NAXS

Quarterly Report • Jan 30, 2025

Year-end report

January – December 2024

NAXS AB (publ)

Year-end report January – December 2024

January-December 2024

• Net profit amounted to MSEK -66.6 (4.4).
• Earnings per share amounted to SEK -6.01 (0.39).
• Net asset value amounted to MSEK 808 (SEK 72.98 per share) at December 31, 2024, compared to MSEK 922 (SEK 83.24 per share) at December 31, 2023.
• Net cash amounted to MSEK 204 (SEK 18.38 per share) at December 31, 2024, compared to MSEK 209 (SEK 18.89 per share) at December 31, 2023.
• The 2024 Annual General Meeting resolved to pay a dividend of 4.25 SEK per share for FY 2023 and voted for a continued share repurchase mandate.

Fourth quarter 2024

• Net profit amounted to MSEK 5.7 (14.2).
• Earnings per share amounted to SEK 0.52 (-1.28).

Distribution of profits

The Board of Directors proposes a dividend of SEK 4.25 per share for the FY 2024.

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

72.98 SEK NAV per share

Financial summary

	2024	2023
	31 Dec	31 Dec
Net asset value (NAV), KSEK	808 410	922 065
Private equity fund investments, KSEK	503 103	639 030
Private equity fund investments in % of equity	62	69
Remaining commitments, KSEK	86 239	96 622
Total exposure to Private equity fund investments, KSEK	589 342	735 652
Other Investments, KSEK	102 548	75 001
Net cash, KSEK	203 600	209 226
Private equity fund investments per share, SEK	45,42	57,69
Other Investments per share, SEK	9,26	6,77
Net cash per share, SEK	18,38	18,89
Net asset value per share, SEK	72,98	83,24
Share price, SEK	50,60	71,40

Comments by the CEO

In Q4 2024, NAXS's NAV per share increased by 0.7% to SEK 72.98, with a net profit of MSEK 5.7 driven by positive adjustments in Other Investments. Liquidity remained strong, with Net cash at MSEK 204.

The quarter included an increased commitment to Celero Fund (E) AB, totalling MEUR 3.2. While the full-year NAV per share declined by 7.2%, including dividends, we remain focused on disciplined portfolio management and longterm value creation.

Nikolai Jebsen

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, 2024, 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. 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: 3/33 No. of portfolio companies/exits: 3/0

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.

Equip Capital I is the first fund raised by Equip Capital, an Oslo-based private equity firm focusing on investments in small and midsized companies in the Nordic region. The Equip Capital team has extensive investment experience across the consumer, industrial and business services sectors.

Fund size: MNOK 1,900 Fund size: MEUR 310 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: 2/0

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.

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.com Website: https://www.jabholco.com NAXS initial commitment: MUSD 5 NAXS initial commitment: MEUR 5

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 services. The fund focuses on pet care and pet services.

Fund size: MUSD 5,000 Fund size: <MSEK 500

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

Equip Capital I Equip Capital SPV SCSp

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.

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.

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

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.

Segment: large cap Segment: mid cap Geographic focus: global Geographic focus: global, with a focus on the Nordics Vintage: 2022 Vintage: 2022

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 Fund size: MEUR 1,200 Segment: small cap Segment: mid cap Geographic focus: global, with a focus on the Nordics Vintage: 2017 Vintage: 2021

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

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 Fund size: MSEK 2,000 Segment: large cap Segment: small cap Geographic focus: Europe and selected global healthcare and technology & payments investments 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: 4/7

Mimir Invest AB Nordic Capital Evolution I LP

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. Geographic focus: Northern Europe

Website: www.mimirinvest.com Website: https://www.nordiccapital.com/ No. of portfolio companies/exits: 5/3 No. of portfolio companies/exits: 10/0

Nordic Capital Fund X LP Valedo Partners Fund II AB

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.

Geographic focus: Sweden and the Nordics

In addition, NAXS had at December 31, 2024, a commitment to 1 private equity fund that had exited all its portfolio companies and was in a dissolution process (Nordic Capital CV1).

