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NAXS
Quarterly Report • Aug 5, 2025
3178_ir_2025-08-05_c43390ac-c23b-443b-9f6d-c5ff4cfab955.pdf
Quarterly Report
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Half-year financial report
January – June 2025
NAXS AB (publ)
Half-year financial report January – June 2025
First Half-year 2025
- Net profit amounted to MSEK 50.9 (-30.9).
- Earnings per share amounted to SEK 4.59 (-2.79).
- Net asset value amounted to MSEK 812 (SEK 73.32 per share) at June 30, 2025, compared to MSEK 808 (SEK 72.98 per share) at December 31, 2024.
- Net cash amounted to MSEK 220 (SEK 19.84 per share) at June 30, 2025, compared to MSEK 204 (SEK 18.38 per share) at December 31, 2024.
Second quarter 2025
- Net profit amounted to MSEK -43.5 (-31.9).
- Earnings per share amounted to SEK -3.93 (-2.88).
- The 2025 Annual General Meeting resolved to pay a dividend of 4.25 SEK per share for FY 2024 and voted for a continued share repurchase mandate.
share
73.32 SEK
Financial summary
| 2025 | 2024 | |
|---|---|---|
| 30 Jun | 31 Dec | |
| Net asset value (NAV), KSEK | 812 226 | 808 410 |
| Private equity fund investments, KSEK | 524 861 | 503 103 |
| Private equity fund investments in % of equity | 65 | 62 |
| Remaining commitments, KSEK | 70 607 | 86 239 |
| Total exposure to Private equity fund investments, KSEK | 595 468 | 589 342 |
| Other Investments, KSEK | 66 388 | 102 548 |
| Net cash, KSEK | 219 725 | 203 600 |
| Private equity fund investments per share, SEK | 47,38 | 45,42 |
| Other Investments per share, SEK | 5,99 | 9,26 |
| Net cash per share, SEK | 19,84 | 18,38 |
| Net asset value per share, SEK | 73,32 | 72,98 |
| Share price, SEK | 54,60 | 50,60 |
Comments by the CEO
NAXS continues to hold a significant part of its assets in cash and cash equivalents. The FY 2024 dividend paid to shareholders in April amounted to SEK 4.25 per share. As of June 30, cash and cash equivalents amounted to SEK 19.84 per share and net asset value amounted to SEK 73.32 per share. NAXS' financial results in the second quarter of MSEK –43.5 are largely driven by a lower valuation of two of our underlying funds. Profit for the first half-year 2025 amounted to MSEK 50.9.
Børge Johansen
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 June 30, 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 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
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.
No. of portfolio companies/exits: 2/34 No. of portfolio companies/exits: 4/0
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: 9/3 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 pet services. The fund focuses on pet services.
Fund size: MUSD 5,000 Fund size: <MSEK 500 Segment: large cap Segment: mid cap
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
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.
Geographic focus: global Geographic focus: global, with a focus on the Nordics
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 Website: www.mimirinvest.com Website: https://www.nordiccapital.com/ 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: 3/8
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
No. of portfolio companies/exits: 4/5 No. of portfolio companies/exits: 11/0
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 June 30, 2025, 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
As of June 30, 2025, Other Investments encompassed 9 holdings. In April, NAXS received an interim dividend of USD 2.06 per share from Awilco Drilling, corresponding to a total amount of MUSD 2.9. In June, the entire shareholding in JDE Peet's NV (Euronext Amsterdam: JDEP) was divested for a total consideration of MEUR 0.6.
