Deutsche Beteiligungs : Half-yearly Financial Report at 31 March 2021

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HALF-YEARLY

FINANCIAL REPORT

AS AT 31 MARCH 2021

FIRST HALF AND SECOND QUARTER

OF THE 2020/2021 FINANCIAL YEAR

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AT A GLANCE

Exchange-listed Deutsche Beteiligungs AG ("DBAG") invests in well-positionedmid-sized companies with potential for growth. Manufacturing businesses and related service providers, which are the foundation for the excellent reputation that Germany's Mittelstand enjoys around the world, have been a focal part of our investments for many years. A growing portion of our portfolio is deployed in the sectors of broadband/telecommunications, IT ser- vices/software and healthcare. Our long-term,value-enhancing entrepreneurial investment approach makes DBAG a sought-after investment partner in the German-speaking world. We have consistently delivered above-average performance over a number of years - benefiting our portfolio companies and shareholders alike, including investors in our DBAG-managed private equity funds.

CONSOLIDATED KEY FIGURES

CONSOLIDATED KEY FIGURES

Core business objective: increase in the Company's value

Net asset value (reporting date)

Earnings from Fund Investment Services

Private Equity Investments segment

Net income from investment activity

Earnings before taxes

Cash flow from investment activity

Net asset value (reporting date)

Fund Investment Services segment

Income from Fund Services

Earnings before taxes

Assets under management or advisory (reporting date)

Other indicators

Net income

Equity (reporting date)

Earnings per share1

Number of employees (reporting date, including vocational trainees)2

€mn

€mn

€mn

€mn

€mn

€mn

€mn

€mn

€mn

€mn

€mn

€

1st half-year

2020/2021

or 31 Mar

2021

464.8

9.1

70.7

64.7

(21.0)

464.8

21.8

9.1

2,511.7

73.1

484.9

4.86

80

1st half-year	2nd quarter	2nd quarter
2019/2020	2020/2021	2019/2020
or 30 Sep
2020
422.0
3.5	4.3	1.8
(76.2)	46.9	(76.3)
(80.2)	44.7	(78.3)
(10.2)	(3.4)	33.6
422.0	0.0	0.0
14.3	10.7	6.9
3.5	4.3	1.8
2,582.6
(76.7)	48.3	(76.5)
423.5	0.0	0.0
(5.10)	3.21	(5.09)
81

• Based on the weighted average number of shares in the respective period
  2 31 March 2021: Two positions duplicated

Figures for the second quarter were not reviewed by external auditors.

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CONTENTS

L E T T E R T O O U R S H A R E H O L D E R S	5
T H E D B A G S H A R E	6
I N T E R I M M A N A G E M E N T R E P O R T O N T H E F I R S T H A L F A N D
S E C O N D Q U A R T E R O F T H E 2 0 2 0 / 2 0 2 1 F I N A N C I A L Y E A R	1 0
Fundamental Information about the Group	11
Business review of the Group	24
Opportunities and risks	46
Forecast	47
I N T E R I M C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S A S A T 3 1
M A R C H 2 0 2 1	4 9
Consolidated statement of comprehensive income	50
Consolidated statement of cash flows	51
Consolidated statement of financial position	52
Consolidated statement of changes in equity	53

Condensed notes to the interim consolidated financial statements for the first six months of

the financial year 2020/2021	54
Notes to the consolidated statement of comprehensive income and the consolidated
statement of financial position	60
Other disclosures	63
R E S P O N S I B I L I T Y S T A T E M E N T	7 4
R E V I E W R E P O R T	7 5
F I N A N C I A L C A L E N D A R	7 6

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BRISK TRANS-

ACTION ACTIVITY

IN OUR

PORTFOLIO

NET ASSET

VALUE

RISES BY

10.1 PER CENT, TO

464.8 MILLION

EUROS

NEW

FORECAST

FOR THE

FINANCIAL YEAR

2020/2021

AFFIRMED

EARNINGS

IMPROVEMENTS

DUE TO ECONOMIC

RECOVERY AND

STRATEGIC

DEVELOPMENTS

EARNINGS

FROM FUND

INVESTMENT

SERVICES

REACH

9.1 MILLION EUROS

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LETTER TO OUR SHAREHOLDERS

Frankfurt/Main, 11 May 2021

This half-yearly financial report is published just a few days after we were able to place a capital increase worth more than 100 million euros. We would like to thank you for the trust you have shown in us, and for your support!

The successful rights issue shows just how attractive Deutsche Beteiligungs AG's business model is. Buying a DBAG share gives you access to a portfolio of 33 German mid-sized companies offering significant development potential, as well as to income from our Fund Investment Services, which has markedly increased.

Leveraging our equity, and the know-how of our experienced investment team, we trigger developments that drive value increases: over a period of some 25 years, we have at least doubled the capital you have provided to us, through majority investments held over five years on average. Through minority stakes invested in growth financing, we even managed to more than triple the capital invested, albeit over a holding period of close to seven years. We plan to invest an average of 120 million euros per annum during the current and the two subsequent financial years. This translates into an increase of around 40 per cent compared to the three previous financial years - a prospect which has convinced numerous shareholders and new investors.

The manifold changes to our portfolio during the first half of 2020/2021 not only underline the swiftness with which we are exploiting market opportunities - they also showcase the full spectrum of opportunities on our radar. We entered into a new investment, successfully agreed a disposal at the end of the reporting period, and supported various add-on acquisitions by portfolio companies. For one of them, we also supported the spin-off of a business unit into a separate entity. Not least, one portfolio company was able to achieve a major leap in growth through a merger with two additional enterprises.

Overall, we are witnessing improved earnings developments of our portfolio companies. Beyond ongoing strategic developments, the impact of improved macro-economic conditions has now become visible across the entire portfolio. We therefore affirm our forecast for the current financial year, which we raised significantly at the end of March.

The Board of Management

of Deutsche Beteiligungs AG

Torsten Grede

Tom Alzin

Jannick Hunecke

Susanne Zeidler