NAXS (NAXS) Q3 2025 earnings summary

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.