancy expenses that can be passed through, which itself is offset by corresponding expense items. Other operating income went down to 3.0 million euros in the first half of 2026, compared with 5.5 million euros in the previous year. In addition, more provisions for variable remuneration components were released than in the same pe- riod of the previous year. Income from the valuation of short-term secu- rities to current market values was lower than in the first six months of 2025. O ther operating expenses declined significantly, due in part to the above-mentioned lower consultancy expenses that can be passed through. They fell to 2.9 million euros, down from 5.4 million euros in the previous year; in the first half of 2025, higher expenses were incurred than is usual for our business in connection with a small number of trans- actions. A fter the adjustments related to ELF Capital as at 31 December 2025 (see page 44 of the Annual Report 2025 for details), expenses recog- nised in the corresponding line items decreased year on year. The costs for external staff were also reduced. By contrast, investor relations expenses were higher than in the same period of the previous year given the successful fundraising for the DBAG Solvares Continuation Fund. Furthermore, costs relating to IT infrastruc- ture rose, mainly due to the introduction of AI-based software solutions. T he negative net interest income increased over the six -month period, primarily because higher costs were incurred in connection with credit lines, which we utilised to a greater extent than in the first half of 2025.
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Half-yearly financial report as at 30 June 2026 16 Business review of the Group Net income from investment activity: Result im- pacted by declining gross gains and losses on meas- urement and disposal portfolio The change in net income from investment activity is due primarily to the performance of our investments in the portfolio companies that is re- flected in gross gains and losses on measurement and disposal portfolio. This means that net income not only depends on the earnings outlook of the portfolio companies but also on the valuation multiples for listed reference companies (peer groups) on the capital markets. N et income from investment activity also reflects income from our pri- vate debt investments. N et income attributable to other shareholders of investment entity sub- sidiaries corresponds to gross gains and losses on measurement and disposal portfolio. Specifically, this relates to carried interest entitle- ments for the intangible shareholder contribution to the respective DBAG funds and ELF funds, made by members of the DBAG invest- ment advisory team and the ELF investment advisory team. The carried interest entitlements essentially reflect the performance of the funds’ investments. For the development of carried interest entitlements in the period under review, please refer to the “Financial assets” section. C urrent portfolio income decreased year on year, which was primarily due to the write-down of a receivable from a portfolio company, which was recognised in the first quarter of 2026. Net income from investment activity €'000 1st half- year 2026 1st half- year 2025 2nd quar- ter 2026 2nd quarter 2025 Gross gains and losses on measurement and disposal portfolio (48,984) 19,961 (24,882) 7,223 Net income attributable to other shareholders of investment entity subsidiaries 30,018 (6,355) 19,803 (5,262) Net gains and losses on measurement and disposal portfolio (18,966) 13,606 (5,080) 1,962 Current portfolio income 1,216 6,564 985 2,012 Net portfolio income (17,750) 20,170 (4,095) 3,974 Net gains and losses from other assets and liabilities of investment entity subsidiaries (11,472) (6,199) (6,997) (1,925) Net gains and losses from other financial assets and other financial instruments 1,191 730 600 361 Net income from investment activity (28,031) 14,701 (10,491) 2,409 Figures for the second quarter were not reviewed by external auditors. Analysis of gross gains and losses on measurement and disposal DBAG’s total investment portfolio consisted of 36 equity investments as at 30 June 2026 (31 December 2025: 37 equity investments). As at the reporting date, we used the multiples method to determine the fair value of 28 portfolio companies (31 December 2025: 32) and, as on the pre- vious reporting date (31 December 2025), one investment was measured based on the discounted cash flow method. Four investments (31 De- cember 2025: two) are valued at their exit levels, w hile three companies (31 December 2025: two) are still carried at their original transaction price because they have been held for less than twelve months. They account for 7.8 per cent (31 December 2025: 6.3 per cent) of the private equity investment portfolio value. I n contrast to the previous year, the contribution from the change in earnings of our portfolio companies was clearly positive over the six - month period despite the challenging macroeconomic conditions. The majority of our portfolio companies have been implementing their value appreciation strategies and are performing well. T he companies in the IT services & software sector also contributed, on the whole, to a positive change in gross gains and losses on measure- ment and disposal. These companies have also been benefiting from the introduction of AI-based software solutions. We do not believe that this will fundamentally call their business models into question. Gross gains and losses on measurement and disposal portfolio by sources: source analysis €'000 1st half- year 2026 1st half- year 2025 2nd quar- ter 2026 2nd quarter 2025 Change in earnings 16,093 (6,716) 5,205 (7,880) Change in debt (9,083) (7,428) (2,997) (8,943) Change in multiples (58,521) 52,234 (27,675) 31,342 Change in exchange rates 2,103 (6,962) 367 (4,325) Change – other (2,998) (10,935) 580 (2,919) Change in other investments (6,347) (233) (1,638) (52) Subtotal (58,753) 19,961 (26,158) 7,223 Net gains and losses on disposal 9,769 0 1,276 0 Total (48,984) 19,961 (24,882) 7,223 F igures for the second quarter were not reviewed by external auditors. As a general rule, we do not receive any current distributions from port- folio companies during the holding period. At the same time, growth through add-on acquisition is a core element in the corporate strategy of many of these companies and is designed to speed up the expansion of their market presence. This applies especially to our investments in the
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Half-yearly financial report as at 30 June 2026 17 Business review of the Group environment, energy and infrastructure, IT services & software and healthcare sectors. T he resulting higher debt levels are offset by positive earnings contribu- tions from the add- on acquisitions. The negative earnings contribution from higher debt in the first six months of 2026 resulted for the most part from an add-on acquisition made by one of our portfolio companies. Th e change in multiples includes two effects. Firstly, we report on the earnings contribution from changes to valuation multiples for listed peer group companies, which we use for valuing portfolio companies. Sec- ondly, the changes in multiples are influenced by findings derived from transaction processes. For the reasons set out at the beginning of this section, almost all our sectors made a net negative earnings contribution as at the reporting date due to the change in multiples. E xchange rate fluctuations impacted above all the value of the congatec investment (US dollar) in the six-month period. Th e change – other item in the half-year period mainly reflects transac- tion processes related to one portfolio company. N et gains and losses on disposal reflect the disposals of duagon, Kraft & Bauer and mageba. Development of private markets investments Of the 36 equity investments held by DBAG as at the reporting date, four were partially sold (Cloudflight, evidia, Hausheld and Telio). The in- vestments are attributable to 29 management buyouts (including the four partially disposed equity investments), two growth financings and five Long-Term Investments, one of which is a majority investment and four of which are minority investments. I n addition, the portfolio comprises companies through which predomi- nantly representations and warranties on previous disposals are settled (“other” investments). Th e value of the 36 equity investments, including shareholder loans ex- tended to them and excluding short -term bridge financing, amounted to 598.7 million euros as at the half -year mark (31 December 2025: 690.3 million euros). In addition, other investments totalled 8.1 million euros (31 December 2025: 4.4 million euros) and private debt invest- ments 84.1 million euros (31 December 2025: 84.5 million euros). This brought the value of investments to a total of 690.9 million euros (31 December 2025: 779.2 million euros). T he reduction by 88.3 million euros during the period under review re- sulted from additions in the amount of 63.2 million euros (primarily Hipp Technology Group, Totalmobile and Bug Bounty Switzerland) and dis- posals totalling 94.6 million euros (in particular duagon, Kraft & Bauer and mageba), plus changes in value totalling -58.8 million euros. Please refer to our comments on the development of gross gains and losses on measurement and disposal above. In addition, as at the reporting date, short-term bridge financing amounting to 7.8 million euros (31 Decem- ber 2025: 9.7 million euros) had to be taken into consideration. Econom- ically speaking, this constitutes additions to the portfolio even though it is reported under current assets. Following long-term refinancing, these are also recognised as financial assets. T he following section outlines the portfolio value development of our private equity investments compared with the reporting date of 31 De- cember 2025, broken down by sectors. This is generally impacted by the change in our portfolio composition. As mentioned above, the change in valuation multiples resulted in a negative earnings contribution in al- most all our sectors in the six-month period. I nvestments allocated to the industry and industrial technology sector were valued at 0.74 times acquisition cost as at the half -year mark (31 December 2025: 1.22 times). The valuation of our portfolio companies from the business services sector decreased from 1.34 times acquisition cost as at 31 December 2025 to 1.20 times acquisition cost, w hile the valuation of our portfolio companies from the environment, energy and infrastructure sector increased to 1.37 times acquisition cost (31 December 2025: 1.35 times). In this sector, the positive contribution from the favourable operational performance of the portfolio companies was enough to offset the negative effect from changes in valuation mul- tiples. Healthcare and IT services & software companies were valued at 1.05 times their acquisition cost (31 December 2025: 1.18 times). T he share of investments with leverage (net debt/EBITDA) of 3.0 or more declined to 53 per cent as at 30 June 2026, down from 64 per cent as at 31 December 2025). A s stated above, changes to the structure of our portfolio between two reporting dates generally result in changes in this indicator. As at the reporting date, we also recognised the partial disposals, the investments valued at their exit levels and other investments in the “other” item, none of which had been included in this presentation prior to this report. This change contributed significantly to the reported decline in the share of investments with leverage (net debt/EBITDA) of 3.0 or more. For fur- ther details on the development of the portfolio companies’ debt, please refer to the source analysis. The following information on the portfolio structure is based on the val- uations and resulting portfolio value of the 36 equity investments as at the half-year mark.
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Half-yearly financial report as at 30 June 2026 18 Business review of the Group Structure of DBAG’s private equity portfolio 1 Partial disposals, investments valued at their exit levels and other investments are recognised in the “other” item.
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Half-yearly financial report as at 30 June 2026 19 Business review of the Group Business performance by segment Private Markets Investments segment Segment earnings statement – Private Markets Investments €'000 1st half- year 2025 1st half- year 2024 2nd quar- ter 2025 2nd quar- ter 2024 Net income from investment activity (28,031) 14,701 (10,491) 2,409 Other income/expense items (excl. net interest income and amortisation of intangible assets) (5,512) (5,839) (3,211) (3,217) Earnings before interest, taxes and amortisation of intangible assets (33,543) 8,862 (13,702) (807) Net interest income and amor- tisation of intangible assets (5,364) (4,589) (2,826) (2,409) Earnings before taxes (38,906) 4,273 (16,528) (3,216) Figures for the second quarter were not reviewed by external auditors. Earnings before interest, taxes and amortisation of intangible assets gen- erated in the Private Markets Investments segment were dominated by decreasing net income from investment activity in the period under re- view. Please refer to the explanations on this item in the section on “Fi- nancial performance”. T he negative balance of other income/expense items (the sum of per- sonnel expenses and other operating income and expenses, excluding net interest income and amortisation of intangible assets) was mainly affected by personnel expenses and other operating expenses (see sec- tion on “Financial performance”). N egative net interest income and amortisation of intangible assets also reduced earnings before taxes in the period under review. Please refer to the section on “Financial performance” for more details. E arnings before taxes were clearly lower on balance. Net asset value and available liquidity €'000 30 June 2026 31 Dec 2025 Non-current assets 685,395 793,031 Current assets 137,785 129,943 Non-current liabilities (137,351) (141,379) Current liabilities (105,611) (141,928) Net asset value 580,218 639,667 Financial resources 22,666 63,173 Securities 32,614 8,454 Credit lines 41,460 31,460 Available liquidity 96,740 103,087 Callable capital commitments 157,830 210,459 Th e net asset value as at the half-year mark was below the levels seen at the end of the financial year 2025. This was largely due to the lower valuations of our portfolio companies, which in turn resulted from the decline in the valuation multiples for listed peer group companies. A s we continued to invest, current assets increased, owing mainly to higher levels of other financial instruments, namely short -term pre -fi- nancing of acquisitions by DBAG. This increase was partly financed by short-term securities and cash and cash equivalents, which consequently declined in total. C urrent liabilities fell mainly due to the decline in other liabilities – itself resulting from the adjustment for management fees paid in advance – and because credit lines were drawn on to a lesser extent and provisions were released. A t the end of the period under review, 85 million euros of the two avail- able credit lines totalling 126.5 million euros had been utilised. P lease refer to the “Financial position – assets, equity and liabilities” and “Financial position – liquidity” sections for information on the changes in financial assets and financial resources as at the half-year mark. Th e amount of callable capital commitments for investments alongside the DBAG funds and the ELF funds was also below the level of the pre- vious reporting date (31 December 2025) as we continued our investing activities. 61.3 per cent of callable capital commitments were covered by available liquidity as at 30 June 2026 (30 December 2025: 49.0 per cent). We expect to be able to cover the excess amount through cash inflows from our investment portfolio.
