NAXS AB (publ) 3-month financial report January – March 2026

First quarter 2026

• Net profit amounted to MSEK -4.6 (-94.4).
• Earnings per share amounted to SEK -0.42 (-8.52).
• Net asset value amounted to MSEK 527 (SEK 48.10 per share) at March 31, 2026, compared to MSEK 556 (SEK 50.44 per share) at December 31, 2025.
• Net cash amounted to MSEK 62 (SEK 5.63 per share) at March 31, 2026, compared to MSEK 66 (SEK 5.97 per share) at December 31, 2025.
• The 2026 Annual General Meeting resolved to distribute a dividend of SEK 2.00 per share, to grant a continued mandate to repurchase own shares in the Company, and to grant a continued mandate to resolve on the issue of new shares.

Comments by the CEO

The first quarter unfolded against a backdrop of persistent geopolitical and trade-policy uncertainty, which continued to weigh on private equity activity broadly. Transaction volumes remained below historical norms in the Nordic region, with the exit market in particular characterized by elongated timelines.

Including the dividend paid, the NAV per share declined by 0,7% during the first quarter. The decrease was driven primarily by the underperformance of one underlying manager.

Notwithstanding the challenging environment, the portfolio continued to generate liquidity. During the quarter, NAXS divested its co-investment in Reledo, received the redemption of its shares in JAB Co-investment IX, and sold half of its holding in Jacktel after the company listed on Euronext Growth Oslo.

At the 2026 AGM held in March, shareholders approved a dividend of SEK 2.00 per share for FY 2025, a reflection of NAXS’s commitment to returning value to shareholders.

While near-term visibility remains limited, we are focused on managing the portfolio with discipline and capitalizing on opportunities as market conditions evolve.

Amaury de Poret