Other Investments

Company	Sector	Type of instrument	Date of initial investment	Reported value, 2024.12.31 MSEK	Reported value, 2023.12.31 MSEK
Scout Gaming Group	iGaming	listed share (Nasdaq First North)	Q4 2017	0.0	0.1
Awilco Drilling	Energy	listed share (Euronext Growth Oslo)	Q1 2018	29.8	13.4
Keurig Dr Pepper	Consumer goods & services	listed share Nasdaq (NY)	Q3 2020	23.2	21.9
Pret Panera	Food & beverage	unlisted share	Q4 2020	2.1	2.6
Krispy Kreme	Food & beverage	listed share (Nasdaq NY)	Q1 2021	4.7	6.5
Jacktel	Energy	unlisted share (registered on Euronext NOTC)	Q1 2022	12.6	11.9
Novonesis	Biotechnology	listed share (Nasdaq Copenhagen)	Q4 2022	3.2	2.8
Reledo	Business Services	unlisted share	Q2 2023	9.7	5.7
Panera Brands	Food & beverage	unlisted share	Q2 2023	12.3	10.2
JDE Peet's	Food & beverage	listed share (Euronext Amsterdam)	Q4 2024	4.9	-
Total				102.5	75.0

As of December 31, 2024, Other Investments encompassed 10 holdings.

Exposure to Private equity fund investments and Other Investments

At December 31, 2024, the total exposure to Private equity fund investments and Other Investments amounted to MSEK 692, which corresponds to 86% 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 NAV/share increased by 0.7% during the fourth quarter. Over the financial year, the NAV/share decreased by 7.2% (including the dividend paid).

New investments, acquisitions and liquidity events during the fourth quarter

Commitments to Private equity funds

During the quarter, NAXS increased its commitment to Celero Fund (E) AB by MEUR 1.7, bringing its total commitment to the fund to MEUR 3.2 (NAXS had made a MEUR 1.5 commitment at the first close of the fund in 2023). The fund, which focuses on the services, consumer goods and niche industrials sectors, currently holds 3 portfolio companies.

Other Investments

NAXS did not make any new Other Investment during the fourth quarter (however, see under the "Liquidity events in underlying funds" section below regarding the distribution of JDE Peet's shares).

Acquisitions by underlying funds

There was no new acquisition by underlying funds during the fourth quarter.

Liquidity events in underlying funds

Nordic Capital Fund X partially divested the risk and supervisory technology solutions provider Regnology during the fourth quarter. In addition, JAB Consumer Fund GCB II proceeded during the quarter to an inkind distribution of the JDE Peet's shares (EURONEXT: JDEP) held by the fund, with NAXS receiving 26,066 JDEP shares. These shares are now accounted for under "Other Investments" in NAXS's reporting. The distribution of the JDEP shares also ended the investment of JAB Consumer Fund GCB II in JAB's Coffee & Beverage platform.

At December 31, 2024, NAXS's underlying funds had acquired a total of 191 companies, 124 of which had been fully divested. These 124 exits have generated an average IRR of 17.7%.

Portfolio composition/diversification

At December 31, 2024, 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 12,5%
• Business services 8,8%
• Consumer goods & services 13,0%
• Food & beverage 9,9%
• Healthcare 2,3%
• Industry 28,8%
• Pet care & services 21,9%
• Tech & software 2,8%

The 10 largest underlying portfolio companies represent approximately 43% of the total equity, with the largest underlying portfolio company accounting for approximately 15% of equity.

Group

Net asset value (NAV)

	31 Dec
KSEK	2024	2023
Private equity fund investments	503 103	639 030
Other Investments	102 548	75 001
Other assets and liabilities	-841	-1 192
Net cash	203 600	209 226
Net asset value (NAV)	808 410	922 065
Net asset value per share, SEK	72,98	83,24

Changes in Net asset value (NAV)

	Q4	Jan-Dec	Jan-Dec
KSEK	2024	2024	2023
Net asset value (NAV) at the beginning of the period	802 666	922 065	959 252
Value changes on Private eguity fund investments	-2 977	-78 247	3 107
Value changes on Other Investments	10 741	21 541	10 734
Operating costs	-3 287	-15 921	-16 811
Net financial items	1 267	6 057	7 333
Income tax	-	-5	-9
Dividend to shareholders	-	-47 080	-41 541
Net asset value (NAV) at the end of the period	808 410	808 410	922 065

