NEXTSTAGE (EPA:NEXTS) PRESS RELEASE - NextStage publishes its Net Asset Value as at September 30, 2017

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22/11/2017 07:30

PRESS RELEASE

        NextStage publishes its Net Asset Value as at September 30, 2017

Paris, France, 22 November 2017 - NextStage, an investment company listed on
the Euronext Paris regulated market (ISIN: FR0012789386, Symbol: NEXTS),
focused on long-term investments in mid-sized companies(1), is today announcing
its Net Asset Value for the 3rd  quarter of 2017(2).

> Net Asset Value at 159.9 million euros at 30/09/2017, in the absence of
  revaluation over the quarter (in accordance with its accounting rules and
  methods, the Company values its unlisted portfolio companies on a half-year
  basis):
  - NAV per share at 110.22 euros in the absence of revaluation of portfolio
    companies, in accordance with the Company's rules, down slightly by 0.3%
    compared to 30/06/2017

> Acceleration of the dealflow in the 3rd quarter with two new investments:
  Dream Yacht Charter and Steel Shed Solutions for a total amount of 24.5
  million euros

> Highlights since 30/09/2017 :
  - Capital increase of 48.3 million euros
  - Reinvestments in Oodrive and Bow for 1.89 million euros

> Impact of post-T3 2017 capital increase and reinvestments:
  - Pro forma NAV3: 206.9 million euros
  - Pro forma NAV per share(3) :107.50 euros
  - Pro forma available cash3 : 102.6 million euros

> Confirmation that the annual committed investment goal for 2017 is surpassed

Speaking on the occasion of this publication, Grégoire Sentilhes, Chairman of
NextStage AM and CEO of NextStage, stated: "The third quarter of 2017 was
marked by the continuation of our investments and the increase in the size of
our equity investments, with investments exceeding 10 million euros in total,
including investments in Dream Yacht Charter and Steel Shed Solutions. With the
capital increase carried out in November 2017, we have increased our investment
capacity very strongly, which now represents more than 100 million euros.
Thanks to this operation, NextStage will be able to support the acceleration of
the growth of companies already in portfolio, and pursue a policy of selective
investment in MSCs(1) growth driven by an acceleration of the deal flow.
NextStage and its shareholders have more than ever the means to realize their
common ambition to provide entrepreneurs with the "patience capital" that
MSCs(1) sorely lack, and to finance, without time limit, the acceleration of
their growth, the integration of innovation, key to their competitiveness and
their ability to internationalize to become world champions."

(1) Mid-sized Companies are defined as those with revenues of 10 and 500
million euros
(2) Unaudited accounts
(3) Pro forma post capital increase net of estimated costs and reinvestment in
Oodrive and Bow

> Net Asset Value of 159.9 million euros as at 30 September 2017

Net Asset Value as at 30 September 2017 stands at 159.9 million euros (versus
160.4 million euros as at 30 June 2017, 156.8 million euros as at 31 March 2017
and 117.9 million euros as at 30 September 2016).

In accordance with the rules established by the Company, excluding exceptional
events, unlisted participations were not revalued in the 3rd quarter of 2017.
Therefore, the slight decline in the Net Asset Value (NAV) in the third quarter
came from the impact of current expenses.

> NAV per share at 110.22 euros as at 30 September 2017, down 0.3% compared
  to 30 June 2017 (and +10.0% year-on-year)

NAV per share is 110.22 euros, down 0.3% since 30 June 2017 but up +2.0%
compared to 31/03/2017, and +10.0% since 30 September 2016 despite the negative
impact of extraordinary costs associated with the initial public offering
conducted in late 2016.

Quarterly Change in NAV per share

                                         110.55       110.22

                            108.05

               105.42

  100.23

30/09/2016   31/12/2016   31/03/2017   30/06/2017   30/09/2017

> 102.3 million euros in holdings

As at 30 September 2017, holdings represent a value of 102.3 million euros, or
64% of net assets, and consist of unlisted companies: Steel Shed Solutions,
Dream Yacht Charter, Oodrive, Naturabuy, La compagnie du Catamaran (holding
company for Fountaine Pajot), Acorus, Bow, LinXea, Adopt, Efeso, GPS and
Coorpacademy.

Available cash as at 30 September 2017 is 57.7 million euros, of which 5.1
million euros are currently committed. In keeping with its economic model,
NextStage does not use financial leverage and had no financial debt as at
30 September 2017.

Breakdown of NAV as at 30 September 2017

Participations   EUR102.3m         64 %

of which           EUR5.1m    committed

Net Cash          EUR57.7m         36 %

> Acceleration of investment dynamics with Dream Yacht Charter and Steel Shed
Solutions

Dream Yacht Charter. NextStage acquired a majority stake in Dream Yacht Charter
in September 2017.

In 2001, Loïc Bonnet started Dream Yacht Charter in the Seychelles with 6
sailboats. Thanks to his inspiring leadership the company grew, crossed the
Indian Ocean, then extended to the Mediterranean, the Caribbean, Australia, the
Pacific rim and, more recently, reached the American shores of the Bahamas.
Today, Dream Yacht Charter is also the world leader in cabin cruises on board
giant catamarans.