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Half-yearly financial report as at 30 June 2026 20 Business review of the Group Fund Investment Services segment Segment earnings statement – Fund Investment Services €'000 1st half- year 2026 1st half- year 2025 2nd quar- ter 2026 2nd quarter 2025 Income from Fund Services 25,221 24,009 12,637 11,934 Other income/expense items (excl. net interest income and amortisation of intangible assets) (18,413) (16,958) (8,933) (8,635) Earnings before interest, taxes and amortisation of intangible assets (EBITA) 6,808 7,050 3,705 3,299 Net interest income and amortisation of intangible assets (685) (2,002) (342) (1,007) Earnings before taxes 6,122 5,049 3,363 2,293 Figures for the second quarter were not reviewed by external auditors. Income from Fund Services in the Fund Investment Services segment is generally consistent. The diversification of our investment and financing portfolio is now having an increasingly positive effect. I ncome realised with the DBAG ECF IV fund of 2.4 million euros was in line with the previous year, while income from DBAG Fund VII amounted to 8.3 million euros, compared with 8.5 million euros in the previous year. At 9.9 million euros, income from DBAG Fund VIII was higher than in the previous year (9.5 million euros) as we continued our investing activities. W e expanded our range of fund products with the DBAG Solvares Con- tinuation Fund. Given the higher fund volume, we generated income of 0.9 million euros over the six -month period, compared with 0.5 million euros in the same period of the previous year. Income for the advisory services rendered by DBAG Luxembourg also rose to 2.0 million euros in the period under review, up from 1.8 million euros in the previous year. Income from the ELF funds rose from 1.2 million euros to 1.3 million euros year on year, following a waiver in the previous year. A s expected, income from DBAG ECF amounted to 0.1 million euros, in line with the previous year. The investment period for DBAG Fund VI had already ended in December 2016; as planned, no further income was realised from this fund in the reporting period. E arnings before interest, taxes and amortisation of intangible assets (EBITA) generated in the Fund Investment Services segment decreased year on year, mainly owing to the costs incurred in connection with the successful fundraising for the DBAG Solvares Continuation Fund. A fter the adjustments related to ELF Capital as at 31 December 2025, expenses recognised in the corresponding line items decreased year on year. This also reduced expenses from the amortisation of intangible as- sets compared with the previous year. A ssets under management or advisory as at the reporting date signifi- cantly exceeded the level at the end of the financial year 2025. The total amounts invested and the short -term bridge financing for new invest- ments increased as our investing activities continued. In addition, out- standing capital commitments of third-party investors rose following the successful fundraising for the DBAG Solvares Continuation Fund. By con- trast, DBAG’s financial resources declined as some were used to finance new investments. Please refer to the “Financial position – liquidity” sec- tion for information on changes in DBAG’s financial resources. Assets under management or advisory €'000 30 June 2026 31 Dec 2025 Funds invested in portfolio companies 2,180,150 2,126,035 Short-term bridge financing for new investments 298,416 190,196 Pending capital commitments of third-party investors 324,834 308,190 Financial resources (of DBAG) 55,280 71,627 Assets under management or advisory 2,858,680 2,696,047
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Half-yearly financial report as at 30 June 2026 21 Business review of the Group Financial position – liquidity Overall assessment: Reduction in financial resources on account of our ongoing investing activities DBAG’s cash and cash equivalents amounted to 22.7 million euros and short-term securities to 32.6 million euros as at the 30 June 2026 report- ing date. The investment entity subsidiaries held additional financial resources – exclusively cash and cash equivalents – amounting to 5.4 mil- lion euros. 85.0 million euros had been drawn down against the credit lines as at the half-year mark. T he following condensed statement of cash flows in accordance with IFRS exclusively shows changes in cash and cash equivalents. Condensed consolidated statement of cash flows Inflows (+)/outflows (-) 1st half-year 1st half-year 2nd quarter 2nd quarter €'000 2026 2025 2026 2025 Net income (34,041) 8,195 (13,578) (1,052) Measurement gains (-)/losses (+) and gains (-)/losses (+) on disposal of financial assets 33,493 (13,972) 15,362 (2,045) Other non-cash expenses/income as well as increases/decreases in other assets or liabilities (23,742) 6,060 (13,650) (5,800) Cash flow from operating activities (24,290) 283 (11,866) (8,897) Proceeds from disposals of financial assets and other financial instruments 138,073 6,888 36,581 1,430 Payments for investments in financial assets and other financial instruments (90,451) (97,269) (59,133) (61,226) Cash flow from investment activity 47,622 (90,381) (22,552) (59,796) Proceeds from (+)/payments for (-) investments in securities (24,000) 80,000 (10,000) 49,000 Cash inflows and outflows from changes in the scope of consolidation 0 (341) 0 (341) Other cash inflows and outflows (104) (458) (14) (277) Cash flow from investing activities 23,518 (11,180) (32,566) (11,414) Proceeds from the sale of treasury shares 0 226 0 226 Payments for the acquisition of treasury shares (8,875) (9,173) (3,684) (4,624) Payments to shareholders (dividends) (17,242) (22,250) (17,242) (22,250) Proceeds from drawdowns of credit liabilities 50,000 35,000 50,000 35,000 Payments for redemption of credit liabilities (62,750) 0 0 0 Payments for lease liabilities (867) (776) (423) (391) Cash flow from financing activities (39,735) 3,026 28,651 7,960 Net change in cash and cash equivalents (40,506) (7,870) (15,781) (12,351) Cash and cash equivalents at start of reporting period 63,173 22,197 38,448 26,678 Cash and cash equivalents at end of reporting period 22,666 14,327 22,666 14,327 Figures for the second quarter were not reviewed by external auditors. The balance of cash flow from operating activities was negative in the period under review. Net income is largely based on the change in value in connection with the fair-value measurement of the portfolio. Realised proceeds from disposals are shown in cash flow from investing activities.
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Half-yearly financial report as at 30 June 2026 22 Business review of the Group Cash flow from investing activities was positive in the period under re- view. Proceeds from the disposal of investments (primarily duagon, Kraft & Bauer and mageba) exceeded outflows for new investments (in partic- ular Hipp Technology Group and Bug Bounty Switzerland) as well as for capital injections into our existing portfolio. In addition, liquidity that was temporarily not required was invested in short-term securities; more spe- cifically, in money market funds. T he volatility of cash flow from investment activity is typical for our busi- ness and attributable to cash flows being concentrated on a smaller number of (albeit large) amounts in the transaction business. D BAG Fund VII, DBAG Fund VIII and DBAG ECF IV structure the financing of their investments in two stages: before structuring of the acquisition financing is finalised, the investments are initially pre- financed using loans over a period of up to nine months. These loans are reported in the “Other financial instruments” item. In this, way we are able to opti- mise the return on the capital employed for the funds. C ash flow from financing activities was largely driven by the repayment or drawing of existing credit lines over the reporting period, the dividend distribution following the Annual General Meeting on 2 June 2026 and payments for the acquisition of treasury shares. Financial position – assets, equity and liabilities O verall assessment: A strong balance sheet remains the foundation of our business Our funding strategy is based on a solid equity ratio and diversified matched-maturity debt financing. This approach mitigates risks in our balance sheet. The equity ratio improved slightly, rising from 69.3 per cent as at 31 De- cember 2025 to 70.5 per cent as at the reporting date because total as- sets saw a slightly stronger reduction than equity during the period un- der review. E quity and non-current credit liabilities covered 102.5 per cent of non- current assets as at 30 June 2026. By contrast, equity and non- current liabilities only covered 96.1 per cent of non-current assets as at 31 De- cember 2025. Condensed consolidated statement of financial position €'000 30 June 2026 31 Dec 2025 Financial assets 660,234 766,901 Other non-current assets 24,991 25,960 Deferred tax assets 170 170 Non-current assets 685,395 793,031 Other financial instruments 71,550 46,001 Receivables and other assets 7,073 9,452 Short-term securities 32,614 8,454 Cash and cash equivalents 22,666 63,173 Other current assets 3,881 2,862 Current assets 137,785 129,943 Total assets 823,180 922,974 Equity 580,218 639,667 Non-current liabilities 137,351 141,379 Current liabilities 105,611 141,928 Total equity and liabilities 823,180 922,974 Asset and capital structure: Balance sheet shaped by disposals and lower valuations Total assets as at the half -year mark were below the levels seen at 31 December 2025. As a result of our successful disposals and the lower valuations following the decline in valuation multiples for listed peer group companies, financial assets in particular – and, in turn, non- cur- rent assets – decreased. By contrast, current assets increased, mainly because other financial in- struments – i.e. the acquisition financing mentioned earlier – were at higher levels than at the end of the financial year 2025 due to our con- tinued investing activities.. This increase was partly financed from cash and cash equivalents, which is why the short -term securities and cash and cash equivalents items decreased overall over the period under re- view.
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Half-yearly financial report as at 30 June 2026 23 Business review of the Group On the equity and liabilities side, equity was reduced by negative net income, the distribution of dividends and share buybacks. Current liabil- ities fell mainly due to the decline in other liabilities – itself resulting from the adjustment for management fees paid in advance – and because credit lines were drawn on to a lesser extent and provisions were re- leased. Th e asset structure has therefore shifted slightly at the expense of non- current assets, which accounted for 83.3 per cent (31 December 2025: 85.9 per cent) of total assets as at the reporting date. 80.2 per cent (31 December 2025: 83.1 per cent) of total assets were account ed for by financial assets, while cash and cash equivalents and short -term securi- ties made up 6.7 per cent (31 December 2025: 7.8 per cent) of total assets. As mentioned above, the equity ratio in the capital structure has improved slightly compared with the level as at 31 December 2025. T he net asset value per outstanding share decreased from 36.37 euros at the beginning of the first six months of 2026 to 33.65 euros at the end of this period. Adjusted for the dividend payment of 1.00 euro per dividend-bearing share for the financial year 2025 and for the effects resulting from the share buyback programme, the NAV per share figure is equivalent to a return on equity of - 5.2 per cent, compared with 4.1 per cent in the financial year 2025. Please refer to the notes to the consolidated financial statements (note 14) regarding purchases of treas- ury shares. Financial assets: Value of investments lower than at the end of the financial year 2025 Financial assets are largely determined by the value of investments. Please refer to the section “Development of private markets investments” for more details. Interests of other shareholders in investment entity subsidiaries de- creased in absolute terms compared with the end of the financial year 2025, due to the overall decline in the valuations of our portfolio companies. I n return for their intangible shareholder contribution to the respective fund, investment advisory team members generally participate dispro- portionately in the fund’s performance (“carried interest”) after the fund investors and DBAG have recovered their invested capital plus a pre- ferred return. O ther assets and liabilities of investment entity subsidiaries make up the balance of the investment entity subsidiaries’ various line items, largely comprising receivables vis-à- vis investments from loans and interest in addition to liabilities vis-à-vis DBAG for the pre-financing of investments. The investment entities had financial resources amounting to 5.4 million euros at their disposal as at the half-year mark, all of which were held as cash and cash equivalents. Financial assets €'000 30 June 2026 31 Dec 2025 Value of investments gross 690,951 779,163 Interests of other shareholders in investment entity subsidiaries (20,075) (49,984) net 670,876 729,178 Other assets and liabilities of investment entity subsidiaries (11,146) 37,215 Other financial assets 504 508 Financial assets 660,234 766,901
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Half-yearly financial report as at 30 June 2026 24 Opportunities and risks For details on the risks and opportunities resulting from DBAG’s business, please refer to the combined management report as at 31 December 2025 (see Annual Report 2025, pages 60 et seqq.). The statements made therein continue to apply in principle. A s at 31 December 2025, ten risks were assigned a “high” or “very high” expected value. Assessments of these individual risks remained un- changed as at 30 June 2026. The number of individual risks in DBAG Group’s risk register increased from 58 as at the end of the financial year 2025 to 61 as at the end of the first half of 2026. T he increasing complexity of IT applications and the rising number of cyberattacks on these systems led us to add three associated risks to the risk register, each of them with a moderate expected value. In addition, the probability of occurrence increased for two risks – one with a mod- erate and the other with a very low expected value – without any change in their expected values. G eopolitical tensions between major world powers have increased over- all since the current US administration took office in January 2025. These tensions are making themselves felt above all through additional or in- creasing import tariffs, temporary supply c hain disruptions and higher purchasing prices. This generally leads to higher capital market interest rates, the effects of which include increased pressure on capital market valuation levels. 4 International Energy Agency (IEA): The Middle East and Global Energy Markets – Topics, n. p., n. d., online: www.iea.org/topics/the-middle-east-and-global-energy-mar- kets, retrieved on 9 July 2026. In addition, Israel and the US launched air strikes against Iran on 28 Feb- ruary 2026, triggering an armed conflict in the Middle East. While the conflict seems to have passed peak intensity, it continues to flare up with varying intensity. The region is still a long way from a permanent cease- fire. A bove and beyond its direct impact, it is unclear to date how this conflict will affect the global economy in the long run. Most notably, it remains uncertain whether free and unrestricted passage through the Strait of Hormuz – one of the key transit route s for the global energy supply, through which around 25 per cent 44 of the world’s seaborne oil trade flowed in 2025 – will be possible again in the future. If countries border- ing the Strait of Hormuz were to start levying tolls or fees on trade ships passing through the waterway, countries situated in other international trade routes could follow suit, which would seriously harm global trade. D BAG factors in these tensions and their implications when assessing risks in the risk register. We are monitoring the developments closely and will adjust our risk assessments whenever necessary.
