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Q4 2024 Please refer to www.naxs.se and the company’s financial reports for exhaustive information
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Q4 2024 2 An investment company focusing on the Nordic private equity market NAXS is an investment company listed on NASDAQ Stockholm, focusing primarily on private equity funds with a Nordic focus. NAXS can also make direct investments or co -investments alongside private equity funds.
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Q4 2024 3 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 → 67 portfolio companies as of Q4 2024 → since inception, underlying funds have acquired 191 portfolio companies, 124 of which have been fully exited, generating an average IRR of 18% → 6 listed equity investments (Nasdaq, Nasdaq First North, Nasdaq Copenhagen, Euronext Amsterdam & Euronext Growth Oslo) → 4 unlisted equity investments Attractive distribution policy: For FY 2024, the board of NAXS is proposing dividend of SEK 4.25/share representing 5.8% of NAV and a dividend yield of 8.4% NAXS also provides an exposure to selected direct investments:
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4 Fund portfolio (Q4 2024)* Q4 2024 The total exposure to Private equity fund investments represents approx. 73% of NAV Apax Europe VII LP Fund size: MEUR 11.000 Segment: large cap Vintage: 2007 Geographic focus: Europe/Global NAXS initial commitment: MEUR 15 www.apax.com Celero Capital Fund E AB Fund size: n/a Segment: small cap Vintage: 2023 Geographic focus: Nordic NAXS initial commitment: MEUR 3.2 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 www.valedopartners.com Mimir Invest AB Fund size: <MSEK 500 Segment: small cap Vintage: 2017 Geographic focus: Primarily Nordic NAXS initial commitment: MSEK 50 www.mimirinvest.com JAB Consumer Fund GCB II Fund size: MUSD 5.000 Segment: large cap Vintage: 2018 Geographic focus: Global NAXS initial commitment: MUSD 5 www.jabholdco.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 www.equip.no JAB Consumer Fund GCB III Fund size: MUSD 3.800 Segment: large cap Vintage: 2020 Geographic focus: Global NAXS initial commitment: MEUR 5 www.jabholdco.com Nordic Capital Fund X LP Fund size: MEUR 6.100 Segment: large cap Vintage: 2020 Geographic focus: Northern Europe/US NAXS initial commitment: MEUR 2 www.nordiccapital.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 www.nordiccapital.com JAB Consumer Fund JCP V Fund size: MEUR 4,000 Segment: large cap Vintage: 2022 Geographic focus: Global NAXS initial commitment: MEUR 5 www.jabholdco.com Mimir Industries AB Fund size: <MSEK 500 Segment: small cap Vintage: 2022 Geographic focus: Nordics NAXS initial commitment: MSEK 75 www.mimirinvest.com Equip Capital SPV Fund size: MEUR 310 Segment: small cap (continuation vehicle) Vintage: 2024 Geographic focus: Norway/Nordic NAXS initial commitment: MEUR 1.3 www.equip.no * In addition, NAXS’ portfolio comprises 2 fund that has divested all its portfolio companies and is in dissolution process (Nordic Capital Fund VII and Nordic Capital CV1)
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5 Direct investments portfolio (Q4 2024)* Q4 2024 Direct investments represent approx. 13% of NAV Scout Gaming Group AB Sector: iGaming Type of instrument: listed share (Nasdaq First North) Year of initial investment: 2017 Initial investment: MSEK 9.3 (partially divested) www.scoutgaminggroup.com Awilco Drilling PLC Sector: Oil & Gas Type of instrument: listed share (Euronext Growth Oslo) Year of initial investment: 2018 Initial investment: MNOK 37.7 www.awilcodrilling.com 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) www.macro-offshore.com Keurig Dr Pepper Sector: beverage/non-alcoholic Type of instrument: 2020 Year of initial investment: 2020 (in- kind distribution from JAB-GCB II) Initial investment: MUSD 2.1 www.keurigdrpepper.com Pret Panera Company Sector: Fast casual dining Type of instrument: unlisted shares (co- investment with JAB Holding) Year of initial investment: 2020 Initial investment: KUSD 94.2 www.panerabread.com www.pret.com Krispy Kreme Sector: Fast food casual Type of instrument: listed shares (Nasdaq, co-investment with JAB Holding) Year of initial investment: 2021 Initial investment: MUSD 0.8 www.krispykreme.com Novonesis Sector: bioscience Type of instrument: listed share (Nasdaq Copenhagen) Year of initial investment: 2022 Initial investment: MDKK 1.4 www.novonesis.com. Reledo Sector: facility management Type of instrument: unlisted shares (co- investment with Celero Capital Fund (E) AB Year of initial investment: 2023 Initial investment: MSEK 5.7 www.reledo.se 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 www.panerabread.com * Direct investments are referred to as “Other Investments” in NAXS’s reporting JDE Peets Sector: beverage/coffee & tea Type of instrument: listed shares (Euronext Amsterdam) Year of initial investment: 2024 (in- kind distribution from JAB - GCB II) Initial investment: MEUR 0.45 www.jdepeets.com
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6 The NAV/share increased by 0.7% during the fourth quarter. During FY 2024, the NAV/share contracted by 7.2% (incl. dividend paid) NAV development Q4 2020 – Q4 2024 Q4 2024 60.87 63.04 65.66 68.49 73.78 78.12 78.71 83.38 86.59 86.95 83.50 84.52 83.24 83.33 76.20 72.46 72.98 13.01 13.01 13.01 13.01 13.01 13.01 13.01 13.01 13.01 13.01 13.01 13.01 13.01 13.01 13.01 13.01 13.013 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.75 3.75 3.75 3.75 3.75 3.75 3.75 4.25 4.25 4.25 0.00 20.00 40.00 60.00 80.00 100.00 120.00 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 NAV Dividend paid 2012-19 Dividend paid 2020 Dividend paid 2021 Dividend paid 2022 Dividend paid 2023 Dividend paid 2024
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NAXS: on a street near you… Q4 2024 7
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… and in the press Q4 2024 8