| Company | Sector | Type of instrument | Date of initial investment |
Reported value, 2025.06.30 MSEK |
Reported value, 2024.12.31 MSEK |
|---|---|---|---|---|---|
| Scout Gaming Group |
iGaming | listed share (Nasdaq First North) |
Q4 2017 | 0.0 | 0.0 |
| Awilco Drilling | Energy | de-listed share (under liquidation) |
Q1 2018 | 1.3 | 29.8 |
| Keurig Dr Pepper |
Consumer goods & services |
listed share Nasdaq (NY) | Q3 2020 | 20.6 | 23.2 |
| Pret Panera | Food & beverage | unlisted share | Q4 2020 | 1.8 | 2.1 |
| Krispy Kreme | Food & beverage | listed share (Nasdaq NY) | Q1 2021 | 1.2 | 4.7 |
| Jacktel | Energy | listed share (registered on Euronext NOTC) |
Q1 2022 | 13.1 | 12.6 |
| Novonesis | Biotechnology | listed share (Nasdaq Copenhagen) |
Q4 2022 | 3.4 | 3.2 |
| Reledo | Business Services | unlisted share | Q2 2023 | 13.9 | 9.7 |
| Panera Brands | Food & beverage | unlisted share | Q2 2023 | 11.0 | 12.3 |
| JDE Peet's | Food & beverage | listed share (Euronext Amsterdam) |
Q4 2024 | - | 4.9 |
| Total | 66.4 | 102.5 |
NAV Overview
Below is an overview of net asset value per share for the different assets at June 30, 2025.
Private Equity Fund
| Investments | ||
|---|---|---|
| Fund | NAV/share | % NAV |
| Apax Europe VII | 0,28 | 0,4% |
| Celero Capital Fund | 1,94 | 2,6% |
| Equip Capital I | 1,99 | 2,7% |
| Equip Capital SPA | 1,21 | 1,6% |
| JAB Consumer Fund – GCB II | 1,35 | 1,8% |
| JAB Consumer Fund – GCB III | 6,53 | 8,9% |
| JAB Consumer Partners – JCP V | 6,17 | 8,4% |
| Mimir Invest | 3,42 | 4,7% |
| Mimir Industries | 20,19 | 27,5% |
| Nordic Capital CV1 | 0,03 | 0,0% |
| Nordic Capital X | 2,14 | 2,9% |
| Nordic Capital Evolution | 0,92 | 1,3% |
| Valedo Partners II | 1,20 | 1,6% |
| Sum Private Equity Fund | 47,38 | 64,6% |
| Investments | ||
| Other Investments | ||
| Private Investments | ||
| Company | NAV/share | % NAV |
| Panera Brands | 0,99 | 1,4% |
| Pret Panera | 0,16 | 0,2% |
| Reledo Sum Private Investments |
1,26 2,41 |
1,7% 3,3% |
| Public Investments | ||
| Company | NAV/share | % NAV |
| Awilco Drilling | 0,12 | 0,2% |
| Keurig Dr Pepper | 1,86 | 2,5% |
| Krispy Kreme | 0,11 | 0,1% |
| Novonesis | 0,31 | 0,4% |
| Jacktel Scout Gaming Group |
1,18 0,00 |
1,6% 0,0% |
| Sum Public Investments | 3,58 | 4,9% |
| Total Other Investments | 5,99 | 8,2% |
| Cash and other net assets | ||
| Nav/share | % NAV | |
| Cash | 19,84 | 27,1% |
| Other net assets | 0,11 | 0,2% |
| Sum Cash and other net assets | 19,95 | 27,2% |
| Total NAV/share | 73,32 | 100,0% |
| Shares outstanding | 11 077 585 |
|---|---|
| NAV, KSEK | 812,226 |
Exposure to Private equity fund investments and Other Investments
At June 30, 2025, the total exposure to Private equity fund investments and Other Investments amounted to MSEK 662, which corresponds to 82% 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 decreased by 10.0% during the second quarter. Including the FY 2024 dividend paid in April, the NAV/share decreased by 4.8% during the second quarter and increased by 1.8% over 12 months.
New investments, acquisitions and liquidity events during the second quarter
Commitments to Private equity funds
NAXS did not make any new Commitment during the second quarter.
