NAXS (NAXS) Q4 2025 earnings summary

Executive summary

• Focuses on investments in Nordic private equity funds, with selective direct and co-investments in alternative assets.

• As of Q4 2025, holds 12 active private equity funds managed by 7 managers, with exposure to 65 portfolio companies.

• Net profit for 2025 was MSEK -25.9, a significant improvement from MSEK -66.6 in 2024, with Q4 net profit at MSEK -6.6.

• Extraordinary dividend of SEK 16/share approved in September 2025; board proposes SEK 2.00/share dividend for 2026 AGM.

• Strategic shift post-November 2025 EGM to prioritize value maximization of core assets, selective shorter-term transactions, and divestment of non-core holdings.

Financial highlights

• NAV at Q4 2025: SEK 556 million, or SEK 50.44 per share, down from SEK 808 million (SEK 72.98 per share) in 2024.

• NAV/share decreased by 1.1% during the quarter and by 3.1% over 12 months, including dividends paid.

• Net cash position of SEK 66 million, representing 12% of equity.

• Share price at year-end: SEK 37.50, reflecting a 22% discount to NAV as of 31.12.2025.

• Dividend payout in 2025: SEK 20.25 per share (including extraordinary dividend).

Outlook and guidance

• No new long-term private equity fund commitments planned; focus on supporting existing portfolio companies and optimizing balance sheet.

• Dividend policy targets 50-75% of profit after tax (excluding unrealized income/costs).

• Renewed strategic focus on maximizing value of core assets and prioritizing short-term transactions.