Matador Secondary Private Equity Ag · BX:SQL
Matador Secondary Private Equity — Investor Presentation (September 2026)
29 slides from Matador Secondary Private Equity's investor presentation, September 2026
Slide 1: Your access to Private Equity
Your access to Private Equity STEADY AND LOW CORRELATED RETURNS SIX Swiss Exchange · SQL Sarnen, Switzerland · September 2026
Slide 2: Disclaimer
IMPORTANT NOTICE Disclaimer Important notice This document does not constitute a public offer to purchase shares in Matador Secondary Private Equity AG, CH-Sarnen, (the ‘Company’). It has been prepared by the Company for informational purposes only. This document is confidential and may not be copie
Slide 3: Management / advisory board — all shareholders
MANAGEMENT & ADVISORY BOARD Management / advisory board — all shareholders Aligned ownership across the board and advisory team underpins a long-term, owner-operator culture. Chairman Board of Directors Board of Directors Senior Partner, Advisory Board Chief Financial Officer Dr. Florian Dillinger D
Slide 4: Two decades of organic NAV (equity) growth of 12% p.a.
HISTORIC PERFORMANCE & OWNERSHIP Two decades of organic NAV (equity) growth of 12% p.a. EUR based 5.0 Shareholder structure 4.0 3.0 Management 26% Anchor investors 16% Free float 51% 2.0 Own stock 7% 1.0 Anchor investors include renowned family offices (Focam, 0.0 Wöhrl, Gropper, Huber, MG Trust, N4
Slide 5: Solving the Private Equity access gap
BUSINESS MODEL Solving the Private Equity access gap via Secondary Private Equity = buying existing fund stakes Matador performs fund sourcing, due diligence and selection on behalf of shareholders, overcoming the allocation constraints, high minimum commitments and extended lock-up periods that typ
Slide 6: Matador at a glance
COMPANY OVERVIEW Matador at a glance The only listed Swiss Private Equity company with a pure focus on Secondary Private Equity — continuous growth across all economic cycles. Shareholders get direct access to quality Private Equity, tradable on the stock exchange. SIX Swiss ~ CHF 90m > 1,000 ø 12%
Slide 7: Why Private Equity & Secondary Private Equity
02 SECTION 02 Why Private Equity & Secondary Private Equity 7
Slide 8: Why investors are turning to Private Equity
WHY PRIVATE EQUITY Why investors are turning to Private Equity Three structural reasons why Private Equity earns a place in a well-diversified portfolio. Attractive long-term Access to private value Diversification, low returns creation correlation Private Equity has consistently outpaced Most econo
Slide 9: Optimal risk/reward — and a softened J-curve
WHY SECONDARIES Optimal risk/reward — and a softened J-curve Secondaries (buying existing fund stakes) enter Private Equity in its profitable phase: distributions arrive earlier (J-curve), while the strategy sits among the highest-returning at materially lower risk. Risk / reward of PE strategies J-
Slide 10: Secondary Private Equity returns
WHY SECONDARIES Secondary Private Equity returns Buying existing fund stakes has been profitable in every vintage year for over two decades — with double-digit returns on average and positive performance even through major crises. Especially in times of crises, optimal time to invest in Secondary Pr
Slide 11: Secondary Private Equity volumes
WHY SECONDARIES - MARKET DATA & OUTLOOK Secondary Private Equity volumes The Private Equity AuM base has tripled in a decade and today stands above $20tn. ~1% of AuM turns over via the secondary market each year. Secondary deal volume reached a record in 2025 — evidence of a market that has moved fr
Slide 12: Historic portfolio pricing – discounts to NAV
WHY SECONDARIES Historic portfolio pricing – discounts to NAV Persistent discounts remain an additional source of return for disciplined buyers. Total market (average) 20 15 Discount (%) 10 0.75x 5 0.75x 0 2018 2019 2020 2021 2022 2023 2024 2025 Year Source: Jefferies 2025 Global Secondary Review 12
Slide 13: Advantages of Secondary Private Equity
WHY SECONDARIES Advantages of Secondary Private Equity Risk/reward ratio is significantly more attractive in Secondary Private Equity than in traditional Private Equity: No blind-pool risk Discount to NAV Investments are already known, analysed and included in the Illiquidity allows stakes to be acq
Slide 14: The portfolio
03 SECTION 03 The portfolio Broadly diversified across regions, sectors, strategies and vintages. 14
Slide 15: A broadly diversified Private Equity portfolio
PORTFOLIO — ALLOCATION A broadly diversified Private Equity portfolio Matador’s portfolio in relation to NAV (last available reports): 2% R EG I O N S 8% I N V E ST ME N T ST R AT EGY 22% 9% USA 76% Small- & Midmarket Buyout 48% Europe 22% Technology & Venture Capital 24% 11% Rest of World 2% 48% La