Other Investments
NAXS did not make any new Other Investment during the second quarter.
Acquisitions by underlying funds
1 new acquisition took place during the second quarter.
| Portfolio Company |
Sector | Geography | Fund |
|---|---|---|---|
| Minerva Imaging |
Healthcare | Denmark | Nordic Capital Evo I |
Liquidity events in underlying funds
3 exits were announced during the first quarter.
| Portfolio Company |
Sector | Year of acquisition |
Fund |
|---|---|---|---|
| No Dig Alliance |
Building & construction |
2021 | Equip Capital I |
| Emmaboda Glas |
Industrials | 2019 | Mimir Invest AB |
| Norva24 | Industrials | 2015 | Valedo Fund II |
At June 30, 2025, NAXS's underlying funds had acquired a total of 193 companies, 129 of which had been fully divested. These 129 exits have generated an average IRR of 17.4%.
Liquidity events in Other Investments
In April, NAXS received an interim dividend payment of USD 2.06/share from Awilco Drilling, representing a total amount of MUSD 2.9. As Awilco Drilling no longer has any operational activities, it concluded that it was in the best interest of its shareholders to return the company's capital, apply for delisting from Euronext Growth Oslo, and ultimately proceed with the company's liquidation.
In June, NAXS divested its 26,066 shares in JDE Peet's NV (Euronext Amsterdam: JDEP) for a total consideration of MEUR 0.6. The shares were received as an in-kind distribution from the JAB Consumer Fund II in October 2024.
Portfolio composition/diversification
At June 30, 2025, NAXS provided the following exposure:
Fund segment allocation (% of Private equity fund investments)
| Nordic small cap 59,1% |
|---|
| Nordic mid cap 6,0% |
| Nordic large cap 4,6% |
| European mid cap 0,0% |
| European large cap 0,6% |
Global large cap 29,6%
Sector allocation (% of investments in Private equity funds and Other Investments)
Building & construction 5,5% Business services 10,2% Consumer goods & services 16,8% Food & beverage 7,3% Healthcare 2,2% Industry 29,8% Pet care & services 25,5%
Tech & software 2,7%
The 10 largest underlying portfolio companies represent approximately 46% of the total equity, with the largest underlying portfolio company accounting for approximately 13% of equity.
Group
Net asset value (NAV)
| 30 Jun | 31 Dec | ||
|---|---|---|---|
| KSEK | 2025 | 2024 | 2024 |
| Private equity fund investments | 524 861 | 576 391 | 503 103 |
| Other Investments | 66 388 | 81 200 | 102 548 |
| Other assets and liabilities | 1 252 | -405 | -841 |
| Net cash | 219 725 | 186 946 | 203 600 |
| Net asset value (NAV) | 812 226 | 844 132 | 808 410 |
| Net asset value per share, SEK | 73,32 | 83,24 | 72,98 |
Changes in Net asset value (NAV)
| Q2 | Jan-Jun | Jan-Dec | |
|---|---|---|---|
| KSEK | 2025 | 2025 | 2024 |
| Net asset value (NAV) at the beginning of the period | 902 807 | 808 410 | 922 065 |
| Value changes on Private eguity fund investments | -37 988 | 60 032 | -78 247 |
| Value changes on Other Investments | -379 | -1 471 | 21 541 |
| Operating costs | -5 772 | -9 111 | -15 921 |
| Net financial items | 643 | 1 451 | 6 057 |
| Income tax | -5 | -5 | -5 |
| Dividend to shareholders | -47 080 | -47 080 | -47 080 |
| Net asset value (NAV) at the end of the period | 812 226 | 812 226 | 808 410 |
Changes in Private equity fund investments and Other Investments
| Fund investments | Other investments | |||||
