Fram Skandinavien

As of the 31st of Jan 2025, the estimated total net asset value amounted to 110 mSEK, which corresponds to approximately 30 SEK per share. The closing price for the Fram B share as of the same date was SEK 9.55 per share. The NAV per share decreased by -8% compared to 31st of December 2024. The month-on-month decline in NAV was primarily attributed to a reduction in EveHR's valuation, which was adjusted based on the recent transaction of secondary shares.

Fram has made further progress in reducing losses across its portfolio ventures. Although Carmudi reported a net loss of -0.15 mSEK in Q4 2024, its EBITDA turned positive for the first time. EveHR posted an EBITDA loss of -0.23 mSEK, a 74% improvement from the same period last year. Liven Technology continued its strong revenue growth (+116% y-on-y) while reporting an EBITDA loss of -0.1 mSEK for the quarter.

Fourth-quarter operational losses from continuing operations narrowed to -1.6 mSEK in Q4 2024, down from -7.3 mSEK in Q4 2023.

Investor sentiment has swung significantly in Southeast Asia over the past 12-24 months. Rather than putting emphasis on GMV and growth, the investors are reluctant to make investments or acquisitions in early stage companies that have not yet proven profitable growth. Overall, profitability is meaningfully favored above GMV and/or revenue growth. Therefore, Fram considers it unlikely to find interested buyers for its core holdings before they reach breakeven and also prove profitable growth thereafter. As a result, the primary focus remains on driving the ventures toward profitability. As a related consequence, market GMV multiples of peers have come down over past periods and it remains a medium term priority to shift out of unprofitable GMV transactions for Carmudi.