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Half-yearly financial report as at 30 June 2026 25 Forecast The International Monetary Fund (IMF) forecasts global growth of 3.0 per cent for 2026 in its World Economic Outlook (WEO) Update from July 20265, which is down on the average of 3.5 per cent observed in 2024 and 2025. According to the IMF, the “modest slowdown reflects the effects of the war in the Middle East being partly offset by acceler- ated demand-driven momentum in the global technology cycle thanks to advances in artificial intelligence [...].” However, the report goes on to say that the “impact varies widely based on countries’ exposure to the war [in Iran] and position in the technology value chain.” T he US economy is projected to grow by 2.3 per cent in 2026, “sup- ported by fiscal policy, accommodative financial conditions, and contin- ued technology-related business investment and productivity strength, with only limited impact from the war given the country’s net energy exporter status.” G rowth in the euro area is projected at 0.9 per cent in 2026. According to the IMF, this forecast reflects a “sizeable negative carryover from the first quarter”, which is primarily attributable to one particular country but also points to weak momentum in others. The IMF also cites the “drag from higher energy prices – notwithstanding some fiscal cushion- ing measures – and weak consumer confidence”. H owever, according to Deutsche Bundesbank’s updated projection of 12 June 2026 6, Germany is not expected to achieve this growth; the economy is forecast to post a real calendar-adjusted growth rate of only 0.5 per cent in the current year. The Bundesbank projects that, in the summer half-year, expansionary fiscal policy will prevent an economic slowdown and “more or less offset the impact of the war in the Middle East”. However, the sharp rise in energy prices is set to curb the purchas- ing power of private households and their consumer spending. The Bun- desbank also forecasts that, in addition to high energy costs, companies will be impacted by increasing supply bottlenecks and weaker demand. 5 International Monetary Fund. World Economic Outlook Update: Global Economy in Crosscurrents of War and Technology. Washington, D.C. July 2026. In addition, the high level of uncertainty and increased interest rates will slow down private investment. T he valuation of our portfolio is a key driver for DBAG’s net asset value (NAV) per share. The geopolitical environment, which remains fraught with uncertainty, and the challenging macroeconomic conditions are having a negative impact on the valuation mult iples for the listed peer group companies of our portfolio companies as at the reporting date. In addition, scheduled exits are being delayed. This led us to adjust our guidance for the financial year 2026 on 16 July 2026. W e now expect the NAV per DBAG share outstanding to be between 32 and 36 euros as at the end of the the financial year 2026 (first half-year 2026: 33.65 euros; previous expectation: between 36 and 40 euros). E BITA from Fund Investment Services is now projected to be between 9 and 11 million euros in the financial year 2026 (first half -year 2026: 6.8 million euros; previous expectation: 5 to 9 million euros). This expec- tation exceeds the previous forecast, as the assessment basis for calcu- lating the management fees will be higher than previously assumed due to the delayed exits. T he expectation for the following years will be updated with our detailed medium-term planning for 2029. T he future development of the NAV per share may be significantly influ- enced by individual unforeseeable developments. This applies in particu- lar to the share prices of listed peer group companies, which have an impact on DBAG’s net asset value via the valuation of our private equity investments. As always, the forecast is subject to the proviso that valua- tion levels will not have changed considerably by the end of a financial year, compared with those levels on which the reference points of our forecast were based. 6 Deutsche Bundesbank. Press release. The Bundesbank’s Forecast for Germany: En- ergy price shock slows the economic recovery. Frankfurt/Main. 12 June 2026.
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Interim consolidated financial statements as at 30 June 2026 Consolidated statement of comprehensive income for the period from 1 January 2026 to 30 June 2026 €'000 1 Jan 2026 to 30 June 2026 1 Jan 2025 to 30 June 2025 Net income from investment activity (28,031) 14,701 Income from Fund Services 25,159 23,964 Income from Fund Services and investment activity (2,872) 38,665 Personnel expenses (16,186) (15,938) Other operating income 4,587 6,807 Other operating expenses (13,167) (16,786) Interest income 102 65 Interest expenses (5,429) (4,629) Other income/expense items (30,093) (30,482) Earnings before taxes (32,965) 8,183 Income taxes (1,076) 13 Earnings after taxes (34,041) 8,196 Net income attributable to other shareholders 0 (1) Net income (34,041) 8,195 Items that will not be reclassified subsequently to profit or loss Gains (+)/losses (-) on remeasurements of the net defined benefit liability (asset) 548 79 Other comprehensive income 548 79 Total comprehensive income (33,493) 8,274 Earnings per share in € (basic)1 (1.96) 0.46 Earnings per share in € (diluted)2 (1.96) 0.46 1 Earnings per share (basic) calculated in accordance with IAS 33 are based on net income divided by the average number of DBAG shares outstanding in the reporting period. 2 Earnings per share (diluted) calculated in accordance with IAS 33 are based on the average number of DBAG shares outstanding in the reporting period under the assumption that all conversion rights are exercised as at the date of issue. At the same time, ne t income is adjusted by the negative net impact on earnings from the convertible bond (interest expense after taxes). 27
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Interim consolidated financial statements as at 30 June 2026 Consolidated statement of cash flows for the period from 1 January 2026 to 30 June 2026 Inflows(+) / Outflows (-) €'000 1 Jan 2026 to 31 Dec 2026 1 Jan 2025 to 31 Dec 2025 Net income (34,041) 8,195 Measurement gains (-)/losses (+) on financial assets and other financial instruments, depreciation/amortisation/impairment of property, plant and equipment and intangible assets, gains (-)/losses (+) on securities 35,116 (11,398) Increase (+)/decrease (-) in income tax assets 312 (4) Increase (+)/decrease (-) in other assets (net) 150 (2,692) Increase (+)/decrease (-) in pension provisions (860) (624) Increase (+)/decrease (-) in income taxes payable 565 (682) Increase (+)/decrease (-) in other provisions (4,233) 2,738 Increase (+)/decrease (-) in other liabilities (net) (21,299) 4,749 Cash flow from operating activities¹ (24,290) 283 Proceeds from financial assets 110,896 2,912 Payments for investments in financial assets (37,725) (95,585) Proceeds from disposals of other financial instruments 27,177 3,976 Payments for investments in other financial instruments (52,726) (1,684) Cash flow from investment activity 47,622 (90,381) Proceeds from securities 18,000 80,000 (42,000) 0 Proceeds from disposals of property, plant and equipment and intangible assets 7 0 Payments for investments in property, plant and equipment and intangible assets (111) (458) Cash flows from changes in the scope of consolidation 0 (341) Cash flow from investing activities 23,518 (11,180) Proceeds from the sale of treasury shares 0 226 Payments for the acquisition of treasury shares (8,875) (9,173) Payments to shareholders (dividends) (17,242) (22,250) Proceeds from drawdowns of credit liabilities 50,000 35,000 Payments for redemption of credit liabilities (62,750) 0 (843) (776) Proceeds and payments from derivatives (24) 0 Cash flow from financing activities (39,735) 3,026 Net change in cash and cash equivalents (40,506) (7,870) Cash and cash equivalents at start of reporting period 63,173 22,197 Cash and cash equivalents at end of reporting period 22,666 14,327 1 Including interest received in the amount of 798,000 euros (previous year: 722,000 euros), interest paid in the amount of 2,294,000 euros (previous year: 628,000 euros), as well as taxes paid in the amount of 527,000 euros (previous year: 1,199,000 euros) and taxes received in the amount of 529,000 euros (previous year: 636,000 euros). 28
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Interim consolidated financial statements as at 30 June 2026 Consolidated statement of financial position as at 30 June 2026 €'000 30 June 2026 31 Dec 2025 Assets Non-current assets Intangible assets 12,178 12,901 Property, plant and equipment 11,217 12,166 Financial assets 660,234 766,901 Other assets 1,596 893 Deferred tax assets 170 170 Total non-current assets 685,395 793,031 Current assets Receivables 5,159 7,226 Securities 32,614 8,454 Other financial instruments 71,550 46,001 Income tax assets 1,914 2,226 Cash and cash equivalents 22,666 63,173 Other assets 3,881 2,862 Total current assets 137,785 129,943 Total assets 823,180 922,974 €'000 30 June 2026 31 Dec 2025 Equity and liabilities Equity Subscribed capital 61,181 62,404 Capital reserve 242,054 246,820 Retained earnings and other reserves 644 95 Consolidated retained profit 276,339 330,347 Total equity 580,218 639,667 Liabilities Non-current liabilities Liabilities under interests held by other shareholders 65 64 Credit liabilities 122,539 122,086 Lease liabilities 9,323 10,212 Other financial liabilities 1,515 3,901 Provisions for pensions obligations 0 860 Other provisions 1,530 1,623 Deferred tax liabilities 2,378 2,633 Total non-current liabilities 137,351 141,379 Current liabilities Credit liabilities 86,063 96,109 Lease liabilities 1,718 1,685 Other financial liabilities 2,562 0 Other liabilities 2,684 27,975 Income tax liabilities 1,747 1,182 Other provisions 10,837 14,977 Total current liabilities 105,611 141,928 Total liabilities 242,962 283,307 Total equity and liabilities 823,180 922,974 29
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Interim consolidated financial statements as at 30 June 2026 Consolidated statement of changes in equity for the period from 1 January 2026 to 30 June 2026 Retained earnings and other reserves €'000 Subscribed capital Capital reserve Legal reserve First-time adoption of IFRS Reserve for changes in accounting methods Reserve for gains/losses on remeasurements of the net defined benefit liability (asset) Consolidated retained profit Equity 1 Jan 2026 62,404 246,820 403 16,129 (109) (16,327) 330,347 639,667 Net income (34,041) (34,041) Remeasurements of the net defined benefit liability (asset) 548 548 Total comprehensive income 548 -34,041 -33,493 Payments to shareholders (dividends) (17,242) (17,242) Acquisition of treasury shares (1,223) (4,766) (2,725) (8,714) 30 June 2026 61,181 242,054 403 16,129 (109) (15,779) 276,339 580,218 1 Reserve for gains/losses on remeasurements of the net defined benefit liability (asset) Retained earnings and other reserves €'000 Subscribed capital Capital reserve Legal reserve First-time adoption of IFRS Reserve for changes in accounting methods Reserve for gains/losses on remeasurements of the net defined benefit liability (asset) Consolidated retained profit Equity 1 Jan 2025 64,439 254,747 403 16,129 (109) (18,026) 332,119 649,702 Net income 8,195 8,195 Remeasurements of the net defined benefit liability (asset) 79 79 Total comprehensive income 79 8,195 8,274 Payments to shareholders (dividends) (22,250) (22,250) Acquisition of treasury shares (1,267) (4,937) (2,669) (8,873) 30 June 2025 63,172 249,810 403 16,129 (109) (17,946) 315,395 626,853 1 Reserve for gains/losses on remeasurements of the net defined benefit liability (asset) 30
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Interim consolidated financial statements as at 30 June 2026 Condensed notes to the interim consolidated finan- cial statements for the first six months of the financial year 2026 General disclosures 1. Basis of preparation of the interim consolidate d f inancial statements The interim consolidated financial statements of Deutsche Beteiligungs AG (DBAG) as at 30 June 2026 were prepared in accordance with sec- tion 115 (3) of the German Securities Trading Act (Wertpapierhan- delsgesetz – WpHG) as well as in conformity with the provisions set out in International Accounting Standard 34 (IAS 34). They are consistent with the International Financial Reporting Standards (IFRS) and the Inter- national Accounting Standards (IAS) issued by the International Account- ing Standards Board (IASB), as applicable in the European Union. The interpretations of the IFRS Interpretations Committee (IFRIC) are also ap- plied. These standards and interpretations are collectively referred to as IFRS Accounting Standards. T he interim consolidated financial statements consist of the consolidated statement of comprehensive income, the consolidated statement of cash flows, the consolidated statement of financial position, the consolidated statement of changes in equity as well as these condensed notes to the interim consolidated financial statements. D BAG issued a quarterly statement for the first quarter in accordance with section 53 of the Exchange Rules and Regulations (Börsenordnung) of the Frankfurt Stock Exchange. Therefore, the consolidated statement of comprehensive income, the consolidated statement of cash flows and the consolidated statement of changes in equity contained in these in- terim consolidated financial statements do not present quarterly data. T he interim consolidated financial statements were prepared in euros. The amounts are rounded to thousands of euros, except when transpar- ency reasons require amounts to be presented in euros. As a result, rounding differences may occur in the tables of this report. 2. Changes in accounting methods due to amended rules Standards as well as amendments to standards applicable for the first time The following amendments to standards must be applied for the first time in the period under review: Standards and amendments to standards Publication in the EU Official Journal First-time application in the EU Contents Impacts Amendments to IFRS 9 “Financial instruments” and IFRS 7 “Financial Instruments: Disclosures” 1 July 2025 1 January 2026 Derecognition of financial liabilities upon settlement by electronic payments in cash none 28 May 2025 1 January 2026 Depiction of contracts for the purchase and procurement of electricity from renewable energies none Annual Improvements to IFRS Accounting Standards – 2024-2026 cycle 10 July 2025 1 January 2026 IAS 7 “Cash Flow Statement” IFRS 1 “First-time Adoption of International Financial Reporting Standards” IFRS 7 “Financial Instruments: Disclosures” IFRS 9 “Financial Instruments” IFRS 10 “Consolidated Financial Statements” none 31
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Interim consolidated financial statements as at 30 June 2026 General disclosures New standards as well as amendments to standards that have not yet been applied The IASB has adopted further standards and amendments to standards for which application is not yet mandatory, or that have not yet been endorsed by the EU during the period under review. DBAG has not used the option of voluntary early application of these standards or amend- ments; it intends to initially apply the respective standard or interpreta- tion for the financial year beginning on the date of first-time application. Standards and amendments to standards Publication in the EU Official Journal First-time application in the EU Contents Impacts Amendments to IAS 21 "The Effects of Changes in Foreign Ex- change Rates" Pending 1 January 2027 Guideline for determining the exchange rate when converting a non -hyperinflationary currency into a hyperinflationary currency none Amendments to the Fair Value Option in IAS 28 Investments in Associates and Joint Ventures Pending 1 January 2027 Clarification of the requirements regarding application of the fair value option to investments in associates and joint ventures instead of the equity method not relevant Amendments to IFRS 10 “Consolidated Financial Statements” and IAS 28 “Long-term Interests in Associates and Joint Ven- tures” Delayed for the time being n/a Disposal of assets or the contribution of assets to an associate or a joint venture none IFRS 14 “Regulatory Deferral Accounts” Delayed for the time being n/a The standard contains a transitional provision for regulatory deferral accounts and is set to be permanently replaced by IFRS 20. not relevant IFRS 18 “Presentation and Disclosure in Financial Statements” 16 February 2026 1 January 2027 - Introduction of new subtotals in the statement of profit or loss; special rules for companies that offer investing/financing transactions as part of their main business activity - Disclosures on management-defined performance measures currently under review; for further details, please refer to the following explanations IFRS 19 “Subsidiaries without Public Accountability: Disclosures“ Pending 1 January 2027 Disclosure requirements an entity is permitted to apply instead of those set out in other IFRSs none Amendments to IFRS 19 "Subsidiaries without Public Accountability: Disclosures" Pending 1 January 2027 Amendments to disclosure requirements none IFRS 20 "Regulatory Assets and Regulatory Liabilities" Pending 1 January 2029 Accounting of regulatory assets and liabilities from regulatory agreements not relevant 32