|---|---|---|---|---|---|---|
| Q2 | Jan-Jun | Jan-Dec | Q2 | Jan-Jun | Jan-Dec | |
| KSEK | 2025 | 2025 | 2024 | 2025 | 2025 | 2024 |
| At the beginning of the period | 603 111 | 503 103 | 639 030 | 101 216 | 102 548 | 75 001 |
| Investments | 9 514 | 18 150 | 51 336 | - | - | 6 601 |
| Repayments | -49 776 | -56 424 | -109 016 | -34 449 | -34 689 | -595 |
| Net investments | -40 262 | -38 274 | -57 680 | -34 449 | -34 689 | 6 006 |
| Changes in value | -29 303 | 75 125 | -83 577 | -25 578 | -21 903 | 17 234 |
| Dividends and interest income | - | - | - | 27 288 | 27 528 | 595 |
| Unrealized exchange rate changes | -8 685 | -15 093 | 5 330 | -2 089 | -7 096 | 3 712 |
| Reported through the income statement | -37 988 | 60 032 | -78 247 | -379 | -1 471 | 21 541 |
| Reported value at the end of the period | 524 861 | 524 861 | 503 103 | 66 388 | 66 388 | 102 548 |
The total change in value reported through the income statement in Q2 for Private equity fund investments and Other Investments amounts to KSEK -38,367 (-28,213) and the total change in value for the half-year amounts to KSEK 58,561 (-23,689). Unrealized exchange rate changes are the period's change in the value of the holdings when translated from local currency to SEK.
Net cash
| 30 Jun | 31 Dec | ||
|---|---|---|---|
| KSEK | 2025 | 2024 | 2024 |
| Cash, bank and short-term investments | 219 725 | 186 946 | 203 600 |
| 219 725 | 186 946 | 203 600 | |
| Net cash per share, SEK | 19,84 | 16,88 | 18,38 |
19.84 SEK Net cash per share
47.38 SEK Private equity fund investments per share
During the interim period, 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
| Q2 | Jan-Jun | Jan-Dec |
|---|---|---|
| 2025 | 2025 | 2024 |
| 198 288 | 203 600 | 209 226 |
| -9 514 | -18 150 | -51 336 |
| 49 776 | 56 424 | 109 016 |
| - | - | -6 601 |
| 34 449 | 34 689 | 595 |
| -5 617 | -8 986 | -9 754 |
| -577 | -772 | -466 |
| -47 080 | -47 080 | -47 080 |
| 219 725 | 219 725 | 203 600 |
*Including exchange rate difference in cash and cash equivalents.
Net financial items
| Q2 | Jan-Jun | Jan-Dec | |
|---|---|---|---|
| KSEK | 2025 | 2025 | 2024 |
| Interest income | 752 | 1 700 | 6 172 |
| Interest expenses | -2 | -2 | -1 |
| Currency effects | -106 | -247 | -114 |
| Net financial items | 644 | 1 451 | 6 057 |
Financing
The Group is financed with shareholders' equity. Shareholders' equity at the end of the interim period amounted to KSEK 812,226 (808,410), corresponding to SEK 73.32 (72.98) per share and an equity/asset ratio of 99.9 (99.8) percent. Dividend to shareholders for FY 2023 amounted to KSEK 47,080 (47,080) corresponding to SEK 4.25 (4.25) per share.
73.32 SEK Equity per share
Results and investments
Second quarter 2025
Profit after financial items amounted to KSEK -43,496 (-31,935). The result is mainly attributable to changes in the value in Private equity fund investments of KSEK -37,988 (-31,577) and in Other Investments KSEK -379 (3 364). The decrease in value of Private Equity Fund investments experienced during the quarter was primarily due to decreased valuations received from one of the fund managers. During the quarter, NAXS invested KSEK 9,514 (4,711) in Private equity fund investments and repayments from Private equity fund investments amounted to KSEK 49,776 (7,855). Investments in Other Investments amounted to KSEK 0 (0) and repayments from Other Investments amounted to KSEK 34,449 (19).
