ATLAS PARTNERS · Q4 2026BOARD REVIEW · CONFIDENTIAL

ATLAS

FOURTH QUARTER REVIEW · TWELVE MONTHS

A steady year,finished early.

An accounting of twelve months of patient capital deployment across the Eurozone, prepared for the board.

PRESENTED BY M. KOVALEVA · 22 JAN 2027 QUARTER FOUR · FY 2026

ATLAS PARTNERSAGENDAQ4 2026 BOARD

TODAY'S AGENDA

Four sections, ninety minutes.

01 Performance & key results Returns, deployment, distributions. Twelve months in summary. 20 MIN PP. 4 — 12

ATLAS · Q4 2026 BOARD REVIEWP. 2 / 35

SECTION 01ATLAS PARTNERSQ4 2026

PART ONE

Performance.

SECTION 01 OF 04P. 3 / 35

SECTION 01 · §1.1KEY RESULTP. 4 / 35

NET IRR · TWELVE MONTHS

+22.4%

Best year in the firm's twelve-year history.

Net of fees and carry, twelve-month rolling. Audited by KPMG. Detail by vintage in §1.3, by sector in §1.4.

SOURCE · INTERNAL · AUDITED KPMGP. 4 / 35

SECTION 01 · §1.2KPI DASHBOARDP. 5 / 35

KPI DASHBOARD · YOY

Four numbers, in this order, every quarter.

CYCLE TIME −47% Days from first contact to term sheet.

SECTION 01 · §1.2P. 5 / 35

SECTION 01 · §1.3A WORD FROM THE CHAIRP. 6 / 35

“

A steady year, but more importantly, a year that finished early. The capital allocation discipline is now operating on its own.

— Roland Lansing

CHAIRMAN · ATLAS PARTNERS · 22 YEARS ON THE DESK

SECTION 01 · §1.3P. 6 / 35

SECTION 01 · §1.4VINTAGE COMPARISONP. 7 / 35

Two vintages, ten years apart, one shift in approach.

2016 · ATLAS I

Speed as moat.

The fund that returned a term sheet by Friday usually won the round, regardless of price. Median cycle time: 24 days.

2026 · ATLAS IV

Patience as moat.

Diligence cycles have stretched from four weeks to fourteen. Median cycle time: 94 days. Net IRR: up 8.2pp.

SECTION 01 · §1.4P. 7 / 35

SECTION 01 · §1.5THREE PILLARSP. 8 / 35

THREE PILLARS OF THE OPERATING THESIS

What we look for, in order.

01 Cash that compounds. Margin profile that pays for the next bet. We treat free cash flow as the only durable form of optionality.

SECTION 01 · §1.5P. 8 / 35

SECTION 01 · §1.6STANDING CHECKLISTP. 9 / 35

STANDING CHECKLIST

Five questions, every Monday morning.

Force written answers, not verbal ones. Five minutes each.

01 What did we learn that changed our minds? Force a written answer, not a verbal one.

SECTION 01 · §1.6P. 9 / 35

SECTION 02ATLAS PARTNERSQ4 2026

PART TWO

Markets & macro.

SECTION 02 OF 04P. 10 / 35

SECTION 02 · §2.1A CASE STUDYP. 11 / 35

CASE STUDY 01 · NORTHWIND

A logistics company that refused to grow.

Northwind held flat at €18M ARR for three quarters in 2024 while their nearest competitor tripled. Today they are 4× more profitable per €1 raised.

image · 4 : 5

SECTION 02 · §2.1P. 11 / 35

SECTION 02 · §2.2A CASE STUDY · IIP. 12 / 35

image · 4 : 5

CASE STUDY 02 · LARK & FELLER

A discipline of writing things down before saying them.

Our committee opens each meeting with twenty minutes of silent reading. A pre-circulated memo, no slides, no shorthand. Half of the old disagreements never surface.

SECTION 02 · §2.2P. 12 / 35

SECTION 02 · §2.3A SHORT HISTORYP. 13 / 35

A SHORT HISTORY · 2018 — 2026

Eight years of Atlas Partners, mapped.

2018 Atlas I closes · €18M Raised mostly from family offices in Munich. First three commitments in October.

SECTION 02 · §2.3P. 13 / 35

SECTION 02 · §2.4CHART 01 · BARP. 14 / 35

CHART 01 · EBITDA, 2016 — 2024

Returns flatten, then bend in 2024.

SOURCE · INTERNAL · AUDITED KPMG

CHART 01P. 14 / 35

SECTION 02 · §2.5CHART 02 · LINEP. 15 / 35

CHART 02 · DEPLOYMENT VS DISTRIBUTION

Distributions overtake deployment, late 2024.

