Q1 2026 Presentation

‌Q1 2026‌

April 2026. Please refer to https://www.naxs.se and the company’s financial reports for exhaustive information

‌Q1 2026

Established in 2007, NAXS is an investment company listed on Nasdaq Stockholm with a portfolio of Nordic private equity investments. The Company aims to maximize value from its existing portfolio while selectively deploying capital to further enhance shareholder returns.

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‌NAXS offers a diversified exposure to the private equity market through a listed share

→ 12 active private equity funds from 7 managers

→ exposure to large, mid and small cap segments

→ 65 portfolio companies as of Q1 2026

→ since inception, underlying funds have acquired 196 portfolio companies, 131 of which have been fully exited, generating an average IRR of 17%

Attractive distribution policy:

An extraordinary meeting held in September 2025 approved the payment of an extraordinary dividend of SEK 16/share

The 2026 AGM voted on a dividend of SEK 2.00/share representing approx. 4% of NAV and a dividend yield of approx. 5%

NAXS also provides an

exposure to selected

direct investments:

→ 2 listed equity investments (Nasdaq Copenhagen and Euronext Growth Oslo)

→ 1 unlisted equity investments

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‌Fund portfolio (Q1 2026)

The total exposure to Private equity fund investments represents approx. 83.5% of NAV as of Q1 2026

Apax Europe VII LP

Fund size: MEUR 11.000 Segment: large cap Vintage: 2007

Geographic focus: Europe/Global

NAXS initial commitment: MEUR 15

https://www.apax.com

JAB Consumer Fund GCB III

Fund size: MUSD 3.800 Segment: large cap Vintage: 2020

Geographic focus: Global

NAXS initial commitment: MEUR 5 https://www.jabholdco.com

Celero Capital Fund E AB

Fund size: n/a Segment: small cap Vintage: 2023

Geographic focus: Nordic

NAXS initial commitment: MEUR 3.2 https://www.celerocapital.com

Valedo Partners Fund II AB

Fund size: MEUR 2.000 Segment: small cap Vintage: 2011

Geographic focus: Sweden

NAXS initial commitment: MSEK 65

https://www.valedopartners.com

Nordic Capital Fund X LP

Fund size: MEUR 6.100 Segment: large cap Vintage: 2020

Equip Capital SPV

Geographic focus: Northern Europe/US NAXS initial commitment: MEUR 2 https://www.nordiccapital.com

Fund size: MEUR 310

Segment: small cap (continuation vehicle)

Vintage: 2024

Geographic focus: Norway/Nordic NAXS initial commitment: MEUR 1.3 https://www.equip.no

Fund size:

Mimir Invest AB

Geographic focus: Primarily Nordic

NAXS initial commitment: MSEK 50

https://www.mimirinvest.com

Nordic Capital Evo I LP

Fund size: MEUR 1.200 Segment: mid cap Vintage: 2021

Geographic focus: Northern Europe NAXS initial commitment: MEUR 1 https://www.nordiccapital.com

JAB Consumer Fund GCB II

Fund size: MUSD 5.000 Segment: large cap Vintage: 2018

Geographic focus: Global

NAXS initial commitment: MUSD 5

https://www.jabholdco.com

Mimir Industries AB

Fund size:

Geographic focus: Nordics

NAXS initial commitment: MSEK 75

https://www.mimirinvest.com

Equip Capital Fund I LP

Fund size: MNOK 1.900 Segment: small cap Vintage: 2020

Geographic focus: Norway/Nordic NAXS initial commitment: MNOK 20 https://www.equip.no

JAB Consumer Fund JCP V

Fund size: MEUR 4,000 Segment: large cap Vintage: 2022

Geographic focus: Global

NAXS initial commitment: MEUR 5

https://www.jabholdco.com

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‌Direct investments portfolio (Q1 2026)*

Direct investments represent approx. 4.9 % of NAV as of Q1 2026

Jacktel AS

Sector: Oil & Gas

Type of instrument: unlisted shares (registered on Euronext NOTC) Year of initial investment: 2018

Initial investment: n/a (conversion of bonds)

https://www.macro-offshore.com

Novonesis

Sector: bioscience

Type of instrument: listed share (Nasdaq Copenhagen)

Year of initial investment: 2022

Initial investment: MDKK 1.4

https://www.novonesis.com.

Panera Brands

Sector: Fast casual dining

Type of instrument: unlisted shares (co-

investment with JAB Holding) Year of initial investment: 2023 Initial investment: MUSD 1.0 https://www.panerabread.com

* Direct investments are referred to as “Other Investments” in NAXS’s reporting

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‌NAV development Q1 2022 – Q1 2026

Including the dividends paid, the NAV/share decreased by 0.7% during Q1 2026

120

3.5

3.5 3.5

3.75

3.5

3.75

3.5

3.75

3.5

3.75

3.5

3.5

4.25

3.75

3.5

19.01

19.01

19.01

19.01

19.01

4.25

3.75

3.5

4.25

3.75

3.5

4.25

3.75

3.5

4.25

4.25

3.75

3.5

2

19.01

19.01

19.01

19.01

19.01

16

16

16

19.01

19.01

19.01

19.01

4.25

4.25

3.75

3.5

4.25

4.25

3.75

3.5

4.25

4.25

3.75

3.5

19.01

19.01

19.01

86.59

86.95

78.12

78.71

83.38

83.50

84.52

83.24

83.33

76.20

81.50

72.46

72.98

73.32

50.98

50.44

48.10

100

80

60

40

20

0

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

NAV Dividend paid 2012-21 Dividend paid 2022 Dividend paid 2023

Dividend paid 2024 Dividend paid Q2 2025 Dividend paid Q3 2025 Dividend paid Q1 2026