First half-year 2024
Profit after financial items amounted to KSEK 50 901 (-30 851). The result is mainly attributable to changes in the value in Private equity funds of KSEK 60,032
(-30,225) and in Other Investments KSEK -1,471 (6,356).
During the interim period, NAXS invested KSEK 18,149 (5,777) in Private equity funds. Repayments from the funds amounted to KSEK 56,424 (38,191). KSEK 0 (0) was invested in Other Investments and repayments from Other Investments amounted to KSEK 34,689 (157).
Events after the end of the interim period
No significant events have occurred after the end of the interim period.
Significant risks and uncertainty factors
Significant risks and uncertainty factors are described in the Annual Report 2024. 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 first half-year amounted to KSEK 359 (396). Net interest amounted to KSEK 1,152 (1,552) The profit/loss before and after tax amounted to KSEK -867 (-419).
Organization
Børge Johansen succeeded Nikolai Jebsen as interim CEO on June 13. Nikolai Jebsen left the company to take on new duties and resigned as a member of the Board of Directors. The Board of Directors thereafter consists of Daniel Gold (Chairman of the Board), Meg Eisner, Børge Johansen and Synne Syrrist, who were re-elected at the Annual General Meeting on April 3, 2025.
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 June 30, 2025, the NAXS share price was SEK 54.60 and the total shareholders' equity per share was SEK 73.32. The Company's market capitalization was MSEK 605, and the number of shareholders was 4,369.
Financial information
Interim report (9 months): 23 October 2025 Year-end report 2025: 29 January 2026
Contact
Børge Johansen, Interim CEO +47 414 14 444 [email protected]
Gösta Lundgren, CFO +46 70 710 47 88 [email protected] Ticker codes NAXS.SS in Bloomberg NAXS.ST in Reuters
This information is information that NAXS AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 19.30 CET on August 5, 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 half-year 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, August 5, 2025
Chairman Director
Daniel Gold Margaret (Meg) Eisner
Synne Syrrist Børge Johansen 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 6 114 34 Stockholm, Sweden Tel: +46 (0)766 40 00 40 E-mail: [email protected]
Financial reports summary
Consolidated Income Statement
| Q2 | Jan-Jun | ||||
|---|---|---|---|---|---|
| KSEK | Note | 2025 | 2024 | 2025 | 2024 |
| Change in value | -38 368 | -28 213 | 58 561 | -23 869 | |
| Operating costs note 2 |
-5 772 | -5 365 | -9 111 | -10 471 | |
| Operating profit (loss) | -44 140 | -33 578 | 49 450 | -34 340 | |
| Net financial items | 644 | 1 643 | 1 451 | 3 489 | |
| Profit/loss after financial items | -43 496 | -31 935 | 50 901 | -30 851 | |
| Income taxes | -5 | -2 | -5 | -2 | |
| Net profit/loss | -43 501 | -31 937 | 50 896 | -30 853 | |
| Attributable to: | |||||
| Parent company shareholders | -43 501 | -31 937 | 50 896 | -30 853 | |
| Earnings per share, SEK* | -3,93 | -2,88 | 4,59 | -2,79 | |
| Average number of shares, 000s* | 11 078 | 11 078 | 11 078 | 11 078 | |
| *Before and after dilution. | |||||
| The Group's comprehensive income for the interim period is consistent with the net profit for the interim period. | |||||
| Consolidated Balance Sheet | |||||
| 30 Jun | 31 Dec |
Consolidated Balance Sheet
| 30 Jun | |||
|---|---|---|---|
| KSEK Note |
2025 | 2024 | 2024 |
| Assets | |||
| Private equity fund investments | 524 861 | 576 391 | 503 103 |
| Other Investments | 66 388 | 81 200 | 102 548 |
| Total non-current assets | 591 249 | 657 591 | 605 651 |
| Other receivables | 2 003 | 2 941 | 625 |
| Cash and cash equivalents | 219 725 | 186 946 | 203 600 |
| Total current assets | 221 728 | 189 887 | 204 225 |
