3-month financial report 2026

January – March 2026 NAXS AB (publ)

527

MSEK

Net Asset Value

• Net profit amounted to MSEK -4.6 (-94.4).

• Earnings per share amounted to SEK -0.42 (-8.52).

• Net asset value amounted to MSEK 527 (SEK 48.10 per share) at March 31, 2026, compared to MSEK 556 (SEK 50.44 per share) at December 31, 2025.

• Net cash amounted to MSEK 62 (SEK 5.63 per share) at March 31, 2026, compared to MSEK 66 (SEK 5.97 per share) at December 31, 2025.

• The 2026 Annual General Meeting resolved to distribute a dividend of SEK

48.10

SEK

NAV per share

2.00 per share, to grant a continued mandate to repurchase own shares in the Company, and to grant a continued mandate to resolve on the issue of new shares.

-0.7%

Q1

Change in NAV per share

2026 2025

The first quarter unfolded against a backdrop of persistent geopolitical and trade-policy uncertainty, which continued to weigh on private equity activity broadly. Transaction volumes remained below historical norms in the Nordic region, with the exit market in particular characterized by elongated timelines.

Including the dividend paid, the NAV per share declined by 0,7% during the first quarter. The decrease was driven primarily by the underperformance of one underlying manager.

Notwithstanding the challenging environment, the portfolio continued to generate liquidity. During the quarter, NAXS divested its co-investment in Reledo, received the redemption of its shares in JAB Co-investment IX, and sold half of its holding in Jacktel after the company listed on Euronext Growth Oslo.

At the 2026 AGM held in March, shareholders approved a dividend of SEK 2.00 per share for FY 2025, a reflection of NAXS’s commitment to returning value to shareholders.

While near-term visibility remains limited, we are focused on managing the portfolio with discipline and capitalizing on opportunities as market conditions evolve.

Amaury de Poret

NAXS is listed on Nasdaq Stockholm and has a portfolio consisting mainly of Nordic private equity investments. The Company aims to maximise the value of the existing portfolio while selectively deploying capital in new opportunities to further enhance shareholder value.

Operations commenced on April 17, 2007, and the Company was listed on First North on May 14, 2007, where it traded until its change of listing to Nasdaq Stockholm on June 8, 2010.

NAXS is the Group’s parent company and is headquartered in Stockholm. In addition to the parent company, the group consists of the subsidiaries NAXS A/S, registered in Copenhagen, NAXS Nordic Access Buyout AB, registered in Stockholm, and NAXS Nordic Access Buyout AS, registered in Oslo. The Danish and Swedish subsidiaries operate as holding companies for the Group’s investments.

At March 31, 2026, NAXS had commitments to 12 active private equity funds (10 buyout funds and 2 special situations funds) which are listed below:

Apax Europe VII is the seventh pan-European fund raised by Apax Partners, a global private equity firm headquartered in London and operating out of seven offices on four continents. Apax Partners invests globally across four sectors: consumer, healthcare, services and tech & telecom.

Celero Capital Fund (E) AB is the first fund raised by Celero Capital, a Nordic lower mid- market private equity firm that is focused on the services, consumer goods and niche industrials sectors.

Fund size: MEUR 11,000 Fund size: MEUR 275

Segment: large cap Segment: lower mid cap

Geographic focus: primarily Europe Geographic focus: Nordics

Vintage: 2007 Vintage: 2023

Website: www.apax.com Website: https://celerocapital.com/

NAXS initial commitment: MEUR 15 NAXS initial commitment: MEUR 3.2

No. of portfolio companies/exits: 2/34 No. of portfolio companies/exits: 6/0

Equip Capital I is the first fund raised by Equip Capital, an Oslo-based private equity

firm focusing on investments in small and mid-sized companies in the Nordic region. The Equip Capital team has extensive investment experience across the consumer, industrial and business services sectors.

Equip Capital SPV is a continuation vehicle established to acquire 2 portfolio companies, Rush and iteam, from Equip Capital Fund I (“Equip Fund I”) with the aim to build on their successful platforms and support a new phase of growth. Rush is one of the largest indoor trampoline park operators in Europe, while iteam is a leading IT services provider to the Norwegian SME market.