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9 Percent (compared to 31.12.2024 NAV) 31 Discount to NAV SEK (closing price 31.12.2024) 50.6 Share price MSEK 25 percent of equity 204 Net cash MSEK 75 percent of equity 606 Private equity fund investments and Other Investments Percent +0.7% NAV change during the quarter MSEK SEK 72.98/share 808 Equity (NAV) Key figures Q4 2024 Q4 2024
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10 Legal form A public limited liability company incorporated under Swedish law Number of shares 11,007,585 share (single share class) Advisory service fee 1% of reported NAV up to SEK 1.0bn, and 0.5% over SEK 1.0bn Performance fee 5.0%, after a 5.0% preferred return to investors Listing Nasdaq OMX Stockholm Ticker NAXS SS in Bloomberg NAXS.ST in Reuters Auditor Ernst & Young Reporting Aggregate NAV reported on a quarterly basis Investment criteria Investments in private equity funds, which have one or more of the Nordic countries (Denmark, Finland, Norway and Sweden) as their investment focus Investment alongside private equity funds and other alternative assets funds Up to 40% of NAV may be invested in any securities or assets in any jurisdiction Investment size and diversification NAXS intends to hold a diversified portfolio of investments However, based on market conditions, up to 40% of NAV may be placed in a single investment Dividend policy 50–75% of profit after tax, excluding unrealized income and costs Financing & management of net cash Fund investments are financed through equity Liquid assets/net cash are invested in secure short -term interest -bearing instruments or bank accounts only Investment policy & Company facts Q4 2024
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Appendix 11 Q4 2024
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12 Co-founder of the NAXS Group Over 20 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 (1971) Naccess Partners AB Investment advisor Amaury de Poret 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 (1955) CFO Gösta Lundgren Interim CEO of NAXS since October 2024 and Independent Director nominated by QVT Independent consultant and investor. Mr. Jebsen was previously the Chief Financial Officer of Aurora LPG, a publicly-traded provider of liquid petroleum gas transportation services. Mr. Jebsen has extensive experience within the equity and debt capital markets from his time with Carnegie, Pareto and SEB Mr. Jebsen holds a BSc in Finance from BI Norwegian Business School (1984) Interim CEO & director Nikolai Jebsen Investment advisory Q4 2024 Part-time analyst Mr. Sjöström joined Naccess Partners in 2024 on a part-time basis while completing his Master studies at the Stockholm School of Economics Mr. Sjöström has previously interned at Nasdaq Stockholm and holds a B.Sc. (Business and Economics) from the Stockholm School of Economics (2001) Naccess Partners AB Investment advisor Viktor Sjöström Executives
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13 Independent Director nominated by QVT Independent business consultant with extensive experience as a non- executive director of both private and public companies. Ms. Syrrist was previously a partner and financial analyst at First Securities AS. She currently serves on the board of several public companies, including Awilco LNG ASA, Awilco Drilling Ltd and Aqualisbraemar LOC ASA. Ms. Syrrist holds an MSc from the Norwegian University of Science and Technology and qualified as an authorized financial analyst at the Norwegian School of Economics and Business Administration (1972) Director Synne Syrrist Independent Director nominated by QVT Independent investor and a board member of Sector Alarm. Mr. Johansen previously was the Chief Executive Officer of Aurora LPG Prior to Aurora, Mr. Johansen held research and investment management positions covering the maritime sector at Oslo Asset Management AS and Carnegie Investment Bank. He also brings several years of experience in M&A and corporate finance from engagements at Creo Advisors and Andersen Consulting Mr. Johansen holds an MSc from the Norwegian University of Science and Technology (1974) Director Børge Johansen Independent Director nominated by QVT and Interim CEO Independent consultant and investor. Mr. Jebsen was previously the Chief Financial Officer of Aurora LPG, a publicly-traded provider of liquid petroleum gas transportation services. Mr. Jebsen has extensive experience within the equity and debt capital markets from his time with Carnegie, Pareto and SEB Mr. Jebsen holds a BSc in Finance from BI Norwegian Business School (1984) Director & Interim CEO Nikolai Jebsen Partner and Chief Compliance Officer at QVT Ms. Eisner has been Chairman of the NAXS’s Nomination Committee, acting as the representative of QVT and the Majority Shareholder, since 2019 Ms. Eisner earned an A.B. in International Political Economy, summa cum laude, from Fordham University (1986) Director Meg Eisner QVT’s Chief Executive Officer and Chief Investment Officer and a Managing Member of the general partner of QVT Mr. Gold previously served as a Managing Director of DB Advisors L.L.C. He founded the QVT Group at Deutsche Bank shortly after joining Deutsche Bank in 1992, having previously worked as a proprietary trader at Daiwa Securities America and at Bear, Stearns & Co Mr. Gold earned an A.B. in Physics from Harvard College. (1968) Chairman Dan Gold Board of Directors Q4 2024
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14 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 Selected definitions* * For a full set of definitions please refer to the last page of the Company’s financial reports Q4 2024
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Contact information NAXS AB Nybrogatan 8 114 34 Stockholm Nikolai Jebsen, Interim CEO Email: nikolai.jebsen@naxs.se Tel: +47 462 82 222 Naccess P artners AB (Investment advisor) Amaury de Poret Email: adp@naccess.se Pareto Securities AB (share and trading information) Joakim Appeltofft Email: joakim.appeltofft@paretosec.com