NAXS

Quarterly Report • Jan 31, 2024

Year-end report

January – December 2023

NAXS AB (publ)

Year-end report 2023

January - December 2023

• Net profit amounted to MSEK 4.4 (180.1).
• Earnings per share amounted to SEK 0.39 (16.22).
• Net asset value amounted to MSEK 922 (SEK 83.24 per share) at December 31, 2023, compared to MSEK 959 (SEK 86.59 per share) at December 31, 2022.
• Net cash amounted to MSEK 209 (SEK 18.89 per share) at December 31, 2023, compared to MSEK 212 (SEK 19.11 per share) at December 31, 2022.
• The 2023 Annual General Meeting resolved to pay a dividend of 3.75 SEK per share for FY 2022.

Fourth quarter 2023

• Net profit/loss amounted to MSEK -14.2 (35.6).
• Earnings per share amounted to SEK -1.28 (3.21).

Distribution of profits

The Board of Directors proposes a dividend of SEK 4.25 per share for the FY 2023.

In addition, the Board of Directors proposes to the Annual General Meeting to vote on a continued share repurchase mandate.

Financial summary

	2023	2022
	31 Dec	31 Dec
Net asset value (NAV), KSEK	922,065	959,252
Private equity fund investments, KSEK	639,030	687,989
Private equity fund investments in % of equity	69	72
Remaining commitments, KSEK	96,622	157,582
Total exposure to Private equity fund investments, KSEK	735,652	845,571
Other Investments, KSEK	75,001	60,801
Net cash, KSEK	209,226	211,668
Private equity fund investments per share, SEK	57.69	62.11
Other Investments per share, SEK	6.77	5.49
Net cash per share, SEK	18.89	19.11
Net asset value per share, SEK	83.24	86.59
Share price, SEK	71.40	59.80

Comments by the CEO

2023 presented a unique set of challenges, ranging from geopolitical instability, inflationary pressures and related monetary policies, as well as sluggish and uneven global growth. These challenges have translated to a certain extent to the private equity industry, with tighter capital structures, lower acquisition activity and more difficult exit paths.

While NAXS experienced a 1.5% contraction of the NAV/share during Q4 2023, the NAV/share nevertheless increased by 0.5% during the year (including the dividend paid in April).

The lower level of private equity activity was reflected in NAXS's portfolio, where underlying funds acquired 7 new portfolio companies and signed or closed 4 new exits during the financial year.

NAXS made 1 new commitment and 2 co-investments during 2023: a 1.5 MEUR commitment to Celero Fund (E) AB with a 5.7 MSEK co-investment alongside the fund into Reledo AB, a newly established platform within the facility management industry, and a 1 MUSD co-investment alongside JAB Holding into Panera Brands, a pioneer of the fast casual dining the United States.

In April, NAXS paid a dividend of SEK 3.75/share for FY 2022. The Company has now distributed a cumulative SEK 19.88/share over the last 5 years to its shareholders through dividends and share repurchases.

Gösta Lundgren

Operations

NAXS AB (publ) ("NAXS" or the "Company") is a company listed on NASDAQ Stockholm and investing primarily in private equity funds with a Nordic focus. NAXS may also make direct investments or coinvestments alongside private equity or other alternative as-sets funds and may invest up to forty percent of its net asset value in any securities or assets in any jurisdiction.

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.

Naccess Partners AB has been contracted as the investment advisor to the Danish subsidiary.

Investments

Private equity fund investments

At December 31, 2023, 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 six offices on four continents. Apax Partners invests globally across four sectors: consumer, healthcare, services and tech & telecom.

Fund size: MEUR 11,000 Segment: large cap Geographic focus: primarily Europe Vintage: 2007 Website: www.apax.com NAXS initial commitment: MEUR 15 No. of portfolio companies/exits: 3/33

Apax Europe VII Celero Capital Fund (E) AB

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: n/a Segment: lower mid cap Geographic focus: Nordics Vintage: 2023 Website:https://celerocapital.com/ NAXS initial commitment: MEUR 1.5 No. of portfolio companies/exits: 2/0

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, industrials and business services sectors.

Fund size: MNOK 1,900 Segment: small/mid cap Geographic focus: Norway and Nordics Vintage: 2020 Website: www.equip.no NAXS initial commitment: MNOK 20 No. of portfolio companies/exits: 12/0

Equip Capital I 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.