Slide 16: Why the small- & mid-market buyout strategy
PORTFOLIO — ALLOCATION Why the small- & mid-market buyout strategy We prefer SMID buyout (<1bn USD EV) in North America: addressable market is larger, and growth is less deterred from differing laws, languages and regulations compared to Europe. SMID buyout ~50% of current PE NAV. Favourable entry O
Slide 17: A broadly diversified portfolio across strategies & regions
PORTFOLIO — ALLOCATION A broadly diversified portfolio across strategies & regions Matador’s portfolio is diversified across regions, sectors, strategies and vintages — 21 Private Equity funds, with a focus on Mid- and Small- Buyout in USA and Europe. Single largest holdings from top 5 managers ARDI
Slide 18: General Partner extract — underlying managers
PORTFOLIO — ALLOCATION General Partner extract — underlying managers A look-through to some of the general partners across the portfolio, spanning Large-, Mid- and Small-Buyout as well as VC / Growth. Large Buyout Mid Buyout Small Buyout VC / Growth Europe USA Asia Illustrative extract of underlying
Slide 19: Largest holdings from top 5 managers
PORTFOLIO — MANAGERS & LARGEST HOLDINGS Largest holdings from top 5 managers The five largest manager relationships and their fund-level performance (in relation to last available reports before Matador release dates and on fund levels). Manager / Fund Vintage NAV (TCHF) Net TVPI Net IRR Ardian 2019
Slide 20: Disciplined sourcing, selection and decision-making
INVESTMENT PROCESS Disciplined sourcing, selection and decision-making A funnel from broad sourcing to a focused, high-conviction portfolio — supported by Mackewicz & Partner. 1 2 3 4 5 Sourcing › Preselection › Due diligence › Investment Committee › Decision Several hundred funds ~100–150 per year
Slide 21: Financials & outlook
04 SECTION 04 Financials & outlook A robust balance sheet compounding organically — with a clear growth ambition. 21
Slide 22: Ambition 2030
FINANCIALS & OUTLOOK Ambition 2030 PE NAV and NAV (equity) development range, in CHF m. CORPORATE GOAL Establish Matador as a leading, CHF m publicly traded Secondary Private Equity company through 150 exponential portfolio expansion and +83.5 150 increased share liquidity. to to 100 +58.5 125 100 1
Slide 23: Highlights from H1 2026 report
FINANCIALS & OUTLOOK Highlights from H1 2026 report P&L extract (in TCHF): PE Portfolio Cash Flow extract (in TCHF): H1 2026 H1 2025 ∆ H1 2026 H1 2025 ∆ Net gains 3’955 3’043 +30% Distributions 4’015 2’342 +71% FX adj net income 3’730 2’870 +30% Capital deployed 3’418 4’365 -22% Portfolio Cash Flow
Slide 24: Portfolio cash flow & development
COMPANY PROFILE Portfolio cash flow & development Distributions vs. capital deployed, FY2021–FY2025, in CHF m. CHF m Distributions Capital deployed +10 8.6 6.5 6.7 6.6 3.1 PORTFOLIO OUTLOOK 0 Improving cash-flow trajectory -10 –8.3 –7.5 –10.4 –15.5 -20 INVESTMENT BAROMETER -30 –27.1 PE portfolio alm
Slide 25: Steady performance, reinvested for compounding
COMPANY PROFILE Steady performance, reinvested for compounding Performance and distributions on invested capital relative to opening PE NAV, FY2021–FY2025. 45% 40% 39.3% P&L FY 2025 extract: 35% Net gains 4.4 Mio. FX (7.2) Mio. 30% 24.0% Operating income (2.8) Mio. 25% Net finance costs (1.2) Mio. 2
Slide 26: Robust balance sheet
COMPANY PROFILE Robust balance sheet Substance over leverage: a high-quality private-equity portfolio funded by a strong equity base. Balance sheet 31.12.2025 · total CHF 88.9m 22.4 PE portfolio (CHF) 36.9 66.5m 75% of total assets Shareholders’ equity (CHF) 52.0m 66.5 52.0 58% equity ratio PE portf
Slide 27: What Matador offers its shareholders
SUMMARY What Matador offers its shareholders A differentiated, listed route into Private Equity — diversified, aligned and fairly priced. Pure-play secondaries Broad diversification 20-year track record Switzerland's only listed PE company >1,000 companies across regions, NAV (equity) grew organical
Slide 28: Listing, share data and IR calendar
SHARE INFORMATION & INVESTOR RELATIONS Listing, share data and IR calendar Share information Financial & events calendar 2026 • 15.06 Listed on SIX Swiss Exchange (ticker SQL) Listing SIX Swiss Exchange • 16.09 Investora, Zurich Indices SPI and SPI Extra • 22.09 Tenvalue, Madrid ISIN · Ticker · Valo
Slide 29: Your access to Private Equity
Your access to Private Equity Matador Secondary Private Equity AG Grundacher 5 · CH-6060 Sarnen · Switzerland · www.matador.ch
Matador Secondary Private Equity — Investor Presentation (September 2026) on 6ix