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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
NAXS
NAXS (NAXS) investor relations material
NAXS Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary23 Oct, 2026
Executive summary
Listed investment vehicle focused on Nordic private equity, prioritizing value creation in existing holdings and selective capital deployment; portfolio spans 12 active funds managed by 7 firms and 64 portfolio companies.
Underlying funds acquired 197 companies and fully exited 133; completed exits generated an average IRR of 17.3%, after carried interest and before fund management fees.
NAV per share rose 15.4% in Q3, mainly from an unrealized valuation increase in one private equity fund; including the FY2025 dividend, NAV per share gained 10.0% in 9M.
Financial highlights
9M profit after financial items and net profit were MSEK 53.3 versus losses of MSEK 19.3; Q3 profit after financial items and net profit were MSEK 77.2 versus losses of MSEK 70.2.
EPS was SEK 4.87 for 9M versus a loss of SEK 1.74; Q3 EPS was SEK 7.09 versus a loss of SEK 6.34.
Value changes in private equity funds and Other Investments totaled MSEK 57.7 in 9M and MSEK 79.4 in Q3.
At Q3, portfolio assets included MSEK 499.9 in private equity funds and MSEK 58 in Other Investments, with MSEK 26.2 in net cash.
Outlook and guidance
Strategy focuses on maximizing value from core holdings; long-term fund commitments are not a priority, while selective shorter-term debt and equity transactions, investments and divestments may support portfolio companies and shareholder value.
After quarter-end, a MSEK 0.5 co-investment was made in Osprey, a global metal powders platform acquired from Sandvik through a carve-out.
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Latest events from NAXS
- NAV/share fell 4.1% in H1 2026, with 82% of equity in private equity funds and negative net profit.NAXS
Q2 2026 - NAV per share fell 0.7% in Q1 2026, with a 24% discount and resilient liquidity.NAXSQ1 2026
- Net profit improved, NAV per share declined, and focus shifted to core assets and dividends.NAXSQ4 2025
- Orderly liquidation and extra SEK 16/share dividend approved as NAV declines 8.2% in Q3.NAXSQ3 2025
- Q1 2025 net profit soared, NAV per share rose 11.7%, and a SEK 4.25 dividend was approved.NAXSQ1 2025
- Net profit surged in H1 2025, NAV per share at SEK 73.32, 8.4% dividend yield.NAXSQ2 2025
- NAV per share fell 4.9% in Q3, with a 19% discount to NAV and a 5.95% dividend yield.NAXSQ3 2024
- NAV per share fell 8.6% in Q2 2024, with shares at a 19% discount and net profit down.NAXSQ2 2024
- NAV/share up 0.7% in Q4, 8.4% dividend yield, 31% NAV discount, but net loss for 2024.NAXSQ4 2024
Next NAXS earnings date
Q4 202629 Jan, 2027
NAXS
Next NAXS earnings date
Q4 202629 Jan, 2027
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Frequently asked questions
NAXS AB is a Sweden-based investment company that focuses on private equity investments primarily in Northern Europe. The company primarily invests in private equity funds, but it also engages in direct investments and co-investments alongside private equity or other alternative assets funds. NAXS targets various sectors including healthcare, consumer goods and services, industry, information technology, telecommunications, building and construction, media, and financial and business services. NAXS AB is headquartered in Stockholm, Sweden, and its shares are listed on the NASDAQ Stockholm.