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Interim consolidated financial statements as at 30 June 2026 General disclosures IFRS 18 “Presentation and Disclosure in Financial Statements” replaces the previous IAS 1 “Presentation of Financial Statements” and introduces extensive consequential amendments to the IFRS Accounting Standards, including IAS 8, which will be referred to as “Basis of Preparation of Financial Statements” going forward (previously “Accounting Policies, Changes in Accounting Estimates and Errors”). T he standard provides for changes in the presentation and disclosure of certain items. Main changes include the introduction of categories and subtotals in the statement of comprehensive income, more precise re- quirements for aggregation and disaggregation and for the designation of information, and mandatory disclosures on management-defined per- formance measures (MPMs). Some special rules apply for companies that offer investing/financing transactions as part of their main business ac- tivity. D BAG does not expect any value- related effects from the first- time ap- plication of IFRS 18, as the standard does not contain any amended recognition and measurement principles. According to analyses per- formed so far, the Company expects the following change s in the presentation: › Consolidated statement of comprehensive income: - DBAG expects to fulfil the criteria for the main business activity “investing”. This means that DBAG will probably a llocate not only income from Fund Services but also net income from investment activity to the operational category. - Interest expenses (including interest expenses for credit liabilities, net interest on net defined benefit liability and i nterest expenses from leases) will likely be allocated to the f inancing area. › Consolidated statement of cash flows: DBAG calculates cash flow from operating activities using the indirect method. Once IF RS 18 ha s been introduced, the starting point for the consolidated s tatement of cash flows will no longer be net income, but operating profit or loss. This change will only have an impact on t he derivation of cash flow from operating activities, not however affect its value. Potential further changes are being analysed. › Management-defined performance measures: - Net asset value per share: the numerator of this performance measure is defined as total assets minus total liabilities including provisions and does not fulfil the MPM definiti on c riteria. Therefore we do not expect additional presentation a nd disclosure to be required in the notes to the consolidated f inancial statements. - Earnings before interest, taxes and amortisation of intangible assets (EBITA) from Fund Investment Services: this key pe rformance indicator is expected to fulfil the MPM definition c riteria. It is derived and disclosed separately in the notes to t he consolidated financial statements. 3. Group of consolidated companies and consolida- tion methods, interests in other entities The group of consolidated companies and interests in other entities as well as the consolidation methods applied are detailed on pages 80 to 85 of the Annual Report 2025. The following explanations only refer to changes made compared to the previous reporting date. These do not significantly impact comparability with the same period of the previous year. Unconsolidated subsidiaries DBAG Fund IX Konzern SCSp, with its registered office in Luxembourg, Luxembourg, was founded in the first half of 2026 to pool DBAG’s in- vestments going forward; DBAG holds all interests. The company has not yet commenced its business activities. DBAG Fund IX SCSp, with its registered office in Luxembourg, Luxem- bourg, was established as a future investment vehicle for investors. While DBAG currently holds all interests in the company, it is expected to lose control of the company as soon as fund investors acquire stakes. The company has not yet commenced its business activities. Both companies are not consolidated but measured at fair value through profit or loss and reported under financial assets. T wo companies were renamed in the first half of 2026: DBAG ELF Funds Konzern Verwaltungs GmbH, with its registered office in Frankfurt/Main, now operates under the name DBAG Funds Konzern Verwaltungs GmbH, and DBAG Fund Services 2 SARL, with its registered office in Luxembourg, Luxembourg, under DBAG Fund IX GP SARL. Unconsolidated structured companies Nuvatek Co-Invest SCSp, with its registered office in Luxembourg, Lux- embourg, was established within the scope of the DBAG Fund VIII syn- dication. DBAG holds no interests in the company. 4. Accounting policies The accounting policies applied in the previous financial year (see Annual Report 2025, pages 85 to 91) remain unchanged for these interim finan- cial statements. 33
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Interim consolidated financial statements as at 30 June 2026 General disclosures Financial assets and fair value measurement of fi- nancial assets through profit or loss Financial assets are consistently classified into three categories based on two criteria: the business model and the cash flow characteristics. Meas- urement follows from the classification (for more information, please re- fer to the Annual Report 2025, page 85). A s a result of the allocation to the investment business, financial assets are measured at fair value through profit or loss; they mainly comprise › interests in investment entity subsidiaries (see Annual Report 2025, pages 81 to 83), › interests in a portfolio company (see Annual Report 2025, page 83) and interests in the holding company of a portfolio c ompany of DBAG ECF II. Regardless of whether they are held directly or via investment entity sub- sidiaries, all investments are measured at fair value initially and at all sub- sequent quarterly, half-yearly and annual reporting dates by DBAG's in- ternal Valuation Committee. The Valuation Committee includes the members of the Board of Management, two employees from the finance unit and the investment controllers. D BAG has developed valuation guidelines for fair value measurement in accordance with IFRS 13. Since the first half of 2026, these guidelines have been based on the recommendations set out in the International Private Equity and Venture Capital Valuation (IPEV) Guidelines in the ver- sion published on 11 December 2025, insofar as these are consistent with IFRS. DBAG’s valuation guidelines specify the application of the IPEV Guidelines, insofar as the latter are unspecific or compliance with IFRS so requires, in order to allow them to be applied in intersubjectively clear terms to DBAG. Application of the IPEV Guidelines is not mandatory; rather, they summarise standard valuation practices for private capital investments. Fair value measurement methods on hierarchy Level 3 Financial instruments measured at fair value are allocated to three levels in accordance with IFRS 13. Please refer to note 19.1. T he following valuation methods are used to measure Level 3 financial assets: › the sum-of-the-parts method to calculate the net asset value of unconsolidated subsidiaries, in particular the investment entity s ubsidiaries (the co-investment vehicles, the continuation i nvestment vehicle, the on-balance sheet-investment vehicles, the ELF investment vehicle and Deutsche Beteiligungsgesellschaft mbH), › the multiples method or the discounted cash flow method for private equity investments, and › the discounted cash flow method for investments in private debt instruments along with generally accepted valuation methods for any equity elements embedded therein. In the case of the multiples method, the total enterprise value is deter- mined at first by applying a multiple for a reference value of the company to be valued. Earnings before interest, taxes, depreciation and amortisa- tion (EBITDA) are generally used as the reference value. One portfolio company is measured using revenue as the reference value since that company is still in the start-up phase. T he multiple is derived from comparable recent transactions if repre- sentative recent transactions for the portfolio company were observed on the market and relevant comparative amounts for these transactions are available in sufficiently reliable and detailed form. S ince there are generally no listed companies that are comparable with the portfolio company to be valued (especially in terms of size, growth rates and margins), the multiple is predominantly derived from the start- ing multiple. These starting multiples are extrapolated in line with the development of the reference multiple (so-called calibration), which is in turn determined using the median for a peer group of similar companies that are as comparable as possible. This calibration is applied consistently. T wo additional factors are taken into account when calibrating the entry multiple. On the one hand, the multiple is calibrated to the development of the private equity sector. This is done by taking into account a private market factor, which is determined on the basis of the correlation be- tween the Cambridge Associates Europe Developed PE Index and the STOXX Europe 600. On the other hand, the maturity of the portfolio companies is taken into account. This factor is assessed on the basis of criteria and mea sures from the value creation plan. Examples of value drivers that are linked to the maturity development of the investment are strategic initiatives such as the professionalisation of sales and the ex- pansion of the client portfolio. Other examples include operational im- provements such as the increased capacity utilisation, progress made with a buy -and-build strategy, optimisation of the financing structure and professionalisation of corporate governance. Maturity developments are taken into account by applying a premium/discount to the extrapo- lated starting multiple. In the DCF method, the fair value is determined by discounting expected future free cash flows. Net debt of the portfolio company is then de- ducted from the portfolio company's total enterprise value determined this way. The portfolio company’s mid-term planning is used as the basis for projecting future free cash flows. This is adjusted, if appropriate, in order to better reflect the assessment of the future company develop- ment. The perpetual annuity is calculated on the basis of the earnings situation of the last planning year, which is adjusted by an appropriate 34
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Interim consolidated financial statements as at 30 June 2026 35 General disclosures growth rate to be determined by the Valuation Committee. We derive the discount rate from the weighted cost of equity and debt, using the WACC model (WACC = weighted average cost of capital). In discounting equity, we derive the rate from a risk-free base rate and a risk premium to capture the business risk involved. The discount rate for debt corre- sponds to the refinancing rate for the portfolio company to be valued. Fair values determined on the basis of the DCF method are reviewed as to their marketability every two years using a multiples valuation. I nvestments in private debt instruments are always measured using the DCF method. The payments associated with such investments include interest, principal and other payments, which can normally be reliably predicted. The interest payments are derived from a market reference interest rate, which, in turn, is derived from the corresponding forward curve for the purposes of fair value measurement and is updated on each valuation date. The future expected payments are discounted using the risk-adjusted interest rate of the investment. In this context, the credit risk is reflected through a z-spread, which is determined upon the acqui- sition of the investment and is assumed to be constant for all valuation dates, provided that the borrower’s credit quality and the key character- istics of the loan (e.g. collateral or payment profile) do not change during the term. The risk-free yield curve is updated on each valuation date. W here private debt instruments include embedded equity elements or are linked to derivative financial instruments such as warrants or equity kickers, the debt component and related equity elements are measured separately from each other. The fair value of the embedded equity ele- ments is determined on the basis of generally accepted valuation meth- ods such as a Black-Scholes model. 5. Significant events and transactions Funds In the period under review, further subscriptions were closed for the DBAG Solvares Continuation Fund and additional capital totalling around 120 million euros was committed. The final fund volume now amounts to approximately 246 million euros and also includes DBAG’s existing investment agreement. Co-investment agreements entered into by the investment advisory team are not included in this figure. A fter having been extended twice, DBAG Fund VI entered into liquida- tion in the period under review. Transactions DBAG Fund VII closed the disposal of the duagon investment, which had been agreed in the previous year. The disposal price was already recog- nised in the measurement as at 31 December 2025, i.e. this transaction did not deliver a material value contribution for the first half of 2026. The fund also agreed and completed the disposal of the Kraft & Bauer investment, the disposal price of which exceeded the value as at 31 De- cember 2025. As a result, this transaction delivered a positive earnings contribution in the first half of 2026. DB AG ECF I agreed and completed the sale of the mageba investment, and DBAG Fund VI agreed the sale of the investment in Silbitz. In both cases, the disposal prices were below the value as at 31 December 2025, which is why these transactions impacted earnings negatively in the pe- riod under review. D BAG Fund VIII agreed and completed the acquisition of a majority stake in the Hipp Technology Group within the course of the investing activi- ties. DBAG ECF IV agreed to purchase a majority stake in the TNL Group. DBAG entered into its seventh Long-Term Investment, purchasing a mi- nority stake in Bug Bounty Switzerland AG (BBS). Share buyback programmes The share buyback programme launched on 20 February 2025 was com- pleted on 10 June 2026. A total of 799,000 no- par value shares was purchased as part of this share buyback programme. Changes within the Supervisory Board Dr Jörg Wulfken retired from the Supervisory Board at the close of the Annual General Meeting held on 2 June 2026. Steffen Schmidt was court-order appointed to the Supervisory Board on 14 April 2026 and subsequently elected by the Annual General Meeting 2026; Dustin Artz was elected to the Supervisory Board by the Annual General Meet- ing 2026. 6. Use of judgement in applying the accounting methods Application of the accounting methods requires making judgements that can materially influence the reported amounts in the interim consoli- dated financial statements. T he judgement that has the largest effect on the amounts recognised in the interim consolidated financial statements is the assessment as to whether DBAG, as the parent company, is deemed to have the status of an investment entity pursuant to IFRS 10. For details, please refer to the Annual Report 2025 (page 80). Due to the status of DBAG as an invest- ment entity, the investment entity subsidiaries are recognised at fair value, instead of being included in the interim consolidated financial statements as fully-consolidated companies.