Fund size: MUSD 5,000 Segment: large cap Geographic focus: global Vintage: 2018 Website: https://www.jabholco.com NAXS initial commitment: MUSD 5 No. of portfolio companies/exits: 3/1

JAB Consumer Fund – Global Consumer Brands III JAB Consumer Partners – JCP V

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 3,800 Segment: large cap Geographic focus: global Vintage: 2020 Website: https://www.jabholco.com NAXS initial commitment: MEUR 5 No. of portfolio companies/exits: 2/0

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 and pet services.

Fund size: MUSD 5,000 Segment: large cap Geographic focus: global Vintage: 2022 Website: https://www.jabholco.com NAXS initial commitment: MEUR 5 No. of portfolio companies/exits: 1/0

Mimir Industries AB Mimir Invest AB

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: >MSEK 500 Segment: mid cap Geographic focus: global, with a focus on the Nordics Vintage: 2022 Website: www.mimirinvest.com NAXS initial commitment: MSEK 75 No. of portfolio companies/exits: 6/0

Nordic Capital Fund CV1 is a continuation vehicle holding certain assets from Nordic Capital Fund VII. 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: MEUR 2,500 Segment: large cap Geographic focus: primarily the Nordics Vintage: 2018 Webbplats:https://www.nordiccapital.com/ NAXS initial commitment: MEUR 14.65 No. of portfolio companies/exits: 3/7

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.

Fund size: >MSEK 500 Segment: small cap Geographic focus: global, with a focus on the Nordics Vintage: 2017 Website: www.mimirinvest.com NAXS initial commitment: MSEK 50 No. of portfolio companies/exits: 6/3

Nordic Capital CV1 LP Nordic Capital Evolution

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: MEUR 1,200 Segment: mid cap Geographic focus: Northern Europe Vintage: 2021 Webbplats:https://www.nordiccapital.com/ NAXS initial commitment: MEUR 1 No. of portfolio companies/exits: 8/0

Nordic Capital Fund X LP Valedo Partners Fund II

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.

Fund size: MEUR 6,100 Segment: large cap Geographic focus: Europe and selected global healthcare and technology & payments investments Vintage 2020 Website:https://www.nordiccapital.com/ NAXS initial commitment: MEUR 2 No. of portfolio companies/exits: 16/0

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: MSEK 2,000 Segment: small cap Geographic focus: Sweden and the Nordics Vintage: 2011 Website:https://www.valedopartners.com/ NAXS initial commitment: MSEK 65 No. of portfolio companies/exits: 4/7

In addition, NAXS has commitments to 4 private equity funds that are either in dissolution process or have exited all their portfolio companies (FSN Capital III, Herkules Private Equity III, Intera II and Nordic Capital VII).

Other Investments

As of December 31, 2023, there were 9 holdings in Other Investments. The Jacktel bond holding was redeemed during financial year.

Company	Sector	Type of instrument	Date of initial investment	Reported value, 2023.12.31 MSEK	Reported value, 2022.12.31 MSEK
Scout Gaming Group	iGaming	listed share (Nasdaq First North)	Q4 2017	0.1	0.1
Awilco Drilling	Energy	listed share (Euronext Growth Oslo)	Q1 2018	13.4	7.7
Jacktel	Energy	senior secured bond	Q4 2018	-	12.9
Keurig Dr Pepper	Consumer goods & services	listed share Nasdaq (NY)	Q3 2020	21.9	24.4
Pret Panera	Fast food casual	unlisted share	Q4 2020	2.6	2.3
Krispy Kreme Doughnuts	Fast food casual	listed share (Nasdaq NY)	Q1 2021	6.5	4.6
Jacktel	Energy	unlisted share (registered on Euronext NOTC)	Q1 2022	11.9	6.4
Chr. Hansen Holding A/S	Bioscience	listed share (Nasdaq Copenhagen)	Q4 2022	2.8	2.5
Reledo	Business Services	unlisted share	Q2 2023	5.7	-
Panera Brands	Fast food casual	Unlisted share	Q2 2023	10.2	-
Total				75.0	60.8

Exposure to Private equity fund investments and Other Investments

At December 31, 2023, the total exposure to Private equity fund investments and Other Investments amounted to MSEK 811, which corresponds to 88% 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.

NAV per share in SEK

The net asset value (NAV) per share decreased by 1.5% during the fourth quarter of 2023 and increased by 0.5% during the financial year (including the dividend paid).

New investments, acquisitions and liquidity events during the fourth quarter

Commitments to Private equity funds

NAXS did not make any new Commitment during the fourth quarter.

Other Investments

NAXS did not make any new Other Investment during the fourth quarter.

