NAXS AB (publ) Half-year financial report January – June 2026

First half-year 2026

• Net profit amounted to MSEK -23.9 (50.9).
• Earnings per share amounted to SEK -2.19 (4.59).
• Net asset value amounted to MSEK 506 (SEK 46.37 per share) at June 30, 2026, compared to MSEK 556 (SEK 50.44 per share) at December 31, 2025.
• Net cash amounted to MSEK 43 (SEK 3.97 per share) at June 30, 2026, compared to MSEK 66 (SEK 5.97 per share) at December 31, 2025.
• The 2026 Annual General Meeting resolved on a dividend of SEK 2.00 per share and authorised the Board of Directors to resolve on repurchases of the company’s own shares and new share issues.

Second quarter 2026

• Net profit amounted to MSEK -19.3 (-43.5).
• Earnings per share amounted to SEK -1.77 (-3.93).
• Shares in Tången Industrikapital AB were acquired for a purchase price of SEK 19.0 million.

Comments by the CEO

Market conditions remained largely unchanged during the second quarter, with subdued deal activity and cautious sentiment persisting across private markets. Against this backdrop, the NAV per share declined by 3.6%, driven by continued underperformance from one manager. The remainder of the fund portfolio was broadly flat, reflecting the generally stable environment in which most of NAXS’s underlying portfolio companies are operating.

In line with the revised strategy announced in November 2025, NAXS deployed during the quarter approximately MSEK 19 acquiring shares in Tången Industrikapital AB, first in its IPO on Nasdaq Stockholm and subsequently in the open market. We believe Tången provides exposure to a well-positioned industrial portfolio at an attractive entry price, while the listed shares ensure that the investment remains liquid, an important consideration given our focus on maintaining balance sheet flexibility.

In the near term, we intend to continue capitalising on opportunities that may arise as market conditions evolve.

Amaury de Poret