Business update 30 September 2026

Results

In the third quarter, Quest for Growth recorded a modest loss of € 0.8 million, bringing the net loss for the first nine months of the financial year to € 4.2 million. The return on equity since the beginning of the year was -2.94%, taking into account the capital reduction of € 1. Over the same period, the Quest for Growth share price fell by approximately 12%, closing at € 2.79 on 30 September 2026, a figure adjusted for the capital reduction of € 1 per share. The discount of the share price relative to the net asset value increased to 52.1% by the end of September, compared to 40.5% at the end of 2025.

Market environment

Following a strong second quarter, the third quarter of 2026 proved to be a much more challenging period on the European stock markets: the STOXX Europe 600 ended the quarter roughly where it had started, after a 10 per cent rise in the second quarter. In early August, the index had set a series of record highs, buoyed by strong corporate earnings, but geopolitical and macroeconomic pressures subsequently intensified once again.

High energy prices resulting from the conflict surrounding Iran and rising inflation prompted the ECB to implement a further interest rate rise. As a result of rising interest rates, value shares outperformed growth shares, whilst smaller companies lagged behind.

Venture capital activity continued to rise, but with a strong concentration on AI, which accounted for two-thirds of the capital invested. The market also focused heavily on large, late-stage rounds, whilst funding for companies in the early stages of development fell compared with the previous quarter. Fundraising for new funds showed signs of recovery, although the market remained tight outside the largest funds. The difficult exit climate remains the biggest bottleneck.