NAXS : Q2 2023 Presentation

July 20, 2023 at 01:05 pm EDT

Q2 2023

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

Q2 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.

Q2 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
8 vintage years
exposure to large, mid and small cap segments
64 portfolio companies at Q2 2023
since inception, underlying funds have acquired 179 portfolio companies, 115 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
1 high-yield bond

Q2 2023

Fund portfolio (Q2 2023)*

Apax Europe VII LP

Fund size: MEUR 11.000

Segment: large cap

Vintage: 2007

Geographic focus: Europe/Global

NAXS original 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 original commitment: MSEK 65	NAXS original 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 original 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 original commitment: MEUR 15.4 www.nordiccapital.com

Equip Capital Fund I LP

Fund size: MNOK 1.900

Segment: small cap

Vintage: 2020

Geographic focus: Norway/Nordic

NAXS original 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 original commitment: MEUR 5	NAXS original commitment: MEUR 2	NAXS original 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 original commitment: MSEK 75	NAXS original commitment: MEUR 5	NAXS original commitment: MEUR 1.5
www.mimirinvest.com	www.jabholdco.com	www.celerocapital.com

In addition, NAXS' portfolio comprises 4 funds that are either in dissolution process or have divested all their portfolio companies (FSN Capital III, Herkules Private Equity III, Intera II and Nordic Capital Fund VII)

Q2 2023

Direct investment portfolio (Q2 2023)

Scout Gaming Group AB

Sector: iGaming

Type of instrument: listed share (Nasdaq First North)

Year of initial investment: 2017

Reported value: MSEK 0.1 www.scoutgaminggroup.com

Awilco Drilling PLC

Sector: Oil & Gas

Type of instrument: listed share (Euronext Growth Oslo)

Year of initial investment: 2018

Reported value: MSEK 7.4 www.awilcodrilling.com

Jacktel AS	Keurig Dr Pepper	Pret Panera Company
Sector: Oil & Gas	Sector: beverage/non-alcoholic	Sector: Fast casual dining
Type of instrument: high-yield bond +	Type of instrument: 2020	Type of instrument: unlisted shares (co-
unlisted shares (registered on Euronext	Year of initial investment: 2020	investment with JAB Holding)
NOTC)	Reported value: MSEK 22.2	Year of initial investment: 2020
Year of initial investment: 2018	www.keurigdrpepper.com	Reported value: MSEK 2.7
Reported value: MSEK 12.9 (bond) + MSEK		www.panerabread.com
10.5 (shares)		www.pret.com
www.macro-offshore.com

Krispy Kreme Doughnuts

Sector: Fast food casual

Type of instrument: listed shares (Nasdaq, co-investment with JAB

Holding)

Year of initial investment: 2021

Reported value: MSEK 6.8 www.krispykreme.com

Chr. Hansen Holding

Sector: bioscience

Type of instrument: listed share (Nasdaq Copenhagen)

Year of initial investment: 2022

Reported value: MSEK 2.5 www.chr-hansen.com.

Reledo

Sector: facility management

Type of instrument: unlisted shares (co- investment with Celero Capital Fund

(E) AB

Year of initial investment: 2023

Reported value: MSEK 5.7 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 10.9 www.panerabread.com

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Disclaimer

NAXS AB published this content on 20 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 July 2023 17:04:06 UTC.

	1st Jan change	Capi.
NAXS AB	-9.52%	65.32M
BLACKSTONE INC.	-0.74%	95.63B
KKR & CO. INC.	+28.15%	90.91B
ARES MANAGEMENT CORPORATION	+24.08%	28.22B
LEGAL & GENERAL PLC	+0.28%	18.26B
AMUNDI	+17.21%	15.8B
THE CARLYLE GROUP INC.	+7.50%	15.22B
FRANKLIN RESOURCES, INC.	-17.69%	12.85B
HDFC ASSET MANAGEMENT COMPANY LIMITED	+17.38%	9.4B
BLUE OWL CAPITAL INC.	+26.34%	9.28B

1st Jan change

Capi.

NAXS AB

-9.52%

65.32M

BLACKSTONE INC.

-0.74%

95.63B

KKR & CO. INC.

+28.15%

90.91B

ARES MANAGEMENT CORPORATION

+24.08%

28.22B

LEGAL & GENERAL PLC

+0.28%

18.26B

AMUNDI

+17.21%

15.8B

THE CARLYLE GROUP INC.

+7.50%

15.22B

FRANKLIN RESOURCES, INC.

-17.69%

12.85B

HDFC ASSET MANAGEMENT COMPANY LIMITED

+17.38%

9.4B

BLUE OWL CAPITAL INC.

+26.34%

9.28B

Market Closed - Nasdaq Stockholm Other stock markets 11:29:48 2024-05-15 am EDT			5-day change	1st Jan Change
64.6 ^SEK	+1.25%		-0.31%	-9.52%

Apr. 25	NAXS AB Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 04	NAXS AB Approves Distribution for 2023	CI

NAXS AB Reports Earnings Results for the First Quarter Ended March 31, 2024	Apr. 25	CI
NAXS AB Approves Distribution for 2023	Apr. 04	CI
Naxs AB Announces Board Changes	Apr. 04	CI
NAXS AB(OM:NAXS) added to OMX Nordic All-Share Index	Feb. 04	CI
Naxs AB Proposes Dividend for the Fiscal Year 2023	Jan. 31	CI
NAXS AB Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	Jan. 31	CI
Novozymes A/S (CPSE:NZYM B) completed the acquisition of Chr. Hansen Holding A/S.	Jan. 28	CI
NAXS AB(OM:NAXS) added to OMX Nordic Small Cap Index	Jan. 26	CI
NAXS AB Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	23-10-26	CI
NAXS AB Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023	23-07-20	CI
Reledo AB announced that it has received SEK 5.5 million in funding from Celero Capital, NAXS AB	23-05-30	CI
Panera Brands, Inc. announced that it has received $1 million in funding from Jab Holding Company S.Ã .R.L., NAXS AB	23-05-14	CI
NAXS AB Reports Earnings Results for the First Quarter Ended March 31, 2023	23-04-24	CI
NAXS AB Approves Executive Appointments	23-03-30	CI
NAXS AB Approves Dividend for the Financial Year 2022	23-03-30	CI
Naxs AB Proposes Dividend for the Financial Year 2022	23-01-31	CI
NAXS AB Reports Earnings Results for the Fourth Quarter Ended December 31, 2022	23-01-31	CI
NAXS AB Reports Earnings Results for the Full Year Ended December 31, 2022	23-01-31	CI
Chr. Hansen Holding A/S announced that it has received DKK 1.4 million in funding from NAXS AB	22-11-21	CI
NAXS AB Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022	22-10-25	CI
Tranche Update on NAXS AB (OM:NAXS)'s Equity Buyback Plan announced on May 4, 2022.	22-07-21	CI
NAXS AB Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022	22-07-21	CI
NAXS AB (OM:NAXS) commences an Equity Buyback for 1,115,259 shares, representing 10% of its issued share capital, under the authorization approved on March 30, 2022.	22-05-03	CI
Naxs Appoints CFO as Interim CEO	22-04-29	MT
NAXS AB Appoints Gösta Lundgren as Interim CEO	22-04-29	CI

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