SOURCE · INTERNAL DATA, PITCHBOOK

CHART 02P. 15 / 35

SECTION 02 · §2.6IC PROCESSP. 16 / 35

INVESTMENT COMMITTEE · FOUR GATES

Four gates, in series, no exceptions.

GATE 01 Source Inbound or warm intro only. No outbound this cycle.
GATE 02 Read Three partners read the memo, in silence, on Monday.
GATE 03 Debate Two written cases — for and against — pre-circulated.
GATE 04 Commit Vote on Wednesday. Three of four required.

IC PROCESSP. 16 / 35

SECTION 02 · §2.7TABLE 01 · FUND VINTAGESP. 17 / 35

TABLE 01 · FUND VINTAGES

Six vintages, twelve years, one number.

Fund	Vintage	Size	DPI	TVPI	Net IRR
Atlas I	2014	€18M	2.4×	3.1×	22.4%

NET OF FEES & CARRY · AUDITED BY KPMGP. 17 / 35

SECTION 03ATLAS PARTNERSQ4 2026

PART THREE

Portfolio & people.

SECTION 03 OF 04P. 18 / 35

image · full-bleed

A WORD FROM THE FIELD

Photograph from the Munich office, on the morning after Atlas IV closed.

PHOTOGRAPH · NAOKO MORI · 2025

SECTION 03 · §3.1FROM THE PORTFOLIOP. 19 / 35

FROM THE PORTFOLIO · UNPROMPTED

What our founders told us, unprompted.

“
They were the only fund that called us when we missed our number. Not to ask why. To ask what they could carry.

Hannah Reuter CEO · NORTHWIND LOGISTICS

SECTION 03 · §3.1P. 19 / 35

SECTION 03 · §3.2A WORD FROM THE PARTNERP. 20 / 35

portrait · 1 : 1

“

Patience is not a virtue you summon. It is a system you build, then defend against yourself every Monday morning.

— Roland Lansing FOUNDING PARTNER · 22 YEARS

SECTION 03 · §3.2P. 20 / 35

SECTION 03 · §3.3MAP 01 · GEOGRAPHYP. 21 / 35

MAP 01 · PORTFOLIO GEOGRAPHY

Four offices, twenty-three companies.

Concentration is a feature — we only invest where a partner can drive to the office in under three hours.

MAP 01P. 21 / 35

SECTION 03 · §3.4THE DESKP. 22 / 35

THE DESK · ATLAS PARTNERS

Six people. No committees.

3 : 4
Marit Kovaleva MGT PARTNER

SECTION 03 · §3.4P. 22 / 35

SECTION 03 · §3.5PORTFOLIOP. 23 / 35

THE PORTFOLIO · 23 COMPANIES

Companies in which the firm is currently invested.

Northwind

PORTFOLIOP. 23 / 35

SECTION 03 · §3.6ENGAGEMENTP. 24 / 35

HOW WE WORK · THREE ENGAGEMENTS

Three cheques, one philosophy.

SEED €500K First cheque · 6 — 12 mo runway
For the founder still writing the memo to themselves. We co-write it with you.

ENGAGEMENTP. 24 / 35

SECTION 04ATLAS PARTNERSQ4 2026

PART FOUR

Looking ahead.

SECTION 04 OF 04P. 25 / 35

SECTION 04 · §4.1BOARD Q & AP. 26 / 35

ANTICIPATED BOARD QUESTIONS

Four questions we expect on Wednesday.

Q · 01 Why has cycle time gone up so much? Because reading takes the time it takes. We have stopped pretending it doesn't, and net IRR has improved as a direct result.

BOARD Q & AP. 26 / 35

SECTION 04 · §4.2RECAPP. 27 / 35

RECAP · FOUR TAKEAWAYS

Four sentences for the board, if you remember nothing else.

01. Patience compounds where conviction holds.

RECAPP. 27 / 35

A FINAL WORDATLAS PARTNERSQ4 2026

A steady year.A patient firm.

Thank you for the confidence the board has placed in the firm over the last twelve months.

RESEARCH@ATLAS.PARTNERS ATLAS.PARTNERS MAXIMILIANSTRASSE 12 · MUNICH

SECTION 04 · §CIMPRINTP. 35 / 35

IMPRINT & LEGAL

Imprint.

This document is prepared for the board of Atlas Partners and is classified confidential. It does not constitute an offer, solicitation, or recommendation. Audited financial data are net of fees and carry.

CLASSIFICATION CONFIDENTIAL Board distribution only.