| Total assets | 812 977 | 847 478 | 809 876 |
| Equity | 812 226 | 844 132 | 808 410 |
| Current liabilities | 751 | 3 346 | 1 466 |
| Total equity and liabilities | 812 977 | 847 478 | 809 876 |
Consolidated Statement of Changes in Equity
| 30 Jun | 31 Dec | ||
|---|---|---|---|
| KSEK | 2025 | 2024 | 2024 |
| Equity at the beginning or the year | 808 410 | 922 065 | 922 065 |
| Dividend | -47 080 | -47 080 | -47 080 |
| Total comprehensive income for the period | 50 896 | -30 853 | -66 575 |
| Shareholder's equity at the end of the period | 812 226 | 844 132 | 808 410 |
Consolidated Statement of cash flows analysis
| Q2 | Jan-Jun | |||
|---|---|---|---|---|
| KSEK | 2025 | 2024 | 2025 | 2024 |
| Profit/loss after financial items | -43 496 | -31 935 | 50 901 | -30 851 |
| Adjustment for non-cash items, etc. | 37 883 | 27 362 | -59 883 | 21 770 |
| Income tax paid | -5 | -2 | -5 | -2 |
| Cash flow from operating activities before changes in working capital | -5 618 | -4 575 | -8 987 | -9 083 |
| Cash flow changes in working capital | -500 | 40 | -694 | 1 302 |
| Cash flow from operating activities | -6 118 | -4 535 | -9 681 | -7 781 |
| Private equity fund investments | -9 514 | -4 711 | -18 149 | -5 777 |
| Distributions fromf Private equity fund investments | 49 776 | 7 855 | 56 424 | 38 191 |
| Distribuions from and divestments of Other Investments | 34 449 | 19 | 34 689 | 157 |
| Cash flow from investment activities | 74 711 | 3 163 | 72 964 | 32 571 |
| Dividend | -47 080 | -47 080 | -47 080 | -47 080 |
| Cash flow from financing activities | -47 080 | -47 080 | -47 080 | -47 080 |
| Cash flow during the period | 21 513 | -48 452 | 16 203 | -22 290 |
| Cash and cash equivalents, beginning of the period | 198 288 | 235 395 | 203 600 | 209 226 |
| Exchange-rate differences in cash and cash equivalents | -76 | 3 | -78 | 10 |
| Cash and cash equivalents at the end of the period | 219 725 | 186 946 | 219 725 | 186 946 |
Parent Company Income Statement
| Q2 | Jan-Jun | |||
|---|---|---|---|---|
| KSEK | 2025 | 2024 | 2025 | 2024 |
| Net income | 181 | 224 | 359 | 396 |
| Operating costs | -1 016 | -1 000 | -2 378 | -2 367 |
| Operating profit/loss | -835 | -776 | -2 019 | -1 971 |
| Net financial items | 444 | 566 | 1 152 | 1 552 |
| Profit /loss after financial items | -391 | -210 | -867 | -419 |
| Income taxes | - | - | - | - |
| Net profit/loss for the period | -391 | -210 | -867 | -419 |
Parent Company Statement of Comprehensive Income
| Q2 | Jan-Jun | |||
|---|---|---|---|---|
| KSEK | 2025 | 2024 | 2025 | 2024 |
| Net profit/loss for the period | -391 | -210 | -867 | -419 |
| Other comprehensive income | - | - | - | - |
| Total comprehensive income for the period | -391 | -210 | -867 | -419 |
Parent Company Balance Sheet
| 30 Jun | 31 Dec | |||
|---|---|---|---|---|
| KSEK | 2025 | 2024 | 2024 | |
| Assets | ||||
| Shares in subsidiaries | 377 236 | 422 008 | 367 236 | |
| Total non-current assets | 377 236 | 422 008 | 367 236 | |
| Other receivables | 1 570 | 2 403 | 561 | |
| Cash and cash equivalents | 90 726 | 59 422 | 150 455 | |
| Total current assets | 92 296 | 61 825 | 151 016 | |
| Total assets | 469 532 | 483 833 | 518 252 | |
| Equity | 469 079 | 482 622 | 517 026 | |
| Current liabilities | 453 | 1 211 | 1 226 | |
| Total equity and liabilities | 469 532 | 483 833 | 518 252 |
Parent Company Statement of Changes in equity
| 30 Jun | 31 Dec | ||
|---|---|---|---|
| KSEK | 2025 | 2024 | 2024 |
| Equity at the beginning of the year | 517 026 | 530 121 | 530 121 |
| Dividend | -47 080 | -47 080 | -47 080 |
| Total comprehensive income for the period | -867 | -419 | 33 985 |
| Shareholder's equity at the end of the period | 469 079 | 482 622 | 517 026 |
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 2024 under notes to the financial reports.
