Matador Secondary Private Equity Ag · BX:SQL
Matador Secondary Private Equity — Investor Presentation (March 2026)
24 slides from Matador Secondary Private Equity's investor presentation, March 2026
Slide 1: Liquidity as a Competitive Advantage
L IQUIDITY AS A COMPETITIVE ADVANTAGE YOUR ACCESS TO PRIVATE EQUITY AS AN INVESTOR – STEADY AND LOW CORRELATED RETURNS
Slide 2: Disclaimer
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 copied, disclosed to a
Slide 3: Management / Advisory Board – All Shareholders
MANAGEMENT / ADVISORY BOARD – ALL SHAREHOLDERS Dr. Florian Dillinger Dr. Robert Ettlin Maria H. Andersson Detlef Mackewicz Alexander Lachmann Chairman Board of Directors Board of Directors Senior Partner, Advisory Board Senior Partner, Advisory Board CFO As founder and major shareholder As a lawyer,
Slide 4: USPs of Matador
USPS OF MATADOR Shareholders get direct access to quality private equity, tradable on the stock exchange. Sourcing network and selecting expertise of private equity funds. Broadly diversified portfolio with steady and low correlated, double-digit returns. 4
Slide 5: Matador Super Summary
SUPER SUMMARY OVERVIEW BUSINESS MODEL Illiquidity of private equity market to Matador’s Direct investment in secondary private equity via a advantage. public limited company. Continuous returns from investments enable ongoing Established 2005 in Switzerland. portfolio expansion without outflows (com
Slide 6: Historic Performance / Shareholder Structure
HISTORIC PERFORMANCE / SHAREHOLDER STRUCTURE ❖ Performance > 12% p.a. since establishment (CHF based). ❖ Continuous growth across all economic cycles through investment focus on secondary private equity. Share price / Net Asset Value since establishment in EUR Shareholder structure 6.00 7% 5.00 26%
Slide 7: Private Equity Market and the Outperformance vs Public Markets
PRIVATE EQUITY MARKET AND THE OUTPERFORMANCE VS PUBLIC MARKETS Around 87% of U.S. companies with over USD 100 million in revenue are privately held, with only about 13% being public. This means a vast majority of substantial businesses aren't accessible through public stock exchanges, limiting optio
Slide 8: Private Equity Market: Secondary Private Equity Returns
PRIVATE EQUITY MARKET: SECONDARY PRIVATE EQUITY RETURNS Optimal risk/reward profile Secondary private equity, i.e. buying existing stakes in private equity funds, has been ✓ Especially in times of crisis ❖ highly profitable for over 20 years in every vintage year, is an optimal time to invest ❖ with
Slide 9: Private Equity Market / Secondary Private Equity in the Spotlight
PRIVATE EQUITY MARKET / SECONDARY PRIVATE EQUITY IN THE SPOTLIGHT Transaction volume in secondary There are various reasons for selling existing fund stakes, e.g.: private equity: ❖ Strategic reduction in investments / number of manager relationships 350 (maintaining weighting in asset allocation; s
Slide 10: Advantages of 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, as investments are already known, analysed and included in the purchase decision. NAV excursus ❖ Due to illiquidity of priva
Slide 11: Portfolio – Allocation
PORTFOLIO – ALLOCATION Matador's broadly diversified private equity portfolio in relation to the NAV (last available reports). Regions 7% Investment style 3% 2% USA 12% Europe Small- & Midcap Buyout 42% Large Buyout 33% Asia Technologie bzw. Venture Capital 16% Emerging Growth Markets Co-Investment
Slide 12: Portfolio – Allocation
PORTFOLIO – ALLOCATION Matador's portfolio is extensively diversified across regions, sectors and styles, comprising 22 private equity funds. Focus on Mid & Small Buyout in USA and Europe. Large Buyout ARDIAN AESF V ARDIAN ASF VI ARDIAN ASF VIII Capital Dynamics GS III Capital Dynamics GS IV Mid Buy
Slide 13: Portfolio – Allocation