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Interim consolidated financial statements as at 30 June 2026 36 General disclosures Another key judgement made at the time of acquisition which has had a significant effect on the interim consolidated financial statements ever since – both at the time of acquisition and in subsequent periods – is the decision to account for the acquisition of ELF Capital as if all ownership interests had already been acquired. The carrying amounts of reported client relationships (comprising income from existing capital commit- ments and income from expected capital commitments made by existing investors in ELF funds) and of deferred tax liabilities depend on this judgement; judgement applied when determining any requirements for (reversal of) impairment losses also continues to be a material factor. T he consolidation methods and accounting policies applied that were based on other judgements are detailed in the Annual Report 2025 (pages 85 to 91). 7. Future -oriented assumptions and other major sources of estimation uncertainty The preparation of the interim consolidated financial statements requires the use of future-oriented assumptions and estimations. These can have a material impact on the carrying amounts of consolidated statement of financial position items as well as on the level of income and expenses. What future-oriented assumptions and estimations have in common is the uncertainty about the outcomes. The Board of Management makes decisions on assumptions and estimations after careful consideration of the most recently available reliable information as well as in the light of past experience. Assumptions and estimations also relate to issues over which the Board of Management has no influence; for instance, eco- nomic or financial market conditions. Actual outcomes may therefore differ from the assumptions and estimations underlying these interim consolidated financial statements. In the event that new information or changed empirical values become available, the assumptions and esti- mations are adjusted accordingly. The effect of a change in an assump- tion or estimation is recognised in the financial year in which the change takes place and, if appropriate, in later financial years in the carrying amount of that item in the consolidated statement of financial position as well as in the consolidated statement of comprehensive income. D ue to assumptions about the future and other sources of estimation uncertainty, there is a risk of having to make material adjustments to the carrying amounts of assets or liabilities as at the following reporting date. We judge the materiality, inter alia, by reference to the effects on Group equity. We consider an adjustment to the carrying amount in the range of 3 per cent of Group equity as being material. Moreover, we consider the effects on the overall presentation of the Group's financial position and performance as well as qualitative aspects. T he risk of a subsequent adjustment of carrying amounts exists particu- larly as far as financial assets are concerned, to the extent that their fair values were determined using inputs that were not mainly based on ob- servable market data (fair value hierarchy Level 3, which requires an as- sessment of a portfolio company’s maturity, among other factors – see note 4 under the heading “Fair value measurement methods on hierar- chy Level 3” and note 19.1). A dditional assumptions about the future are required in connection with the impairment tests for intangible assets (client relationships, ELF Capi- tal CGU). There were no indications of impairment as at the reporting date. Changes to the underlying assumptions may lead to further adjust- ments in future financial years (see Annual Report 2025, page 88, pages 95 et seq. and above all the sensitivity disclosures on pages 95 to 96) above and beyond the impairments recognised on client relation- ships and goodwill in the previous financial year. Any adjustments t o i ntangible assets would also affect the amount of deferred tax liabilities determined for these assets. Further estimation uncertainty related t o E LF Capital applies to the adjustment of the purchase price liabilities for the acquisition of the remaining stake in ELF Capital (see note 17 and t he sensitivity disclosures in note 19.1).
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Interim consolidated financial statements as at 30 June 2026 37 Notes to the consolidated statement of comprehen- sive income and the con- solidated statement of fi- nancial position 8. Net income from investment activity €'000 1st half-year 2026 1st half-year 2025 Interests in investment entity subsidiaries (29,955) 14,417 Interests in portfolio companies 733 (446) Other financial assets and other financial instru- ments 1,191 730 (28,031) 14,701 I nvestment entity subsidiaries are recognised as DBAG subsidiaries (see note 3 and Annual Report 2025, pages 81 to 83). DBAG makes its in- vestments through these companies, either jointly with a fund or in Long-Term Investments. Interests in investment entity subsidiaries are recognised at fair value through profit or loss. T he item includes the net change in the fair values of the interests in portfolio companies and private debt investments held via the invest- ment entity subsidiaries in a total amount of -99,052,000 euros (previous year: 11,636,000 euros). In addition, this item includes net returns from the disposal or partial disposal and the recapitalisation of portfolio com- panies, as well as current income (interest income and distributions) in the amount of 69,097,000 euros (previous year: 2,781,000 euros). When reconciling gross gains and losses on measurement and disposal to net income from investment activity, the - 29,846,000 euro change (previous year: 7,184,000 euro increase) in imputed carried interest (see Annual Report 2025, page 86) is recognised. I nterests in portfolio companies relate to an investment that was entered into before DBAG ECF was launched (see Annual Report 2025, page 83) and to interests in the holding company of a portfolio company of DBAG ECF II. Net income results from the change in the fair value of the interests. N et gains and losses from other financial assets and other financial in- struments mainly refer to interest income from loans to co- investment vehicles granted for the pre-financing of investments. 9. Income from Fund Services €'000 1st half-year 2026 1st half-year 2025 DBAG ECF 89 66 DBAG ECF IV 2,373 2,373 DBAG Fund VII 8,328 8,530 DBAG Fund VIII 9,870 9,594 DBAG Solvares Continuation Fund 924 479 ELF funds 1,253 1,149 Other 2,322 1,773 25,159 23,964 I ncome from Fund Services mainly results from management or advisory services for funds. I ncome from DBAG ECF IV is calculated on the basis of capital commit- ments. I ncome from DBAG Fund VII is calculated on the basis of capital invested. I ncome from the principal fund of DBAG Fund VIII is calculated on the basis of capital commitments, income from the top-up fund on the basis of capital invested. I ncome from the DBAG Solvares Continuation Fund is calculated on the basis of capital invested. In the period under review, income rose com- pared with the previous year because further subscriptions were made for the DBAG Solvares Continuation Fund. I ncome from the ELF funds relates to the ELF European Lending Fund I, the ELF European Lending Fund II and the ELF Capital Solutions Fund I. It is calculated on the basis of capital commitments or capital invested. “O ther” mainly includes income from management - or investment-re- lated services to Luxembourg companies totalling 2,011,000 euros (pre- vious year: 1,756,000 euros).
