NAXS (NAXS) investor relations material

Executive summary

• Focus remains on maximizing value from the existing Nordic private equity portfolio and selectively deploying capital to enhance shareholder returns.

• Strategic update in November 2025 reaffirmed prioritization of core assets and selective shorter-term transactions over new long-term fund commitments.

• Net profit for H1 2026 was MSEK -23.9, down from MSEK 50.9 year-over-year, with EPS at SEK -2.19 versus SEK 4.59.

• NAV per share declined 3.6% in Q2 and 4.1% in H1, ending at SEK 46.37 per share.

• Market conditions remained subdued, with cautious sentiment and low deal activity in private markets.

Financial highlights

• NAV per share at the end of Q2 2026 was SEK 46.37, down 3.6% during the quarter.

• Share price closed at SEK 36.10 on June 30, 2026; market capitalization MSEK 394.

• Private equity fund investments accounted for SEK 414M (82% of equity), other investments SEK 49M (10%), and net cash SEK 43M (9%).

• Q2 net profit was MSEK -19.3, an improvement from MSEK -43.5 in Q2 2025.

• Dividend of SEK 2.00 per share paid in March 2026; SEK 21.9 million total.

Outlook and guidance

• No current intention to prioritize new long-term private equity fund commitments; focus is on supporting existing portfolio companies and optimizing the balance sheet.

• Selective shorter-term debt and equity transactions will be pursued to enhance shareholder value.

• Management intends to continue capitalizing on evolving market opportunities.

• No significant events occurred after the reporting period.