Matador Secondary Private Equity Ag · BX:SQL
Matador Secondary Private Equity — Investor Presentation (July 2026)
27 slides from Matador Secondary Private Equity's investor presentation, July 2026
Slide 1: Your access to private equity
Your access to private equity STEADY AND LOW CORRELATED RETURNS Sarnen, Switzerland · July 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 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 34% Free float 33% 2.0 Own stock 7% 1.0 Anchor investors include renowned family offices (Focam, Wöhrl, 0.0 Gropper, Huber, MG Trust, N4
Slide 5: 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 6: Why private equity & secondaries
02 SECTION 02 Why private equity & secondaries 6
Slide 7: The private equity market and the outperformance vs public markets
PRIVATE EQUITY MARKET The private equity market and the outperformance vs public markets Around 87% of U.S. companies with over USD 100m in revenue are privately held, only ~13% are public. A vast majority of substantial businesses aren't accessible through public stock exchanges, limiting options f
Slide 8: Optimal risk/reward — and a softened J-curve
WHY SECONDARIES? Optimal risk/reward — and a softened J-curve Secondaries enter private equity in its profitable phase: distributions arrive earlier (J-curve), while the strategy sits among the highest-returning at materially lower risk. J-curve Risk / reward of PE strategies Risk — Std. deviation o
Slide 9: 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 p
Slide 10: The foundation: private markets keep compounding
MARKET DATA & OUTLOOK The foundation: private markets keep compounding What transacts in the secondary market is a derivative of private-markets AUM. That base has tripled in a decade and today stands above $16tn. $14.2 $16.0 $16.3 $16tn+ global private-markets AUM — tripled over the last ten years.
Slide 11: Secondary private equity volumes
MARKET DATA & OUTLOOK Secondary private equity volumes Secondary deal volume reached a record in 2025 — evidence of a market that has moved from niche to mainstream liquidity tool. Total volume transacted ($bn) $240bn record total secondary volume transacted in 2025. $240 Reasons for selling existin
Slide 12: Advantages of secondary private equity
SECONDARY PRIVATE EQUITY 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 purchase Illiquidity allow
Slide 13: 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 1
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% REGIONS 8% INVESTMENT STRATEGY 22% 9% Small- & Midmarket Buyout 48% 11% USA 76% 48% Technology & Venture Capital 24% Europe 22% Large Buyout 11% Rest of World 2%
Slide 16: 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 — 22 private equity funds, with a focus on Mid- and Small-Buyout in the USA and Europe. Single largest holdings from top 5 managers A
Slide 17: 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 Germany Europe USA Asia Illustrative extract of un
Slide 18: 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 (CHF) Net TVPI Net IRR Ardian 2018
Slide 19: 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 20: Financials & outlook
04 SECTION 04 Financials & outlook A robust balance sheet compounding organically — with a clear growth ambition. 20
Slide 21: Ambition 2030
FINANCIALS & OUTLOOK Ambition 2030 PE NAV and NAV (company equity) development range, in CHF m. CHF m CORPORATE GOAL Establish Matador as a leading, publicly traded secondary private equity company through 150 exponential portfolio expansion and +83.5 150 increased share liquidity. to to 100 +58.5 1
Slide 22: Portfolio cash flow & development
COMPANY PROFILE — PORTFOLIO CASH FLOW 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
Slide 23: Steady performance, reinvested for compounding
COMPANY PROFILE — PERFORMANCE & GOALS 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 fina
Slide 24: Robust balance sheet
MATADOR — PLATFORM 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 66.5 Shareholders’ equity (CHF) 52.0 52.0m 58% equity ratio Asset
Slide 25: 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 grew organically by 12%
Slide 26: Listing, share data and IR calendar
https://www.bxswiss.com/instruments/CH0042797206 SHARE INFORMATION & INVESTOR RELATIONS Listing, share data and IR calendar Share information Financial & events calendar 2026 Listing SIX Swiss Exchange • 15.06 Listed on SIX Swiss Exchange (ticker SQL) ISIN · Ticker · Valor CH0042797206 · SQL · 4’279
Slide 27: 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 (July 2026) on 6ix