Significant events during the quarter

As of the 31st of July 2025, the estimated total net asset value amounted to 58 mSEK, which corresponds to approximately 16 SEK per share. The closing price for the Fram B share as of the same date was SEK 4.3 per share. The NAV per share decreased by -17% compared to 30th of June 2025, primarily due to another 20% discount being added to the peer multiple of Carmudi’s trading business. From the investor dialogues the company has been having recently, it’s clear that investors expect to see bigger discounts vs. listed peer multiples for Carmudi’s trading business, given its smaller size and negative growth. Hence, to align better with market valuations, the board has adjusted the multiple of Carmudi’s trading business to reach approx. 50% of the listed peer multiple. This adjustment has been derived from data for where the smallest and slowest growing peers are trading. The NAV of Carmudi has been adjusted accordingly.

In Q2 2025, Carmudi reported a loss before tax of -193 kSEK, while EveHR recorded a loss before tax of -72 kSEK, representing a 78% decrease compared to the same period last year. The Group’s loss before tax from continuing operation was -875 kSEK for the quarter and -1,788 kSEK for the six-month period, representing a 35% decline in losses compared to the same period last year.

In Q2 2025, Liven Technology successfully closed an equity funding round led by VinVentures.

Investor sentiment has swung significantly in Southeast Asia over recent years. 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 period.

For further information, please contact

Christopher Beselin, Chairman & IR
Phone: + 84-34-71273 14
Email: christopher.beselin@fram.asia

Son Ngo, Group Finance Director
Phone: + 84-91-8157680
Email: son.ngo@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 2025-08-12 08:30 CEST.

Attachments

FRAM Quarterly Report 2025 Q2

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