H1 NAV per share came in at € 33.65, down from € 35.29 at Q1 and € 36.37 at year-end 2025 (-5% qoq, -7% ytd), again driven entirely by lower capital markets multiples rather than a deteriorating operational performance of DBAG's portfolio companies. Software, which accounts for 28% of the portfolio, saw 33% lower peer multiples vs June 2025. Adding back the € 1.00 dividend paid in June and the buyback, NAV would have been c. € 35.16. Mind you, in July, DBAG lowered its FY26 NAV per share guidance to € 32-36 (old: € 36-40, eNuW € 34.1); hence no notable valuation step up and/or larger divestments would be needed to meet those targets.
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