Kvartalsrapport Q1 2025

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===== SIDA 1 =====

3-month financial 
report 
January – March 2025 
 
NAXS AB (publ)

===== SIDA 2 =====

NAXS AB | 3-month financial report January – March 2025 2 
 
3-month financial report  
January – March 2025 
First quarter 2025 
— Net profit amounted to MSEK 94.4 (1.1).  
— Earnings per share amounted to SEK 8.52 (0.10).  
— Net asset value amounted to MSEK 903 (SEK 81.50 per share) at March 31, 
2025, compared to MSEK 808 (SEK 72.98 per share) at December 31, 2024.  
— Net cash amounted to MSEK 198 (SEK 17.90 per share) at March 31, 2025, 
compared to MSEK 204 (SEK 18.38 per share) at December 31, 2024. 
 
Events after the end of the First quarter 
— The 2025 Annual General Meeting resolved to pay a dividend of 4.25 SEK 
per share for FY 2024 and approved a continued share repurchase mandate. 
 
 
 
  
Financial summary 
 
 
 
 
 
 
2025 2024
31 Mar 31 Dec
Net asset value (NAV), KSEK 902 807 808 410
Private equity fund investments, KSEK 603 111 503 103
Private equity fund investments in % of equity 67 62
Remaining commitments, KSEK 70 033 86 239
Total exposure to Private equity fund investments, KSEK 673 144 589 342
Other Investments, KSEK 101 216 102 548
Net cash, KSEK 198 288 203 600
Private equity fund investments per share, SEK 54,44 45,42
Other Investments per share, SEK 9,14 9,26
Net cash per share, SEK 17,90 18,38
Net asset value per share, SEK 81,50 72,98
Share price, SEK 56,00 50,60
903 
MSEK 
Net Asset Value 
81.50 
SEK 
NAV per share 
+11.7% 
Q1 
Change in NAV per 
share

===== SIDA 3 =====

NAXS AB | 3-month financial report January – March 2025 3 
 
Comments by the CEO 
NAXS continues to hold a significant portion of its assets in cash and cash 
equivalents (SEK 17,90 per share).  NAXS financial performance in Q1 is driven 
largely by a higher valuation of three of our underlying funds in addition to a 
public cash offer made for Norva24 in which NAXS owns a portion through its 
Valedo II investment. To date, NAXS has not seen any material impacts on its 
portfolio from the increased volatility experienced in most financial markets this 
year. The company is continuing to evaluate opportunities presented its 
investment advisor Naccess Partners AB. 
Nikolai Jebsen

===== SIDA 4 =====

NAXS AB | 3-month financial report January – March 2025 4 
 
Operations 
NAXS AB (publ) (“NAXS” or the “Company”) 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 as-sets funds and may invest up to forty 
percent of its net asset value in any securities or 
assets in any jurisdiction.  
Operations commenced on April 17, 2007, and the 
Company was listed on First North on May 14, 2007, 
where it traded until its change of listing to NASDAQ 
Stockholm on June 8, 2010. 
NAXS is the Group’s parent company and is 
headquartered in Stockholm. In addition to the 
parent company, the group consists of the 
subsidiaries NAXS A/S, registered in Copenhagen, 
NAXS Nordic Access Buyout AB, registered in 
Stockholm, and NAXS Nordic Access Buyout AS, 
registered in Oslo. The Danish and Swedish 
subsidiaries operate as holding companies for the 
Group’s investments. 
Naccess Partners AB has been contracted as the 
investment advisor to the Danish subsidiary. 
 
Investments 
Private equity fund investments  
At March 31, 2025, NAXS had commitments to 12 active private equity funds (10 buyout funds and 2 special 
situations funds) which are listed below:  
Apax Europe VII  Celero Capital Fund (E) AB 
Apax Europe VII is the seventh pan-European 
fund raised by Apax Partners, a global private 
equity firm headquartered in London and 
operating out of seven offices on four continents. 
Apax Partners invests globally across four sectors: 
consumer, healthcare, services and tech & 
telecom.  
Celero Capital Fund (E) AB is the first fund raised 
by Celero Capital, a Nordic lower mid- market 
private equity firm that is focused on the services, 
consumer goods and niche industrials sectors. 
Fund size: MEUR 11,000 Fund size: MEUR 275 
Segment: large cap  Segment: lower mid cap  
Geographic focus: primarily Europe Geographic focus: Nordics 
Vintage: 2007 Vintage: 2023 
Website: www.apax.com Website: https://celerocapital.com/  
NAXS initial commitment: MEUR 15 NAXS initial commitment: MEUR 3.2 
No. of portfolio companies/exits: 2/34 No. of portfolio companies/exits: 4/0

===== SIDA 5 =====

NAXS AB | 3-month financial report January – March 2025 5 
 
Equip Capital I  Equip Capital SPV SCSp 
Equip Capital I is the first fund raised by Equip 
Capital, an Oslo-based private equity 
firm focusing on investments in small and mid-
sized companies in the Nordic region. The Equip 
Capital team has extensive investment 
experience across the consumer, industrial and 
business services sectors. 
 
