Saga VIII USD K/S

Ledelsesberetning

Management’s review

Beskrivelse af virksomhedens væsentligste aktiviteter

Main activity of the partnership Saga VIII USD K/S (Saga VIII USD) is a fund-of-funds with a geographical focus on investments in North America. Investments are mainly made in micro, small and mid market buy-out funds.

Beskrivelse af usikkerhed ved indregning eller måling

Recognition and measurement uncertainties Investments in portfolio funds are measured at fair value. The measurement includes accounting estimates and is, therefore, subject to uncertainty. Reference is made to note 1 for further information on measurement of portfolio funds.

Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold

Performance in the financial year The financial year resulted in a profit of USD 86.0 million, corresponding to an IRR of 25.1%. Gains on investments in portfolio funds amounted to USD 89.4 million. Administrative expenses in the form of management fee and fund operating expenses amounted to USD 1.8 million and net financial expenses amounted to USD 1.7 million. This year's result is influenced by positive value adjustments. The result exceeds the management's expectations. In the financial year an aggregate amount of USD 51.0 million was paid-in by the limited partners, bringing the accumulated paid-in capital to USD 318.4 million, corresponding to 82.8% of the limited partners’ committed capital. An aggregate amount of USD 58.0 million was contributed to the portfolio funds and co- investments during the financial year, bringing total contributions to the portfolio funds and co-investments to USD 315.2 million, corresponding to 70.7% of the commitments to the portfolio funds and co-investments. In the financial year an amount of USD 88.6 million was distributed to the limited partners, bringing accumulated distributions to USD 129.1 million, corresponding to 40.6% of the limited partners’ paid-in capital. An aggregate amount of USD 108.1 million was distributed from portfolio funds and co-investments during the financial year, bringing total distributions from portfolio funds and co-investments to USD 152.1 million, corresponding to 48.3% of the capital contributed to portfolio funds and co-investments. Investment activity In the period from inception to 30 September 2025 Saga VIII USD has invested in nine portfolio funds and four co-investments. Two co-investments have been disposed as of 30 September 2025. Since inception the portfolio funds and co-investments have in general performed above expectations. Cash resources Saga VIII USD’s cash resources as of 30 September 2025, include cash and cash equivalents, undrawn credit facilities, outstanding commitments from the limited partners and distributions to the limited partners that may be recalled and are estimated as satisfactory to cover Saga VIII USD’s liabilities. Disclosure requirements in respect of § 61 section 3 stated in the law of managers of alternative investment funds We can inform, that during the financial year have there been no changes in §§ 62, 64 and 65 regarding the disclosures. In respect of the requested disclosures of total remunerations paid to the employees and the management of Saga Private Equity ApS, this can be found on www.saga-pe.com. The disclosures are given on manager level and are neither allocated nor shown per individually managed fund.

Omtale af betydningsfulde hændelser, som er indtruffet efter regnskabsårets afslutning

Events after the end of the accounting period There have been no events after the end of the financial year and to the signing of the annual report which are considered of significance to the annual report.

Beskrivelse af virksomhedens forventede udvikling

Expectation for 2025/26 Following a challenging period, the private equity market entered 2025 full of optimism with inflation under control, lower interest rates, and a solid pipeline of planned exits. However, “Liberation Day”, tariff uncertainty, and geopolitical turmoil caused 2025 to end below expectations, especially with regards to distributions. 2025 will consequently end up being the third consecutive year with distributions significantly below normal levels. Despite these challenges, portfolio companies and returns have generally held up well, and it seems that market conditions have lately stabilized and started to improve. Once again, the outlook is becoming more optimistic, and 2026 is expected to see higher investment activity, and even more importantly, a better exit environment. The above-mentioned will affect the result for 2025/26. The management expects to realise a result for 2025/26 in the range of USD 0-44 million.