Fram Skandinavien (FRAM) Q4 2025 earnings summary

Executive summary

• Q4 2025 focused on driving core holdings toward breakeven, with stable NAV per share at 10 SEK and a share price of 4.9 SEK as of Jan 31, 2026.

• Group reported a Q4 profit of 2,211 KSEK due to a one-off debt repurchase, but underlying operations remain loss-making.

• Investor sentiment for early-stage companies remains weak, shifting focus to profitability over exits.

Financial highlights

• Q4 2025 total revenues rose 36% year-over-year to 2,178 KSEK; gross profit reached 1,088 KSEK.

• EBIT loss for Q4 was -11 KSEK, mainly due to a 478 KSEK provision reversal; adjusted EBIT was -482 KSEK, a 70% improvement year-over-year.

• Loss from continuing operations was -864 KSEK for Q4 and -4,553 KSEK for the year.

• Earnings per share for Q4 was 0.61 SEK, and -0.47 SEK for the full year.

• Cash balance at period end was 4,185 KSEK; equity stood at 856 KSEK.

Outlook and guidance

• Near-term focus remains on achieving profitability in core subsidiaries and covering group overhead, as attractive exit opportunities are unlikely in the current market.