NAXS : Q3 2023 Presentation

Q3 2023

Please refer to www.naxs.se and the company's financial reports for exhaustive information

Q3 2023

An investment company focusing on the Nordic private equity market

NAXS is an investment company listed on NASDAQ Stockholm, focusing primarily on private equity funds with a Nordic focus.

NAXS can also make direct investments or co-investments alongside private equity funds.

2

Q3 2023

NAXS offers a diversified exposure to the private equity market through a listed share

NAXS also provides an exposure to selected direct investments:

• 12 active private equity funds from 7 managers
• exposure to large, mid and small cap segments
• 66 portfolio companies at Q3 2023
• since inception, underlying funds have acquired 182 portfolio companies, 116 of which have been fully exited, generating an average IRR of 18%

Attractive distribution policy:

For FY 2022, NAXS has paid a dividend of SEK 3.75/share representing 4.3% of NAV

and a dividend yield of 6.3%

• 5 listed equity investments (Nasdaq, Nasdaq First North, Nasdaq Copenhagen, Euronext Growth Oslo)
• 3 unlisted equity investments

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Q3 2023

Fund portfolio (Q3 2023)*

Apax Europe VII LP

Fund size: MEUR 11.000

Segment: large cap

Vintage: 2007

Geographic focus: Europe/Global

NAXS initial commitment: MEUR 15 www.apax.com

Valedo Partners Fund II AB	Mimir Invest AB
Fund size: MEUR 2.000	Fund size:
Segment: small cap	Segment: small cap
Vintage: 2011	Vintage: 2017
Geographic focus: Sweden	Geographic focus: Primarily Nordic
NAXS initial commitment: MSEK 65	NAXS initial commitment: MSEK 50
www.valedopartners.com	www.mimirinvest.com

JAB Consumer Fund GCB II

Fund size: MUSD 5.000

Segment: large cap

Vintage: 2018

Geographic focus: Global

NAXS initial commitment: MUSD 5 www.jabholdco.com

Nordic Capital CV1 LP

Fund size: MEUR 2.500

Segment: large cap

Vintage: 2018

Geographic focus: Primarily Nordic

NAXS intial commitment: MEUR 14.6 www.nordiccapital.com

Equip Capital Fund I LP

Fund size: MNOK 1.900

Segment: small cap

Vintage: 2020

Geographic focus: Norway/Nordic

NAXS initial commitment: MNOK 20 www.equip.no

JAB Consumer Fund GCB III	Nordic Capital Fund X LP	Nordic Capital Evo I LP
Fund size: MUSD 3.800	Fund size: MEUR 6.100	Fund size: MEUR 1.200
Segment: large cap	Segment: large cap	Segment: mid cap
Vintage: 2020	Vintage: 2020	Vintage: 2021
Geographic focus: Global	Geographic focus: Northern Europe/US	Geographic focus: Northern Europe
NAXS initial commitment: MEUR 5	NAXS initial commitment: MEUR 2	NAXS initial commitment: MEUR 1
www.jabholdco.com	www.nordiccapital.com	www.nordiccapital.com

Mimir Industries AB	JAB Consumer Fund JCP V	Celero Capital Fund E AB
Fund size:	Fund size: MEUR 4,000	Fund size: n/a
Segment: small cap	Segment: large cap	Segment: small cap
Vintage: 2022	Vintage: 2022	Vintage: 2023
Geographic focus: Nordics	Geographic focus: Global	Geographic focus: Nordic
NAXS initial commitment: MSEK 75	NAXS initial commitment: MEUR 5	NAXS initial commitment: MEUR 1.5
www.mimirinvest.com	www.jabholdco.com	www.celerocapital.com

• In addition, NAXS' portfolio comprises 3 funds that are either in dissolution process or have divested all their portfolio companies (FSN Capital III, Herkules Private Equity III and Nordic Capital Fund VII)

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Q3 2023

Direct investment portfolio (Q3 2023)

Scout Gaming Group AB	Awilco Drilling PLC	Jacktel AS	Keurig Dr Pepper	Pret Panera Company
Sector: iGaming	Sector: Oil & Gas	Sector: Oil & Gas	Sector: beverage/non-alcoholic	Sector: Fast casual dining
Type of instrument: listed share	Type of instrument: listed share	Type of instrument: unlisted shares	Type of instrument: 2020	Type of instrument: unlisted shares (co-
(Nasdaq First North)	(Euronext Growth Oslo)	(registered on Euronext NOTC)	Year of initial investment: 2020	investment with JAB Holding)
Year of initial investment: 2017	Year of initial investment: 2018	Year of initial investment: 2018	Reported value: MSEK 22.4	Year of initial investment: 2020
Reported value: MSEK 0.1	Reported value: MSEK 4.9	Reported value: MSEK 10.7	www.keurigdrpepper.com	Reported value: MSEK 2.8
www.scoutgaminggroup.com	www.awilcodrilling.com	www.macro-offshore.com		www.panerabread.com
				www.pret.com

