Significant events during the quarter
As of the 31st of October 2026, the estimated total net asset value amounted to 22.6 mSEK, which corresponds to approximately 6.3 SEK per share. The closing price for the Fram B share as of the same date was 2.7 SEK per share. NAV per share increased by 3% compared with 30th of September 2026.
During Q3 2026, in constant currency terms, the group's y-on-y growth was +2%. The average SEK/VND exchange rate decreased by -8% (0.000363 compared to 0.000394 in Q3 2025) during the quarter. In SEK terms, the total revenues decreased by -5% y-on-y to 1,489 kSEK, compared to 1,575 kSEK in the same quarter last year.
Out of the car dealer loans in Carmudi (outside the defaulted and fully provisioned exposure), we have now collected all but c. 230 kSEK which remains outstanding, and we keep pushing on the rest (in cash or in cars, where that is the faster route). In terms of the larger 3 mSEK dealer loan that defaulted, the counterparty has signed a settlement agreement where the debt is committed to be paid back over 36 months, starting in Dec this year.
Carmudi reported a loss before tax of -0.02 mSEK in Q3 2026 (Q3 2025: -1.1 mSEK, which included the dealer-lending provision; excluding it, Carmudi moved from a small profit to around breakeven). Q3 revenue was 836 kSEK, -22% y-on-y in SEK, as both winding down the dealer financing operation and a weaker media market hurt the revenues. Nine-month revenue grew by +26% y-on-y in constant currencies.
EveHR’s revenues grew by +35% y-on-y during the quarter and recorded a PBT of 0.01 mSEK (compared to -0.1 mSEK in the same period last year).
During the quarter, the Group reported an accounting loss of -766 kSEK (representing a 61% reduction in loss compared to the same period last year). While closing Carmudi’s lending book removes a c. 100 kSEK per month profit stream and pushes group breakeven further out, cost discipline and operational progress across holdings continues to close the gap.