Matador Secondary Private Equity Ag · BX:SQL
Matador Secondary Private Equity — Investor Presentation (November 2025)
21 slides from Matador Secondary Private Equity's investor presentation, November 2025
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: Super Summary
SUPER SUMMARY OVERVIEW BUSINESS MODEL Illiquidity of private equity market to Matador’s Business purpose is investment in secondary private advantage. equity. Continuous returns from investments enable ongoing Established 2005 in Switzerland. portfolio expansion without outflows. Shareholders invest
Slide 4: Private Equity Market and the Outperformance vs Public Markets
PRIVATE EQUITY MARKET AND THE OUTPERFORMANCE VS PUBLIC MARKETS Private equity refers to unlisted investment capital. In addition to a good idea, expertise and a healthy dose of entrepreneurial talent, companies also need financial support in order to achieve their business goals. Through a combinati
Slide 5: Private Equity Market: Returns of Private Equity
PRIVATE EQUITY MARKET: RETURNS OF PRIVATE EQUITY Secondary private equity with excellent risk/reward ratio and highest ø 10-year returns / implications from J-Curve Risk/return-map: Ø 10-year returns 35% Risk - Standard Deviation of Net IRR Balanced 30% Buyout Early Stage 25% Fund of 20% Funds Growt
Slide 6: Private Equity Market: Secondary Private Equity Returns
PRIVATE EQUITY MARKET: SECONDARY PRIVATE EQUITY RETURNS Optimal risk/reward profile Secondary private equity has been ✓ Especially in times of crisis ❖ highly profitable for over 20 years in every vintage year, is an optimal time to invest ❖ with double-digit returns on average. in secondary private
Slide 7: Private Equity Market / Secondary Private Equity in the Spotlight
PRIVATE EQUITY MARKET / SECONDARY PRIVATE EQUITY IN THE SPOTLIGHT The reasons for selling can be based on a wide variety of considerations, e.g.: Strategic reduction in investments / number of manager relationships (maintaining weighting in asset allocation; support intensity and communication effor
Slide 8: Company Profile – Historic Performance and Goals
COMPANY PROFILE – HISTORIC PERFORMANCE AND GOALS ❖ Target return: 12% p.a. performance of the private equity portfolio. KPIs in CHF Performance = unrealised value adjustments +/- profit/loss from fund disposals 6 ❖ Corporate goals: Establish Matador as a leading, publicly traded secondary private eq
Slide 9: Company Profile – Portfolio Cash Flow and Development
COMPANY PROFILE – PORTFOLIO CASH FLOW AND DEVELOPMENT Portfolio cash flow 2018 - 2024 Increasing portfolio development without disposals 90 Millions CHF 15 Millions CHF 10 8.6 80 6.5 6.7 5 2.7 3.4 3.1 2.3 70 0 60 -5 -4.8 -10 -7.3 50 -9.0 -8.3 -10.4 -15 40 -15.5 -20 30 -25 -30 -27.1 20 FY 2018 FY 201
Slide 10: Company Profile – P&L and Balance Sheet
COMPANY PROFILE – P&L AND BALANCE SHEET Robust balance sheet Steady net income 100 Millions CHF 10 0.60 Millions CHF 90 Current ST debt 0.50 assets 8 80 0.40 Fixed 70 assets LT debt 6 0.30 60 4 0.20 50 2 0.10 40 0.00 0 Portfolio FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 30 Equity -0.10 -2 20 -0.20 10
Slide 11: Company Profile – Historic Performance / Shareholder Structure
COMPANY PROFILE - HISTORIC PERFORMANCE / SHAREHOLDER STRUCTURE ❖ Performance > 12% p.a. since establishment. ❖ 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% 5.0
Slide 12: Management / Advisory Board
MANAGEMENT / ADVISORY BOARD 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, notary and partner
Slide 13: Portfolio – Allocation
PORTFOLIO – ALLOCATION Matador's broadly diversified private equity portfolio in relation to the NAV of CHF 68.8m (31 December 2024). 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-Inve
Slide 14: Portfolio – Allocation
PORTFOLIO – ALLOCATION Matador's portfolio is extensively diversified across regions, sectors and styles, comprising 22 private equity funds. Large Buyout ARDIAN AESF V ARDIAN ASF VI ARDIAN ASF VIII Capital Dynamics GS III Capital Dynamics GS IV Mid Buyout Capital Dynamics GS V Capital Dynamics GS V
Slide 15: Portfolio – Largest Holdings in Detail
PORTFOLIO – LARGEST HOLDINGS IN DETAIL Manager Funds NAV 31.12.2024 YoY Net TVPI Net IRR Vintage 31.12.2024 31.12.2024 ARDIAN Secondary VIII 3‘878m + 27% 1.39x 14% 2018 Capital Dynamics Global Secondary V 7‘418m + 0% 1.63x 14.2% 2021 KVC Secondaries Fund II 6‘576m - 7% 1.2x 7% 2020 RCP SOF III 6‘698
Slide 16: 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 17: Investment Strategy – Advantages of Secondary Private Equity
INVESTMENT STRATEGY – 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. ❖ Due to illiquidity
Slide 18: Investment Process
INVESTMENT PROCESS 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 Decision Ca 5-10 per year Project Pegasus
Slide 19: Summary – What Is Matador Offering Its Shareholders?
SUMMARY – WHAT IS MATADOR SECONDARY PRIVATE EQUITY AG OFFERING ITS SHAREHOLDERS? Listed private equity company in Switzerland with focus on secondaries. Secondary private equity very stable and more profitable compared to other asset classes. Diversification: broadly diversified portfolio across reg
Slide 20: Financial and Events Calendar / Share Information
FINANCIAL AND EVENTS CALENDAR / SHARE INFORMATION Half-yearly reporting according to Swiss GAAP FER Financial and events calendar: ❖ 12.-13.11.25 MKK-Konferenz, Munich IR – contact: ❖ 19.-20.11.25 Roadshow Luxemburg ❖ 24.-26.11.25 Eigenkapitalforum, Frankfurt Alexander Lachmann ❖ 19.03.26 Annual rep
Slide 21: Liquidity as a Competitive Advantage
Matador Secondary Private Equity AG Grundacher 5 CH-6060 Sarnen www.matador.ch LIQUIDITY AS A COMPETITIVE ADVANTAGE 21
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