Deutsche Beteiligungs: Q1 out: Deal machine running well NAV discount remains high - NuWays AG Research

Q1 NAV per share landed at € 35.29, down from € 36.37 at year-end 2025 (-3% qoq), driven entirely by depressed capital markets multiples. Importantly, this is already seeing first signs of recovery. Including the amount returned to shareholders, this figure would have come in at € 35.59. Gross portfolio value declined from € 789m to € 693m, with the swing largely explained by exits (€ 86m vs € 23m of new investments) and a negative multiple effect (€ 34m impact). Underlying operating performance of portfolio companies was actually positive at € 8m in the quarter.

Länk till analysen i sin helhet: https://www.nuways-ag.com/company/deutsche-beteiligungs-ag/research/q1-out-deal-machine-running-well-nav-discount-remains-high