This announcement is not an offer of securities for sale in the United States nor in any other country, and securities may not be offered or sold in the United States absent registration or an exemption from registration under U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder. Nor does it constitute or form part of, and may not be used for the purposes of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities by any person in any jurisdiction, nor shall it or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment to do so, in which (i) such offer or invitation is not authorised; or (ii) in which the person making such offer or invitation is not qualified to do so; or (iii) to any person to whom it is unlawful to make such offer or invitation.

• Net profit for the first quarter amounted to MSEK 3.9 (48.4).
• Earnings per share amounted to SEK 0.36 (4.34).
• Net asset value amounted to MSEK 963 (SEK 86.95 per share) at March 31, 2023, compared to MSEK 959 (SEK 86.59 per share) at December 31, 2022.
• Net cash amounted to MSEK 289 (SEK 26.09 per share) at March 31, 2023, compared to MSEK 212 (SEK 19.11 per share) at December 31, 2022.
• The 2023 Annual General Meeting resolved to pay a dividend of 3.75 SEK per share for FY 2022.

In the fourth quarter of 2022, the functional currency of the Danish and Norwegian subsidiaries was changed to be the same as that of the parent company and is reported in the income statement in the item Change in value instead of as before when the foreign subsidiaries financial statements have been translated to SEK and the translation difference has been reported in other comprehensive income. The comparison period January - March 2022 has been adjusted accordingly and the translation difference that is now included in last year's profit amounted to MSEK 8.3, corresponding to SEK 0.74 per share.

Comments by the CEO

Following a strong development in 2022 the NAV growth continued during the first quarter of 2023 although at a slower pace, increasing by 0.4%. This represented the 11th consecutive quarterly NAV growth for the Company. Over 12 months, the NAV/share has increased by 15.8%, including the FY 2021 dividend paid in April 2022.

NAXS's underlying funds, signed or closed 1 new acquisition, 1 full exit and 1 partial exit during the quarter.

On March 30, the Company's 2023 AGM approved the payment of the dividend of SEK 3.75/share for FY 2022.

Gösta Lundgren

Financial summary

2023 2022
1/1-03/31 1/1-03/31
Net profit/loss for the period, KSEK 3 943 48 402

2023 2022
03/31 12/31
Private equity fund investments, KSEK 606 671 687 989
Private equity fund investments in % of equity 63 72
Remaining commitments, KSEK 147 064 157 582
Total exposure to private equity fund investments, KSEK 753 735 845 571
Other investments, KSEK 67 297 60 801
Net cash, KSEK 289 026 211 668
Private equity fund investments per share, SEK 54.77 62.11
Other investments per share, SEK 6.08 5.49
Net cash per share, SEK 26.09 19.11
Net asset value per share, SEK 86.95 86.59
Share price, SEK 70.20 59.80

Contact information

Gösta Lundgren, Interim CEO

Telephone: +46 70 710 47 88

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 19.30
CET on April 24, 2023.

This press release and further information is available on the Company's website: www.naxs.se

NAXS AB (publ)

Corp. Reg. No. 556712-2972

Nybrogatan 8

114 34 Stockholm, Sweden

Tel: +46 (0)766 40 00 40, E-mail: info@naxs.se

NAXS is a company listed on NASDAQ Stockholm and investing primarily in private equity funds with a Nordic focus. NAXS may also make direct investments or co-investments alongside private equity or other alternative assets funds. In addition, NAXS may, to a limited extent, make other types of investments.