NAXS (NAXS) Q3 2026 earnings summary

Executive summary

• Listed investment vehicle focused on Nordic private equity, prioritizing value creation in existing holdings and selective capital deployment; portfolio spans 12 active funds managed by 7 firms and 64 portfolio companies.

• Underlying funds acquired 197 companies and fully exited 133; completed exits generated an average IRR of 17.3%, after carried interest and before fund management fees.

• NAV per share rose 15.4% in Q3, mainly from an unrealized valuation increase in one private equity fund; including the FY2025 dividend, NAV per share gained 10.0% in 9M.

Financial highlights

• 9M profit after financial items and net profit were MSEK 53.3 versus losses of MSEK 19.3; Q3 profit after financial items and net profit were MSEK 77.2 versus losses of MSEK 70.2.

• EPS was SEK 4.87 for 9M versus a loss of SEK 1.74; Q3 EPS was SEK 7.09 versus a loss of SEK 6.34.

• Value changes in private equity funds and Other Investments totaled MSEK 57.7 in 9M and MSEK 79.4 in Q3.

• At Q3, portfolio assets included MSEK 499.9 in private equity funds and MSEK 58 in Other Investments, with MSEK 26.2 in net cash.

Outlook and guidance

• Strategy focuses on maximizing value from core holdings; long-term fund commitments are not a priority, while selective shorter-term debt and equity transactions, investments and divestments may support portfolio companies and shareholder value.

• After quarter-end, a MSEK 0.5 co-investment was made in Osprey, a global metal powders platform acquired from Sandvik through a carve-out.