Fund size: MNOK 1,900 Fund size: MEUR 307

Segment: small/mid cap Segment: small/mid cap

Geographic focus: Norway and Nordics Geographic focus: Norway/Nordics

Vintage: 2020 Vintage: 2024

Website: www.equip.noWebsite: www.equip.no

NAXS initial commitment: MNOK 20 NAXS initial commitment: MEUR 1.3

No. of portfolio companies/exits: 10/2 No. of portfolio companies /exits: 2/0

JAB Consumer Fund – Global Consumer Brands II is a private equity fund co-investing along JAB Holding, a privately held group focused on consumer goods and retail companies with premium brands, as well as pet care and services. The fund focuses on the fast casual dining sector, as well as pet care.

JAB Consumer Fund – Global Consumer Brands III is a private equity fund co-investing along JAB Holding, a privately held group focused on consumer goods and retail companies with premium brands, as well as pet care and services. The fund focuses on pet care.

Fund size: MUSD 5,000 Fund size: MUSD 3,800

Segment: large cap Segment: large cap

Geographic focus: global Geographic focus: global

Vintage: 2018 Vintage: 2020

Website: https://www.jabholco.comWebsite: https://www.jabholco.com

NAXS initial commitment: MUSD 5 NAXS initial commitment: MEUR 5

No. of platform investments/exits: 2/1 No. of platform investments/exits: 2/0

JAB Consumer Fund – Global Consumer Brands V is a private equity fund co-investing along JAB Holding, a privately held group focused on consumer goods and retail companies with premium brands, as well as pet care and pet services. The fund focuses on pet services.

Mimir Industries AB is the second investment vehicle raised by Mimir, private equity special situations manager focusing on mid-sized companies in all sectors, except real estate.

Fund size: 5,000 MEUR Fund size:

Segment: large cap Segment: mid cap

Geographic focus: global Geographic focus: global, with a focus on the Nordics

Vintage: 2022 Vintage: 2022

Website: https://www.jabholco.comWebsite: www.mimirinvest.com

NAXS initial commitment: MEUR 5 NAXS initial commitment: MSEK 75

No. of platform investments/exits: 1/0 No. of portfolio companies/exits: 7/0

Mimir Invest AB is the first investment vehicle raised by Mimir, private equity special situations manager focusing on mid-sized companies in all sectors, except real estate.

Nordic Capital Evolution has been raised by Nordic Capital to replicate in the mid-market the firm’s established investment strategy.

Established in 1989, Nordic Capital is one of the largest buyout managers in Northern Europe. The firm focuses on selected sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services and selectively, Industrial Goods & Services.

Fund size: Fund size: MEUR 1,200

Segment: small cap Segment: mid cap

Geographic focus: global, with a focus on the Nordics

Geographic focus: Northern Europe

Vintage: 2017 Vintage: 2021

Website: www.mimirinvest.comWebsite: https://www.nordiccapital.com/

NAXS initial commitment: MSEK 50 NAXS initial commitment: MEUR 1

No. of portfolio companies/exits: 1/8 No. of portfolio companies/exits: 12/0

Nordic Capital Fund X is the tenth fund raised by Nordic Capital. Established in 1989, Nordic Capital is one of the largest buyout managers in Northern Europe. The firm focuses on selected sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services and selectively, Industrial Goods & Services.

Valedo Fund II is the second fund of Valedo, a growth oriented Swedish small cap manager established in 2006 by a spin-off team from EQT. The fund focuses on the Swedish small cap segment.

Fund size: MEUR 6,100 Fund size: MSEK 2,000

Segment: large cap Segment: small cap

Geographic focus: Europe and selected global

healthcare and technology & payments investments

Geographic focus: Sweden and the Nordics

Vintage: 2020 Vintage: 2011

Website: https://www.nordiccapital.com/Website: https://www.valedopartners.com/

NAXS initial commitment: MEUR 2 NAXS initial commitment: MSEK 65

No. of portfolio companies/exits: 16/0 No. of portfolio companies/exits: 2/9

As of March 31, 2026, there are 4 holdings in Other investments.

