Significant events during the quarter

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.

For further information, please contact

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

Ngoc Sec, Group Finance DirectorPhone: + 84-98-7885617Email: ngoc.sec@fram.asia

Per Rundblom, CEOPhone: + 46-708445900Email: 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 2026-11-12 08:00 CET.

Attachments

Fram Quarterly Report 2026 Q3