On 29 September 2017, NextStage announced, together with Fountaine Pajot, that
it had acquired a majority stake in Dream Yacht Charter, the world's number two
boat rental company. This operation, which they announced that they had entered
into exclusive negotiations on 27 July 2017, is a first step in the group's
long- term industrial support. The goal of this process is to allow Dream Yacht
Charter to strengthen its position as a world leader on the pleasure boat
rental market and to continue pursuing growth.

Dream Yacht Charter, led by Loïc Bonnet, who was joined in 2012 by Romuald
Caillaud, has heretofore successfully self-financed its development, both by
organic growth (establishing new offices, innovative offerings) and through
strategic acquisitions. This ambitious strategy, combined with thoughtful
attention to structuring, has allowed the company to experience profitable,
uninterrupted growth of 15% to 20% annually for the last decade, and to report
revenues close to 90 million euros in 2016.

Steel Shed Solutions. NextStage undertook this investment in July 2017, and
made specifics of this operation public in September 2017.

The Luxembourg group Steel Shed Solutions, created in 2001, is a digital
platform for the sale of steel kit buildings. Steel Shed Solutions sells
functional, low-cost, easy-to-assemble buildings suitable for various purposes:
storage or livestock hangars, industrial buildings, agricultural structures,
equestrian facilities, etc. Today the group sells nearly 1,000 buildings
annually in 48 zones and countries. Steel Shed Solutions proposes its product
offering across different websites, such as batimentsmoinschers.com,
easysteelsheds.com, guenstigehallen.de and direct-batiment.fr. These sites
allow private customers, SMEs and multinationals alike to order all sorts of
buildings suitable for various purposes and different geographic conditions.
The group offers free, instant quotes online, and remains committed to
maintaining low prices while ensuring first-rate quality, thanks to systematic
quality control and products made with galvanized, high-strength steel and in
strict compliance with European standards.

> Highlights since 30 September 2017

Capital increase

In November 2017, NextStage carried out a capital increase of 48.3 million
euros. The objectives of the operation were to rebuild an optimal investment
capacity to:

* Accompany the growth of companies already in the portfolio
* Continue the policy of selective investment in MSCs fueled by a growing deal
  flow.

Reinvestments

Since the end of the 3rd quarter, NextStage has respectively invested 0.44 and
1.45 million euros in two companies already in its portfolio, Oodrive and Bow.

Impact of the capital increase and reinvestments
NextStage's Net Asset Value, NAV per share and investment capacity as at 30
September 2017, pro forma for the capital increase net of estimated costs and
reinvestments in Oodrive and Bow, are as follows:
- Pro forma Net Asset Value(4): 206.9 million euros
- Pro forma NAV per share(4): 107.50 euros
- Pro forma available cash4: 102.6 million euros.

> Outlook

With the investments made and committed since the beginning of the year in
Oodrive, Naturabuy, Dream Yacht Charter and Steel Shed Solutions, NextStage
would have already reached its investment objective of 40 million euros for the
year 2017 (42.4 million euros of investments committed as at 30 September).
Since the beginning of the year, the Company has experienced a marked
acceleration in dealflow, with a number of desirable investment opportunities
for the taking.

Thanks to these conditions, NextStage can be confidant about the realisation of
its medium and long-term goals, and notably its objective of assembling a
diversified portfolio of 40 to 50 companies and reaching 500 million euros in
assets in the medium term.

(4) Pro forma post capital increase net of estimated costs and reinvestment in
Oodrive and Bow

Information

An investor presentation is available on NextStage's website
(www.nextstage.com/sca), in the Finance section.

About NextStage

NextStage is an investment platform created in March 2015 and listed on the
Euronext Paris market (Compartment C) since December 2016. As at 30 September
2017, it had an Adjusted Net Asset Value of 159.9 million euros. NextStage
specialises in Medium-Sized Companies (MSCs), which allows access to an
unlisted and often inaccessible class of asset that drives growth and
performance. The investments it makes are equity investments with little or no
leverage over an unlimited time frame to provide funding for the growth of
MSCs, alongside visionary entrepreneurs. NextStage is backed by the know-how
and stability of the asset management firm NextStage AM, which was founded in
2002. NextStage has already closed twelve investment transactions (as as 30
September 2017) since its inception.

Its capital is held, directly or indirectly, by prominent shareholders such as
Artemis, Téthys, AXA and Amundi. NextStage has built a novel and ambitious
approach whose aim is to accelerate the growth of top-flight MSCs around four
long-term trends of the Third Industrial Revolution, namely: the economy linked
to the value of our emotions and quality of the customer experience; the
on-demand and sharing economy; the industrial internet; and positive growth (or
green growth).

NextStage is listed on the Euronext Paris Compartment C regulated exchange
(ISIN: FR0012789386; Symbol: NEXTS). www.nextstage.com/sca.

Contacts

NEXTSTAGE

Gwenael Hedoux
gh@nextstage.com
+33 1 53 93 49 40

Stéphanie Nizard
sn@nextstage.com
+33 1 44 29 99 01

SHAN

Candice Baudet Depierre
candice.baudetdepierre@shan.fr
+33 1 44 50 51 71

Alexandre Daudin
alexandre.daudin@shan.fr
+33 1 44 50 51 76

Additional information at info-investor@nextstage.com

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NEXTSTAGE (EPA:NEXTS) PRESS RELEASE - NextStage publishes its Net Asset Value as at September 30, 2017

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