Yes, hello and a warm welcome on behalf of Brigitte and myself on what was a very busy, but unsatisfying quarter. Busy because we signed 7 transactions, we bought 3 companies, exited 4, which is quite a high number in terms of activity.

I'm very pleased also that especially 2 out of the 3 investments were acquired through bilateral transactions, not providing for necessarily much cheaper entry points, but certainly for much better due diligence and a better process and more thorough due diligence. On the new investment front, also given the backdrop of the German economy, we focus really on scalable business models and structurally growing markets.

On the negative side, our existing portfolio was significantly impacted by strong negative multiple effects. We will come to that later in the presentation here.

We distributed €26 million to shareholders through a mix of dividends and buybacks, as we also intend to do it going forward, although no new share buyback program has yet been decided. We updated our guidance on the downside on the back of a very tough first half of the year, where as of now, it would not be prudent to keep holding on the existing guidance, which was deemed conservative, but unfortunately, was not conservative enough.

What does that mean in numbers? We distributed, as I said, €26 million as dividends and buybacks.

On the next slide, you see that's roughly €1.05 per share. Combined with decline in multiples, our NAV per share has come down from €36 to €33.65.

Our NAV stood at €580 million. The only bright side is that we have continued to increase our assets under management on the back of the [Solvaras?]

continuation fund. Our assets under management have increased to €2.9 billion, small number.

You don't see it yet in the EBITDA in fund investment services because also here first half was hampered by the placement fees and setup fees for the [Solvaras?] continuation fund.

This effect will not be recurring in second half of the quarter. That's combined with strict cost control, one of the reasons why we increased our guidance on the fund investment service side here.

Nevertheless, group income for the first half of the year is a very very unsatisfying, €34 million negative, or minus nearly €2 per share. On the slide with the sector diversification, you see that IT services and software, against the backdrop in valuation, has increased to 28%.

That's given the most recent continuation fund in [Solvaras?] , top up there, and our investment in [nod?]

which has kicked in, and also on the back of what continues to be very strong earnings in that sector, and that has to be said. Nevertheless, I reiterate it time and time again, we want to continue and intend to do so to maintain a diversified portfolio by sectors.

Also, you see the entrance of [HIP?] coming in, and pushing our healthcare forward.

As a rule of thumb, any new investment is roughly around 3% to 5%. The numbers can move quickly, and want to keep it below 30.

I must say, with a pinch of salt, that I feel if we only see multiples stabilizing in the IT, software, and services space, our exposure could grow to 30-plus, given the strong earnings trajectory there. We don't intend to increase our exposure right now through new deals, but we still see very strong performance in that space.

Once multiple stabilizes, we could see an increase here going forward. That just as my personal five cents on how I feel the portfolio.

In terms of numbers, you see that the top 5 make 35%. We are in the market with Cartonplast out there, and also maybe freiheit.com is earmarked for later exits here.

Congatec and [Italgen?] feel like strong exit candidates for 2027, although it's still early to say.

We feel that this concentration is temporary, and it has really grown in an organic way, because some clear winners have shown strong performance, and thus a significant wealth increase here. We did a new long-term investment, very small one, in [Bug Bounty?]

. It's a bit unusual.

It's a Series B investment in a profitable venture, but still a growth series. The company is profitable.

It's the clear market leader for penetration tests and ethical hacking in Switzerland. For example, the National Cybersecurity Agency of Switzerland is a key client, but also a lot of banks.

We think that the product is great, the team is great, and we expect also, across our existing portfolio of 37 companies, some cross-benefits being engaged into this company. Let's see.

It was a €7 million investment in total, nothing spectacular. If things come together, it should have a very asymmetric payoff here.

On the ECF IV side, we invested in TNL Group. TNL is a leading planning platform focused on the energy industry or train infrastructure.

For example, if you want to get permits for a new energy line or train track, you have to have an environmental study, and that's what these kind of folks do. Very defensive business, still very nicely growing.

We see also a very fragmented market here, which should leave us with a lot of room to grow via an organic buy and build. We identified it through our own network, did it in a bilateral way, and it's a clear primary transaction signed in May 2026, where we are very, very pleased that we have been able to do that here.

Let's see, but I think this will be a very pleasant one going forward here. Now, moving over to the numbers and give you more granularity on the NAV, the walkthrough to the NAV per-share development.

As we said, net negative income of -€2.7 in the first half of the year, the buybacks and dividends of €1.5 per share, which add up synthetically the NAV, all else equal, to €35.16. Nevertheless, I think more telling is on the next slide, you see that we have had a healthy development in terms of additions versus disposal.

We continue to generate liquidity. The company is itself in a very strong position to take advantage of what is a complicated, but also interesting environment, not to sell, definitely not, but to buy.

I am happy that we already did the disposals of duagon and Kraft & Bauer. In terms of the earmarked exits of Cartonplast and freiheit, given the very complicated environment, I think we have marked them cautiously, but I would not expect large write-ups, and certainly not write-ups in the tune of duagon, should we be able to exit them during the course of this year.

On the next slide, you see the change in value, and that's, for me, the most spectacular slide, because you see that, all in all, on a net basis, our companies have had a positive change in earnings, earnings are growing. Some of that has been based or fueled by an organic M&A, hence also a change in debt, which was running against this earning increase.

Nevertheless, the operating performance through the portfolio has been positive, and especially positive in the IT and software and services space, I must say. Nevertheless, multiples, especially in that peer group, and also in the industrial tech peer group where congatec sits, have hampered a positive development for DBAG shareholders and our LPs for the time being.

Let's see. I think multiples have come down quite a lot, but it's too early to tell.

We had some reverse movements already from March to April, and then pure-play software, I'm talking, continued to trend downwards. I will not take any view here, and we focus on increasing our earnings, and then let's see what the market will do in the next quarters.

We have provided also more granularity, as we usually don't tend to do, on what this meant of our peer groups. You see that it's a very distinct way, with one very negative outlier, meaning the -33% development in the software and IT services space, at least to our peer group, which is also, to be fair, a bit narrower than a broader iShares sector peer group in that space.

That adds a bit even more to the fall here. That's where we start.

All in all, yes, definitely, stock market has been quite positive, but nevertheless, we have seen quite a negative decline here, especially in one isolated segment here. Coming over to the fund investment services, as I said, nothing spectacular here.

Earnings would have grown if it would have not have been for the placement agency fees for the [Solvaras?] continuation fund.

That is now done, and this effect will not be repeated in the second half, we should see an increase in earnings there. On the next slide, you also see that, given our disposables, we have a very good financial and healthy basis and are continued to actively look for new opportunities so as to roll out a bit to profit from the still interesting investment environment here.

Coming to the guidance and outlook, we sit at a very unsatisfactory NAV per share of €33.6 per 30th of June. Our old guidance, which was conservative, expected €36 to €40.

We took that down to €32 to €36. It is what it is.

It's a personally huge disappointment, but we will continue to fight and keep an growing earning space, which should be the fundamental guidance star of our investments. On the EBITDA investment fund side, as said, our old guidance was €5 million to €9 million.

There we expect now, €9 million to €11 million, also on the basis of cost control and a bit growth in our assets under management. With that, I would already conclude our call.

Yes, as I said, a very unsatisfactory quarter. We were very busy, but sometimes you don't get paid for that.

We will not complain. We will double down our efforts on keeping increasing sales and earnings until the tug of war has abated, and continue to generate nice opportunity like [HIP?]

or especially also TNL, I have very high conviction of having deployed money in a very accretive way. Let's see.