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Interim consolidated financial statements as at 30 June 2026 38 Notes to the consolidated statement of comprehen- sive income and the con- solidated statement of fi- nancial position 10. Intangible assets/property, plant and equipment €'000 Acquisition cost Depreciation and amortisation Carrying amounts 1 Jan 2026 Additions of which changes in the group of consolidated com- panies Disposals 30 June 2026 1 Jan 2026 Additions Disposals 30 June 2026 30 June 2026 31 Dec 2025 Intangible assets 58,021 0 0 0 58,021 45,120 723 0 45,843 12,178 12,901 of which goodwill 8,002 0 0 0 8,002 8,002 0 0 8,002 0 0 of which client relationships 46,925 0 0 0 46,925 34,750 614 0 35,364 11,561 12,175 of which internally developed commercial property rights 872 0 0 872 172 96 0 268 605 700 of which acquired commercial property rights 2,223 0 0 2,223 2,197 13 0 2,210 12 25 Property, plant and equipment 18,481 114 0 67 18,528 6,316 1,063 67 7,312 11,217 12,166 of which right-of-use assets 16,080 3 0 7 16,077 5,091 876 7 5,959 10,118 10,991 76,502 114 0 67 76,549 51,436 1,786 67 53,155 23,395 25,067 €'000 Acquisition cost Depreciation and amortisation Carrying amounts 1 Jan 2025 Additions of which changes in the group of consolidated com- panies Disposals 31 Dec 2025 1 Jan 2025 Additions Disposals 31 Dec 2025 31 Dec 2025 31 Dec 2024 Intangible assets 57,704 387 0 70 58,021 6,492 38,698 70 45,120 12,901 51,212 of which goodwill 8,002 0 0 0 8,002 0 8,002 0 8,002 0 8,002 of which client relationships 46,925 0 0 0 46,925 4,237 30,513 0 34,750 12,175 42,688 of which internally developed commercial property rights 485 387 0 0 872 24 148 0 172 700 462 of which acquired commercial property rights 2,293 0 0 70 2,223 2,232 35 70 2,197 25 60 Property, plant and equipment 19,191 1,522 0 2,232 18,481 6,424 2,073 2,181 6,316 12,166 12,769 of which right-of-use assets 15,292 1,171 0 383 16,080 3,684 1,755 348 5,091 10,991 11,610 76,895 1,909 0 2,302 76,502 12,916 40,771 2,251 51,436 25,067 63,980
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Interim consolidated financial statements as at 30 June 2026 39 Notes to the consolidated statement of comprehen- sive income and the con- solidated statement of fi- nancial position Intangible assets The client relationships, which refer to income from existing capital com- mitments and income from expected capital commitments made by ex- isting investors in ELF funds, have a useful life of 12 years which is based on the expected maximum term of an ELF fund. Amortisation in the first half of 2026 did not include any impairment losses, whereas both amor- tisation and impairment losses had been recognised in the previous year. N o production costs for internally developed software were capitalised in the period under review (31 December 2025: 387,000 euros). Total production costs for internally developed software amounted to 872,000 euros (31 December 2025: 872,000 euros). The useful life of this software is five years. As in the previous reporting period, amortisa- tion does not include any impairment losses. Property, plant and equipment Carrying amounts of right-of-use assets in the amount of 9,922,000 eu- ros (31 December 2025: 10,772,000 euros) relate to the business prem- ises of DBAG and its fully -consolidated subsidiaries. Of the total depre- ciation, 852,000 euros (31 December 2025: 1,686,000 euros) was at- tributable to the business premises of DBAG and its fully- consolidated subsidiaries. As in the previous year, the reported figures do not include any impairment losses. 11. Financial assets €'000 30 June 2026 31 Dec 2025 Interests in investment entity subsidiaries 640,916 748,313 Interests in portfolio companies 18,813 18,080 Other financial assets 505 508 660,234 766,901 F inancial assets are measured at fair value through profit or loss. T his item exhibited the following movements during the reporting period: €'000 1 Jan 2026 Additions Disposals Changes in value 30 June 2026 Interests in investment entity subsidiaries 748,313 37,723 46,069 (99,052) 640,916 Interests in portfolio companies 18,080 0 0 733 18,813 Other financial assets 508 2 5 0 505 766,901 37,725 46,074 (98,319) 660,234 €'000 1 Jan 2025 Additions Disposals Changes in value 31 Dec 2025 Interests in investment entity subsidiaries 604,943 133,611 7,078 16,837 748,313 Interests in portfolio companies 3,105 15,120 0 (145) 18,080 Other financial assets 461 150 111 7 508 608,510 148,881 7,189 16,699 766,901
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Interim consolidated financial statements as at 30 June 2026 40 Notes to the consolidated statement of comprehen- sive income and the con- solidated statement of fi- nancial position Additions to interests in investment entity subsidiaries mainly refer to capital calls for investments in portfolio companies. D isposals of interests in investment entity subsidiaries mainly result from distributions due to the divestment of interests in portfolio companies. C hanges in the value of financial assets are recorded under the item “Net income from investment activity” in the consolidated statement of com- prehensive income. F or further information on financial assets, we refer to the interim man- agement report under the heading “Financial assets”. 12. Securities Securities include units in money market funds held for the short term in the amount of 32,614,000 euros (31 December 2025: 8,454,000 euros). The funds used to purchase these units during the reporting period orig- inate from the disposal of investments. 13. Other financial instruments Other financial instruments mainly comprise loans with a term of up to 270 days granted to co- investment vehicles for the purpose of pre -fi- nancing investments. As at the reporting date, these loans referred to DBAG Fund VII in the amount of 3,199,000 euros (31 December 2025: 2,254,000 euros), to DBAG Fund VIII in the amount of 63,631,000 euros (31 December 2025: 39,132,000 euros) and to DBAG ECF IV in the amount of 4,002,000 euros (31 December 2025: 4,615,000 euros). In addition, a short -term loan in the am ount of 718,000 euros (previous year: nil euros) was extended to DBAG Fund VI’s co-investment vehicle as at the reporting date. 14. Equity Share capital/number of shares The Company's share capital amounts to 66,733,328.76 euros as at 30 June 2026 (31 December 2025: 66,733,328.76 euros) and is divided into 18,804,992 (previous year: 18,804,992) registered no-par value shares. T he notional interest in the share capital amounts to approximately 3.55 euros per share. Each share is entitled to one vote. The Company has no voting rights from treasury shares. 1st half-year 2026 1st half-year 2025 Shares outstanding at the start of the reporting period 17,585,551 18,158,725 Treasury shares purchased under the share buyback programme 344,600 368,220 Shares sold to employees 0 11,246 Shares outstanding at the end of the reporting period 17,240,951 17,801,751 Treasury shares 1,564,041 1,003,241 Shares issued at the end of the reporting period 18,804,992 18,804,992 Authorised capital By virtue of a resolution adopted by the ordinary Annual General Meet- ing on 27 May 2025, the Board of Management is authorised – subject to the approval of the Supervisory Board – to increase, on one or more occasions, the share capital by up to a total am ount of 13,346,664.34 euros during the period up to 26 May 2030 in exchange for cash and/or non-cash contributions, whereby shareholders’ subscrip- tion rights may be excluded under the conditions specified in the author- isation (Authorised Capital 2025). While shareholders are generally enti- tled to subscription rights, the Board of Management is nonetheless au- thorised to exclude shareholders’ statutory subscription rights in the cir- cumstances set out in the authorising resolution, subject to approval by the Supervisory Board. The Board of Management did not make use of this authorisation in the reporting year. Acquisition of treasury shares By virtue of a resolution adopted by the ordinary Annual General Meet- ing on 2 June 2026, the Board of Management is authorised – subject to the approval of the Supervisory Board – during the period up to 1 June 2031 to acquire treasury shares for purposes other than trading in treas- ury shares up to a maximum volume of 10 per cent of the share capital existing at the time the resolution is passed or – if this value is lower – up to a maximum volume of 10 per cent of the share capital existing at the time this authorisation is exercised. This authorisation replaced the previous authorisation that the Annual General Meeting had resolved upon on 27 May 2025. T he share buyback programme announced on 26 February 2025 (the “Share Buyback Programme 2025”) was concluded on 10 June 2026, with a total amount of 799,000 shares bought back under this pro- gramme between 3 March 2025 and 10 June 2026. This corresponds to approximately 4.25 per cent of Deutsche Beteiligungs AG’s share capital. The average purchase price per share amounted to 25.03 euros and the total purchase price for all repurchased shares was 19,998,753.00 euros (excluding incidental acquisition costs). Conditional capital By way of a resolution adopted by the ordinary Annual General Meeting on 22 February 2024, the share capital has been conditionally increased by up to 13,346,664.34 euros by issuing up to 3,760,998 new regis- tered no-par value shares (Conditional Capital 2024/I). This is on condi- tion that the number of shares increases by the same ratio as the share capital. The conditional capital increase serves the purpose of granting new no-par value registered shares to the holders or creditors of bonds cum warrants and /or convertible bonds (collectively referred to as the “Bonds”) – in each case with the respective option or conversion rights
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Interim consolidated financial statements as at 30 June 2026 41 Notes to the consolidated statement of comprehen- sive income and the con- solidated statement of fi- nancial position or option or conversion obligations – that will be issued by 21 February 2029 pursuant to the authorisation resolved upon by the Annual General Meeting on 22 February 2024. Capital reserve €'000 1st half-year 2026 1st half-year 2025 At start of reporting period 246,820 254,747 Changes (4,766) (4,937) At end of reporting period 242,054 249,810 T he capital reserve comprises amounts received in the issuance of shares in excess of nominal value. Amid the share buybacks, the capital reserve decreased by 4,765,741.02 euros (previous year: 4,936,870.68 euros) in the period under review. Retained earnings and other reserves Retained earnings and other reserves comprise › the legal reserve as stipulated by German stock corporation law, › first-time adopter effects from the IFRS opening statement of financial position as at 1 November 2003, › the reserve for actuarial gains/losses from a pension plan/plan a ssets (see Annual Report 2025, pages 102 to 104), as well as › the effects from first-time adoption of IFRS 9. Consolidated retained profit The ordinary Annual General Meeting on 2 June 2026 resolved to use the net retained profit ( Bilanzgewinn) of 223,018,243.04 euros for the financial year 2025 to distribute a dividend of 1.00 euro per dividend- bearing share (i.e. to pay out a total of 17,242,301.00 euros) and to carry forward to new account the remaining amount of 205,775,942.04 euros. 1st half-year 2026 1st half-year 2025 Total distribution 17,242,301.00 22,250,006.25 D ue to the acquisition of treasury shares, consolidated retained profit was reduced by 2,724,676.29 euros in the reporting period. 15. Credit liabilities €'000 30 June 2026 31 Dec 2025 Convertible bond 99,039 98,586 Credit line 86,063 96,109 Promissory notes loans 13,500 13,500 Loans 10,000 10,000 208,602 218,194 T he convertible bond was initially recognised using the balance of the gross issue proceeds of 100,000,000 euros and the value of the equity component of 3,674,000 euros, taking into account the pro-rata issuing costs of 1,686,000 euros. The carrying amount increased as at the re- porting date, due to the interest cost using the effective interest rate of 6.79 per cent; the resulting interest expense amounted to 3,204,000 eu- ros (31 December 2025: 6,338,000 euros). The convertible bond has a remaining term of around 3.5 years. D rawings of credit lines have remaining terms of less than one year. T he promissory note loans have remaining terms of between one and five years. The loan has a remaining term of five years. 16. Leases As at 30 June 2026, property, plant and equipment included right -of- use assets from leases in the amount of 10,118,000 euros (31 December 2025: 10,991,000 euros) (see note 10). T he corresponding liabilities are included in non- current lease liabilities (9,323,000 euros; 31 December 2025: 10,212,000 euros) and in current lease liabilities (1,718,000 euros; 31 December 2025: 1,685,000 euros). The interest cost on lease liabilities is recorded as interest expenses. 17. Other financial liabilities €'000 30 June 2026 31 Dec 2025 Conditional purchase price payment 3,087 2,952 Subsequent conditional purchase price payment 989 944 Derivative financial instruments 0 6 4,076 3,902 T he purchase price liabilities are related to the purchase of the shares in ELF Capital. The change in the conditional purchase price liabilities com- pared to the previous year is due to the change in fair value. The condi- tional purchase price liabilities had remaining terms of between 0.75 and 2.5 years as at the reporting date. I n the previous year, derivative financial instruments referred to the in- terest rate swap executed to hedge the interest rate risk resulting from the variable interest rate on a loan. The interest rate swap converts the variable interest rate on the loan into a fixed interest rate; it has a no- tional amount of 10,000,000 euros and a remaining term of 5.25 years. Due to the positive fair value of 40,000 euros, the interest rate swap was reported under other assets as at the reporting date.
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Interim consolidated financial statements as at 30 June 2026 42 Notes to the consolidated statement of comprehen- sive income and the con- solidated statement of fi- nancial position 18. Other liabilities The decrease in other liabilities to 2,684,000 euros (31 December 2025: 27,975,000 euros) is primarily due to the repayment of management fees paid in advance for DBAG Fund VII.
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Interim consolidated financial statements as at 30 June 2026 43 Other disclosures 19. Financial instruments Financial assets, securities and other financial instruments are all carried at fair value. W ith the exception of the interest rate swap measured at fair value, re- ceivables, cash and cash equivalents and financial instruments contained in other assets are measured at amortised cost and largely reported un- der current assets. They are of good credit quality and are unsecured. For these instruments measured at amortised cost, we assume that the carrying amount reflects their fair value. C redit liabilities are measured at amortised cost. They comprise a con- vertible bond, drawings of two credit lines, promissory note loans and a loan. The drawings of credit lines and the promissory note loans pre- dominantly bear floating interest rates and we assume that their fair val- ues correspond to their carrying amounts. The convertible bond’s fair value is measured using a DCF method and deviates from the carrying amount, as interest rate levels, which are factored into discounting, have increased. O ther liabilities are measured at amortised cost. Given their short matur- ities, we assume that the carrying amount reflects their fair value. O ther financial liabilities are measured at fair value. They contain a con- ditional purchase price liability and variable subsequent purchase price components, while in the previous year they had also contained the neg- ative fair value of an interest rate swap. Carrying amount and fair value of financial instruments €'000 Carrying amount 30 June 2026 Fair value 30 June 2026 Carrying amount 31 Dec 2025 Fair value 31 Dec 2025 Financial assets measured at fair value through profit or loss Financial assets 660,234 660,234 766,901 766,901 Securities 32,614 32,614 8,454 8,454 Other financial instruments 71,550 71,550 46,001 46,001 Other assets1 40 40 0 0 764,438 764,438 821,357 821,357 Financial assets at amortised cost Receivables 5,159 5,159 7,226 7,226 Cash and cash equivalents 22,666 22,666 63,173 63,173 Other assets1 3,160 3,160 1,995 1,995 30,985 30,985 72,394 72,394 Financial liabilities at amortised cost Liabilities under interests held by other shareholders 65 65 64 64 Credit liabilities 208,602 206,454 218,195 215,271 Other liabilities2 1,981 1,981 27,336 27,336 210,648 208,500 245,595 242,671 Financial liabilities at fair value through profit or loss Other financial liabilities 4,076 4,076 3,901 3,901 4,076 4,076 3,901 3,901 1 Other assets measured at fair value through profit or loss solely contain the positive fair value of an interest rate swap amounting to 40,000 euros (31 December 2025: nil euros). 2 Excluding deferred items, corporation tax reclaim, value-added tax, the net defined benefit asset and other items in the amount of 2,277,000 euros (31 December 2025: 1,760,000 euros). 3 Excluding deferred items, tax liabilities and other items in the amount of 702,000 euros (31 December 2025: 638,000 euros). 4 In the previous year, other financial liabilities contained the negative fair value of an interest rate swap amounting to 6,000 euros.