Equip Capital SPV is a continuation vehicle 
established to acquire 2 portfolio companies, 
Rush and iteam, from Equip Capital Fund I 
(“Equip Fund I”) with the aim to build on their 
successful platforms and support a new phase of 
growth. Rush is one of the largest indoor 
trampoline park operators in Europe, while iteam 
is a leading IT services provider to the Norwegian 
SME market. 
Fund size: MNOK 1,900 Fund size: MEUR 310 
Segment: small/mid cap  Segment: small/mid cap 
Geographic focus: Norway and Nordics  Geographic focus: Norway/Nordics  
Vintage: 2020  Vintage: 2024 
Website: www.equip.no  Website: www.equip.no  
NAXS initial commitment: MNOK 20 NAXS initial commitment: MEUR 1.3 
No. of portfolio companies/exits: 10/2 No. of portfolio companies /exits: 2/0 
 
JAB Consumer Fund – Global 
Consumer Brands II  
JAB Consumer Fund – Global 
Consumer Brands III 
JAB Consumer Fund – Global Consumer Brands II 
is a private equity fund co-investing along JAB 
Holding, a privately held group focused on 
consumer goods and retail companies with 
premium brands, as well as pet care and services. 
The fund focuses on the fast casual dining sector, 
as well as pet care.  
JAB Consumer Fund – Global Consumer Brands 
III is a private equity fund co-investing along JAB 
Holding, a privately held group focused on 
consumer goods and retail companies with 
premium brands, as well as pet care and services. 
The fund focuses on pet care. 
Fund size: MUSD 5,000  Fund size: MUSD 3,800 
Segment: large cap   Segment: large cap  
Geographic focus: global  Geographic focus: global 
Vintage: 2018   Vintage: 2020  
Website: https://www.jabholco.com   Website: https://www.jabholco.com  
NAXS initial commitment: MUSD 5  NAXS initial commitment: MEUR 5 
No. of platform investments/exits: 2/1  No. of platform investments/exits: 2/0 
 
JAB Consumer Partners – JCP V  Mimir Industries AB 
JAB Consumer Fund – Global Consumer Brands 
III is a private equity fund co-investing along JAB 
Holding, a privately held group focused on 
consumer goods and retail companies with 
premium brands, as well as pet care and pet 
services. The fund focuses on pet services. 
 
Mimir Industries AB is the second investment 
vehicle raised by Mimir, private equity special 
situations manager focusing on mid-sized 
companies in all sectors, except real estate. 
Fund size: MUSD 5,000 Fund size: <MSEK 500 
Segment: large cap  Segment: mid cap  
Geographic focus: global Geographic focus: global, with a focus on the 
Nordics  
Vintage: 2022  Vintage: 2022  
Website: https://www.jabholco.com  Website: www.mimirinvest.com  
NAXS initial commitment: MEUR 5 NAXS initial commitment: MSEK 75 
No. of platform investments/exits: 1/0 No. of portfolio companies/exits: 7/0

===== SIDA 6 =====

NAXS AB | 3-month financial report January – March 2025 6 
 
Mimir Invest AB  Nordic Capital Evolution I LP 
Mimir Invest AB is the first investment vehicle 
raised by Mimir, private equity special situations 
manager focusing on mid-sized companies in all 
sectors, except real estate. 
 
Nordic Capital Evolution has been raised by 
Nordic Capital to replicate in the mid-market the 
firm’s established investment strategy. 
Established in 1989, Nordic Capital is one of the 
largest buyout managers in Northern Europe. The 
firm focuses on selected sectors where it has 
deep experience and a proven track record. Core 
sectors are Healthcare, Technology & Payments, 
Financial Services and selectively, Industrial 
Goods & Services. 
Fund size: <MSEK 500 Fund size: MEUR 1,200 
Segment: small cap  Segment: mid cap  
Geographic focus: global, with a focus on the 
Nordics 
Geographic focus: Northern Europe 
Vintage: 2017 Vintage: 2021  
Website: www.mimirinvest.com  Website: https://www.nordiccapital.com/ 
NAXS initial commitment: MSEK 50 NAXS initial commitment: MEUR 1 
No. of portfolio companies/exits: 5/4 No. of portfolio companies/exits: 10/0 
 
Nordic Capital Fund X LP  Valedo Partners Fund II AB 
Nordic Capital Fund X is the tenth fund raised by 
Nordic Capital. Established in 1989, Nordic 
Capital is one of the largest buyout managers in 
Northern Europe. The firm focuses on selected 
sectors where it has deep experience and a 
proven track record. Core sectors are Healthcare, 
Technology & Payments, Financial Services and 
selectively, Industrial Goods & Services. 
 