In February, NAXS' interests in the fund component JAB Consumer Co-Investment IX were redeemed, whereby NAXS received 0.2 MUSD, corresponding to 1.9 MSEK. The underlying investment of the fund component was a holding in Pret Panera Company Inc., a US operator in the fast-casual segment. NAXS invested in the fund component in 2020.

In March, half of the shareholding in Jacktel was divested for consideration of 10.2 MNOK, corresponding to 9.9 MSEK. Jackel’s share price increased during the quarter, primarily due to the company's listing on Euronext Growth Oslo.

In March, NAXS divested its co-investment in Reledo for consideration of 2.2 MEUR, corresponding to 24.3 MSEK. NAXS co-invested in Reledo together with Celero Capital Fund I in 2023.

Below is an overview of net asset value per share for the different assets at March 31, 2026.

Private Equity Fund Investments

Shares outstanding, thousands 10 957

At March 31, 2026, the total exposure to Private equity fund investments and Other Investments amounted to MSEK 520, which corresponds to 99% of the Company’s equity. In the table below, the total exposure is compared to the Net cash plus Private equity fund investments and Other Investments.

120%

100%

62 MSEK 12%

Remaining commitments

54 MSEK 10%

80%

Net cash

60%

40%

466 MSEK 88%

20%

Private equity fund investments and Other Investments

0%

The NAV per share decreased by 0.7% during the first quarter, including the dividend paid.

120

100

80

60

40

20

0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026

Dividend paid 2026

Dividends paid 2025

Dividend paid 2024

Dividend paid 2023

Dividend paid 2022

Dividend paid 2021

Dividend paid 2012 - 2020 NAV

Commitments to Private equity funds

NAXS made no new commitments during the first quarter.

Acquisitions by underlying funds

1 new acquisition took place during the quarter.

Liquidity events in underlying funds

1 new exit took place during the quarter.

Other Investments

During the quarter, NAXS acquired additional shares in Reledo for approx. KSEK 828. Reledo is a leading provider of facility management services to small-and medium-size enterprises in the Nordics. The entire co-investment was divested later in the quarter (see below).

ng the quarter, NAXS divested its co-investment in Reledo, a leading provider of facility management services to small- and medium-size enterprises in the Nordics. NAXS co-invested in Reledo alongside Celero Capital Fund I in 2023.

In addition, NAXS’s holding in the JAB Consumer Co-stment IX compartment was fully redeemed

ng the quarter. The compartment’s underlying t is a stake in Pret Panera Company Inc., a U.S.-d fast-casual dining operator. Following the

redemption, the compartment will be liquidated. NAXS invested in this compartment in Q4 2020. Finally, NAXS divested during the quarter half of its holding in Jacktel AS in connection with the listing of the company on Euronext Growth Oslo, corresponding to 2,321,750 shares.

At March 31, 2026, NAXS’s underlying funds had acquired a total of 196 companies, 131 of which had been fully divested. These 131 exits have generated an average IRR of 17.3%.

At March 31, 2026, NAXS provided the following exposure:

Asset allocation (% of equity)

Private equity fund investments 83,5%

Other Investments 4,9%

Net cash 11,7%

Other net assets -0,1%

Fund segment allocation (% of Private equity fund investments)

Nordic small cap 52,2% Nordic mid cap 11,2% Nordic large cap 5,4% European mid cap 0,0% European large cap 0,4% Global large cap 30,7%

Sector allocation (% of investments in Private equity funds and Other Investments)

Building & construction 4,6% Business services 11,6% Consumer goods & services 10,0% Food & beverage 4,2%

Healthcare 2,9%

Industry 35,0%

Pet care & services 28,2% Tech & software 3,5%

The 10 largest underlying portfolio companies represent approximately 57% of the total equity, with the largest underlying portfolio company accounting for approximately 13% of equity.

31 Mar 31 Dec

KSEK 2026 2025 2025

Q1 Jan-Mar Jan-Dec

KSEK 2026 2026 2025

Fund investments Other investments Q1 Jan-Dec Q1 Jan-Dec

KSEK 2026 2025 2026 2025

The total change in value reported through the income statement in the first quarter for Private equity fund investments and Other Investments amounts to KSEK -3,180 (96,929). Unrealized exchange rate changes are the period's change in the value of the holdings when translated from local currency to SEK.

