Deutsche Beteiligungs : Analystenpräsentation zum Halbjahresfinanzbericht zum 31. März 2024*

Analysts' Conference Call, 8 May 2024

Half-yearly financial report as at 31 March 2024

Your hosts

Tom Alzin	Roland Rapelius
Spokesman of the	Head of Corporate Communications
Board of Management	and Investor Relations

Analysts' Conference Call

8 May 2024

2

T h e f i r s t h a l f - y e a r a t a g l a n c e

Active start to the first half of the financial year

Successful	€7.1mn
exits and
new	EBITA
investments	Fund Investment
	Services

	6%
	NAV growth1
High value
contributions,	Forecast
especially via	confirmed
exits

1 Adjusted for dividends paid and the effects of incorporating additional valuation factors

Analysts' Conference Call

8 May 2024

3

T h e f i r s t h a l f - y e a r a t a g l a n c e

Key highlights

Private Markets Investments

Net asset value	Net asset value
	per share 1

673.1 35.95

million euros

euros

Earnings before taxes	Cash flow from
	investment activit y

19.2 -0.2

million euros

million euros

1 number of shares outstanding as at 31 March 2024: 18,724,825

Fund Investment Services

EBITA

7.1

million euros

Assets under

management or

advisory

2.6

billion euros

Group

Net income

24.6

million euros

Analysts' Conference Call

8 May 2024

4

S t r a t e g y , c o m pe t i t i v e s t re n g t h s a n d m a r k e t po s i t i o n

Transaction activity: Four disposals (thereof two closed and two agreed), two investments and five add-ons

Investment activity

NOKERA	ProMik	GMM Pfaudler	R+S	Solvares	in-tech
(Long-Term Investment)	(Investment)	(Partial disposal)	(Disposal)	(Partial disposal	(Disposal agreed in
				agreed)	April 2024)

Add-on acquisitions

akquinet	AOE	Avrio Energie	MTWH
	(Two add-ons)

Analysts' Conference Call

8 May 2024

5

S t r a t e g y , c o m pe t i t i v e s t re n g t h s a n d m a r k e t po s i t i o n

Private equity: Diversified portfolio to mitigate macro risks; Share of IT services & software increased

Diversification by sectors				Diversification by portfolio companies
(% of total portfolio value)				(% of total portfolio value)
100%												TOP 16-37: 31%
Industry and industrial	36%	31%	30%
technology
Industrial services	11%	17%	15%						TOP 11-15: 15%
Broadband				11%	8%						TOP 6-10: 23%
28%
telecommunications			Growth
				28%
IT services & software			5%	22%	sectors
Healthcare		3%	9%	6%						TOP 1-5: 31%
Others	17%	10%	13%
		30.9.2020	30.9.2023	31.3.2024		31.03.2024

Analysts' Conference Call

8 May 2024

6

S t r a t e g y , c o m pe t i t i v e s t re n g t h s a n d m a r k e t po s i t i o n

Market-leading position in private equity; High proportion of

family successions reflecting DBAG's reputation

• of transactions in German MBO market by PE company, 2013-2023 (enterprise value €50-250mn)

DBAG MBOs - by vendor type 2019-2023

Families and founders

Corporate spin-offs

Financial investors

8% 0%

92%

30

22

19

15 15 15

13 12 11 11

German mid-market MBOs - by vendor type 2019-2023

28%

Families and founders	64%

DBAG

Corporate spin-offs

8%

Competitors

Financial investors

Source: FINANCE, DBAG

Analysts' Conference Call

8 May 2024

7

Pr i v a t e M a r k e t s I n v e s t m e n t s s e g m e n t

Net asset value increased ytd

Development of net asset value (€mn)

Net asset value increased 3%1 year-to-date mainly driven by positive value contribution resulting from successful exits

675-790

6%

-18.8

41.6

-19.1

673.1

669.4

30 Sep	Value	Dividend	Change in	31 Mar	Forecast
2023	increase	payment	accounting	2024	30 Sep
			estimates		2024

Adjusted for effect resulting from change in accounting estimates, net asset value increased 6% year-to-date

Rationale for the introduction: reflect less volatile development of private markets compared to public markets, hence align with best-in-class private equity standards

Mainly driven by introduction of private market factor (PMF) derived from the correlation between the Cambridge Associates Europe Developed PE Index and the STOXX Europe 600

1 adjusted for dividend payment

Analysts' Conference Call

8 May 2024

8

Pr i v a t e M a r k e t s I n v e s t m e n t s s e g m e n t

Portfolio value increased ytd mainly driven by positive change in value

Portfolio value development				Additions
(€mn)					− Mainly driven by new investments
					(NOKERA, ProMik) as well as planned
			See the		investments of existing portfolio
				companies
			following
			slide for		Disposals
			details
				− Mainly driven by disposal of R+S and
				662.0	GMM Pfaudler
	55.6	-56.5			Change in value
					− Mainly driven by positive value
			30.9		contribution from successful exits and
				positive operating performance
631.9
Gross portfolio	Additions	Disposals	Change in value	Gross portfolio
value 30 Sep 2023				value 31 Mar 2024

Analysts' Conference Call

8 May 2024

9

Pr i v a t e M a r k e t s I n v e s t m e n t s s e g m e n t

Change in value mainly resulting from successful exits and positive operating performance

Net gains and losses on measurement				► Change in earnings
(€mn)						− Mainly driven by the consideration of the
						portfolio companies' budgets for 2024,
						predominantly from IT services &
				-4.1	30.9	software, Industry and industrial
					technology and Others
						► Change in debt
						− Reductions in debt at 13 portfolio
			33.2			companies are offset by increase in debt
					at 14 portfolio companies including for
12.1						acquisitions as well as planned growth
					financing
	-10.2					► Change in multiples
		1.9				− After a negative value contribution in Q1,
					Q2 saw a positive shift, mainly driven by
Change in	Change	Operating	Change in	Miscellaneous	Net gains and	successful exits of two portfolio
companies, the remaining contribution
earnings	in debt	performance	multiples		losses on
					measurement	was driven by the majority of all sectors
Miscellaneous: exchange rate fluctuations, effects from realized portfolio companies and other minor effects

Analysts' Conference Call

8 May 2024

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