Valedo Fund II is the second fund of Valedo, a 
growth oriented Swedish small cap manager 
established in 2006 by a spin-off team from EQT. 
The fund focuses on the Swedish small cap 
segment. 
Fund size: MEUR 6,100 Fund size: MSEK 2,000 
Segment: large cap  Segment: small cap 
Geographic focus: Europe and selected global 
healthcare and technology & payments 
investments 
Geographic focus: Sweden and the Nordics 
Vintage: 2020  Vintage: 2011  
Website: https://www.nordiccapital.com/  Website: https://www.valedopartners.com/  
NAXS initial commitment: MEUR 2 NAXS initial commitment: MSEK 65 
No. of portfolio companies/exits: 16/0 No. of portfolio companies/exits: 4/7 
 
In addition, NAXS had at March 31, 2025, a commitment to 1 private equity fund that had exited all its portfolio 
companies and was in a dissolution process (Nordic Capital CV1).

===== SIDA 7 =====

NAXS AB | 3-month financial report January – March 2025 7 
 
Other Investments 
As of March 31, 2025, Other Investments encompassed 10 holdings.  
Company Sector Type of instrument Date of 
initial 
investment 
Reported value,  
2025.03.31 
MSEK 
Reported value,  
2024.12.31 
MSEK 
Scout Gaming 
Group 
iGaming listed share (Nasdaq First 
North) 
Q4 2017 0,0 0.0 
Awilco Drilling Energy listed share (Euronext 
Growth Oslo) 
Q1 2018 29.9 29.8 
Keurig Dr 
Pepper 
Consumer goods 
& services 
listed share Nasdaq (NY) Q3 2020 22.8 23.2 
Pret Panera  Food & beverage unlisted share Q4 2020 1.9 2.1 
Krispy Kreme  Food & beverage listed share (Nasdaq NY) Q1 2021 2.1 4.7 
Jacktel  Energy unlisted share (registered 
on Euronext NOTC) 
Q1 2022 13.2 12.6 
Novonesis  Biotechnology listed share (Nasdaq 
Copenhagen) 
Q4 2022 2.9 3.2 
Reledo Business Services unlisted share Q2 2023 11.0 9.7 
Panera Brands Food & beverage unlisted share Q2 2023 11.5 12.3 
JDE Peet’s  Food & beverage listed share (Euronext 
Amsterdam) 
Q4 2024 5.7 4.9 
Total    101.2 102.5

===== SIDA 8 =====

NAXS AB | 3-month financial report January – March 2025 8 
 
NAV Overview 
Below is an overview of net asset value per share for the different assets at March 31, 2025. 
 
Private Equity Fund 
Investments   
Fund NAV/share % NAV 
Apax Europe VII 0,36 0,4% 
Celero Capital Fund 1,46 1,8% 
Equip Capital I 1,53 1,9% 
Equip Capital SPA 1,24 1,5% 
JAB Consumer Fund – GCB II 1,56 1,9% 
JAB Consumer Fund – GCB III 6,88 8,4% 
JAB Consumer Partners – JCP V 6,05 7,4% 
Mimir Invest  4,70 5,8% 
Mimir Industries  21,83 26,8% 
Nordic Capital CV1 0,03 0,0% 
Nordic Capital X 2,22 2,7% 
Nordic Capital Evolution 0,90 1,1% 
Valedo Partners II 5,68 7,0% 
Sum Private Equity Fund 
Investments 54,44 66,8% 
   
Other Investments   
Private Investments     
Company NAV/share % NAV 
Panera Brands 1,05 1,3% 
Pret Panera 0,17 0,2% 
Reledo 0,99 1,2% 
Sum Private Investments 2,21 2,7%    
Public Investments   
Company NAV/share % NAV 
Awilco Drilling 2,70 3,3% 
Keurig Dr Pepper 2,05 2,5% 
Krispy Kreme 0,19 0,2% 
Novonesis  0,27 0,3% 
JDE Peet’s  0,52 0,6% 
Jacktel 1,20 1,5% 
Scout Gaming Group 0,00 0,0% 
Sum Public Investments 6,93 8,5% 
Total Other Investments 9,14 11,2% 
   
Cash and other net assets   
  Nav/share % NAV 
Cash 17,90 22,0% 
Other net assets 0,02 0,0% 
Sum Cash and other net assets 17,92 22,0% 
      
Total NAV/share 81,50 100,0% 
Shares outstanding 11 077 585 
NAV, KSEK  902 807

===== SIDA 9 =====

NAXS AB | 3-month financial report January – March 2025 9 
 
Exposure to Private equity fund investments and Other Investments 
At March 31, 2025, the total exposure to Private equity fund investments and Other Investments amounted to 
MSEK 774, which corresponds to 86% of the Company’s equity. In the table below, the total exposure is 
compared to the Net cash plus Private equity fund investments and Other Investments. 
   
   
 
 
 
   
 
NAV per share in SEK 
The NAV/share increased by 11.7% during the first quarter.  
   
