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Fram Skandinavien (FRAM) investor relations material
Fram Skandinavien Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Provisioned entire overdue Carmudi dealer loan (~3 mSEK), causing a significant one-off negative impact on Q2 results; principal recovery efforts ongoing.
Carmudi's lending operations are being wound down, shifting focus to media and marketplace business.
Group operational cash flow (before net working capital) was positive at ~65 KSEK; adjusted group loss for June was ~8 KSEK, excluding non-cash board compensation.
Combined PBT for Carmudi and EveHR was positive (~100 KSEK) in Q2; EveHR nearly reached breakeven in June.
Financial highlights
Q2 2026 revenues rose 34% year-over-year to 1,734 KSEK; constant currency growth was 51%.
Group reported an accounting loss of -3,534 KSEK; excluding Carmudi provision, loss was -486 KSEK (48% lower than Q2 2025).
Adjusted EBIT for Q2 was -298 KSEK, a significant improvement from -810 KSEK last year.
NAV per share as of July 31, 2026, was 8.5 SEK, down 7% from June 2026; share price was 4.6 SEK.
Group equity stood at -3,820 KSEK, mainly due to loan provisions.
Outlook and guidance
Accelerated wind-down of Carmudi lending will reduce profit contribution in Q3 and Q4, extending the path to group breakeven.
Capital from Carmudi lending will be reallocated to investments aligned with a new strategy.
Continued focus on cost discipline and operational progress across holdings.
- Q1 2026 delivered revenue growth and reduced losses, but profitability remains a key challenge.FRAM
Q1 2026 - Q4 revenue up 36% year-over-year, but core operations still loss-making; NAV per share stable.FRAM
Q4 2025 - NAV per share dropped 9% as Q3 losses widened, with a 65% share price discount.FRAM
Q3 2025 - NAV per share fell 17% as Carmudi's valuation was further discounted, while losses narrowed.FRAM
Q2 2025 - NAV at 131 mSEK, core holdings near breakeven, and group losses sharply reduced.FRAM
Q3 2024 - NAV at 154 mSEK; core holdings near breakeven, DragonLend discontinued.FRAM
Q2 2024 - NAV fell sharply on Carmudi's revaluation, but portfolio losses narrowed and Carmudi turned profitable.FRAM
Q1 2025 - Portfolio companies near breakeven as NAV drops 8% and focus shifts to profitability.FRAM
Q4 2024
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