Fram Skandinavien (FRAM) Q2 2025 earnings summary

Executive summary

• Net asset value (NAV) as of July 31, 2025, was 58 mSEK (16 SEK/share), down 17% from June 30, mainly due to a further discount on Carmudi's trading business valuation.

• Group loss before tax for Q2 was -875 KSEK, a 35% reduction in losses year-over-year; six-month loss before tax was -1,788 KSEK.

• Investor sentiment in Southeast Asia has shifted to favor profitability over growth, impacting exit opportunities for core holdings.

Financial highlights

• Q2 revenues declined to 1,293 KSEK from 1,812 KSEK year-over-year, mainly due to Carmudi's discontinuation of low-margin trading activities.

• Net loss for Q2 was -927 KSEK, improved from -1,262 KSEK in Q2 2024, driven by reduced losses from discontinued operations.

• Earnings per share for Q2 was -0.26, compared to -0.35 in the same quarter last year.

• Cash and bank balance at June 30, 2025, was 9,686 KSEK.

Outlook and guidance

• Focus remains on driving core holdings to breakeven and profitable growth before considering exits, as market appetite for early-stage, unprofitable companies is low.

• Market GMV multiples for peers have declined, and further discounts are expected for smaller, slower-growing businesses.