NextStage : publishes Net Asset Value and annual results as at December 31, 2021 (EN)

Net Asset Value and annual results as at December 31, 2021

Growing NAV

supported by portfolio momentum

Paris, France, March 17, 2022 - NextStage, an investment company listed on the Euronext Paris regulated exchange (ISIN: FR0012789386, Symbol: NEXTS) and specializing in long-term investments in innovative and growth MSCs,1 is pleased to announce the publication of its annual results for 2021 and its Net Asset Value as at December 31, 2021, as approved by the Manager, reviewed by the Supervisory Board on March 16, 2022 and audited by the statutory auditors.

• ▪ Growth in Net Asset Value (NAV) at 12/31/2021

  • ‐ NAV: +10.7% to €243.3m (vs. €219.7m at 12/31/2020)

  • ‐ NAV/ordinary share: +11.9% to €116.27 (vs. €103.85 at 12/31/2020)

• ▪ Portfolio companies showing strong momentum ‐ 23.9% growth in weighted annual sales of the portfolio of companies

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Gross IRR of the invested portfolio at end 2021: 8.4%

• ▪ Solid performance for all 14 portfolio companies not associated with the Tourism & Leisure market, and recovery underway for the 4 holdings in Tourism & Leisure ‐ NAV/ordinary share excluding the Tourism & Leisure market: +22.3% to €90.13 (vs. €73.12 at 12/31/2020)

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  NAV/ordinary share for Tourism & Leisure market: -13.3% to €26.14 (vs. €30.14 at 12/31/2020)

• ▪ First strategic co-investment with the Pépites et Territoires program (post closing)

Speaking of the results, Grégoire Sentilhes, Chairman of NextStage AM, Manager of NextStage said: "Thanks to a solid financial structure and robust fundamentals, NextStage closed out its fiscal year 2021 on a rebound of its NAV, reflecting how well business has picked up across the bulk of the portfolio, especially for holdings not belonging to the tourism and leisure markets. These have exceeded their pre-crisis levels. The year was also marked by the launch of the Pépites et Territoires program with AXA France, for which announced the first strategic co-investment a few weeks ago, in Eurobio Scientific, a French gem in the field of in-vitro diagnostics and molecular biology. Given its well-positioned and resilient portfolio, NextStage should accelerate this positive dynamic in fiscal year 2022."

1 MSC: Mid-sized company, revenues between €10 million and €500 million.

1

• ▪ NAV per ordinary share increases 11.9% to 116.27 euros

NextStage's NAV stood at €243.3 million at December 31, 2021, breaking down to €222.6 million in valuation of the 18 portfolio companies (91.5% of NAV) and €20.8 million in net cash.

NAV grew by +10.7% year-on-year (vs. €219.7m at December 31, 2020) and by +5.7% sequentially (vs. €230.1m at June 30, 2021). NAV per ordinary share increased by +11.9% to €116.27 from €103.85 at December 31, 2020, and by +5.8% vs. €109.89 at June 30, 2021.

• ▪ Portfolio companies exhibit strong momentum

The weighted average revenue of NextStage's portfolio was up 23.9% at December 31, 2021.

The gross IRR was 8.42% at December 31, 2021, for an average portfolio maturity of 3.7 years.

• ▪ Solid performance for the 14 portfolio companies not involved in the Tourism & Leisure market with recovery underway for the 4 holdings in Tourism & Leisure

The 14 portfolio companies unrelated to Tourism & Leisure delivered solid performances with NAV/ordinary share up significantly at +22.3% compared to December 31, 2020, and by +25.6% versus December 31, 2019.

The 4 companies operating in the tourism, catering and leisure markets are set to rebound as restrictions ease worldwide and the health situation improves.

• ▪ First strategic co-investment with the Pépites et Territoires program (post closing)

Launched in 2021 by NextStage and AXA France to support the stimulus plan by making equity investments in growth and innovative SMEs and MSCs located in regional France, the Pépites et Territoires program targets a total of €500 million in investments, including €150 million by the end of 2022.

As part of this program, NextStage announced its first co-investment with the entrepreneurs of Eurobio Scientific in early February 2022. This funding will support a new stage in the development of this outstanding French company in the field of in-vitro diagnosis and molecular biology. NextStage has translated its new ESG - CSR commitments into action, which includes conducting extensive ESG due diligence and establishing a detailed ESG roadmap.

