NAXS (NAXS) Q1 2026 earnings summary

Executive summary

• Focus remains on maximizing value from the existing Nordic private equity portfolio and enhancing shareholder returns through selective capital deployment.

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

• Net profit for Q1 2026 was MSEK -4.6, a significant improvement from MSEK -94.4 in Q1 2025.

• Dividend of SEK 2.00 per share was distributed, and mandates for share repurchases and new share issues were renewed at the AGM.

• Portfolio liquidity remained strong despite challenging market conditions, with several divestments completed.

Financial highlights

• Net asset value (NAV) at Q1 2026 was SEK 527 million, or SEK 48.10 per share, down from SEK 50.44 at year-end 2025.

• NAV per share decreased by 0.7% during Q1 2026, including dividends paid.

• Share price at quarter-end was SEK 36.30, representing a 24% discount to NAV and a market capitalization of MSEK 398.

• Private equity fund investments and other investments accounted for 99% of equity, with private equity fund investments representing 84% of equity.

• Net cash position stood at SEK 62 million, or SEK 5.63 per share, representing 12% of equity.

Outlook and guidance

• No current intention to prioritize new long-term private equity fund commitments; focus is on selective, shorter-term debt and equity transactions to support existing portfolio companies.

• Aim to optimize the balance sheet and enhance shareholder value through targeted capital allocation.

• Near-term visibility remains limited due to persistent geopolitical and trade-policy uncertainty.

• Focus remains on disciplined portfolio management and capitalizing on evolving market opportunities.