 
 
 
   
   
 
  
774 MSEK 78% 774 MSEK 78%
198 MSEK 22%
70 MSEK 8%
0%
20%
40%
60%
80%
100%
120%
Remaining commitments
Net cash
Private equity fund
investments and Other
Investments
0
20
40
60
80
100
120
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q1
2024
Q2
2024
Q3
2024
Q4
2024
Q1
2025
Dividend paid 2024 Dividend paid 2023 Dividend paid 2022 Dividend paid 2021
Dividend paid 2020 Dividend paid 2012 - 2019 NAV

===== SIDA 10 =====

NAXS AB | 3-month financial report January – March 2025 10 
 
New investments, acquisitions and 
liquidity events during the first 
quarter 
 
Commitments to Private equity funds 
NAXS did not make any new Commitment during the 
first quarter. 
Other Investments 
NAXS did not make any new Other Investment during 
the first quarter. 
 
Acquisitions by underlying funds 
1 new acquisition took place during the first quarter 
 
Portfolio 
Company 
Sector Geography Fund 
Aterion B2B services Sweden Celero Fund (E) 
 
Liquidity events in underlying funds 
2 exits were announced during the first quarter. 
 
Portfolio 
Company 
Sector Year of 
acquisition 
Fund 
Takko Consumer 2010 Apax VII 
SI Glass Industrials 2020 Mimir Invest 
 
In addition, Apax Funds announced during the first 
quarter a tender offer for all shares in Norva24, a 
portfolio company of Valedo Partners Fund II AB. 
 
At March 31, 2025, NAXS’s underlying funds had 
acquired a total of 192 companies, 126 of which had 
been fully divested. These 126 exits have generated 
an average IRR of 17.2%.

===== SIDA 11 =====

NAXS AB | 3-month financial report January – March 2025 11 
 
Portfolio composition/diversification 
At March 31, 2025, NAXS provided the following exposure: 
   
 Asset allocation (% of equity)  
 
 
 
   
 
   
 Fund segment allocation (% of Private equity fund investments)   
 
 
 
   
 
   
 Sector allocation (% of investments in Private equity funds and Other Investments)  
 
 
 
   
 
The 10 largest underlying portfolio companies represent approximately 51% of the total equity, with the largest 
underlying portfolio company accounting for approximately 14% of equity.  
Private equity fund investments 66,8%
Other Investments 11,2%
Net cash 22,0%
Nordic small cap 64,2%
Nordic mid cap 4,3%
Nordic large cap 4,1%
European mid cap 0,0%
European large cap 0,7%
Global large cap 26,6%
Building & construction 11,8%
Business services 7,3%
Consumer goods & services 14,8%
Food & beverage 7,4%
Healthcare 1,8%
Industry 32,6%
Pet care & services 22,2%
Tech & software 2,2%

===== SIDA 12 =====

NAXS AB | 3-month financial report January – March 2025 12 
 
Group  
Net asset value (NAV) 
 
Changes in Net asset value (NAV) 
 
Changes in Private equity fund investments and Other Investments 
 
The total change in value reported through the income statement in Q1 for Private equity fund investments and 
Other Investments amounts to KSEK 96,929 (4,344). Unrealized exchange rate changes are the period's change 
in the value of the holdings when translated from local currency to SEK.  
31 Dec
KSEK 2025 2024 2024
Private equity fund investments 603 111 611 112 503 103
Other Investments 101 216 77 855 102 548
Other assets and liabilities 192 -1 213 -841
Net cash 198 288 235 395 203 600
Net asset value (NAV) 902 807 923 149 808 410
Net asset value per share, SEK 81,50 83,24 72,98
31 Mar
Q1 Jan-Dec
KSEK 2025 2024
Net asset value (NAV) at the beginning of the period 808 410 922 065
Value changes on Private eguity fund investments 98 020 -78 247
Value changes on Other Investments -1 092 21 541
Operating costs -3 339 -15 921
Net financial items 808 6 057
Income tax - -5
Dividend to shareholders - -47 080
Net asset value (NAV) at the end of the period 902 807 808 410
Q1 Jan-Dec Q1 Jan-Dec
KSEK 2025 2024 2025 2024
At the beginning of the period 503 103 639 030 102 548 75 001
Investments 8 636 51 336 - 6 601
Repayments -6 648 -109 016 -240 -595
Net investments 1 988 -57 680 -240 6 006
Changes in value 104 428 -83 577 3 675 17 234
Dividends and interest income - - 240 595
Unrealized exchange rate changes -6 408 5 330 -5 007 3 712
Reported through the income statement 98 020 -78 247 -1 092 21 541
Reported value at the end of the period 603 111 503 103 101 216 102 548
Fund investments Other investments

===== SIDA 13 =====

NAXS AB | 3-month financial report January – March 2025 13 
 
Net cash 
 
 
 
During the interim period, cash and cash equivalents 
were invested in interest-bearing instruments or held 
on interest-bearing bank accounts, in accordance 
with the Company’s policy. 
 
