The Goldman Sachs Group, Inc. has filed a major holdings notification disclosing a combined voting interest of 9.09% in Nagarro SE (0AA3), a Munich-headquartered technology and digital engineering company. The notification, transmitted via EQS News and published on 10 November 2026, states that the relevant threshold was crossed on 5 November 2026. The disclosure was made under Article 40, Section 1 of the German Securities Trading Act (WpHG) and filed as a voluntary group notification triggered at the subsidiary level, meaning investors should note the specific regulatory basis of the filing.

Key Points

  • Nagarro SE (0AA3), listed in Germany with LEI 9845008396BA67DA9B37, is the subject of this major holdings notification
  • The Goldman Sachs Group, Inc. disclosed a total combined voting interest of 9.09% in Nagarro SE as of 5 November 2026
  • Instruments account for 9.02% of the total position, with direct and indirect share-based voting rights representing just 0.07%
  • Investors should watch whether Goldman Sachs entities increase, reduce, or convert their instrument-heavy position into direct shareholdings

Goldman Sachs Crosses Threshold in Nagarro SE on 5 November 2026

The notification states that The Goldman Sachs Group, Inc., headquartered in Wilmington, Delaware, USA, crossed a relevant voting rights threshold in Nagarro SE on 5 November 2026. The combined total position of 9.09% compares with a previously notified position of 9.06%, indicating a marginal increase. The total number of voting rights in Nagarro SE pursuant to Section 41 WpHG is disclosed as 12,922,297. The change was characterised as a voluntary group notification triggered by a threshold crossing at a subsidiary level, rather than a straightforward direct acquisition at the parent company level.

Instrument-Heavy Position: Rights to Recall and Rights of Use Dominate Goldman Sachs Exposure

The vast majority of Goldman Sachs's disclosed interest is held through financial instruments rather than direct share ownership. The filing states that 8.29% of voting rights are attributable to Rights to Recall with an open exercise period, and a further 0.58% to Rights of Use, also open-ended. A cash-settled swap maturing on 25 September 2036 accounts for an additional 0.15%. Direct and indirect share-based voting rights across two Nagarro ISINs total just 9,126 shares, representing 0.07% of voting rights, a significant reduction from the previously notified share-based position of 1.67%.

Goldman Sachs International Identified as Key Subsidiary in Notification Chain

The announcement sets out a full chain of controlled undertakings beneath The Goldman Sachs Group, Inc. Goldman Sachs International is the sole entity within the chain for which specific percentage figures are disclosed, with the notification recording 5.43% of voting rights through instruments and a combined total of 5.44%. Other subsidiaries named in the chain include GSAM Holdings LLC, Goldman Sachs Asset Management L.P., Goldman Sachs Bank USA, Goldman Sachs Bank Europe SE, Goldman Sachs & Co. LLC, Goldman Sachs (UK) L.L.C., and Goldman Sachs Group UK Limited, though no individual percentage figures are attributed to these entities in the filing.

Nagarro SE's Munich Base and Digital Engineering Focus Provide Context for Institutional Interest

Nagarro SE operates as a global digital engineering and technology services company, with its registered office at Baierbrunner Straße 15, 81379 München, Germany. The company's shares are traded across two ISINs referenced in this filing: DE000A41YFS0 and DE000A3H2200. Institutional disclosures of this nature are required under German securities law when combined voting interests cross defined thresholds, and this notification reflects regulatory compliance obligations rather than any operational update. Investors monitoring Nagarro SE's shareholder register may note the shift in Goldman Sachs's exposure from direct shares towards instrument-based positions.