Changes in Private equity fund investments and Other Investments

	Fund investments		Other investments
	Q4	Jan-Dec	Jan-Dec	Q4	Jan-Dec	Jan-Dec
KSEK	2024	2024	2023	2024	2024	2023
At the beginning of the period	494 414	639 030	687 989	85 355	75 001	60 801
Investments	17 764	51 336	65 953	6 601	6 601	21 158
Repayments	-6 098	-109 016	-118 019	-149	-595	-17 692
Net investments	11 666	-57 680	-52 066	6 452	6 006	3 466
Changes in value	-7 608	-83 577	10 407	6 458	17 234	11 595
Dividends and interest income	-	-	-	149	595	1 277
Unrealized exchange rate changes	4 631	5 330	-7 300	4 134	3 712	-2 138
Reported through the income statement	-2 977	-78 247	3 107	10 741	21 541	10 734
Reported value at the end of the period	503 103	503 103	639 030	102 548	102 548	75 001

The total change in value reported through the income statement in Q4 for Private equity fund investments and Other Investments amounts to KSEK 7 762 (-12 228) and the total change in value for the year amounts to KSEK -56 707 (13 841). Unrealized exchange rate changes are the period's change in the value of the holdings when translated from local currency to SEK.

Net cash

		31 Dec
KSEK	2024	2023
Cash, bank and short-term investments	203 600	209 226
	203 600	209 226
Net cash per share, SEK	18,38	18,89

45.42 SEK Private equity fund investments per share

18.38 SEK Net cash per share

During the financial 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	2024	2024	2023
Net cash at the beginning of the period	221 718	209 226	211 668
Investments in Private equity funds	-17 764	-51 336	-65 953
Distributions from Private equity funds	6 097	109 016	118 019
Investments in Other Investments	-6 601	-6 601	-21 158
Distributions and exits from Other Investments	149	595	17 692
Cash flow from operating activeties	750	-9 754	-9 501
Cash flow from changes in working capital*	-749	-466	-
Dividend to shareholders	-	-47 080	-41 541
Net cash at the end of the period	203 600	203 600	209 226

*Including exchange rate difference in cash and cash equivalents.

Net financial items

	Q4	Jan-Dec	Jan-Dec
KSEK	2024	2024	2023
Interest income	1 273	6 172	7 323
Interest expenses	-	-1	-3
Currency effects	-6	-114	13
Net financial items	1 267	6 057	7 333

Financing

The Group is financed with shareholders' equity. Shareholders' equity amounted to KSEK 808,410 (922,065) at the end of the year, corresponding to SEK 72.98 (83.24) per share and an equity/asset ratio of 99,8 (99.8) percent. Dividend to shareholders for FY 2023 amounted to KSEK 47,080 (41,541) corresponding to SEK 4.25 (3.75) per share.

72.98 SEK Equity per share

Results and investments

Fourth quarter 2024

Profit/loss after financial items amounted to KSEK 5,744 (-14,152). The result is mainly attributable to changes in the value of Private equity fund investments amounting to KSEK -2,977 (-21,936) and Other Investments amounting to KSEK 10,741 (9,708).

During the quarter, NAXS invested KSEK 17,764 (21 078) in Private equity fund investments and repayments from Private equity fund investments amounted to KSEK 6,097 (1,481). Investments in Other Investments amounted to KSEK 6,601 (0) and repayments from Other Investments amounted to KSEK 149 (195).

12-month 2024

Profit after financial items amounted to KSEK -66,575 (4,363). The result is mainly attributable to changes in the value in Private equity fund investments of KSEK - 78,247 (3,107) and in Other Investments KSEK 21,541 (10,734). The decrease in value of Private Equity Fund investments experienced during the financial year was primarily due the underperformance of one

manager in the portfolio, reflecting the more challenging macro-economic environment as well.

During the financial year, NAXS invested KSEK 51,336 (65,979) in Private equity fund investments. Repayments from Private equity fund investments amounted to KSEK 109,016 (118,019). KSEK 6,601 (21,158) was invested in Other Investments and repayments from Other Investments amounted to KSEK 595 (17,692).

Events after the end of the financial year

No significant events have occurred after the end of the financial year.