• ▪ €40.0 million in available cash

The net cash position was €20.8 million at December 31, 2021 (vs. €31.6 million at June 30, 2021 and €35.3 million at December 31, 2020). With the €17.0 million credit line established at the beginning of 2020, and €2.2 million of debt and receivables, total available cash stood at €40.0 million at end December 2021.

• ▪ Annual financial results

NextStage's operating income at December 31, 2021 was €25.9 million, as compared to €39.1 million at December 31, 2020. The main components of operating income are as follows:

• ▪ change in the fair value of non-current financial assets to €28.5m (vs. -€33.8m)

• ▪ change in the depreciation of current accounts at -€0.9m

• ▪ income from non-current financial assets at €2.8m (vs. €2.7m)

• ▪ external charges of €4.5m (vs. €5.2m)

After taking into account cash management, the group share of net income for the year 2021 stands at €25.4

million (vs. -€39.7 million at December 31, 2020).

• ▪ Outlook

The strong momentum of our businesses attests the relevance and value of NextStage's positioning on investments in the main secular trends arising from the third Industrial Revolution.

The portfolio is poised to benefit fully from the post pandemic rebound in activity, particularly in the Tourism & Leisure market. The portfolio's direct exposure to Russia and Ukraine is extremely low and NextStage remains alert to impact on the global economy and possible repercussions thereof on the portfolio's performance and valuation, and agile with regard to opportunities that may emerge.

The age of the NextStage portfolio remains relatively young, with an average holding period of 3.7 years. Thanks to the strength of its financial structure, NextStage intends to continue and enhance day-to-day support for its entrepreneurs, strengthening the execution of their development plans to optimize their growth and value creation. NextStage has adopted a portfolio rotation strategy with ongoing exits underway.

• ▪ Calendar

• ▪ May 19, 2022: NAV for 1er quarter 2022

• ▪ June 16, 2022: Annual General Meeting

About NextStage

NextStage is an investment platform created in March 2015 and listed on the Euronext Paris exchange (Compartment B) since December 2016. Specializing in long-term investments in Medium-Sized Companies exhibiting growth and innovation, NextStage grants access to an unlisted and often inaccessible class of asset that drives growth, job creation and financial performance. Its holdings are equity investments made with little or no leverage over an unlimited time frame to fund the growth of MSCs and their capacity to innovate in their core businesses alongside visionary entrepreneurs. NextStage is backed by the know-how and stability of the asset management firm NextStage AM, founded in 2002. NextStage is governed by the tax regime for SCR. Its capital is held by prominent shareholders that include Amundi, Ardian, AXA, Téthys, Swiss Life and more. NextStage has built a novel and ambitious approach whose aim is to accelerate the growth of top-flight MSCs around four long-term trends of the Third Industrial Revolution: the economy linked to the value of our emotions and customer experiences; the on-demand and sharing economy (digital platforms).; the industrial internet; and positive growth (or green growth). Step by step, starting in 2015, NextStage has built a multi-strategy private equity platform that directly or indirectly represents total assets of €7 billion. NextStage is listed on the Euronext Paris Compartment B regulated exchange (ISIN: FR0012789386; Symbol: NEXTS). Visit us atwww.nextstage.com/sca

Contacts

NextStage	Shan Agency
Financial communication
Investor Relations
Marc Mehanna	Alexandre Daudin
[e-mail]	[e-mail]
[phone]	[phone]
Communication	Aliénor Kuentz
Jonathan Boudin	[e-mail]
[e-mail]	[phone]
[phone]

• ▪ Annexes

Income statement (IFRS) as at December 31, 2021 with fair value of investments as at December 31, 2021

Change in fair value of non-current financial assets

Change in depreciation of current accounts (amortized cost)

Income from non-current financial assets External expenses

12/31/2020 (12 months)

12/31/2021 (12 months)

-33,813 28,509

-2,748 -933

2,689 2,806

-5,184 -4,520

OPERATING INCOME

-39,056

25,862

Income from cash and cash equivalents Cost of gross financial debt

-111 -141

-519 -298

COST OF NET FINANCIAL DEBT

-629 -439

Other financial income

Other financial expenses

3 -2

- -

NET INCOME

-39,685

25,423

Change in conversion reserve Actuarial gains and losses

Change in fair value of financial assets

OVERALL RESULT

Earnings per ordinary share (€)

- - -

- - -

-39,685 - 18.78

25,423 12.18