Dear shareholders,

This annual report covers the short financial year 2024, i.e. the three-month period from 1 October to 31 December 2024. From 2025 onwards, our financial year will be the same as the calendar year, which will also bring it in line with the DBAG funds’ financial year and help us to streamline our internal processes as we become more agile.

Our business is long term in nature. Strategic initiatives take effect gradually over a longer horizon. That is why we would like to begin this annual report with an overview of the most important events: our successful disposals that have laid the foundation for future investments and the promising new investments we made during the last full financial year and the short financial year 2024, namely from 1 October 2023 to 31 December 2024.

A great deal has happened during this period. Having acquired a majority stake in ELF Capital, we now offer mid-market companies a broad range of solutions for their financing needs, regardless of whether they prefer equity or debt financing or are looking for a management buyout or growth financing to realise their value creation plan, whatever their timing expectations may be. We are the partner of choice.