Significant risks and uncertainty factors

Significant risks and uncertainty factors are described in the Annual Report 2023. 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 financial year amounted to KSEK 557 (591). Net interest amounted to KSEK 2,542 (4,131). During the year, own shares were repurchased by subsidiaries, resulting in KSEK 35,298 (-) in profit from participations in subsidiaries. The profit/loss before and after tax amounted to KSEK 33,985 (227).

Organization

Nikolai Jebsen succeeded Gösta Lundgren as interim CEO on October 7, 2024. The Board of Directors consists of Daniel Gold (chairman), Meg Eisner, Nikolai Jebsen, Børge Johansen and Synne Syrrist, who were re-elected at the 2024 Annual General Meeting.

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.

At December 31, 2024, the NAXS share price was SEK 50,60 and the total shareholders' equity per share was SEK 72,98. The Company's market capitalization was MSEK 561, and the number of shareholders was 4,492.

Financial information

Annual report 2024: week 8 2025 Annual General Meeting: 3 April 2025 Interim report (3 months): 29 April 2025 Interim report (6 months): 5 August 2025 Interim report (9 months): 23 October 2025 Year-end report 2025: 29 January 2026

Ticker codes NAXS.SS in Bloomberg NAXS.ST in Reuters

Contact

Nikolai Jebsen, Interim CEO +47 462 82 222 nikolai.jebsen@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 19.30 CET on January 30, 2025

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 30, 2025

Daniel Gold Margaret (Meg) Eisner Børge Johansen Chairman Director Director

Synne Syrrist Nikolai Jebsen Director Director and Interim CEO

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	2024	2023	2024	2023
Change in value		7 762	-12 228	-56 707	13 841
Operating costs note 2		-3 285	-3 662	-15 920	-16 811
Operating profit (loss)		4 477	-15 890	-72 627	-2 970
Net financial items		1 267	1 738	6 057	7 333
Profit/loss after financial items		5 744	-14 152	-66 570	4 363
Income taxes		-	-9	-5	-9
Net profit/loss		5 744	-14 161	-66 575	4 354
Attributable to:
Parent company shareholders		5 744	-14 161	-66 575	4 354
Earnings per share, SEK*		0,52	-1,28	-6,01	0,39
Average number of shares, 000s*		11 078	11 078	11 078	11 078

*Before and after dilution.

The Group's comprehensive income is consistent with the net profit for the financial year.

Consolidated Balance Sheet

		31 Dec
KSEK	Note	2024	2023
Assets
Private equity fund investments		503 103	639 030
Other Investments		102 548	75 001
Total non-current assets		605 651	714 031
Other receivables		625	503
Cash and cash equivalents		203 600	209 226
Total current assets		204 225	209 729
Total assets		809 876	923 760
Equity		808 410	922 065
Current liabilities		1 466	1 695
Total equity and liabilities		809 876	923 760

Consolidated Statement of Changes in Equity

	31 Dec
KSEK	2024	2023
Equity at the beginning or the year	922 065	959 252
Repurchase of own shares	-	-
Dividend	-47 080	-41 541
Total comprehensive income for the period	-66 575	4 354
Shareholder's equity at the end of the period	808 410	922 065

Consolidated Statement of cash flows analysis

	Q4		Jan-Dec
KSEK	2024	2023	2024	2023
Profit/loss after financial items	5 744	-14 152	-66 570	4 363
Adjustment for non-cash items, etc.	-4 993	12 240	56 821	-13 855
Income tax paid	-	-9	-5	-9
Cash flow from operating activities before changes in working capital	751	-1 921	-9 754	-9 501
Cash flow changes in working capital	-744	4 174	-352	-14
Cash flow from operating activities	7	2 253	-10 106	-9 515
Private equity fund investments	-17 764	-21 078	-51 336	-65 953
Distributions fromf Private equity fund investments	58	1 481	102 977	118 019
Investments in Other long-term holdings of securities	-562	-	-562	-21 158
Distribuions from and divestments of Other Investments	149	195	595	17 692
Cash flow from investment activities	-18 119	-19 402	51 674	48 600
Dividend	-	-	-47 080	-41 541
Cash flow from financing activities	-	-	-47 080	-41 541
Cash flow during the period	-18 112	-17 149	-5 512	-2 456
Cash and cash equivalents, beginning of the period	221 718	226 387	209 226	211 668
Exchange-rate differences in cash and cash equivalents	-6	-12	-114	14
Cash and cash equivalents at the end of the period	203 600	209 226	203 600	209 226

