AG Capital Annual Report 2026

Foreword from the Management

Dear friends and business partners of AG Capital,

 

2025 was a successful year for AG Capital. Despite challenging market conditions, we were able to expand our portfolio in a targeted manner and further strengthen our organization.

 

Our investment strategy once again focused on medium-sized companies with high growth potential and succession issues. The result: three new platform investments and one add-on acquisition. At the same time, we achieved measurable progress in our existing portfolio companies through targeted value creation measures.

 

An important milestone was the publication of our first sustainability report, which anchored sustainability as an integral part of our value creation.

 

We owe these achievements to our dedicated team, strong partnerships, and the trust of our investors. Thank you very much for that. We look forward to continuing on this path together in 2026.

 

Best regards,

Karl Lankmayr, Daniel Jennewein

 

New investments 2025

2025 was marked by three new platform investments and an additional add-on acquisition. This was made possible by our consistently well-filled deal pipeline and the great interest shown by entrepreneurs in a reliable equity partner such as AG Capital.

Schubert Touristik is a leading regional provider of group travel for the “best ager” segment in Saxony-Anhalt and neighboring federal states. With a portfolio of over 500 travel destinations and high customer loyalty, Schubert Touristik has established itself as the market leader in its region. The joint partnership with the continuing shareholder and managing director creates a strong operational foundation and forms the basis for sustainable value creation. At the same time, the highly fragmented market opens up opportunities for a consistent buy-and-build strategy.

Weber Cleaning Technologies is a long-established and highly innovative company offering solutions for exterior and interior cleaning. It has a strong market position and stands for “Made in Germany” quality. With our investment, we are strengthening its market position, opening up new growth prospects, and leveraging efficiency potential, particularly through the strategic development of its product portfolio.

Gesellschaft für Inklusion (GFI) is a leading provider of inclusive care and specialized services in German-speaking countries. GFI combines social responsibility with business efficiency and creates sustainable training and support opportunities for people with disabilities. With our investment, we are supporting the geographical expansion and strategic development of the service portfolio, while demonstrating how private equity can combine economic and social value.

 

Value Creation in the portfolio

In addition to acquiring new platforms, a key focus was on sustainably increasing the value of our existing portfolio companies. This includes, in particular, buy-and-build initiatives, add-on integrations, and operational and strategic developments in line with operational excellence.

The strategic focus on buy-and-build initiatives was successfully implemented. With the acquisition of Callpoint AG, Avaris CX, Austria's leading call center group, successfully entered the Swiss market and at the same time tapped into significant technological synergies. On top of that, inorganic growth concepts were initiated at three other portfolio companies.

Significant progress was also made in the area of succession solutions: AG Capital successfully guided two of its portfolio companies through complex succession processes. The focus was always on trusting and cooperative partnership between management and owners.

Sustainable operational excellence is a central component of our strategy. Against this backdrop, strategy workshops were initiated in all portfolio companies to jointly identify value creation potential and further develop business models for the future. The year 2025 was consistently dominated by efforts to strengthen the core business.

 

For us, comprehensive support is a key factor in the success of our partnerships. We are delighted that it is also having a clear impact.

 

ESG and sustainability

2025 was the year in which we systematically internalized our ESG approach. With the publication of our first comprehensive sustainability report, we transparently outlined how we integrate sustainability and governance into our investment process.

 

We will continue to consistently advance our sustainability strategy in 2026: as early as January, all portfolio companies will begin collecting data for the VSME standard (Voluntary Sustainability Reporting Standard for Small and Medium-sized Enterprises).

 

Team strenghts and development

A successful investment portfolio is based on a strong, committed team. We are proud to have invested in the expansion and further training of the AG Capital team in 2025 through:

 

• Promotions to key roles in the investment team

• Strategic new hires with expertise in management consulting and family offices, and

• Multifaceted further training in controlling, leadership, and value creation

We are certain that these investments will strengthen our performance in the long term and prepare us specifically for the challenges and opportunities of the coming years.

 

Events in 2025

The entire AG Capital team is actively involved in the private equity and investment community, thereby strengthening its expertise, network, and reputation. In 2025, our team members were present at numerous industry events as speakers, panel participants, and guests.

 

 

In addition, we have established our own AG Capital formats. At the first AG Capital Portfolio Day in Vienna in November 2025, the focus was on topics such as the transition from owner-led to management-led structures, trust, and modern leadership in medium-sized companies. This was followed by the AG Capital Investor Day, which brought together investors, experts, portfolio companies, and the AG Capital team for an open exchange on strategies, innovations, and technological opportunities.

 

We look forward to 2026

Strengthened by the cohesion of our eight platform companies, we are entering 2026 with optimism. Our priority is active value creation: through operational excellence, knowledge transfer within the portfolio, and targeted acquisitions. At the same time, we are strategically deploying our remaining capital for investments in Austria and add-on acquisitions.

 

We are seeing the first signs of market stabilization and exciting opportunities in the private equity environment. Thanks to our clear focus and promising pipeline, we are excellently positioned to turn these opportunities into measurable success and attractive returns.

 

Best regards,

Your AG Capital Team

 

January, 2026