31 Mar 31 Dec

KSEK 2026 2025 2025

5.63

SEK

Net cash per share

40.16

SEK

Private equity fund investments per share

During the interim period, cash and cash equivalents were invested in interest-bearing instruments or held on interest-bearing bank accounts, in accordance with the Company’s policy.

Q1 Jan-Dec

KSEK 2026 2025

*Including exchange rate difference in cash and cash equivalents.

Q1 Jan-Dec

KSEK 2026 2025

Financing

The Group is financed with shareholders’ equity. Shareholders’ equity at the end of the interim period amounted to KSEK 527,024 (556,346), corresponding to SEK 48.10 (50.44) per share and an equity/asset ratio of 99.8 (98.2) percent. Dividends to shareholders amounted to KSEK 21,939 (224,321) corresponding to SEK 2.00 (20.25) per share.

Repurchases of own shares amounted to KSEK 2,797 (1,813), corresponding to SEK 0.26 (0.16) per share.

48.10

SEK

Equity per share

Results and investments

First quarter 2026

Profit after financial items amounted to KSEK -4,581 (94,397). The result is mainly attributable to changes in the value in Private equity fund investments of KSEK -8,794 (98,020) and in Other Investments KSEK 5,615 (-1,092). The decrease in value of Private Equity Fund investments experienced during the period was primarily due to the underperformance of one fund manager, which also reflects the more challenging macroeconomic environment.

During the quarter, NAXS invested KSEK 3,637 (8,635) in Private equity fund investments and repayments from Private equity fund investments amounted to KSEK 0 (6,648). Investments in Other Investments amounted to KSEK 880 (0) and repayments from Other Investments amounted to KSEK 35,734 (240).

Events after the end of the interim period

No significant events have occurred after the end of the interim period.

Significant risks and uncertainty factors

Significant risks and uncertainty factors are described in the Annual Report 2025. The risks related to the general macro-economic environment includes but are not limited to, armed conflicts, trade wars, tariffs, currency and interest rates.

Parent company

The parent company’s revenues for the interim period amounted to KSEK 158 (178). Net interest income amounted to KSEK 1,670 (2,542) and foreign exchange effects to KSEK 124 (0). During the interim period, treasury shares were repurchased by subsidiaries, resulting in KSEK 6,395 (-) in profit from participations in subsidiaries.

The profit/loss before and after tax amounted to KSEK 5,243 (-476).

Organization

Amaury de Poret took office as CEO on 1 January 2026, replacing Børge Johansen, who stepped down as CEO on 31 December 2025. The Board consists of Oliver Molse (Chairman), Niclas Winberg and Thor Åhlgren, all of whom were re-elected as Board members at the Annual General Meeting on 17 March 2026, and Amaury de Poret, who was newly elected and replaced Børge Johansen as Board member.

The NAXS share was initially listed on First North on May 14, 2007. Since June 8, 2010, the share is traded on Nasdaq Stockholm. The share trades under the designation “NAXS”.

Evolution of the share price during Q1 2026

42

41

40

39

38

37

36

35

34

NAXS

OMX Stockholm PI

The total number of issued shares in the company at the beginning and end of the interim period amounted to 11,077,585. The number of outstanding shares in the company at the beginning of the interim period amounted to 11,030,317. Based on the authorization granted by the Extraordinary General Meeting on November 12, 2025, and the Annual General Meeting on 17 March 2026, NAXS continued to repurchase own shares. During the interim period, 72,974 shares were repurchased. NAXS’ holding of

own shares at the end of the interim period amounted to 120,242 shares. The number

of outstanding shares in the company at the end of the interim period amounted to 10,957,343.

During the interim period, SEK 21.9 million was paid in dividends, corresponding to SEK 2.00 per share, and own shares were repurchased for a total amount of KSEK 2.8.

At March 31, 2026, the NAXS share price was SEK

36.30 and the total shareholders’ equity per share was SEK 48.10. The Company’s market capitalization was MSEK 398, and the number of shareholders was 3,908.