Parent Company Income Statement

	Q4		Jan-Dec
KSEK	2024	2023	2024	2023
Net income	56	78	557	591
Operating costs	-1 073	-1 301	-4 412	-4 714
Operating profit/loss	-1 017	-1 223	-3 855	-4 123
Profit from shares in group companies	35 298	219	35 298	219
Net financial items	497	1 005	2 542	4 131
Profit /loss after financial items	34 778	1	33 985	227
Income taxes	-	-	-	-
Net profit/loss for the period	34 778	1	33 985	227

Parent Company Statement of Comprehensive Income

	Q4		Jan-Dec
KSEK	2024	2023	2024	2023
Net profit/loss for the period	34 778	1	33 985	227
Other comprehensive income	-	-	-	-
Total comprehensive income for the period	34 778	1	33 985	227

Parent Company Balance Sheet

	31 Dec
KSEK	2024	2023
Assets
Shares in subsidiaries	367 236	422 008
Total non-current assets	367 236	422 008
Other receivables	561	724
Cash and cash equivalents	150 455	108 916
Total current assets	151 016	109 640
Total assets	518 252	531 648
Equity	517 026	530 121
Current liabilities	1 226	1 527
Total equity and liabilities	518 252	531 648

Parent Company Statement of Changes in equity

	31 Dec
KSEK	2024	2023
Equity at the beginning of the year	530 121	571 435
Dividend	-47 080	-41 541
Total comprehensive income for the period	33 985	226
Shareholder's equity at the end of the period	517 026	530 120

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 2023 under notes to the financial reports.

The new and amended IFRS standards and interpretations applied from 2024 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.

Note 2. Operating costs

	Q4		Jan-Dec
KSEK	2024	2023	2024	2023
Fee to the investment advisor	-1 896	-2 200	-8 183	-9 052
Carried interest to the investment advisor	-4	-79	-2 662	-2 518
Personnel expenses	-232	-232	-919	-919
Other operating costs	-1 153	-1 151	-4 156	-4 322
Total operating costs	-3 285	-3 662	-15 920	-16 811

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

	Group 2024-12-31
		Fair value via
		the profit and	Total carrying
Category, KSEK	Amortized cost	loss account	amount
Financial assets
Private equity fund investments	-	503 103	503 103
Other Investments	-	102 548	102 548
Other receivables	318	-	318
Cash and cash equivalents	203 600	-	203 600
Total financial assets	203 918	605 651	809 569
Financial liabilities	1 466	-	1 466
Total financial liabilities	1 466	-	1 466

	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	-	494 414	494 414
Other Investments	-	85 355	85 355
Other receivables	3 330	-	3 330
Cash and cash equivalents	221 718	-	221 718
Total financial assets	225 048	579 769	804 817
Financial liabilities	2 415	-	2 415
Total financial liabilities	2 415	-	2 415

Consolidated assets and liabilities measured at fair value 2024-12-31.

Assets, KSEK	Level 1	Level 2	Level 3	Total
Financial assets measured at fair value via the income statement
Private equity fund investments	-	-	503 103	503 103
Other Investments	78 383	-	24 165	102 548
	78 383	-	527 268	605 651

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 Investments	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). 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 of 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 (socalled 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 financial year, 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. Review of valuations of fund holding is also made by Naccess Partners AB which provide quarterly an annual review of the reports received from the respective fund managers including valuation.

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 fund investments combined 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	2024	2023
Cash and cash equivalents	203 600	209 226
Net cash	203 600	209 226

Total assets

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

	31 Dec
Group, KSEK	2024	2023
Equity	808 410	922 065
Net cash	-203 600	-209 226
Total assets	604 810	712 839

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 2024-12-31		Net asset value, SEK per share
Net asset value, KSEK	808 410 =	72,98
Number of shares outstanding	11 077 585
		Net asset value,
Group 2023-12-31		SEK per share
Net asset value, KSEK	922 065
Number of shares outstanding	11 077 585	83,24