NAXS (NAXS) Q1 2025 earnings summary

Executive summary

• Net profit for Q1 2025 reached MSEK 94.4, a significant increase from MSEK 1.1 year-over-year.

• Earnings per share rose to SEK 8.52 from SEK 0.10 in Q1 2024.

• Net asset value (NAV) per share increased by 11.7% during the quarter, reaching SEK 81.50.

• The portfolio benefited from higher valuations in three underlying funds and a public cash offer for Norva24.

Financial highlights

• NAV at March 31, 2025, was MSEK 903, up from MSEK 808 at December 31, 2024.

• Net cash stood at MSEK 198 (SEK 17.90 per share), slightly down from MSEK 204 (SEK 18.38 per share) at year-end.

• Private equity fund investments totaled MSEK 603, representing 67% of equity.

• Other Investments were valued at MSEK 101.

• Total exposure to private equity fund investments and Other Investments was MSEK 774, or 86% of equity.

Outlook and guidance

• No material impacts from increased market volatility observed in the portfolio so far in 2025.

• The company continues to evaluate new investment opportunities through its advisor.