Significant events during the quarter
As of the 31st of July 2026, the estimated total net asset value amounted to 30.8 mSEK, which corresponds to approximately 8.5 SEK per share. The closing price for the Fram B share as of the same date was 4.6 SEK per share. NAV per share decreased by 7% compared with 30th of June 2026.
Within Carmudi's dealer financing book, interest payments on the largest loan in the book (c. 3 mSEK) have become overdue. These loans are secured against cars, and overdue interest does not in itself mean that principal is lost. At the same time, the Group's experience from winding down the (unsecured) Dragonlend loan book has been that debt recovery in Vietnam tends to be a slow and uncertain process. Hence, the Group has decided to conservatively provision the entire overdue loan amount in this report and to accelerate the wind down of the remainder of the dealer financing book.
During Q2 2026, in constant currency terms, the group's y-on-y growth was +51%. The average SEK/VND exchange rate decreased by -11% (0.00036 compared to 0.000404 in Q2 2025) during the quarter. In SEK terms, the total revenues increased by +34% y-o-y to 1,734 kSEK, compared to 1,293 kSEK in the same quarter last year.
Carmudi reported a loss of -2.7 mSEK due to provision for dealer receivables of 3 mSEK. PBT before the provision was 0.3 mSEK during the quarter, compared to -0.2 mSEK in the same period last year, driven by increased media revenues. EveHR recorded a PBT of -0.2 mSEK (compared to -0.03 mSEK in the same period last year). The combined PBT for the two majority-owned holdings made a positive contribution to covering overhead costs during the quarter.
The profitability also improved throughout the quarter and with the board accepting its entire compensation in form of non-cash warrants this year, the group reported a positive cash flow from operations (excl. net working capital movements) of c. 65 kSEK.
During the quarter, the Group reported an accounting loss of -3,534 kSEK. Excluding the Carmudi dealer receivables provision, there was a loss of -486 kSEK (representing a 48% reduction in loss compared to the same period last year).
For further information, please contact
Christopher Beselin, Chairman & IR
Phone: + 84-34-71273 14
Email: christopher.beselin@fram.asia
Ngoc Sec, Group Finance Director
Phone: + 84-98-7885617
Email: ngoc.sec@fram.asia
Per Rundblom, CEO
Phone: + 46-708445900
Email: per.rundblom@fram.asia
Certified Adviser
Svensk Kapitalmarknadsgranskning AB (SKMG), https://www.skmg.se
About Fram Skandinavien AB (publ)
Fram Skandinavien AB (publ) is a listed investment company focused on businesses & assets with economics that are fundamentally robust and enduring. The board and management have long track records of company building and investments, both in emerging and developed markets. The collective experiences span both global and regional leaders such as Cevian Capital, Endurance Capital, Boston Consulting Group, Ericsson and Lazada.
This information is information that Fram Skandinavien is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-08-14 08:00 CEST.