PORTFOLIO – ALLOCATION General Partner extract: Large Buyout Mid Buyout Small Buyout VC/Growth Germany Europe USA Asia 13
Slide 14: Portfolio – Largest Holdings in Detail
PORTFOLIO – LARGEST HOLDINGS IN DETAIL Manager Funds NAV (CHF)* Net TVPI* Net IRR* Vintage ARDIAN Secondary VIII 3‘097m 1.39x 12% 2018 Capital Dynamics Global Secondary V 5‘493m 1.68x 12.5% 2021 KVC Secondaries Fund II 6’097m 1.3x 7.9% 2020 RCP SOF III 6’026m 1.9x 26.8% 2018 RCP SOF III Overage 11‘6
Slide 15: Investment Process – Matador's USP in Sourcing and Selecting
INVESTMENT PROCESS – MATADOR’S USP IN SOURCING AND SELECTING Potential investments via the network Ca 300-400 per year Preselection Track record, investment focus, Ca 100-150 per year Continuity within the team,... Due diligence screening, rating, benchmarking Discussion in the Investment Committee
Slide 16: Investment Process – Collaboration with Mackewicz & Partner
INVESTMENT PROCESS – COLLABORATION WITH MACKEWICZ & PARTNER There is no stock exchange trading for the purchase and sale of stakes in private equity funds; instead, the process takes place OTC (over the counter). In addition to the relevant market participants' own networks, a number of well-known c
Slide 17: Investment Strategy – What's Important in Private Equity Investments
INVESTMENT STRATEGY – WHAT’S IMPORTANT IN PRIVATE EQUITY INVESTMENTS In addition to historically proven and outstanding track record, continuity within our private Track record equity managers' teams plays a decisive role. Matador pursues a ‘buy and hold’ investment strategy. Private equity investme
Slide 18: Company Profile – Historic Performance and Goals
COMPANY PROFILE – HISTORIC PERFORMANCE AND GOALS Performance on invested capital relative to opening NAV (PE NAV) Distributions from invested capital relative to opening NAV (PE NAV) 39.32% ❖ Target return: 12% p.a. performance of the private equity portfolio. Performance = unrealised value adjustme
Slide 19: Company Profile – Portfolio Cash Flow and Development
COMPANY PROFILE – PORTFOLIO CASH FLOW AND DEVELOPMENT Portfolio cash flow 2018 - 2025 without disposals 15 Millions CHF 10 8.6 6.5 6.7 6.6 5 2.7 3.4 3.1 2.3 0 -5 -4.8 -10 -7.3 -8.3 -7.5 -9.0 -10.4 -15 -15.5 -20 -25 -30 -27.1 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Private equ
Slide 20: Near Term Roadmap to Portfolio Development (No Guidance)
NEAR TERM ROADMAP TO PORTFOLIO DEVELOPMENT (NO GUIDANCE) Unlocking hidden value in balance sheet to boost portfolio to > 100m CHF in next few years: PE NAV development 5 15 66.5 31.12.2025 Organic growth Financial assets Treasury shares FY 2028+ 20
Slide 21: Company Profile – KPIs and Balance Sheet
COMPANY PROFILE – KPIS AND BALANCE SHEET Robust balance sheet 100 KPIs in CHF Millions CHF 90 NAV portfolio/shares outstanding NAV portfolio adj for disposals/shares out. Current ST debt 80 assets Book value/shares outstanding Closing price on BX 4.93 Fixed 70 4.75 4.70 4.69 assets LT debt 4.39 60 5
Slide 22: Summary – What Is Matador Offering Its Shareholders?
SUMMARY – WHAT IS MATADOR SECONDARY PRIVATE EQUITY AG OFFERING ITS SHAREHOLDERS? Sole listed private equity company in Switzerland with pure focus on secondaries. Secondary private equity growing rapidly, at the same time very stable and more profitable compared to other asset classes. Diversificati
Slide 23: Financial and Events Calendar / Share Information
FINANCIAL AND EVENTS CALENDAR / SHARE INFORMATION Half-yearly reporting according to Swiss GAAP FER / switch to IFRS from FY 2026 onwards Financial and events calendar: ❖ 16.04.26 Annual General Meeting ❖ 27.03.26 Roadshow South of France ❖ 23.-24.11.26 Equity Forum, Frankfurt IR – contact: ❖ 24.03.
Slide 24: Matador Secondary Private Equity AG
Matador Secondary Private Equity AG Grundacher 5 CH-6060 Sarnen www.matador.ch LIQUIDITY AS A COMPETITIVE ADVANTAGE
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