January - December 2025

• Net profit amounted to MSEK -25.9 (-66.6).
• Earnings per share amounted to SEK -2.34 (-6.01).
• Net asset value amounted to MSEK 556 (SEK 50.44 per share) at December 31, 2025, compared to MSEK 808 (SEK 72.98 per share) at December 31, 2024.
• Net cash amounted to MSEK 66 (SEK 5.97 per share) at December 31, 2025, compared to MSEK 204 (SEK 18.38 per share) at December 31, 2024.
• The 2025 Annual General Meeting resolved to pay a dividend of SEK 4.25 per share for FY 2024 and voted for a continued share repurchase mandate.
• The Extraordinary General Meeting held on September 8 resolved to pay an extraordinary dividend of SEK 16 per share.

Fourth quarter 2025

• Net profit amounted to MSEK -6.6 (5.7).
• Earnings per share amounted to SEK -0.60 (0.52).
• In October, the Company's largest shareholder, QVT Financial LP, divested its entire shareholding in the Company. The shares were acquired by a handful of investors, where Molcap Invest AB (publ) and Oliver Molse are the largest owners.
• Following the election of a new Board of Directors at an extraordinary general meeting held on 12 November, the Company announced a renewed strategic focus on maximizing the value of the Company's core assets and enhancing shareholder value, including through share repurchases and by prioritising short-term transactions over new long-term commitments in private equity funds.
• The financial results were negatively affected by the one-off cost of MSEK 11 relating to the termination of the investment advisory agreement with Naccess Partners AB.

Dividends

The Board of Directors intends to propose to the Annual General Meeting a dividend of SEK 2.00 per share.

Furthermore, the Board of Directors proposes that the Annual General Meeting resolve on a continued mandate to repurchase own shares and to resolve on a continued mandate to resolve on a new issue of shares.

Comments by the CEO

During the fourth quarter, NAXS implemented a number of corporate governance changes. In October, QVT Financial LP, then the Company's majority shareholder, sold its entire stake to a consortium of Swedish investors. Following the transaction, an extraordinary general meeting was held in November at which a new board of directors was appointed. The new board announced a renewed strategic focus on maximizing the value of the Company's core assets and enhancing shareholder value.

As a result of this renewed strategic focus, several listed non-core holdings were divested, a share repurchase program was initiated, and the investment advisory agreement was terminated. These actions have resulted in a more focused investment portfolio, a lower expected cost base, and a clear ambition to further enhance shareholder value.

In 2025, dividends totalling SEK 224.3 million were distributed to shareholders. As of December 31, cash and cash equivalents amounted to SEK 5.97 (18.38) per share, and net asset value to SEK 50.44 (72.98) per share. The fourth-quarter result was impacted by non-recurring costs of SEK 11.0 million related to the termination of the investment advisory agreement, which offset positive performance in private equity funds and other investments during the period.

Finally, having co-founded the company in 2007 and subsequently served as its investment advisor, I look forward to working with the board in my role as CEO towards our objective of further enhancing shareholder value.

Amaury de Poret

Contact

Amaury de Poret, CEO                                        
+46 73 511 17 35
[email protected]

Gösta Lundgren, CFO
+46 70 710 47 88
[email protected]

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 18.00 CET on January 29, 2026.

NAXS is listed on NASDAQ Stockholm. NAXS invests mainly in private equity funds with a Nordic focus but can also make direct investments in private equity and other alternative assets together with funds. NAXS can, to a limited extent, also make other types of investments.