FY26 NAV per share is now seen at € 32-36 (old: € 36-40, eNuW old: € 38.5). Gross losses on
measurement and disposal for H1 (Jan-Jun) are expected at some € -50m vs a € 20m gain in the
prior-year period. Importantly, this is a purely valuation-driven, non-cash effect: as DBAG's portfolio is marked to market against listed comparables at each reporting date, the recent de-rating of peer multiples, presumably most visible in the software and industrial holdings, mechanically translates into a lower NAV. This says nothing about the operational health of the portfolio companies or the quality of the underlying equity stories. Notably, such multiple-driven swings work in both directions; a recovery of small/mid-cap valuations would reverse the effect.
LÄS MER
