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NAXS (NAXS) investor relations material
NAXS Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Focuses on investments in Nordic private equity funds and selected direct/co-investments, offering diversified exposure across large, mid, and small cap segments with 63 portfolio companies as of Q2 2025.
Since inception, underlying funds have acquired 193 companies, with 129 fully exited, generating an average IRR of 17%.
Net profit for H1 2025 reached MSEK 50.9, reversing a loss of MSEK -30.9 year-over-year.
NAV per share at June 30, 2025 was SEK 73.32, up from SEK 72.98 at December 31, 2024.
Q2 2025 saw a net loss of MSEK -43.5, mainly due to lower valuations in two underlying funds.
Financial highlights
NAV at quarter-end was SEK 812 million, or SEK 73.32 per share.
NAV per share decreased by 4.8% during Q2 2025 (including dividend paid) but increased by 1.8% over 12 months.
Private equity fund investments and other investments total SEK 591 million, representing 73% of equity.
Net cash position of SEK 220 million, or 22% of equity, up from SEK 204 million at year-end 2024.
Share price at quarter-end was SEK 54.60, reflecting a 25% discount to NAV.
Outlook and guidance
Attractive distribution policy with a 2025 AGM-approved dividend of SEK 4.25 per share, representing 5.8% of NAV and a dividend yield of 8.4%.
Dividend policy targets 50-75% of profit after tax, excluding unrealized income and costs.
No new commitments or other investments were made in Q2 2025.
The company maintains a strong cash position and continues to focus on private equity fund investments with a Nordic focus.
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