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‌Q1 2026

Key figures Q1 2026

Equity (NAV)

MSEK

SEK 48.10/share

NAV change during the

quarter (incl. dividend paid)

Percent

Private equity fund investments

and Other Investments

MSEK

99 percent of equity

Net cash

MSEK

12 percent of equity

Share price

SEK

(closing price 31.03.2026)

Discount to NAV

Percent

(compared to 31.03.2026 NAV)

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‌Investment strategy & Company facts

November 2025 strategic update

Following an extraordinary general meeting in November 2025, the Company reaffirmed its strategic focus on maximizing the value of its core private equity assets and enhancing shareholder returns.

As a result, the Company does not currently intend to prioritize new long-term private equity fund commitments. Instead, it will pursue selective, shorter-term debt and equity transactions to support existing portfolio companies and, where appropriate, other opportunities, with the aim of optimizing the balance sheet and enhancing shareholder value.

Financing & management of net cash

Investments are financed through equity

Liquid assets/net cash are invested in secure short-term interest-bearing instruments or bank accounts only

Legal form

A public limited liability company incorporated under Swedish law

Number of shares

11,007,585 share (single share class)

Listing

Nasdaq OMX Stockholm

Ticker

NAXS SS in Bloomberg NAXS.ST in Reuters

Auditor

Ernst & Young

Reporting

Aggregate NAV reported on a quarterly basis

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‌Executives & Board of directors

Amaury de Poret

CEO and Director

(1971)

CEO and director since 2026

Co-founder of the NAXS Group Over 25 years of private equity and

alternative assets experience

Previously, Mr. de Poret worked the

in private equity and merger & acquisition practices of leading international law firms (lastly at the Stockholm office of White & Case). Prior to that, he was part of the management team of a private

equity fund managed out of São

Paulo, Brazil and Washington DC

Mr. de Poret is a Swiss-qualified attorney and holds a LL.B. from the University of Fribourg, Switzerland

Gösta Lundgren CFO

(1955)

CFO of NAXS since 2007

Previously, Mr. Lundgren was CFO of Korbe Fastigheter KB, Max Matthiessen AB and Varyag Resources. He also was an auditor with Osborne Johnson Revisionsbyrå AB.

Mr. Lundgren has a BSc in business administration and an LL.M. degree from Uppsala University

Oliver Molse Chairman

(1992)

Founder and Chief Executive Officer of Molcap Invest AB, a Nordic investment company focused on public and private market investments

Mr. Molse has extensive experience within investments, capital markets, and corporate finance, with a background in equity research and active involvement in several

entrepreneurial and investment

ventures. Oliver's focus areas include long-term ownership, value creation, and capital allocation across both listed and unlisted assets

Mr. Molse studied Economics and

Finance at Lund University

Mr. Molse is independent in relation to the Company and its management, but not independent in relation to the Company's major shareholders

Thor Åhlgren Director

(1997)

Works with investments at Molcap

Invest AB.

Mr. Åhögren serves on the boards of Mysafety Group AB (listed on Nasdaq Stockholm) and Auriant Mining AB (previously listed on Nasdaq First North until February 2025) . His

previous experience includes roles as a stockbroker at Avanza Bank and in corporate finance at Naventus Corporate Finance

Mr. Åhlgren holds an M.Sc. in Applied Mathematics and a B.Sc. in Mechanical Engineering from KTH Royal Institute of Technology

Mr. Åhlgren is independent in relation to the Company and its management, but not independent in relation to the Company's major shareholders

Niclas Winberg Director

(1988)

Founder of Dura, a group of

companies dedicated to

upgrading and maintaining the ageing real estate infrastructure through specialist expertise in roofing, ventilation, and related building services. Founded in 2022, Dura has quickly grown to generate around SEK 800 million in annual revenues.

Before founding Dura, Mr. Winberg spent over a decade in M&A and private equity, working with firms such as Keystone Advisers and SEB Private Equity.

Mr. Winberg holds a bachelor's degree in economics from Lund University

Mr. Winberg is independent in relation to the Company, its management and the Company’s major shareholders

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‌Selected definitions*

Commitment

The maximum amount that a limited partner agrees to invest in a fund

IRR

The internal rate of return generated annually from cash flows between NAXS and the underlying private equity funds relating directly to investments in portfolio companies after deduction of the funds’ carried interest but without deduction of the funds’ management fees

Net asset value

The fair value of total assets, less net debt (corresponds to equity)

Net cash

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

Other Investments

Investments in financial instruments other than private equity funds

Private equity fund investments

Fair value of investments in private equity funds

Total exposure to private equity fund investments and Other Investments

Private equity funds investments and remaining commitments to private equity funds, as well as other investments

* For a full set of definitions please refer to the last page of the Company’s financial reports

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NAXS AB

Nybrogatan 6

114 34 Stockholm

Amaury de Poret, CEO Email: adp@naxs.se Tel: +46 735 11 17 35

Gösta Lundgren, CFO

Email: gosta.Lundgren@naxs.se Tel: +46 707 10 47 88

Pareto Securities AB

(share and trading information)

Joakim Appeltofft

Email: joakim.appeltofft@paretosec.com Tel: +46 4075022

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