 
Changes in net cash 
 
*Including exchange rate difference in cash and cash equivalents. 
Net financial items 
 
 
  
31 Dec
KSEK 2025 2024 2024
Cash, bank and short-term investments 198 288 235 395 203 600
198 288 235 395 203 600
Net cash per share, SEK 17,90 21,25 18,38
31 Mar
Q1 Jan-Dec
KSEK 2025 2024
Net cash at the beginning of the period 203 600 209 226
Investments in Private equity funds -8 636 -51 336
Distributions from Private equity funds 6 648 109 016
Investments in Other Investments - -6 601
Distributions and exits from Other Investments 240 595
Cash flow from operating activeties -3 369 -9 754
Cash flow from changes in working capital* -195 -466
Dividend to shareholders - -47 080
Net cash at the end of the period 198 288 203 600
Q1 Jan-Dec
KSEK 2025 2024
Interest income 948 6 172
Interest expenses - -1
Currency effects -141 -114
Net financial items 807 6 057
17.90 
SEK 
Net cash per share 
54.44 
SEK 
Private equity fund investments per 
share

===== SIDA 14 =====

NAXS AB | 3-month financial report January – March 2025 14 
 
Financing 
The Group is financed with shareholders’ equity. 
Shareholders’ equity at the end of the interim period 
amounted to KSEK 902,807 (808,410), corresponding 
to SEK 81.50 (72.98) per share and an equity/asset 
ratio of 99.8 (99.8) percent.  
 
 
 
Results and investments 
First quarter 2025 
Profit after financial items amounted to KSEK 94,397 
(1,084). The result is mainly attributable to changes in 
the value in Private equity fund investments of KSEK 
98,020 (1,352) and in Other Investments KSEK -1,092 
(2,992). The increase in value of Private Equity Fund 
investments experienced during the quarter  
was primarily due to increased valuations received 
from one of the fund managers. 
During the quarter, NAXS invested KSEK 8,636 
(1,066) in Private equity fund investments and 
repayments from Private equity fund investments 
amounted to KSEK 6,648 (30,336). Investments in 
Other Investments amounted to KSEK  0 (0) and 
repayments from Other Investments amounted to 
KSEK 240 (138).   
Events after the end of the interim 
period 
No significant events have occurred after the end of 
the interim period. 
Significant risks and uncertainty 
factors 
Significant risks and uncertainty factors are described 
in the Annual Report 2024. The risks related to the 
general macro-economic environment includes but 
are not limited to, armed conflicts, trade wars, tariffs, 
currency and interest rates. 
Parent company 
The parent company’s revenues for the financial year 
amounted to KSEK 178 (172). Net interest amounted 
to KSEK 708 (986) The profit/loss before and after tax 
amounted to KSEK -476 (-209). 
Organization 
Nikolai Jebsen is interim CEO. The Board of Directors 
consists of Daniel Gold (chairman), Meg Eisner, 
Nikolai Jebsen, Børge Johansen and Synne Syrrist, 
who were re-elected at the 2025 Annual General 
Meeting. 
 
  
81.50 
SEK 
Equity per share

===== SIDA 15 =====

NAXS AB | 3-month financial report January – March 2025 15 
 
The share 
The NAXS share was initially listed on First North on 
May 14, 2007. Since June 8, 2010, the share is traded 
on NASDAQ Stockholm. The share trades under the 
designation “NAXS”. 
The number of outstanding shares in the Company at 
the beginning and the end of the financial year was 
11,077,585.  
At March 31, 2025, the NAXS share price was SEK 
56.00 and the total shareholders’ equity per share 
was SEK 81.50. The Company’s market capitalization 
was MSEK 620, and the number of shareholders was 
4,422. 
 
   
 Evolution of the share price during the first quarter  
 
 
 
   
 
Financial information 
Interim report (6 months): 5 August 2025 
Interim report (9 months): 23 October 2025 
Year-end report 2025: 29 January 2026 
 
 
Ticker codes 
NAXS.SS in Bloomberg  
NAXS.ST in Reuters 
Contact 
Nikolai Jebsen, Interim CEO   
+47 462 82 222 
nikolai.jebsen@naxs.se 
Gösta Lundgren, CFO 
+46 70 710 47 88 
gosta.lundgren@naxs.se 
This information is information that NAXS AB (publ) is 
obliged to make public pursuant to the EU Market Abuse 
Regulation. The information was submitted for publication, 
through the agency of the contact persons set out above, at 
19.30 CET on April 29, 2025 
This report is an in-house translation of the original report in 
Swedish.
 
