Fram Skandinavien (FRAM) Q1 2026 earnings summary

Executive summary

• Q1 2026 focused on driving core holdings toward breakeven amid challenging investor sentiment for early-stage companies.

• Estimated total net asset value (NAV) as of April 30, 2026, was 35 mSEK, or about 10 SEK per share, with a 1% decrease in NAV per share from March 2026.

• Share price closed at SEK 4.5, representing a 53% discount to NAV per share.

Financial highlights

• Total revenues for Q1 2026 increased by 14% year-over-year to 1,603 KSEK; in constant currency terms, growth was 37%.

• Group reported an accounting loss of -1,000 KSEK, a 3% improvement from the same period last year.

• EBIT for the quarter was -1,085 KSEK, negatively impacted by 600 KSEK in provisions for restructuring and incentives.

• Earnings per share stood at -0.28 SEK, unchanged year-over-year.

• Cash and bank balance at period end was 6,705 KSEK.

Outlook and guidance

• Unlikely to find buyers at attractive valuations for core holdings in the short to medium term; focus remains on achieving profitability at the subsidiary level.