Acquisitions by underlying funds

1 new portfolio company was added during the fourth quarter, as summarized below:

Portfolio Company	Sector	Geography	Fund
Macrobond	Business Services	Sweden	Nordic Capital Evo

Liquidity events in underlying funds

2 exits by underlying fund took place during the fourth quarter.

Portfolio Company	Sector	Geography	Fund
Joe & the Juice	Consumer goods & services	2013	Valedo II
Terraroc	Industry	2019	Mimir Invest

At December 31, 2023, NAXS underlying funds had acquired a total of 184 companies, 118 of which had been fully divested. These 118 exits have generated an average IRR of 17,7%.

Portfolio composition/diversification

At December 31, 2023, NAXS provided the following exposure:

Fund segment allocation (% of Private equity fund investments)

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

• Building & construction 7,7%
• Business services 17,9%
• Consumer goods & services 5,5%
• Food & beverage 6,5%
• Healthcare 12,9%
• Industry 33,8%
• Pet care & services 13,8%
• Tech & software 1,9%

The 10 largest underlying portfolio companies represent approximately 54% of the total equity, with the largest underlying portfolio company accounting for approximately 18% of equity.

Group

Net asset value (NAV)

	31 Dec
KSEK	2023	2022
Private equity fund investments	639,030	687,989
Other Investments	75,001	60,801
Other assets and liabilities	-1,192	-1,206
Net cash	209,226	211,668
Net asset value (NAV)	922,065	959,252
Net asset value per share	83.24	86.59

Changes in Net asset value (NAV)

	Q4	Jan-Dec	Jan-Dec
KSEK	2023	2023	2022
Net asset value (NAV) at the beginning of the period	936,226	959,252	822,855
Value changes on Private eguity fund investments	-21,936	3,107	182,379
Value changes Other Investments	9,708	10,734	11,938
Operating costs	-3,662	-16,811	-15,323
Net financial items	1,738	7,333	1,094
Income tax	-9	-9	-7
Dividend to shareholders	-	-41,541	-39,034
Repurchase of own shares	-	-	-4,650
Net asset value (NAV) at the end of the period	922,065	922,065	959,252

Changes in Private equity fund investments and Other Investments

	Fund investments			Other investments
	Q4	Jan-Dec	Jan-Dec	Q4	Jan-Dec	Jan-Dec
KSEK	2023	2023	2022	2023	2023	2022
At the beginning of the period	641,369	687,989	513,925	65,488	60,801	44,693
Investments	21,078	65,953	65,979	-	21,158	6,563
Repayments	-1,481	-118,019	-74,294	-195	-17,692	-2,393
Net investments	19,597	-52,066	-8,315	-195	3,466	4,170
Changes in value	-11,625	10,407	163,075	13,005	11,595	5,249
Dividends and interest income	-	-	-	196	1,277	676
Unrealized exchange rate changes	-10,311	-7,300	19,304	-3,493	-2,138	6,013
Reported through the income statement	-21,936	3,107	182,379	9,708	10,734	11,938
Reported value at the end of the period	639,030	639,030	687,989	75,001	75,001	60,801

The total change in value in Q4 for Fund units and Other investments amounts to KSEK -12,228 (38,624) and the total change in value for the full year amounts to KSEK 13,841 (194,317).

Net cash

	31 Dec
KSEK	2023	2022
Cash, bank and short-term investments	209,226	211,668
	209,226	211,668
Net cash per share, Tkr	18.89	19.11

57.69 SEK Private equity fund investments per share

18.89 SEK Net cash per share

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

Changes in net cash

	Q4	Jan-Dec	Jan-Dec
KSEK	2023	2023	2022
Net cash at the beginning of the period	226,387	211,668	265,523
Investments in Private equity funds	-21,078	-65,953	-65,979
Distributions from Private equity funds	1,481	118,019	74,294
Investments in Other long-term holdings of securities	-	-21,158	-6,563
Distributions from Other long-term holdings of securities	195	17,692	2,393
Cash flow from operating activeties	-1,921	-9,501	-14,218
Cash flow from changes in working capital*	4,162	-	-98
Dividend to shareholders	-	-41,541	-39,034
Repurchase of own shares	-	-	-4,650
Net cash at the end of the period	209,226	209,226	211,668

*Including exchange rate difference in cash and cash equivalents.