 
 
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2 jan 25
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18 jan 25
26 jan 25
3 feb 25
11 feb 25
19 feb 25
27 feb 25
7 mar 25
15 mar 25
23 mar 25
31 mar 25
NAXS OMX Stockholm PI

===== SIDA 16 =====

NAXS AB | 3-month financial report January – March 2025 16 
 
Stockholm, April 29, 2025 
 
 
 
Daniel Gold  Margaret (Meg) Eisner  Børge Johansen 
Chairman   Director   Director 
 
 
Synne Syrrist  Nikolai Jebsen   
Director   Director and Interim CEO   
 
 
This report has not been subject to review by the Company’s auditors.  
This report and other information are available on 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

===== SIDA 17 =====

NAXS AB | 3-month financial report January – March 2025 17 
 
Financial reports summary  
Consolidated Income Statement 
 
*Before and after dilution. 
 
The Group’s comprehensive income for the interim period is consistent with the net profit for the interim period. 
 
Consolidated Balance Sheet 
 
 
 
 
KSEK Note 2025 2024
Change in value 96 929 4 344
Operating costs                               note 2 -3 339 -5 106
Operating profit (loss) 93 590 -762
Net financial items 807 1 846
Profit/loss after financial items 94 397 1 084
Income taxes - -
Net profit/loss 94 397 1 084
Attributable to:
Parent company shareholders 94 397 1 084
Earnings per share, SEK* 8,52 0,10
Average number of shares, 000s* 11 078 11 078
Q1
31 Dec
KSEK Note 2025 2024 2024
Assets
Private equity fund investments 603 111 611 112 503 103
Other Investments 101 216 77 855 102 548
Total non-current assets 704 327 688 967 605 651
Other receivables 1 653 2 002 625
Cash and cash equivalents 198 288 235 395 203 600
Total current assets 199 941 237 397 204 225
Total assets 904 268 926 364 809 876
Equity 902 807 923 149 808 410
Current liabilities 1 461 3 215 1 466
Total equity and liabilities 904 268 926 364 809 876
31 Mar

===== SIDA 18 =====

NAXS AB | 3-month financial report January – March 2025 18 
 
Consolidated Statement of Changes in Equity 
 
 
Consolidated Statement of cash flows analysis 
 
  
31 Dec
KSEK 2025 2024 2024
Equity at the beginning or the year 808 410 922 065 922 065
Dividend - - -47 080
Total comprehensive income for the period 94 397 1 084 -66 575
Shareholder's equity at the end of the period 902 807 923 149 808 410
31 Mar
KSEK 2025 2024
Profit/loss after financial items 94 397 1 084
Adjustment for non-cash items, etc. -97 766 -5 592
Income tax paid - -
Cash flow from operating activities before changes in working capital -3 369 -4 508
Cash flow changes in working capital -194 1 262
Cash flow from operating activities -3 563 -3 246
Private equity fund investments -8 635 -1 066
Distributions fromf Private equity fund investments 6 648 30 336
Distribuions from and divestments of Other Investments 240 138
Cash flow from investment activities -1 747 29 408
Cash flow during the period -5 310 26 162
Cash and cash equivalents, beginning of the period 203 600 209 226
Exchange-rate differences in cash and cash equivalents -2 7
Cash and cash equivalents at the end of the period 198 288 235 395
Q1

===== SIDA 19 =====

NAXS AB | 3-month financial report January – March 2025 19 
 
Parent Company Income Statement 
 
Parent Company Statement of Comprehensive Income 
 
 
Parent Company Balance Sheet 
 
 
Parent Company Statement of Changes in equity 
 
  
KSEK 2025 2024
Net income 178 172
Operating costs -1 362 -1 367
Operating profit/loss -1 184 -1 195
Net financial items 708 986
Profit /loss after financial items -476 -209
Income taxes - -
Net profit/loss for the period -476 -209
Q1
KSEK 2025 2024
Net profit/loss for the period -476 -209
Other comprehensive income - -
Total comprehensive income for the period -476 -209
Q1
31 Dec
KSEK 2025 2024 2024
Assets
Shares in subsidiaries 377 236 422 008 367 236
Total non-current assets 377 236 422 008 367 236
Other receivables 1 465 1 961 561
Cash and cash equivalents 139 181 107 511 150 455
Total current assets 140 646 109 472 151 016
Total assets 517 882 531 480 518 252
Equity 516 550 529 912 517 026
Current liabilities 1 332 1 568 1 226
Total equity and liabilities 517 882 531 480 518 252
31 Mar
31 Dec
KSEK 2025 2024 2024
Equity at the beginning of the year 517 026 571 435 530 121
Dividend - -41 541 -47 080
Total comprehensive income for the period -476 226 33 985
Shareholder's equity at the end of the period 516 550 530 120 517 026
31 Mar

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NAXS AB | 3-month financial report January – March 2025 20 
 
Notes 
Note 1. Accounting principles 
The condensed consolidated financial statements 
have been established in accordance with the 
International Financial Reporting Standards (IFRS), as 
recognized by the EU. This report has been prepared 
in accordance with IAS 34 Interim Financial Reporting 
and the Swedish Annual Reporting legislation. 
The accounting principles applied in this report are 
described in the Annual Report 2024 under notes to 
the financial reports.  
The new and amended IFRS standards and 
interpretations applied from 2025 have not and are 
not expected to have any significant effect on the 
Group's financial results and position. 
The Parent Company follows the Swedish Annual 
Reporting legislation and the Swedish Financial 
Reporting Board RFR 2 for legal entities.
 
