NAXS AB: Half-year financial report January - June 2023

This announcement is not an offer of securities for sale in the United States nor in any other country, and securities may not be offered or sold in the United States absent registration or an exemption from registration under U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder. Nor does it constitute or form part of, and may not be used for the purposes of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities by any person in any jurisdiction, nor shall it or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment to do so, in which (i) such offer or invitation is not authorised; or (ii) in which the person making such offer or invitation is not qualified to do so; or (iii) to any person to whom it is unlawful to make such offer or invitation.

First half-year 2023

• Net profit for the half-year amounted to MSEK 7.2 (92.8).
• Earnings per share amounted to SEK 0.65 (8.33).
• Net asset value amounted to MSEK 925 (SEK 83,50 per share) at June 30, 2023, compared to MSEK 959 (SEK 86.59 per share) at December 31, 2022.
• Net cash amounted to MSEK 221 (SEK 19.91 per share) at June 30, 2023, compared to MSEK 212 (SEK 19.11 per share) at December 31, 2022.
• The 2023 Annual General Meeting resolved to pay a dividend of 3,75 SEK per share for FY 2022.

In the fourth quarter of 2022, the functional currency of the Danish and Norwegian subsidiaries was changed to be the same as that of the parent company and is reported in the income statement in the item Change in value instead of as before when the foreign subsidiaries financial statements have been translated to SEK and the translation difference has been reported in other comprehensive income. The comparison period January - June 2022 has been adjusted accordingly and the translation difference that is now included in last year's profit amounted to MSEK 34.1, corresponding to SEK 3.06 per share.

Second quarter 2023

• Net profit/loss for the quarter amounted to MSEK 3.3 (44.4).
• Earnings per share amounted to SEK 0.30 (3.99).

Comments by the CEO

NAXS continued to deliver a steady performance during the second quarter of 2023, with NAV/share increasing by 0.3% and by 10.8% over 12 months, including the FY 2022 dividend paid in April 2023. This represented the 12th consecutive quarterly NAV growth for the Company.

During the second quarter, NAXS made 1 new fund investment, with a MEUR 1.5 commitment to Celero Capital Fund (E) AB, a Nordic lower mid-market fund founded by a former senior partner of FSN Capital, a manager with which NAXS has invested historically. NAXS also made 2 co-investments during the quarter, a MSEK 5.7 co-investment in Reledo alongside Celero Capital, and a MUSD 1 co-investment in Panera Brands alongside JAB Holding.

Gösta Lundgren

Financial summary

2023 2022
1/1-6/30 1/1-6/30
Net profit/loss for the year, KSEK 7 212 92 782

2023 2022
6/30 12/31
Private equity fund investments, KSEK 626 540 687 989
Private equity fund investments in % of equity 68 72
Remaining commitments, KSEK 126 592 157 582
Total exposure to private equity fund investments, KSEK 626 554 845 571
Other investments, KSEK 81 583 60 801
Net cash, KSEK 220 547 211 668
Private equity fund investments per share, SEK 56.56 62.11
Other investments per share, SEK 7.36 5.49
Net cash per share, SEK 19.91 19.11
Net asset value per share, SEK 83.50 86.59
Share price, SEK 68.80 59.80

Contact information

Gösta Lundgren, Interim CEO

Telephone: +46 70 710 47 88

This information is information that NAXS AB (publ) is obliged to make public
pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The
information was submitted for publication, through the agency of the contact
persons set out above, at 19.00 CET on July 20, 2023

This press release and further information is available on the Company's website: www.naxs.se

NAXS AB (publ)

Corp. Reg. No. 556712-2972

Nybrogatan 8

114 34 Stockholm, Sweden

Tel: +46 (0)766 40 00 40, E-mail: info@naxs.se

NAXS is a company listed on NASDAQ Stockholm and investing primarily in private equity funds with a Nordic focus. NAXS may also make direct investments or co-investments alongside private equity or other alternative assets funds. In addition, NAXS may, to a limited extent, make other types of investments.