Krispy Kreme Doughnuts	Chr. Hansen Holding	Reledo
Sector: Fast food casual	Sector: bioscience	Sector: facility management
Type of instrument: listed shares	Type of instrument: listed share	Type of instrument: unlisted shares (co-
(Nasdaq, co-investment with JAB	(Nasdaq Copenhagen)	investment with Celero Capital Fund
Holding)	Year of initial investment: 2022	(E) AB
Year of initial investment: 2021	Reported value: MSEK 2.2	Year of initial investment: 2023
Reported value: MSEK 5.8	www.chr-hansen.com.	Reported value: MSEK 5.7
www.krispykreme.com		www.reledo.se

Panera Brands

Sector: Fast casual dining

Type of instrument: unlisted shares (co- investment with JAB Holding)

Year of initial investment: 2023

Reported value: MSEK 11.0 www.panerabread.com

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Q3 2023

NAV development Q3 2019 - Q3 2023

115
105														3.5	3.5	3.75
												3.5	3	3	3.5
												3.5	3	3	3	3
												3	2.78	2.78	3
												3
95											3	2.78	2.53	2.53	2.78
										3	3	3	2.53			2.53
										2.78	7.7	7.7
										2.78
										3	2.53
									3	2.53	7.7			7.7
85									2.78
							3	3
							3	2.53	7.7	7.7
							3	2.78
75	2.78	2.78	3		3	3	3	2.78	2.53	7.7
2.78		2.78	2.53
	2.53	2.53	2.53	3	2.78	2.78	2.53		7.7
	7.7	7.7		2.53	2.53		7.7
65	7.7	2.78		7.7	7.7
			2.53	7.7
				7.7									83.38	86.59	86.95	83.5
											78.71
55										73.78	78.12
	64.16							65.66	68.49
	63.63	63.13				63.04
		60.58	60.87
45				55.42
35
	Q3 19	Q4 19	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23
	NAV	Dividend paid 2012-2017	Dividend paid 2018	Dividend paid 2019	Dividend paid 2020	Dividend paid 2021	Dividend paid 2022	Dividend paid 2023

3.75

3.5

3

3

2.78

2.53

7.7

84.52

Q3 23

The NAV per share

increased by 1.2% during Q3 2023 and by 5.9% over 12 months (incl. dividend paid)

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Q3 2023

NAXS: on a street near you…

Q3 2023

• and in the press

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Q3 2023

Key figures Q3 2023

Equity (NAV)	NAV 12-month change
936	+5.9
MSEK	Percent
SEK 84.52/share	(incl. dividend)

Net cash	Share price
226	68.4
MSEK	SEK
24 percent of equity	(at 30.09.2023)

Private equity fund investments

and Other investments

707

MSEK

76 percent of equity

Discount (+) / Premium (-)

18.1

Percent

(compared to NAV at

30.09.2023)

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Q3 2023

Investment policy & Company facts

Investment criteria	Legal form	Listing
Investments in private equity funds, which have one or more of the Nordic countries	A public limited liability company	Nasdaq OMX Stockholm
(Denmark, Finland, Norway and Sweden) as their investment focus	incorporated under Swedish law
Investment alongside private equity funds and other alternative assets funds		Ticker
Up to 40% of NAV may be invested in any securities or assets in any jurisdiction	Number of shares	NAXS SS in Bloomberg
	11,007,585 share (single share class)	NAXS.ST in Reuters
Investment size and diversification
NAXS intends to hold a diversified portfolio of investments	Advisory service fee	Auditor
However, based on market conditions, up to 40% of NAV may be placed in a single	1% of reported NAV up to SEK 1.0bn, and	Ernst & Young
investment	0.5% over SEK 1.0bn
		Reporting
Dividend policy		Aggregate NAV reported on
50-75% of profit after tax, excluding unrealized income and costs	Performance fee	a quarterly basis
	5.0%, after a 5.0% preferred return to
Financing & management of net cash	investors
Fund investments are financed through equity
Liquid assets/net cash are invested in secure short-terminterest-bearing instruments
or bank accounts only

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