NAXS (NAXS) Q2 2025 earnings summary

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.