Net financial items

	Q4	Jan-Dec	Jan-Dec
KSEK	2023	2023	2022
Interest income	1,750	7,323	1,359
Interest expenses	-	-3	-239
Currency effects	-12	14	-26
Net financial items	1,738	7,334	1,094

Financing

The Group is financed with shareholders' equity. Shareholders' equity amounted to KSEK 922,065 (959,252) at the end of the 12-month period, corresponding to SEK 83.24 (86.59) per share and an equity/asset ratio of 99.8 (99.9) percent. Dividend to share-holders for FY 2022 amounted to KSEK 41,541 (39,034) corresponding to SEK 3.75 (3.50) per share.

83.24 SEK Equity per share

Results and investments

Fourth quarter 2023

Profit/loss after financial items amounted to KSEK -14,152 (35,590). The result is mainly attributable to changes in the value in Private equity funds KSEK -21,936 (38,624) and Other Investments KSEK 9,708 (7,220). The changes in value include a currency effect of KSEK -13,804 (9,252) that the stronger SEK exchange rate during the quarter entailed.

During the quarter, NAXS invested KSEK 21,078 (25,054) in Private equity funds and repayments from the funds amounted to KSEK 0 (6,563). Inversions in Other Investments amounted to KSEK 0 (6,563) and repayments amounted to KSEK 195 (1,213).

12-month 2023

Profit after financial items amounted to KSEK 4,363 (180,088). The result is mainly attributable to changes in the value in Private equity funds of KSEK 3,107 (182,374) and in Other Investments KSEK 10,734 (11,938), as well as KSEK 6,200 (1,689) from improved net interest income. Changes in value include a currency effect of KSEK -9,438 (25,317). The smaller valuations increase experienced during the financial year is a reflection of the more difficult macro-economic environment.

During the financial year, NAXS invested KSEK 65,953 (65,979) in Private equity funds. Repayments from the funds amounted to KSEK 118,019 (74,294). KSEK 21,158 (6,563) was invested in Other Investments and repayments from Other Investments amounted to KSEK 17,692 (2,393).

Significant risks and uncertainty factors

Significant risks and uncertainty factors are described in the Annual Report 2022. The significant macro and geopolitical risks that arose in 2022 and in 2023 may affect the valuation of NAX's investments. However, it should be noted that NAXS's current portfolio has no material exposure to Russia or Ukraine, nor to Israel or the Palestinian territories.

Parent company

The parent company's revenues for the financial year amounted to KSEK 591 (751). The profit/loss before and after tax amounted to KSEK 227 (76,768), of which KSEK 0 (80,106) refers to profit from the Danish subsidiary's repurchase of own shares. Net interest income amounted to KSEK 4,131 (279) and exchange rate profit/loss amounted to KSEK 0 (536).

Organization

Gösta Lundgren is the interim CEO. The Board of Directors consists of Daniel Gold (chairman), Meg Eisner, Nikolai Jebsen, Børge Johansen and Synne Syrrist, who were re-elected at the 2023 Annual General Meeting.

Nomination committee

The 2023 Annual General Meeting appointed a nomination committee consisting of Meg Eisner (representing QVT Financial LP), Amaury de Poret (representing himself) and Didrik Hamilton (representing himself). Amaury de Poret was elected chairman of the nomination committee. The nomination committee can be contacted via e-mail to adp@naccess.se.

The share

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".

The number of outstanding shares in the Company at the beginning and the end of the financial year was 11,077,585.

In April, the company made a share cancellation of 75,000 repurchased shares. Prior to the cancellation of the repurchased shares, the total number of shares and voting rights in NAXS was 11,152,585. The

number of shares and voting rights decreased by 75,000 through the share cancellation. Following completion of the share cancellation, the total number of shares and voting rights in NAXS is 11,077,585.

At December 31, 2023, the NAXS share price was SEK 71.40 and the total shareholders' equity per share was SEK 83.24. The Company's market capitalization was MSEK 791, and the number of shareholders was 5,257.

Financial information

Annual report 2023: week 7 2024 Annual General Meeting: 4 April 2024 Interim report (3 months): 25 April 2024 Interim report (6 months): 18 July 2024 Interim report (9 months): 29 October 2024 Year-end report 2024: 30 January 2025

Ticker codes

NAXS.SS in Bloomberg NAXS.ST in Reuters

Contact

Gösta Lundgren, Interim CEO +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 19.30 CET on January 31, 2024

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

The Board of Directors and the Chief Executive Officer declares that the undersigned year-end report provides a true and fair overview of the Parent Company's and the Group's operations, their financial position and performance, and describes material risks and uncertainties facing the Parent Company and other companies in the Group.