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Interim consolidated financial statements as at 30 June 2026 44 Other disclosures 19.1 Disclosures on the hierarchy of financial instru- ments Financial instruments measured at fair value are allocated to the follow- ing three levels in accordance with IFRS 13: L evel 1: Use of prices in active markets for identical assets and liabilities. Level 2: Use of inputs that are observable, either directly (as prices) or i ndirectly (derived from prices). Level 3: Use of inputs that are not materially based on observable market data (unobservable inputs). The materiality of these inputs is judged on the basis of their influence on fair value measurement. T he financial instruments measured at fair value on a recurring basis can be classified as follows: Measurement hierarchy for financial instruments measured at fair value €'000 Fair value 30 June 2026 Level 1 Level 2 Level 3 Financial assets measured at fair value through profit or loss Financial assets 660,234 0 0 660,234 Securities 32,614 32,614 0 0 Other financial instruments 71,550 0 0 71,550 Other assets 40 0 40 0 764,438 32,614 40 731,784 Financial liabilities measured at fair value through profit or loss Other financial liabilities 4,076 0 0 4,076 4,076 0 0 4,076 Measurement hierarchy for financial instruments measured at fair value €'000 Fair value 31 Dec 2025 Level 1 Level 2 Level 3 Financial assets measured at fair value through profit or loss Financial assets 766,901 0 0 766,901 Securities 8,454 8,454 0 0 Other financial instruments 46,001 0 0 46,001 821,357 8,454 0 812,902 Financial liabilities measured at fair value through profit or loss Other financial liabilities 3,901 0 6 3,895 3,901 0 6 3,895 T here are no assets or liabilities that were not measured at fair value on a recurring basis.
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Interim consolidated financial statements as at 30 June 2026 45 Other disclosures Level 3 financial assets are allocated to the following classes, while Level 3 financial liabilities are not allocated to specific classes because they are considered to constitute a single class: Classification of level 3 financial assets €'000 Investment entity subsidiaries Portfolio companies Other Total 30 June 2026 Financial assets 640,916 18,813 505 660,234 Other financial instruments 71,550 0 0 71,550 712,466 18,813 505 731,784 31 Dec 2025 Financial assets 748,313 18,080 508 766,901 Other financial instruments 46,001 0 0 46,001 794,314 18,080 508 812,902 T he following table shows the changes in Level 3 financial instruments in the first half of 2026 and in the financial year 2025, respectively: Changes in level 3 financial instruments €'000 1 Jan 2026 Additions Disposals Changes in value 30 June 2026 Financial assets measured at fair value through profit or loss Investment entity subsidiaries 794,314 90,450 73,246 (99,052) 712,466 Portfolio companies 18,080 0 0 733 18,813 Other 508 2 5 0 505 812,902 90,451 73,251 (98,319) 731,784 Financial liabilities measured at fair value through profit or loss 6,725 Other financial liabilities 3,895 0 0 181 4,076 3,895 0 0 181 4,076
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Interim consolidated financial statements as at 30 June 2026 46 Other disclosures Changes in level 3 financial instruments €'000 1 Jan 2025 Additions Disposals Changes in value 31 Dec 2025 Financial assets measured at fair value through profit or loss Investment entity subsidiaries 636,567 180,786 39,877 16,837 794,314 Portfolio companies 3,105 15,120 0 (145) 18,080 Other 461 150 111 7 508 640,133 196,057 39,988 16,699 812,902 Financial liabilities measured at fair value through profit or loss Other financial liabilities 35,450 0 341 (29,756) 3,895 35,450 0 341 (29,756) 3,895 C hanges in the value of financial assets measured at fair value are rec- ognised in net income from investment activity. Changes in the value of Level 3 other financial liabilities are included in other operating expenses (previous year: other operating income). I n both the period under review and the previous year, there were no transfers between levels. G iven their short maturities, the fair value of other financial instruments is largely approximated using their amortised cost. Accordingly, they are not presented in the following tables.
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Interim consolidated financial statements as at 30 June 2026 47 Other disclosures The possible ranges for unobservable inputs regarding financial assets and Level 3 other financial liabilities are as follows: Ranges for unobservable inputs €'000 Fair value 30 June 2026 Valuation method Unobservable inputs Range Financial assets Investment entity subsidiaries 640,916 Net asset value¹ EBITDA margin 5 to 47% Net debt2 to EBITDA 1.1 to 13.6 z-spread3 7.9 to 10.6% Portfolio companies 18,813 Multiples method EBITDA margin 5 to 9% Net debt2 to EBITDA 2.8 to 7.6 Other 505 Net asset value n/a n/a 660,234 Other financial liabilities 4,076 Discounted earnings method Management fee4 1.00 to 1.25% 1 The net asset value is determined using the sum-of-the-parts method. If the multiples method is used for the investments included therein, the same unobservable inputs are used as those for calculating the fair value of interests in portfolio companies ( see note 4). If the DCF method is used for the investments contained therein, the z -spread is used as an unobservable input (see note 4). 2 Net debt of portfolio company 3 The z-spread captures the credit risk exposure and is determined upon initial recognition of a private debt investment (see note 4). 4 As a percentage of a fund’s committed or invested capital Ranges for unobservable inputs €'000 Fair value 31 Dec 2025 Valuation method Unobservable inputs Range Financial assets Investment entity subsidiaries 748,313 Net asset value1 EBITDA margin 5 to 45% Net debt2 to EBITDA 0.6 to 10.4 z-spread3 7.9 to 10.6% Portfolio companies 18,080 Multiples method EBITDA margin 5 to 9% Net debt2 to EBITDA 2.6 to 7.0 Other 508 Net asset value n/a n/a 766,901 Other financial liabilities 3,895 Discounted earnings method Management fee4 1.00 to 1.25% 1 See footnote 1 in the preceding table. 2 See footnote 2 in the preceding table. 3 See footnote 3 in the preceding table. 4 See footnote 4 in the preceding table.
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Interim consolidated financial statements as at 30 June 2026 48 Other disclosures In our view, the change in unobservable inputs used for calculating the fair value of Level 3 financial instruments has the following effects on measurement amounts: Ranges for unobservable inputs €'000 Fair value 30 June 2026 Change in unobservable inputs Change in fair value Financial assets1 Investment entity subsidiaries 640,916 EBITDA +/- 10% 72,013 Net debt +/- 10% 30,986 z-spread +/- 1% 2,147 Portfolio companies 18,813 EBITDA +/- 10% 638 Net debt +/- 10% 579 Other 505 n/a n/a 660,234 Other financial liabilities 4,076 Management fee +/- 5% 154 1 In the case of recently acquired private equity investments, a change in the unobservable inputs has no effect on the fair value. Ranges for unobservable inputs €'000 Fair value 31 Dec 2025 Change in unobservable inputs Change in fair value Financial assets1 Investment entity subsidiaries 748,313 EBITDA +/- 10% 76,456 Net debt +/- 10% 30,930 z-spread +/- 1% 2,330 Portfolio companies 18,080 EBITDA +/- 10% 634 Net debt +/- 10% 526 Other 508 n/a n.a. 766,901 Other financial liabilities 3,895 Management fee +/- 5% 148 1 See footnote 1 in the preceding table. C urrently, one portfolio company is measured based on revenue. Should underlying revenue change by +/- 10 per cent, this would result, ceteris paribus, in an adjustment of the fair values by +/- 788,000 euros (31 December 2025: 682,000 euros).
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Interim consolidated financial statements as at 30 June 2026 49 Other disclosures 20. Disclosures on segment reporting DBAG’s business model is geared towards increasing the Company’s value over the long term through successful private equity and private debt investments (together, “private markets investments”), in conjunction with sustainable income from Fund Services. DBAG enters into these investments as a co-investor alongside the DBAG funds, as an investor in the DBAG Solvares Continuation Fund and as an investor in the ELF funds. The Company also invests independently from these funds (“Long-Term Investments”). To separately manage these business lines, DBAG’s internal reporting system calculates a separate operating result (segment earnings). The business lines “Private Markets lnvestments” and “Fund Investment Ser- vices” are presented as operating segments. Segmental analysis for the 1st half-year 2026 and as at 30 June 2026 €'000 Private Markets Investments Fund Investment Services Group functions/ others¹ Group 1st half-year 2026 Net income from investment activity (28,031) 0 0 (28,031) Income from Fund Services 0 25,221 (62) 25,159 Income from Fund Services and investment activity (28,031) 25,221 (62) (2,872) Other income/expense items (excl. net interest income and amortisation of intangible assets) (5,512) (18,413) (119) (24,044) Earnings before interest, taxes and amortisation of intangible assets (33,543) 6,808 (181) (26,916) Net interest income and amortisation of intangible assets (5,364) (685) 0 (6,049) Earnings before taxes (38,906) 6,122 (181) (32,965) Income taxes (1,076) Earnings after taxes (34,041) Net income attributable to other shareholders 0 Net income (34,041) Net asset value 2 580,218 1 This column primarily contains expenses for DBAG’s strategic development, which include the fair value changes of the purchas e price liabilities.
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Interim consolidated financial statements as at 30 June 2026 50 Other disclosures Segmental analysis for the 1st half-year 2025 and as at 31 December 2025 €'000 Private Markets Investments Fund Investment Services Group functions/ others¹ Group 1st half-year 2025 Net income from investment activity 14,701 0 0 14,701 Income from Fund Services 0 24,009 (45) 23,964 Income from Fund Services and investment activity 14,701 24,009 (45) 38,665 Other income/expense items (excl. net interest income and amortisation of intangible assets) (5,839) (16,958) (1,093) (23,891) Earnings before interest, taxes and amortisation of intangible assets 8,862 7,050 (1,139) 14,774 Net interest income and amortisation of intangible assets (4,589) (2,002) 0 (6,591) Earnings before taxes 4,273 5,049 (1,139) 8,183 Income taxes 13 Earnings after taxes 8,196 Net income attributable to other shareholders (1) Net income 8,195 Net asset value 2 639,667 1 See footnote 1 in the preceding table.
