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NAXS (NAXS) investor relations material

NAXS Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary3 Nov, 2025

Executive summary

  • Focuses on investments in Nordic private equity funds and select direct investments, with 12 active funds and 63 portfolio companies as of Q3 2025.

  • Net profit for the nine months ended September 2025 was MSEK -19.3, a significant improvement from MSEK -72.3 year-over-year.

  • On September 8, 2025, an extraordinary general meeting approved an amendment to the investment mandate for an orderly liquidation of the portfolio and an extra dividend of SEK 16 per share.

  • Largest shareholder, QVT Financial LP, divested its entire holding after the period, with new principal shareholders taking over.

Financial highlights

  • Net asset value (NAV) at September 30, 2025, was MSEK 565 (SEK 50.98 per share), down from MSEK 808 (SEK 72.98 per share) at December 31, 2024.

  • NAV per share decreased by 8.2% during the quarter and by 1.7% over the past 12 months, including dividends paid.

  • Net cash position of MSEK 43 (SEK 3.91 per share), 7% of equity, down from MSEK 204 at year-end 2024.

  • Share price at September 30, 2025, was SEK 44.30, reflecting a 22% discount to NAV and a market capitalization of MSEK 593.

  • Dividend of SEK 4.25 per share for FY 2024 and extraordinary dividend of SEK 16 per share paid in 2025.

Outlook and guidance

  • The company is entering an orderly liquidation process of its existing portfolio, as mandated by the extraordinary general meeting.

  • An Extraordinary General Meeting is scheduled for November 2025 to elect a new Board and consider further share repurchases and new share issues.

  • Extra dividend of SEK 16 per share to be paid as part of the liquidation process.

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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.

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