NAXS Interim Report January-March 2021

First quarter 2021

• Net profit for the first quarter amounted to MSEK 44.6 (-4.0).

• Earnings per share amounted to SEK 4.00 (-0.35).

• Net asset value amounted to MSEK 703 (SEK 63.04 per share) at March 31, 2021,
  compared to MSEK 679 (SEK 60.87 per share) at March 31, 2020.

• Net cash amounted to MSEK 180 (SEK 16.16 per share) at March 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.

Comments by the CEO

NAXS experienced a steady development during the first quarter of
2021 with the NAV/share increasing by 8.5%, including the
dividend paid out.

During the quarter, NAXS made a second co-investment alongside
JAB Holding, this time in Krispy Kreme Doughnuts, the world-
famous doughnut brand.

As to the underlying funds, they acquired 4 new portfolio
companies and signed or closed 4 exits during the quarter. In addition, a partial
exit took place with the listing of Kreate on Nasdaq Helsinki.

NAXS paid out in March a dividend of SEK 3.00/share for FY 2020, corresponding
to 4.9% of NAV at 31 December 2020.

Lennart Svantesson