Significant events during the quarter

Significant events during the quarter

As of the 31st of January 2026, the estimated total net asset value amounted to 37 mSEK, which corresponds to approximately 10 SEK per share. The closing price for the Fram B share as of the same date was SEK 4.9 per share. NAV per share was stable compared with 31st of December 2025.

In Q4 2025, Carmudi reported a PBT of +0.3 mSEK, as a result of increased media revenues. EveHR recorded a PBT of -0.3 mSEK, representing a 9% decrease compared to the same period last year. The Group loss before tax from continuing operations was -864 kSEK for the quarter and -4,533 kSEK for the year 2025.

During the quarter, including the discontinued Dragonlend operations, the Group reported an accounting profit of 2,211 kSEK as Fram repurchased and wrote off a debt of approximately 3.1 mSEK principal value, at only ca. 30 kSEK purchase price - resulting in a reduction of the debt balance recorded as other income within discontinued operations. While it’s positive to reduce the debtload on the balance sheet, this constitutes a one-off accounting-effect and does not indicate underlying operating profit generation.

Given current investor sentiment around early stage companies, Fram considers it unlikely to find interested buyers at attractive valuations for its core holdings in the short to medium term. As a result, the primary focus remains on driving the group subsidiaries toward profitability and enough profit generation to cover group overhead.

For further information, please contact

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

Son Ngo, Group Finance DirectorPhone: + 84-91-8157680Email: son.ngo@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 2026-02-10 08:00 CET.

Attachments

FRAM Quarterly Report 2025 Q4