NAXSNasdaq StockholmFinancialsIFRS · SEK

NAXS

NAXS AB is a Stockholm-based investment company focused on private equity fund investments and selected co-investments, with a portfolio built around Nordic buyout and special-situations exposure. The company invests through funds and direct holdings in underlying portfolio companies across sectors and stages, and its shares are listed on Nasdaq Stockholm.

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Operating profit (EBIT)-6.6m SEK
+91.0 %y/y
Net income24.5bn SEK
+36,963.9 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-1000100200m SEK2021: EBIT 169 m SEK20212022: EBIT 179 m SEK20222023: EBIT -3.0 m SEK20232024: EBIT -73 m SEK20242025: EBIT -6.6 m SEK2025TTM 2026: EBIT -81 m SEKTTM-81
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Private equity fund investments80 %

Investments in Nordic-focused private equity funds and their underlying portfolio companies.

Other Investments20 %

Direct listed and unlisted equity holdings outside the core fund portfolio.

Customers

NAXS does not sell products to end customers; its capital is provided by public shareholders, and value is created through investing in private equity funds and related holdings. The company’s underlying economic exposure comes from private equity managers, portfolio companies, and exit counterparties involved in realizations and liquidity events.

Public shareholders

Investors in NAXS shares who buy the listed vehicle for private equity exposure and capital returns.

Private equity fund managers

Fund sponsors that receive commitments from NAXS to Nordic-focused private equity vehicles.

Portfolio company counterparties

Companies and owners involved when NAXS participates in co-investments or exits.

Secondary market buyers

Purchasers of listed or unlisted holdings when NAXS realizes investments.

Strategy

NAXS’s strategy is to maximize shareholder value through orderly realization of its existing portfolio, selective divestments, and disciplined capital allocation. The company also uses share repurchases and dividends as tools to return capital while maintaining a focused investment portfolio.

Realize the existing portfolio in an orderly wayShort term

Converts illiquid fund and co-investment exposure into cash and shareholder returns.

Maximize value of core assetsMedium term

Improves outcomes from the remaining portfolio and supports NAV preservation.

Return capital to shareholdersShort term

The listed vehicle is used as a capital-return platform as assets are monetized.

Geography

NAXS is headquartered in Stockholm and its investment mandate is centered on the Nordic countries, especially Denmark, Finland, Norway, and Sweden. The portfolio can also include investments in other jurisdictions, but the core geographic focus remains Nordic private equity exposure.

Risks

NAXS is exposed to valuation risk, liquidity risk, and currency risk because its assets are mainly private equity fund interests and other equity holdings valued at fair value. Performance also depends on private equity exit markets, macro conditions, and the timing of realizations, which can be uneven and sensitive to geopolitical and trade-policy uncertainty.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Fair value volatility in private equity holdings1Currency risk3Macro and geopolitical risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Fair value volatility in private equity holdingsImpact: HighLikelihood: High

    Most investments are carried at fair value, so changes in portfolio company valuations flow through earnings and NAV.

    Exposure: Private equity fund investments and other equity holdings

  2. Liquidity and exit-market riskImpact: High

    Realizations depend on secondary sales, listings, redemptions, and buyer appetite, which can be delayed.

    Exposure: Co-investments and listed/unlisted holdings

  3. Currency riskImpact: MediumLikelihood: Medium

    Fund investments are denominated in foreign currencies and are not hedged.

    Exposure: Private equity fund investments

  4. Macro and geopolitical riskImpact: MediumLikelihood: Medium

    Private equity activity and valuations are affected by conflicts, tariffs, interest rates, and trade policy.

    Exposure: Nordic and international investment markets

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Accounting

Judgemental items
Fair value measurement of investments

Private equity fund interests and other investments are marked to fair value, making valuation assumptions central to reported results.

Impact: Directly affects profit, equity, and NAV per share

Realization timing

Gains and cash proceeds depend on when exits, redemptions, or sales close.

Impact: Can cause uneven quarterly earnings and liquidity

Foreign currency translation

Underlying fund interests are denominated in foreign currencies.

Impact: Creates translation gains/losses in reported values

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Last updated: 24/09/2026

NAXS (XSTO) – Financials | Financial Analysis – Clarifo