Fram Skandinavien (FRAM) Q1 2025 earnings summary

Executive summary

• Net asset value (NAV) as of April 30, 2025, was 78 mSEK (21 SEK/share), down 18% month-on-month due to a one-off 30% downward adjustment in Carmudi's valuation.

• Share price at period end was SEK 6.65, representing a 69% discount to NAV per share and a 223% potential upside.

• Loss from continuing operations was -913 KSEK, a 73% reduction year-over-year; group gross profit rose 67% to 1,040 KSEK.

• Carmudi reported positive net profit; EveHR reduced net loss by 47% year-over-year.

Financial highlights

• Total revenues for Q1 2025 were 1,407 KSEK, down from 1,798 KSEK due to DragonLend's wind-down; like-for-like revenues (excluding DragonLend) increased 25%.

• Gross profit increased 67% year-over-year to 1,040 KSEK.

• EBIT loss improved to -989 KSEK from -2,641 KSEK; EPS was -0.28 vs. -0.95 year-over-year.

• Cash and bank balance at March 31, 2025, was 7,682 KSEK; total equity was 2,029 KSEK.

Outlook and guidance

• Carmudi's trading GMV is expected to remain at the newly established lower base, with the car media & affiliates segment as the main near-term growth driver.

• Next quarter's macroeconomic indicators in Southeast Asia will be more telling due to recent tariff announcements and uncertainties.