2 jan 26

9 jan 26

16 jan 26

23 jan 26

30 jan 26

6 feb 26

13 feb 26

20 feb 26

27 feb 26

6 mar 26

13 mar 26

20

27 mar 26

Interim report (6 months): 17 July 2026

Interim report (9 months): 23 October 2026

Year-end report 2026: 29 January 2027

NAXS.SS in Bloomberg NAXS.ST in Reuters

Amaury de Poret, CEO

+46 73 511 17 35

adp@naxs.se

Gösta Lundgren, CFO

+46 70 710 47 88

gosta.lundgren@naxs.se

This information is information that NAXS AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at

16.30 CET on April 23, 2026

This report is an in-house translation of the original report in Swedish.

Stockholm, April 23, 2026

Amaury de Poret Director and CEO

This report has not been subject to review by the Company’s auditors.

This report and other information are available on https://www.naxs.se.

NAXS AB (publ)

Corp. Reg. No. 556712-2972

Nybrogatan 6

114 34 Stockholm, Sweden

Tel: +46 (0)766 40 00 40

E-mail: info@naxs.se

Q1

KSEK Note 2026 2025

*Before and after dilution.

The Group’s comprehensive income for the interim period is consistent with the net profit for the interim period.

31 Mar 31 Dec

KSEK Note 2026 2025 2025

31 Mar 31 Dec

KSEK 2026 2025 2025

Q1

KSEK 2026 2025

Q1

KSEK 2026 2025

Q1

KSEK 2026 2025

31 Mar 31 Dec

KSEK 2026 2025 2025

31 Mar 31 Dec

KSEK 2026 2025 2025

The condensed consolidated financial statements have been established in accordance with the IFRS Accounting Standards, as recognized by the EU. This report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Reporting legislation. All figures in this interim report are based on exact values in the company’s accounting records. Amounts have been rounded to the nearest thousand SEK (TSEK), which may result in totals in tables and notes not adding up precisely to the sum of the individual items.

The accounting principles applied in this report are described in the Annual Report 2025 under notes to the financial reports.

The new and amended IFRS standards and interpretations applied from 2026 have not and are not expected to have any significant effect on the Group's financial results and position.

The Parent Company follows the Swedish Annual Reporting legislation and the Swedish Financial Reporting Board RFR 2 for legal entities.

Q1

KSEK 2026 2025

No related party transaction occurred during the interim period, except for remunerations to the board members and the CEO.

The table below provides information on how fair value is determined for the financial instruments measured at fair value on the balance sheet.

Group 2026-03-31

Group 2025-12-31

Disclosure of fair value measurement by level in the following fair value hierarchy:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Observable data for the asset or liabilities other than quoted prices included in tier 1, either directly (i.e. as price quotations) or indirectly (i.e. derived from price quotations).

Level 3 – Data for the asset or liability that is not based on observable market data (i.e. unobservable data). All NAXS investments in fund units have been classified in level 3 because they have no observable inputs and because they are rarely or not traded at all in an active market.

The book value for all NAXS's financial assets and liabilities is consistent with or is a reasonable estimate of fair value. All amounts are shown in the reported balance sheets. NAXS’s private equity fund

investments are classified in Level 3. The Company's specific valuation techniques and critical estimates are reported under accounting policies. In level 3, unlisted units in investment funds are reported. The company's holdings in unlisted investment funds (so-called Private equity funds) are valued using an alternative valuation method for which observable input data is not available. For private equity funds, valuation is based on rates and unit values received from the fund manager. The valuation follows accepted valuation principles for calculating fair values. The fair value is calculated by the underlying assets being market-valued and priced by the fund manager. The funds follow the IPEV Valuation Guidelines when valuing their holdings. The International Private Equity and Venture Capital Valuation (IPEV) Guidelines set out recommendations, intended to represent current best practice, on the valuation of Private Capital Investments. If NAXS assesses that the fund managers valuation has not sufficiently taken into account factors that affect the value of the underlying holdings or if the valuation made is deemed to deviate significantly from the accounting principles for valuation at fair value, an adjustment is made to

the value. Listed holdings held by the funds are valued based on the share price of the respective holdings on the balance sheet date. At the end of the interim period, the company has not adjusted the fund managers valuations to any material extent.

