NAXS Interim report January-September 2020

Nine months 2020

• Net profit for the interim period amounted to MSEK -6.0 (26.4).

• Earnings per share amounted to SEK -0.54 (2.29).

• Net asset value amounted to MSEK 676 (SEK 60.58 per share) at September 30, 2020,
  compared to MSEK 710 (SEK 63.63 per share) at December 31, 2019.

• Net cash amounted to MSEK 215 (SEK 19.29 per share) at September 30, 2020,
  compared to MSEK 230 (SEK 20.60 per share) at December 31, 2019.

• The 2020 Annual General Meeting resolved to pay a dividend of SEK 3.00 per share for
  FY 2019.

Third quarter 2020

• Net profit/loss for the quarter amounted to MSEK 55.0 (11.7).

• Earnings per share amounted to SEK 4.93 (1.05).

Comments by the CEO

After the second quarter’s dip, NAXS’s net asset value per share recovered
during the third quarter, increasing by 9.3% during the period. The
increase in net asset value reflects the general valuation uplift of fund
investments, based on improved trading conditions for portfolio companies
and positive developments of comparative multiples.

During the third quarter, NAXS allocated some of the cash on its balance
sheet, making a new commitment to Nordic Capital Fund X, the latest fund
launched by Nordic Capital. The fund will focus on majority investments in companies in the Healthcare, Technology & Payments and Financial Services sectors.

Lennart Svantesson