Stockholm, January 31, 2024

Daniel Gold Margaret (Meg) Eisner Nikolai Jebsen Chairman Director Director

Børge Johansen Synne Syrrist Gösta Lundgren

Director Director Interim Chief Executive Officer

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

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

NAXS AB (publ) Corp. Reg. No. 556712-2972 Nybrogatan 8 114 34 Stockholm, Sweden Tel: +46 (0)766 40 00 40 E-mail: info@naxs.se

Financial reports summary

Consolidated Income Statement

		Q4		Jan-Dec
KSEK	Note	2023	2022	2023	2022
Change in value		-12,228	38,624	13,841	194,317
Operating costs note 2		-3,662	-3,951	-16,811	-15,323
Operating profit (loss)		-15,890	34,673	-2,970	178,994
Net financial items		1,738	917	7,333	1,094
Profit/loss after financial items		-14,152	35,590	4,363	180,088
Income taxes		-9	-7	-9	-7
Net profit/loss		-14,161	35,583	4,354	180,081
Attributable to:
Parent company shareholders		-14,161	35,583	4,354	180,081
Earnings per share, SEK Average number of shares, 000s		-1.28 11,078	3.21 11,078	0.39 11,078	16.22 11,106

*Before and after dilution.

The groups comprehensive income is consistent with the net profit for the financial year.

Consolidated Balance Sheet

		31 Dec
KSEK	Note	2023	2022
Assets
Private equity fund investments		639,030	687,989
Other long-term holdings of securities		75,001	60,801
Total non-current assets		714,031	748,790
Other receivables		503	214
Cash and cash equivalents		209,226	211,668
Total current assets		209,729	211,882
Total assets		923,760	960,672
Equity		922,065	959,252
Current liabilities		1,695	1,420
Total equity and liabilities		923,760	960,672

Consolidated Statement of Changes in Equity

	31 Dec
KSEK	2023	2022
Equity at the beginning or the year	959,252	822,855
Repurchase of own shares	-	-4,650
Dividend	-41,541	-39,034
Total comprehensive income for the period	4,354	180,081
Shareholder's equity at the end of the period	922,065	959,252

Consolidated Statement of cash flows analysis

	Q4		Jan-Dec
KSEK	2023	2022	2023	2022
Profit/loss after financial items	-14,152	35,590	4,363	180,088
Adjustment for non-cash items, etc.	12,240	-38,348	-13,855	-194,299
Income tax paid	-9	-7	-9	-7
Cash flow from operating activities before changes in working capital	-1,921	-2,765	-9,501	-14,218
Cash flow changes in working capital	4,174	1,183	-14	-81
Cash flow from operating activities	2,253	-1,582	-9,515	-14,299
Private equity fund investments	-21,078	-25,054	-65,953	-65,979
Distributions fromf Private equity fund investments	1,481	-	118,019	74,294
Investments in Other long-term holdings of securities	-	-6,563	-21,158	-6,563
Distributions from Other long-term holdings of securities	195	1,131	17,692	2,393
Cash flow from investment activities	-19,402	-30,486	48,600	4,145
Repurchase of own shares	-	-	-	-4,650
Dividend	-	-	-41,541	-39,034
Cash flow from financing activities	-	-	-41,541	-43,684
Cash flow during the period	-17,149	-32,068	-2,456	-53,838
Cash and cash equivalents, beginning of the period *	226,387	243,806	211,668	265,523
Exchange-rate differences in cash and cash equivalents	-12	-70	14	-17
Cash and cash equivalents at the end of the period	209,226	211,668	209,226	211,668

* Including short-term investments

Parent Company Income Statement

	Q4		Jan-Dec
KSEK	2023	2022	2023	2022
Net income	157	77	591	751
Operating costs	-2,431	-1,300	-4,714	-4,904
Operating profit/loss	-2,274	-1,223	-4,123	-4,153
Profit from shares in group companies	219	80,106	219	80,106
Net financial items	1,948	958	4,131	815
Profit /loss after financial items	-107	79,841	227	76,768
Income taxes	-	-	-	-
Net profit/loss for the period	-107	79,841	227	76,768

Parent Company Statement of Comprehensive Income

	Q4		Jan-Dec
KSEK	2023	2022	2023	2022
Net profit/loss for the period	-107	79,841	227	76,768
Other comprehensive income	-	-	-	-
Total comprehensive income for the period	-107	79,841	227	76,768

