NAXS (NAXS) Q4 2024 earnings summary

Executive summary

• Focuses on investments in Nordic private equity funds and selected direct/co-investments, with 12 active funds and 67 portfolio companies as of Q4 2024.

• Since inception, underlying funds have acquired 191 companies, 124 fully exited, with an average IRR of 18%.

• Net profit for 2024 was MSEK -66.6, down from MSEK 4.4 in 2023, mainly due to negative value changes in private equity fund investments.

• Board proposes a dividend of SEK 4.25/share for FY 2024, representing 5.8% of NAV and an 8.4% yield.

• CEO transition: Nikolai Jebsen succeeded Gösta Lundgren as interim CEO in October 2024.

Financial highlights

• NAV/share increased by 0.7% in Q4 2024; NAV/share contracted by 7.2% for FY 2024 including dividends.

• Equity (NAV) at Q4 2024 was SEK 808M, or SEK 72.98/share.

• Private equity fund investments and other investments totaled SEK 606M (75% of equity); net cash SEK 204M (25% of equity).

• Share price at year-end was SEK 50.60, reflecting a 31% discount to NAV and a market capitalization of MSEK 561.

• Full-year earnings per share were SEK -6.01, compared to SEK 0.39 in 2023.

Outlook and guidance

• Board proposes maintaining an attractive distribution policy, with a dividend payout of 50-75% of profit after tax, excluding unrealized income and costs.

• Focus remains on disciplined portfolio management and long-term value creation amid challenging macroeconomic conditions.

• No significant events have occurred after the end of the financial year.