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Interim consolidated financial statements as at 30 June 2026 51 Other disclosures 21. Disclosures on related parties Related companies within the meaning of IAS 24 are: › the investment entity subsidiaries (see Annual Report 2025, pages 81 to 83), › the companies indirectly held via the investment entity subsidiaries, provided DBAG holds at least 20 per cent of the r elevant company’s shares (especially holding companies in the f unds, subsidiaries of Deutsche Beteiligungsgesellschaft mbH, ELF funds in which DBAG is invested via DBAG ELF Funds Konzern G mbH & Co. KG), › the unconsolidated subsidiaries of DBAG (see Annual Report 2025, page 83), a nd › the unconsolidated structured companies (see Annual Report 2025, pages 83 to 85). Related persons, within the meaning of IAS 24, are key management personnel. At DBAG, these include all members of the Board of Man- agement, Managing Directors and the members of DBAG’s Supervisory Board. Income and expenses, receivables and liabilities from Fund Services DBAG provides asset management services to the DBAG funds and the co-investment vehicles via its fully-consolidated subsidiaries. T he following companies are responsible for asset management: AIFM - DBG Fund VII (Guernsey) LP, DBG ECF IV GP S.à r.l., DBG Fund VI GP (Guernsey) LP, DBG Fund VII GP S.à r.l., DBG Fund VIII GP (Guernsey) L.P., DBG Management GmbH & Co. KG, DBG Management GP (Guernsey) Limited and DBG Managing Partner GmbH & Co. KG. DBAG pays no fees for the management of the co- investment vehicles of DBAG ECF and DBAG Fund V. Since the launch of DBAG Fund VI, DBAG has paid a volume-based fee for the management of its co-investments to DBG ECF IV GP S.à r.l., DBG Fund VI GP (Guernsey) LP, to DBG Fund VII GP S.à r.l., and to AIFM DBG Fund VII (Guernsey) L.P. as well as to DBG Fund VIII GP (Guernsey) L.P. DBAG also pays a fee to DBG Managing Partner GmbH & Co. KG for the management of DBAG’s share in the DBAG Solvares Continuation Fund. Based on the same principles and terms and condi- tions as for the investors in the funds, the fees are determined by refer- ence to a fixed percentage of a fund’s committed or invested capital. T he unconsolidated companies ELF Capital Solutions Management S.à r.l., ELF European Lending Management I S.à r.l. and ELF European Lend- ing Management II S.à r.l. are responsible for managing the ELF funds. Investors in the ELF funds (including DBAG ELF Funds Konzern GmbH & Co. KG) pay a volume -based fee for the management of their invest- ments. Fees are based on a fixed percentage of an ELF fund’s committe d or invested capital. Th e management companies receive advisory services from DBG Advis- ing GmbH & Co. KG, DBAG Italia S.r.l. and ELF Capital, and pay an ad- visory fee for these services. Th e fees of the fully consolidated companies from these activities – in- cluding amounts received from fund investors – are recognised in the item “Income from Fund Services” (see note 9). In the period under re- view, income from Fund Services consisted of income from investment entity subsidiaries in the amount of 2,380,000 euros (previous year: 2,373,000 euros) and income from external fund investors in the amount of 22,474,000 euros (previous year: 21,373,000 euros). Fees paid by DBAG are also recognised in the “Net income from investment activity” item, reducing value (see note 8). A s at 30 June 2026, receivables from management fees against funds amounted to 3,651,000 euros (31 December 2025: 999,000 euros), while receivables from management fees against investment entity sub- sidiaries amounted to 176,000 euros (31 December 2025: 618,000 eu- ros). Relationships to investment entity subsidiaries The co-investment vehicles of DBAG ECF IV, DBAG Fund VII and DBAG Fund VIII are granted short- term loans as pre-financing for investments in new portfolio companies. In addition, a short-term loan was extended to DBAG Fund VI’s co-investment vehicle as at the reporting date. These loans are reported in the item “Other financial instruments” (see note 13); the fair value changes amount to 1,195,000 euros (previous year: 710,000 euros) and are recognised in net income from investment activity (see note 8). As at the reporting date, there were liabilities to investment entity subsidiaries in the amount of 361,000 euros (31 De- cember 2025: 5,756,000 euros) and liabilities to DBAG funds to 419,000 euros (31 December 2025: 20,347,000 euros). Private co -investments of team members and car- ried interest Selected members of the DBAG investment advisory team, along with selected Managing Directors of DBAG who are not members of the DBAG investment advisory team, participate in a DBAG fund’s perfor- mance in return for their intangible shareholder contribution to the re- spective fund (“carried interest”) after the fund investors and DBAG have realised their invested capital plus a preferred return (“full repayment of capital”). C arried interest of not more than 20 per cent1 is paid out once proceeds on disposal have been generated and full repayment has been achieved; the remaining 80 per cent2 (net sales proceeds) is paid to the investors in the relevant fund and to DBAG. The structure of the investment, its implementation and key economic aspects are in conformity with com- mon practice in the private equity industry and constitute a prerequisite for the placement of funds. For the individuals participating, their
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Interim consolidated financial statements as at 30 June 2026 52 Other disclosures partnership status constitutes a privately assumed investment risk which serves the purpose of aligning their interests with those of fund inves- tors; the purpose of carried interest is to promote their initiative and their dedication to the success of the investment. Incentives granted to the ELF investment advisory team are similar to those of the DBAG investment advisory team, as personal investments from their own funds are also coupled with profit -sharing awards, en- suring that the ELF fund investors’ interests are aligned with the interests of the ELF investment advisory team. Interaction between DBAG and ELF Capital is also fostered by mutually including the investment advisory team into the respective carried interest model. As such, the members of the DBAG investment advisory team are also invested in the ELF funds. The Board of Management members and the Managing Directors enti- tled to carried interest made the following investments in the period un- der review and the previous year, respectively, and received the following repayments from the funds: Investments during the reporting period Repayments during the reporting period €'000 Key management personnel of which: Board of Management Key management personnel of which: Board of Management 1 Jan 2026 - 30 June 2026 DBAG ECF I 23 1 55 4 DBAG ECF IV 22 14 0 0 DBAG Fund VII 195 53 2,426 646 DBAG Fund VIII 1,325 632 127 62 DBAG Solvares Continuation Fund 1,909 215 0 0 ELF funds 1 1 4 4 Total 1st half-year 2026 3,475 916 2,612 716
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Interim consolidated financial statements as at 30 June 2026 53 Other disclosures Investments during the reporting period Repayments during the reporting period €'000 Key management personnel of which: Board of Management Key management personnel of which: Board of Management 1 Jan 2025 - 31 Dec 2025 DBAG ECF I 18 1 0 0 DBAG ECF II 85 20 0 0 DBAG ECF III 50 6 12,543 1,338 DBAG ECF IV 362 106 0 0 DBAG Fund VI 219 80 0 0 DBAG Fund VII 14 5 0 0 DBAG Fund VIII 900 424 125 57 ELF funds 71 71 0 0 Total 2025 1,719 713 12,668 1,395
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Interim consolidated financial statements as at 30 June 2026 54 Other disclosures The following table outlines carried interest entitlements from the co- investment vehicles and funds for the Board of Management members and the Managing Directors entitled to carried interest. For details re- garding the share of the co-investment vehicles, we refer to the section “Integrated business model” in the interim management report. 1 Jan 20261 Reduction due to disbursement1 Addition (+)/reversal (-)1 30 June 2026 €'000 Key management personnel of which: Board of Management Key management personnel of which: Board of Management Key management personnel of which: Board of Management Key management personnel of which: Board of Management DBAG ECF I 2,471 179 0 0 (1,042) (74) 1,429 105 DBAG ECF II 12,506 1,484 0 0 (571) (41) 11,935 1,443 DBAG ECF III 70 9 0 0 (2) (1) 68 8 DBAG Fund VII 70,917 18,169 0 0 (47,552) (11,760) 23,365 6,409 DBAG Fund VIII 44,455 13,668 0 0 (44,078) (13,540) 377 128 ELF funds 986 986 0 0 (13) (13) 973 973 131,405 34,495 0 0 (93,258) (25,429) 38,147 9,066 1 Carried interest entitlements at the start and end of the reporting period relate to key management personnel and the members of the Board of Management as at the respective reporting date. Additions and reversals may be due – inter alia – to key management personnel or Board of Management members joining or leaving the Company. 1 Jan 2025 Reduction due to disbursement Addition (+)/reversal (-) 31 Dec 2025 €'000 Key management personnel of which: Board of Management Key management personnel of which: Board of Management Key management personnel of which: Board of Management Key management personnel of which: Board of Management DBAG ECF I 3,145 228 0 0 (674) (49) 2,471 179 DBAG ECF II 11,698 1,412 0 0 808 72 12,506 1,484 DBAG ECF III 3 1 0 0 67 8 70 9 DBAG Fund VII 6,641 1,956 0 0 64,276 16,213 70,917 18,169 DBAG Fund VIII 33,099 12,232 0 0 11,356 1,436 44,455 13,668 ELF funds 0 0 0 0 986 986 986 986 54,586 15,829 0 0 76,819 18,666 131,405 34,495
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Interim consolidated financial statements as at 30 June 2026 55 Other disclosures In the interim consolidated financial statements, carried interest is taken into account in the fair value measurement of DBAG’s interests in the investment entity subsidiaries (“net asset value”). In this context, total liquidation of the fund portfolio as at the reporting date is assumed (see Annual Report 2025, page 86 et seq.). In the period under review, net asset values of the co -investment vehicles DBAG ECF I, DBAG ECF II, DBAG ECF III, DBAG Fund VII and DBAG Fund VIII (principal fund) as well as of the ELF investment vehicle were reduced by carried interest entitle- ments totalling 19,998,000 euros (31 December 2025: 49,811,000 eu- ros), of which 12,899,000 euros (31 December 2025: 33,631,000 euros) were attributable to key management personnel. T his carried interest, which is taken into account upon measurement, may increase or decrease in value in the future, and is not disbursed until the requirements under the Articles of Association are met. 22. Events after the reporting date In July 2026, the investment period of DBAG Fund VIII was extended to 31 December 2026. A lso in July 2026, the disposal of a portfolio company was agreed upon. The agreed disposal price has already been taken into account in the valuation of the investment entity subsidiary in question as at 30 June 2026. The parties have agreed not to disclose the details of the transac- tion.
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Interim consolidated financial statements as at 30 June 2026 56 Frankfurt/Main, 30 July 2026 T he Board of Management Tom Alzin Jannick Hunecke 1 The maximum disproportionate share of earnings for DBAG Fund VII B [Konzern] SCSp and DBAG Fund VIII B [Konzern] (Guernsey) L.P. amounts to 10 per cent. The disproportionate share of earnings for the DBAG Solvares Continuation Fund is staggered and amounts to between 10 per cent and 25 per cent. 2 The investors’ and DBAG’s share in DBAG Fund VII B [Konzern] SCSp and DBAG Fund VIII B [Konzern] (Guernsey) L.P. totals 90 per cent. The investors’ share in the DBAG Solvares Continuation Fund is staggered and amounts to between 75 per cent and 90 per cent.
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Half-yearly financial report as at 30 June 2026 57 Responsibility statement We confirm to the best of our knowledge, and in accordance with the applicable accounting principles for half -yearly financial reporting, that the consolidated half-yearly financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and that the interim management report presents a true and fair view of the business development and performance of the business and the po- sition of the Group, together with a description of the material risks and opportunities associated with the expected development of the Group. Frankfurt/Main, 30 July 2026 The Board of Management Tom Alzin Jannick Hunecke
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Half-yearly financial report as at 30 June 2026 58 Certificate following a review e ngagement To Deutsche Beteiligungs AG W e have reviewed the condensed consolidated interim financial state- ments — comprising the consolidated statement of comprehensive in- come, consolidated statement of cash flows, consolidated statement of financial position, consolidated statement of changes in equity and con- densed notes to the consolidated financial statements — and the group interim management report of Deutsche Beteiligungs AG, Frankfurt am Main, for the period from 1 January 2026 to 30 June 2026, which are components of the half-year financial report pursuant to § 115 WpHG, with the exception of the information identified by footnotes in the group interim management report. The preparation of the condensed consolidated interim financial statements in accordance with IFRS for in- terim financial reporting, as adopted by the EU, and of the group interim management report in accordance with the provisions of the WpHG ap- plicable to group interim management reports is the responsibility of the Company’s legal representatives. Our responsibility is to issue a report on the condensed consolidated interim financial statements and the group interim management report based on our review. W e conducted our review of the condensed consolidated interim finan- cial statements and the group interim management report in accordance with the German generally accepted standards for the review of financial statements promulgated by the Institute of Public Auditors in Germany (IDW). Those standards require that we plan and perform the review so that, based on a critical evaluation, we can preclude with a certain level of assurance that the condensed consolidated interim financial state- ments have not been prepared, in all material respects, in accordance with IFRS for interim financial reporting, as adopted by the EU, and that the group interim management report has not been prepared, in all ma- terial respects, in accordance with the provisions of the WpHG applicable to group interim management reports. A review is primarily limited to inquiries of company personnel and analytical procedures and therefore does not provide the level of assurance attainable in a financial state- ment audit. Since, in accordance with our engagement, we have not performed a financial statement audit, we cannot issue an auditor’s re- port. Ba sed on our review, no matters have come to our attention that cause us to believe that the condensed consolidated interim financial state- ments have not been prepared, in all material respects, in accordance with IFRS for interim financial reporting, as adopted by the EU, or that the group interim management report has not been prepared, in all ma- terial respects, in accordance with the provisions of the WpHG applicable to group interim management reports. Our conclusion does not extend to the information for the second quarter of the years 2026 and 2025 identified by footnotes in the group interim management report, as this information was not subject to our review. Fr ankfurt/Main, 30 July 2026 BD O AG Wirtschaftsprüfungsgesellschaft signed Gebhardt signed Dr. Faßhauer German Public Auditor German Public Auditor
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Half-yearly financial report as at 30 June 2026 59 Other information Forward- looking statements This half-yearly financial report contains forward-looking statements re- lated to the prospects and progress of Deutsche Beteiligungs AG. These statements reflect the current views of the management of Deutsche Beteiligungs AG and are based on projections, estimates and ex pecta- tions. Our assumptions are subject to risks and uncertainties, and actual results may vary materially. Although we believe these forward- looking statements to be realistic, there can be no guarantee. Disclaimer The figures in this half-yearly financial report are generally presented in thousands or millions of euros. Rounding differences may occur between the amounts presented and their actual value; these of course are not of a significant nature. T he half-yearly financial report is published in English and German. The German version of this report is authoritative. U pdated: 6 August 2026 © Deutsche Beteiligungs AG, Frankfurt/Main Re gistered office: Frankfurt/Main Entered in the commercial register of the Frankfurt/Main Local Court, under commercial register number B 52 491 Financial calendar 5 November 2026 Publication of the quarterly statement for the third quarter and the nine-month period 2026 Analysts’ conference call 24 N ovember 2026 German Equity Forum, Frankfurt/Main 4 M arch 2027 Publication of the Annual Report 2026 Analysts’ conference call 5 M ay 2027 Publication of the quarterly statement for the first quarter of 2027 Analysts’ conference call 17 J une 2027 Annual General Meeting 2027, Frankfurt/Main