NAXS Half-year Report 2018

First half-year 2018

• Net profit/loss for the first half-year amounted to MSEK 11.6 (59.8).

• Earnings per share amounted to SEK 0.86 (4.14).

• Net asset value amounted to MSEK 773 (SEK 60.73 per share) at June 30, 2018,
  compared to MSEK 821 (SEK 60.17 per share) at year-end 2017. The large share
  repurchases completed during the quarter and the payment of the FY 2017 dividend
  were the 2 main factors behind the decrease in net asset value.

• Net cash amounted to MSEK 328 (SEK 25.77 per share) at June 30, 2018, compared to
  MSEK 450 (SEK 32.97 per share) at year-end 2017.

  Second quarter 2018

  • Net profit/loss for the quarter amounted to MSEK -9.5 (49.2).
  • Earnings per share amounted to SEK -0.72 (3.41).
  • NAXS paid a dividend of SEK 2.53 per share for FY 2017.

  Comments by the CEO

  NAXS had a busy second quarter.

  The Company made in May an investment in Nordic Capital CV1, a new
  fund that acquired certain assets of Nordic Capital Fund VII. We believe
  that this transaction, combining elements of a new fund commitment
  with those of a secondary transaction with full visibility on underlying
  assets, represents a particularly attractive risk/reward profile.

  In June, NAXS announced that it had made a commitment to the JAB
  Consumer Fund – Global Consumer Brands II. Like its predecessor, the fund will co-invest
  in premium consumer brands alongside JAB Holding. The fund will in particular provide an
  exposure to the recently announced merger to form the Keurig-Dr Pepper beverage group,
  as well as to the acquisition of casual dining chain Pret a Manger. We are pleased to have
  been able to invest with this extremely sought-after manager.

  NAXS continued during the second quarter to repurchase its own shares, notably acquiring
  a block representing 6% of the total number of shares. We view this transaction, effected
  at a discount of approximately 16% to the Q1 net asset value per share, as value-accretive
  for the company and our shareholders. Over the last 12 months, NAXS has repurchased
  approximately 9.5% of its own shares.

  On June 5, the Annual General Meeting approved the payment of a dividend of SEK 2.53
  per share for FY 2017. The dividend represents 5% of the net asset value per share at
  December 31, 2017.

  Taking into account the FY 2017 dividend and the recent share repurchases, NAXS has
  distributed SEK 17.17 per share over the last 5 years to its shareholders through dividends
  and share repurchases.

  Lennart Svantesson