Note 2. Operating costs 
 
 
No related party transaction occurred during the financial year, except for remunerations to the board members 
and the CEO. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
KSEK 2025 2024
Fee to the investment advisor -1 887 -2 162
Carried interest to the investment advisor - -1 460
Personnel expenses -224 -227
Other operating costs -1 228 -1 257
Total operating costs -3 339 -5 106
Q1

===== SIDA 21 =====

NAXS AB | 3-month financial report January – March 2025 21 
 
Note 3. Financial assets and liabilities 
The table below provides information on how fair value is determined for the financial instruments measured at 
fair value on the balance sheet. 
 
 
 
Consolidated assets and liabilities measured at fair value 2025-03-31. 
 
Consolidated assets and liabilities measured at fair value 2024-12-31. 
 
Disclosure of fair value measurement by level in the 
following fair value hierarchy: 
Level 1 – Quoted prices (unadjusted) in active 
markets for identical assets or liabilities. 
Level 2 – Observable data for the asset or liabilities 
other than quoted prices included in tier 1, either 
directly (i.e. as price quotations) or indirectly (i.e. 
derived from price quotations). 
Level 3 – Data for the asset or liability that is not 
based on observable market data (i.e. unobservable 
data). All NAXS investments in fund units have been 
classified in level 3 because they have no observable 
inputs and because they are rarely or not traded at all 
in an active market.  
The book value for all of NAXS's financial assets and 
liabilities is consistent with or is a reasonable estimate 
of fair value. All amounts are shown in the reported 
balance sheets. NAXS’s private equity fund 
Category, KSEK Amortized cost 
Fair value via 
the profit and 
loss account  
Total carrying 
amount 
Financial assets
Private equity fund investments - 603 111 603 111
Other Investments - 101 216 101 216
Other receivables 1 198 - 1 198
Cash and cash equivalents 198 288 - 198 288
Total financial assets 199 486 704 327 903 813
Financial liabilities 1 461 - 1 461
Total financial liabilities 1 461 - 1 461
Group 2025-03-31
Category, KSEK Amortized cost 
Fair value via 
the profit and 
loss account  
Total carrying 
amount 
Financial assets
Private equity fund investments - 503 103 503 103
Other Investments - 102 548 102 548
Other receivables 318 - 318
Cash and cash equivalents 203 600 - 203 600
Total financial assets 203 918 605 651 809 569
Financial liabilities 1 466 - 1 466
Total financial liabilities 1 466 - 1 466
Group 2024-12-31
Assets, KSEK Level 1 Level 2 Level 3 Total
Financial assets measured at fair value via the income statement
Private equity fund investments - - 603 111 603 111
Other Investments 77 051 - 24 165 101 216
77 051 - 627 276 704 327
Assets, KSEK Level 1 Level 2 Level 3 Total
Financial assets measured at fair value via the income statement
Private equity fund investments - - 503 103 503 103
Other Investments 78 383 - 24 165 102 548
78 383 - 527 268 605 651

===== SIDA 22 =====

NAXS AB | 3-month financial report January – March 2025 22 
 
investments are classified in Level 3. The Company's 
specific valuation techniques and critical estimates 
are reported under accounting policies. In level 3, 
unlisted units in investment funds are reported. The 
company's holdings in unlisted investment funds (so-
called Private equity funds) are valued using an 
alternative valuation method for which observable 
input data is not available. For private equity funds, 
valuation is based on rates and unit values received 
from the fund manager. The valuation follows 
accepted valuation principles for calculating fair 
values. The fair value is calculated by the underlying 
assets being market-valued and priced by the fund 
manager. The funds follow the IPEV Valuation 
Guidelines when valuing their holdings. The 
International Private Equity and Venture Capital 
Valuation (IPEV) Guidelines set out 
recommendations, intended to represent current 
best practice, on the valuation of Private Capital 
Investments. If NAXS assesses that the fund 
managers valuation has not sufficiently taken into 
account factors that affect the value of the underlying 
holdings or if the valuation made is deemed to 
deviate significantly from the accounting principles 
for valuation at fair value, an adjustment is made to 
the value. Listed holdings held by the funds are 
valued based on the share price of the respective 
holdings on the balance sheet date. At the end of the 
interim period, the company has not adjusted the 
fund managers valuations to any material extent. 
Based on the controls applied, NAXS considers that 
the fair values recognised in the balance sheet and 
changes in fair value recognised in the income 
statement are well prepared and balanced and 
reflect the underlying economic values, while at the 
same time recognizing that there are several factors 
that could adversely affect the valuation of the 
balance sheet and the fund holdings including but 
not limited to macroeconomic conditions, 
geopolitical events, market liquidity, changes in 
interest rates, and other unforeseen developments 
that may impact the valuation of underlying assets 
and investments. Additionally, non-systemic risks, 
such as the potential for valuation assumptions or 
methodologies to be overly optimistic or misaligned 
with market realities, could also influence the 
reported values. Review of valuations of fund holding 
is also made by Naccess Partners AB which provide 
quarterly an annual review of the reports received 
from the respective fund managers including 
valuation.
Definitions and Alternative 
performance measures 
NAXS applies the guidelines issued by the European 
Securities and Markets Authority (ESMA) for 
alternative key ratios. Alternative key figures are 
financial measures of historical or future earnings 
trend, financial position, financial results, or cash 
flows that are not defined or specified in the 
applicable rules for financial reporting. 
Alternative key ratios are stated when, in their 
context, they provide clearer or more in-depth 
information than the measures defined in applicable 
financial reporting rules. The alternative key figures 
are derived from the consolidated financial 
statements. Alternative key ratios are stated when, in 
their context, they supplement the measures de-fined 
in IFRS. The starting point for the provided alternative 
key figures is that they are used by management to 
assess the financial development and are thus 
considered to provide valuable information to 
analysts and other stakeholders. NAXS regularly uses 
alternative key ratios as a complement to those key 
ratios that generally constitute good accounting 
practice.

