Fram Skandinavien

As of the 31st of October 2025, the estimated total net asset value amounted to 52.5 mSEK, which corresponds to approximately 15 SEK per share. The closing price for the Fram B share as of the same date was SEK 5.05 per share. The NAV per share declined by -9% compared to 30th of Sep 2025, mainly due to a lower EV/GMV multiple among Carmudi’s listed peers.

In Q3 2025, Carmudi reported a loss before tax of -1,107 kSEK, mainly due to a full provision on the non-performing loan mentioned in the latest NAV report (of 1,562 kSEK) during the quarter. EveHR recorded a loss before tax of -139 kSEK, representing a 78% decrease compared to the same period last year. The Group’s loss before tax from continuing operations was -1,945 kSEK (-383 kSEK excluding the bad debt provision in Carmudi) for the quarter and -3,688 kSEK for the nine-month period.

Given current investor sentiment around early stage companies, Fram considers it unlikely to find interested buyers at attractive valuations for its core holdings in the short to medium term. As a result, the primary focus remains on driving the group subsidiaries toward profitability and enough profit generation to cover group overhead.