Fram Skandinavien (FRAM) Q2 2026 earnings summary

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.