===== SIDA 23 =====

NAXS AB | 3-month financial report January – March 2025 23 
 
Definitions  
Buyout fund A private equity fund, whose strategy is to acquire a controlling interest in 
the targeted companies. 
Cash & cash equivalents Cash, bank and short-term investments. 
Cash per share* Cash & cash equivalents in relation to the number of outstanding shares at 
the end of the period. 
Commitment The maximum amount that a limited partner agrees to invest in a fund. 
Current commitments Acquisition cost for private equity fund investments, plus remaining 
commitments to private equity funds. 
Equity ratio* Equity in relation to total assets. 
IRR The internal rate of return generated annually from cash flows between 
NAXS and the underlying private equity funds relating directly to 
investments in portfolio companies after deduction of the funds’ carried 
interest but without deduction of the funds’ management fees. 
Net asset value (NAV)* The fair value of total assets, less net debt (corresponds to equity).  
Net asset value (NAV) per share* The fair value of total assets, less net debt (corresponds to shareholders' 
equity attributable to the Parent Company's shareholders) in relation to the 
number of outstanding shares at the end of the period. 
Net cash* Cash and cash equivalents, short-term investments and interest-bearing 
current and long-term receivables, less interest-bearing current and long-
term liabilities. 
Other Investments / Other long-
term holdings of securities 
Investments in financial instruments other than private equity funds. 
Private equity fund investments Fair value of investments in private equity funds. 
Profit per share Profit for the year attributable to the Parent Company's shareholders 
divided by the average number of shares. 
Special situations fund A private equity fund, whose strategy is to acquire companies, where an 
active ownership is required, such as under-performing companies, and/or 
imply complex transactions, such as carve-outs from larger conglomerates. 
Total assets* All assets and liabilities not included in Net cash. 
Total exposure to Private equity 
fund investments 
Private equity funds investments and remaining commitments to private 
equity funds. 
Total exposure to Private equity 
fund investments and Other 
Investments 
Total exposure to Private equity fund investments combined with Other 
Investments. 
*Refers to alternative key figures according to the European Securities and Markets Authority (ESMA).

===== SIDA 24 =====

NAXS AB | 3-month financial report January – March 2025 24 
 
Reconciliations of significant 
alternative key ratios 
Below are reconciliations of significant alternative key figures against the most directly reconcilable item, sub -
sum or total sum stated in the financial statements for the corresponding period.  
Net cash 
Net cash or cash available at short notice, are defined as cash and cash equivalents, current investments, 
financial investments and interest-bearing current and short-term receivables. Deductions are made for interest 
bearing short- and long-term liabilities. 
 
 
Total assets 
The net of all assets and liabilities that are not included in the Net cash. 
 
 
 
Net asset value, SEK per share 
Equity attributable to the Parent Company's shareholders in relation to the number of shares outstanding on the 
balance sheet date. 
 
 
 
 
31 Dec
Group, KSEK 2025 2024 2024
Cash and cash equivalents 198 288 235 395 203 600
Net cash 198 288 235 395 203 600
31 Mar
31 Dec
Group, KSEK 2025 2024 2024
Equity 902 807 923 149 808 410
Net cash -198 288 -235 395 -203 600
Total assets 704 519 687 754 604 810
31 Mar
Group 2025-03-31   
Net asset value, 
SEK per share 
Net asset value, KSEK 902 807
Number of shares outstanding 11 077 585 81,50=
Group 2024-03-31   
Net asset value, 
SEK per share 
Net asset value, KSEK 923 149
Number of shares outstanding 11 077 585 = 83,33
Group 2024-12-31   
Net asset value, 
SEK per share 
Net asset value, KSEK 808 410
Number of shares outstanding 11 077 585 = 72,98