Parent Company Balance Sheet

31 Dec
KSEK	2023	2022
Assets
Shares in subsidiaries	422,008	382,008
Receivables on group companies	-	-
Total non-current assets	422,008	382,008
Other receivables	724	215
Cash and cash equivalents	108,916	190,507
Total current assets	109,640	190,722
Total assets	531,648	572,730
Equity	530,121	571,435
Current liabilities	1,527	1,295
Total equity and liabilities	531,648	572,730

Parent Company Statement of Changes in equity

	31 Dec
KSEK	2023	2022
Equity at the beginning of the year	571,435	538,351
Repurchase of own shares	-	-4,650
Dividend	-41,541	-39,034
Total comprehensive income for the period	227	76,768
Shareholder's equity at the end of the period	530,121	571,435

Notes

Note 1. Accounting principles

The condensed consolidated financial statements have been established in accordance with the International Financial Reporting Standards (IFRS), as recognized by the EU. This report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Reporting legislation.

The accounting principles applied in this report are described in the Annual Report 2022 under notes to the financial reports.

The new and amended IFRS standards and interpretations applied from 2023 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, which provides that the IFRS principles shall apply.

Note 2. Operating costs

	Q4		Jan-Dec
KSEK	2023	2022	2023	2022
Fee to the investment advisor	-2,200	-2,177	-9,052	-8,313
Carried interest to the investment advisor	-79	-11	-2,518	-1,120
Personnel expenses	-232	-230	-919	-1,147
Other operating costs	-1,151	-1,533	-4,322	-4,743
Total operating costs	-3,662	-3,951	-16,811	-15,323

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

Note 3. Financial assets and liabilities

The figures below are based on the same accounting and valuation principles that were used in the preparation of the most recent annual report. For more information on financial instruments in levels 2 and 3, see Note 23, Financial assets and liabilities, in NAXS Annual Report 2022.

		Group 2023-12-31
			Fair value via
			the profit and	Total carrying
Category, KSEK	Amortized cost		loss account	amount
Financial assets
Private equity fund investments			639,030	639,030
Other long-term holdings of securities			75,001	75,001
Other receivables	333			333
Cash and cash equivalents	209,226			209,226
Total financial assets	209,559		714,031	923,590
Financial liabilities	1,695		-	1,695
Total financial liabilities	1,695		-	1,695
Consolidated assets and liabilities measured at fair value 2023-12-31
Assets, KSEK	Level 1	Level 2	Level 3	Total
Financial assets measured at fair value via the income statement
Private equity fund investments	-	-	639,030	639,030
Other long-term holdings of securities	56,533	-	18,468	75,001
	56,533	-	657,498	714,031

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).

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). The 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 administrator. 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 administrator's 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.

For those instruments in the balance sheet that are not measured at fair value, NAXS believe that the carrying amount is a reasonable approximation to fair value for these instruments.

Definitions and Alternative performance measures

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 & cash equivalents	Cash, bank and short-term investments.
Cash per share*	Cash & cash equivalents in relation to the number of outstanding shares at the end of the period.
Commitment	The maximum amount that a limited partner agrees to invest in a fund.
Current commitments	Acquisition cost for private equity fund investments, plus remaining commitments to private equity funds.
Equity ratio*	Equity in relation to total assets.
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 (NAV)*	The fair value of total assets, less net debt (corresponds to equity).
Net asset value (NAV) per share*	The fair value of total assets, less net debt (corresponds to shareholders' equity attributable to the Parent Company's shareholders) in relation to the number of outstanding shares at the end of the period.
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 / Other long term holdings of securities	Investments in financial instruments other than private equity funds.
Private equity fund investments	Fair value of investments in private equity funds.
Profit per share	Profit for the year 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	Private equity funds investments and remaining commitments to private equity funds.
Total exposure to private equity fund investments and Other Investments	Total exposure to private equity funds increased with Other Investments.

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

Reconciliations of significant alternative key ratios

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

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 Dec
Group, KSEK	2023	2022
Cash and cash equivalents	209,226	211,668
Net cash	209,226	211,668

Total assets

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

		31 Dec
Group, KSEK	2023	2022
Equity	922,065	959,252
Net cash	-209,226	-211,668
Total assets	712,839	747,584

Net asset value, SEK per share

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

Group 2023-12-31		Net asset value, SEK per share
Net asset value, KSEK Number of shares outstanding	922,065 = 11,077,585	83.24
Group 2022-12-31		Net asset value, SEK per share
Net asset value, KSEK Number of shares outstanding	959,252 11,077,585	86.59