NAXS AB (publ) Year-end report 2021

January – December 2021

  • Net profit for the year amounted to MSEK 163.9 (24.1).
  • Earnings per share amounted to SEK 14.7 (2.16).
  • Net asset value amounted to MSEK 824 (SEK 73.78 per share) at December 31, 2021, compared to MSEK 679 (SEK 60.87 per share) at December 31, 2020.
  • Net cash amounted to MSEK 266 (SEK 23.81 per share) at December 31, 2021, compared to MSEK 219 (SEK 19.65 per share) at December 31, 2020.
  • The 2021 Annual General Meeting resolved to pay a dividend of 3.00 SEK per share for FY 2020.

Fourth quarter 2021

  • Net profit/loss for the quarter amounted to MSEK 56.2 (30.1).
  • Earnings per share amounted to SEK 5.04 (2.70).

Distribution of profits

The Board of Directors proposes a dividend of SEK 3.50 per share for the FY 2021.

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

Comments by the CEO

NAXS continued its positive development during the fourth quarter of 2021
with the NAV/share increasing by 8%. During 2021, the NAV/share
increased by 26%, including dividends paid.
At the request of the majority shareholder, QVT Financial, the board of
NAXS was replaced in its entirety by 5 new directors elected at an
extraordinary general meeting in July.

During the first half of the year, NAXS made 1 new private equity
commitment to Nordic Capital Evolution I. The fund is focusing on the mid- cap segment in the North European region. In addition, NAXS made a co-investment in Krispy Kreme Doughnuts alongside JAB Holding.

As to NAXS’s underlying funds, they acquired 17 new portfolio companies and signed or
closed 10 full exits during 2021. In addition, a partial exit was made by Valedo II with the
IPO of its portfolio company Norva24.

In March 2021, NAXS paid a dividend of SEK 3.00/share for FY 2020. The Company has
now distributed a cumulative SEK 26 per share over the last 5 years to its shareholders
through dividends and share repurchases.

Finally, as announced in October, I will be leaving the company after 10 years as CEO and
I would like to take the opportunity to thank NAXS’s shareholders for their trust and to
wish the company all the best in the future.

Lennart Svantesson