Based on the controls applied, NAXS considers that the fair values recognised in the balance sheet and changes in fair value recognised in the income statement are well prepared and balanced and reflect the underlying economic values, while at the same time recognizing that there are several factors that could adversely affect the valuation of the balance sheet and the fund holdings including but not limited to macroeconomic conditions, geopolitical events, market liquidity, changes in interest rates, and other unforeseen developments that may impact the valuation of underlying assets and investments. Additionally, non-systemic risks, such as the potential for valuation assumptions or methodologies to be overly optimistic or misaligned with market realities, could also influence the reported values. NAXS conducts quarterly reviews of the reports and valuations received from each fund manager.

NAXS applies the guidelines issued by the European Securities and Markets Authority (ESMA) for alternative key ratios. Alternative key figures are financial measures of historical or future earnings trend, financial position, financial results, or cash flows that are not defined or specified in the applicable rules for financial reporting.

Alternative key ratios are stated when, in their context, they provide clearer or more in-depth information than the measures defined in applicable financial reporting rules. The alternative key figures

are derived from the consolidated financial statements. Alternative key ratios are stated when, in their context, they supplement the measures de-fined in IFRS. The starting point for the provided alternative key figures is that they are used by management to assess the financial development and are thus considered to provide valuable information to analysts and other stakeholders. NAXS regularly uses alternative key ratios as a complement to those key ratios that generally constitute good accounting practice.

Definitions

Buyout fund A private equity fund, whose strategy is to acquire a controlling interest in the targeted companies.

Cash per share* Cash & cash equivalents in relation to the number of outstanding shares at

the end of the period.

Current commitments Acquisition cost for private equity fund investments, plus remaining

commitments to private equity funds.

IRR The annual return, calculated as an internal rate of return (IRR), on the cash flows between NAXS and the underlying funds that are directly attributable to investments in portfolio companies, after costs in the form of carried interest but before management fees payable to the fund manager. This key figure does not correspond directly to any reconcilable IFRS line item and constitutes an internally calculated measure based on historical cash flows between the Company and the underlying funds.

Net asset value (NAV) / Equity per share*

Total assets increased by net cash (corresponding, in the Company’s case, to equity) in relation to the number of outstanding shares as at the balance sheet date.

Net cash*

Cash and cash equivalents, short-term investments and interest-bearing current and long-term receivables, less interest-bearing current and longterm liabilities.

Other Investments / Other longterm holdings of securities

Investments in financial instruments other than private equity funds.

Profit per share Profit for the interim period attributable to the Parent Company's

shareholders divided by the average number of shares.

Special situations fund

A private equity fund, whose strategy is to acquire companies, where an active ownership is required, such as under-performing companies, and/or imply complex transactions, such as carve-outs from larger conglomerates.

Total assets* All assets and liabilities not included in Net cash.

Total exposure to Private equity fund investments and Other Investments

Total exposure to Private equity fund investments combined with Other Investments.

*Refers to alternative key figures according to the European Securities and Markets Authority (ESMA).

Below are reconciliations of significant alternative key figures against the most directly reconcilable item, subsum or total sum stated in the financial statements for the corresponding period.

Net cash or cash available at short notice, are defined as cash and cash equivalents, current investments, financial investments and interest-bearing current and short-term receivables. Deductions are made for interest bearing short- and long-term liabilities.

31 Mar 31 Dec

Group, KSEK 2026 2025 2025

The net of all assets and liabilities that are not included in the Net cash.

31 Mar 31 Dec

Group, KSEK 2026 2025 2025

Equity attributable to the Parent Company's shareholders in relation to the number of shares outstanding on the balance sheet date.

Group 2026-03-31

Net asset value, KSEK 527 024 =

Number of shares outstanding 10 957 343

Net asset value, SEK per share

48,10

Group 2025-03-31

Net asset value, KSEK 902 807

Number of shares outstanding 11 077 585 =

Net asset value,

SEK per share 81,50

Group 2025-12-31

Net asset value, KSEK 556 346

Number of shares outstanding 11 030 317

Net asset value,

SEK per share

= 50,44