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Fram Skandinavien (FRAM) investor relations material
Fram Skandinavien Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Net asset value (NAV) as of October 31, 2025, was 52.5 mSEK (15 SEK per share), down 9% from September 30, 2025, mainly due to lower valuation multiples for Carmudi's peers.
The share price was SEK 5.05, representing a 65% discount to NAV per share.
Group loss before tax for Q3 2025 was -1,945 KSEK, including a 1,562 KSEK provision for bad debt in Carmudi; excluding this, loss was -383 KSEK.
Focus remains on driving subsidiaries toward profitability amid weak investor sentiment for early-stage companies.
Financial highlights
Q3 2025 revenues increased 17% year-over-year to 1,575 KSEK, with Carmudi up 29% and EveHR up 7%.
Group EBIT for Q3 was -1,910 KSEK, mainly due to the Carmudi bad debt provision; adjusted EBIT was -348 KSEK.
Earnings per share for Q3 was -0.54 SEK, compared to -0.31 SEK in Q3 2024.
Cash balance at period end was 6,829 KSEK.
Outlook and guidance
Unlikely to find buyers at attractive valuations for core holdings in the short to medium term; focus is on achieving breakeven and covering group overhead.
Southeast Asia's VC recovery lags global trends, with deal volume down but value up due to a single large transaction.
Detail the path to group overhead coverage
Explain DragonLend's liability accounting
Justify Carmudi's 50% valuation discount
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Next Fram Skandinavien earnings date
Q4 202510 Feb, 2026
Next Fram Skandinavien earnings date
Q4 202510 Feb, 2026
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Frequently asked questions
Fram Skandinavien AB is a Swedish-based company that primarily operates within the information technology sector. The company offers a range of digital consultancy services, with a focus on software development, including web and mobile application development, eCommerce solutions, and system performance optimization. Its operations are divided into two main segments: Venture Building, which involves investing in and supporting tech startups, and Standing Teams, which provides IT development services, primarily for clients in Northern Europe and Southeast Asia. Fram Skandinavien has a particular focus on markets in Vietnam, where it maintains a significant presence. The company is headquartered in Stockholm, Sweden, and its shares are listed on the Nasdaq Stockholm.
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