Naxs AbOMXSTO: NAXS

Year-end financial report January – December 2025

· Issued by Naxs Ab

Year-end financial report

January – December 2025 NAXS AB (publ)

Year-end financial report January – December 2025

565

MSEK

Net Asset Value

January - December 2025

  • Net profit amounted to MSEK -25.9 (-66.6).

  • Earnings per share amounted to SEK -2.34 (-6.01).

  • Net asset value amounted to MSEK 556 (SEK 50.44 per share) at December 31, 2025, compared to MSEK 808 (SEK 72.98 per share) at December 31,

    2024.

  • Net cash amounted to MSEK 66 (SEK 5.97 per share) at December 31, 2025, compared to MSEK 204 (SEK 18.38 per share) at December 31, 2024.

    50.44

    SEK

    NAV per share

  • The 2025 Annual General Meeting resolved to pay a dividend of SEK 4.25 per share for FY 2024 and voted for a continued share repurchase mandate.

  • The Extraordinary General Meeting held on September 8 resolved to pay an extraordinary dividend of SEK 16 per share.

    Fourth quarter 2025

  • Net profit amounted to MSEK -6.6 (5.7).

  • Earnings per share amounted to SEK -0.60 (0.52).

    -1.1%

    Q4

    Change in NAV per share

  • In October, the Company's largest shareholder, QVT Financial LP, divested its entire shareholding in the Company. The shares were acquired by a handful of investors, where Molcap Invest AB (publ) and Oliver Molse are the largest owners.

  • Following the election of a new Board of Directors at an extraordinary general meeting held on 12 November, the Company announced a renewed strategic focus on maximizing the value of the Company’s core assets and enhancing shareholder value, including through share repurchases and by prioritising short-term transactions over new long-term commitments in private equity funds.

  • The financial results were negatively affected by the one-off cost of MSEK 11 relating to the termination of the investment advisory agreement with Naccess Partners AB.

Dividends

The Board of Directors intends to propose to the Annual General Meeting a dividend of SEK 2.00 per share.

Furthermore, the Board of Directors proposes that the Annual General Meeting resolve on a continued mandate to repurchase own shares and to resolve on a continued mandate to resolve on a new issue of shares.

Comments by the CEO

During the fourth quarter, NAXS implemented a number of corporate governance changes. In October, QVT Financial LP, then the Company’s majority shareholder, sold its entire stake to a consortium of Swedish investors. Following the transaction, an extraordinary general meeting was held in November at which a new board of directors was appointed. The new board announced a renewed strategic focus on maximizing the value of the Company’s core assets and enhancing shareholder value.

As a result of this renewed strategic focus, several listed non-core holdings were divested, a share repurchase program was initiated, and the investment advisory agreement was terminated. These actions have resulted in a more focused investment portfolio, a lower expected cost base, and a clear ambition to further enhance shareholder value.

In 2025, dividends totalling SEK 224.3 million were distributed to shareholders. As of December 31, cash and cash equivalents amounted to SEK 5.97 (18.38) per share, and net asset value to SEK 50.44 (72.98) per share. The fourth-quarter result was impacted by non-recurring costs of SEK 11.0 million related to the termination of the investment advisory agreement, which offset positive performance in private equity funds and other investments during the period.

Finally, having co-founded the company in 2007 and subsequently served as its investment advisor, I look forward to working with the board in my role as CEO towards our objective of further enhancing shareholder value.

Amaury de Poret

Financial summary

2025 2024

31 Dec

31 Dec

Net asset value (NAV), KSEK

556 346

808 410

Private equity fund investments, KSEK

445 213

503 103

Private equity fund investments in % of equity

80

62

Remaining commitments, KSEK

57 576

86 239

Total exposure to Private equity fund investments, KSEK

502 789

589 342

Other Investments, KSEK

55 021

102 548

Net cash, KSEK

65 877

203 600

Private equity fund investments per share, SEK

40,36

45,42

Other Investments per share, SEK

4,99

9,26

Net cash per share, SEK

5,97

18,38

Net asset value per share, SEK

50,44

72,98

Share price, SEK

37,50

50,60

Operations

NAXS AB (publ) (“NAXS” or the “Company”) is a company listed on NASDAQ Stockholm invested primarily in private equity funds with a Nordic focus.

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.

In 2025, Naccess Partners AB was contracted as the investment advisor to the Danish subsidiary. On December 31, 2025, the investment advisory agreement with Naccess Partners AB was terminated. Amaury de Poret, who was a principal at Naccess Partners, was simultaneously appointed CEO of NAXS AB as of January 1, 2026.

Investments

Private equity fund investments

At December 31, 2025, NAXS had commitments to 12 active private equity funds (10 buyout funds and 2 special situations funds) which are listed below:

Apax Europe VII Celero Capital Fund (E) AB

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 Equip Capital SPV SCSp

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.no Website: 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: 4/0

JAB Consumer Fund – Global Consumer Brands II

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

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 Partners – JCP V Mimir Industries AB

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 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: n/a 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.com Website: 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