Fram Skandinavien (FRAM) Q3 2025 earnings summary

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.