The new and amended IFRS standards and interpretations applied from 2025 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
| Q2 | Jan-Jun | |||
|---|---|---|---|---|
| KSEK | 2025 | 2024 | 2025 | 2024 |
| Fee to the investment advisor | -2 151 | -2 149 | -4 038 | -4 311 |
| Carried interest to the investment advisor | -2 329 | -2 031 | -2 329 | -3 491 |
| Personnel expenses | -232 | -229 | -456 | -456 |
| Other operating costs | -1 060 | -956 | -2 288 | -2 213 |
| Total operating costs | -5 772 | -5 365 | -9 111 | -10 471 |
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 2025-06-30 | |||
|---|---|---|---|
| Fair value via | |||
| the profit and | Total carrying | ||
| Category, KSEK | Amortized cost | loss account | amount |
| Financial assets | |||
| Private equity fund investments | - | 524 861 | 524 861 |
| Other Investments | - | 66 388 | 66 388 |
| Other receivables | 1 618 | - | 1 618 |
| Cash and cash equivalents | 219 725 | - | 219 725 |
| Total financial assets | 221 343 | 591 249 | 812 592 |
| Financial liabilities | 751 | - | 751 |
| Total financial liabilities | 751 | - | 751 |
| 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 |
Consolidated assets and liabilities measured at fair value 2025-06-30.
| Assets, KSEK | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|
| Financial assets measured at fair value via the income statement | ||||
| Private equity fund investments | - | - | 524 861 | 524 861 |
| Other Investments | 42 223 | - | 24 165 | 66 388 |
| 42 223 | - | 549 026 | 591 249 |
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 |
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 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 interim period, 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.
| 30 Jun | 31 Dec | ||
|---|---|---|---|
| Group, KSEK | 2025 | 2024 | 2024 |
| Cash and cash equivalents | 219 725 | 186 946 | 203 600 |
| Net cash | 219 725 | 186 946 | 203 600 |
Total assets
The net of all assets and liabilities that are not included in the Net cash.
| 30 Jun | 31 Dec | ||
|---|---|---|---|
| Group, KSEK | 2025 | 2024 | 2024 |
| Equity | 812 226 | 844 132 | 808 410 |
| Net cash | -219 725 | -186 946 | -203 600 |
| Total assets | 592 501 | 657 186 | 604 810 |
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 2025-06-30 | Net asset value, SEK per share |
|
|---|---|---|
| Net asset value, KSEK Number of shares outstanding |
812 226 = 11 077 585 |
73,32 |
| Group 2024-06-30 | Net asset value, SEK per share |
|
| Net asset value, KSEK Number of shares outstanding |
844 132 = 11 077 585 |
76,20 |
| Group 2024-12-31 | Net asset value, SEK per share |
|
| Net asset value, KSEK Number of shares outstanding |
808 410 = 11 077 585 |
72,98 |