===== 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: