Studsvik Ab · OMXSTO:SVIK
Studsvik Ab — Q4 2025 Earnings Presentation
30 slides from Studsvik Ab's earnings presentation, Feb 5, 2026
Slide 1: Studsvik Group Interim Report Q4 2025
Studsvik Group Interim Report Q4 2025 Karl Thedéen, President and CEO Peter Teske, CFO February 5, 2026
Slide 2: Karl Thedéen, President and CEO
Karl Thedéen President and CEO Studsvik Interim Report Q4 2025
Slide 3: Empowering the nuclear industry from new build to decommissioning
Empowering the nuclear industry with solutions from new build through life extensions to decommissioning 500+ GLOBAL SALES IN 883 NET SALES 2025 15+COUNTRIES EMPLOYEES ACROSS 7 COUNTRIES SEK Million IN EUROPE, ASIA AND US IN ALL REGIONS
Slide 4: Studsvik offerings
Studsvik offerings Empowering the nuclear industry with solutions from new build through life extensions to decommissioning OTHER SERVICES IN NEW BUILD OPERATING PLANTS DECOMMISSIONING RADIOACTIVE SPACES • Fuel and materials testing • Fuel and materials testing • Waste treatment • Isotope production
Slide 5: Studsvik Business Areas
Studsvik Business Areas Decommissioning and Radiation Fuel, Materials and Waste Studsvik Scandpower Protection Services Technology 38% of total net sales 2025 44% of total net sales 2025 18% of total net sales 2025 (42% 2024) (39% 2024) (19% 2024) Studsvik Interim Report Q4 2025
Slide 6: Strong cash flow and new business in a dynamic market
Sales in the full year amounted to SEK Strong cash flow and new 883.3 (893.1) million. In local currencies, this is equivalent to an increase of 1.1 per business in a dynamic market cent Full year sales are driven by business area Fuel, Materials and Waste Technology, an increase of 9.6 per cent
Slide 7: Key milestones in Q4 2025
Key milestones in Q4 2025 • Continued financial discipline leading to strong cashflow in Q4 and full year • Strong quarter and full year for business area Fuel, Material and Waste Technology leading to one of the strongest results to date • Investment from Segra Capital and appointment of new board
Slide 8: Studsvik Business Areas
Studsvik Business Areas • Decommissioning and Radiation Protection Services • Fuel, Materials and Waste Technology • Studsvik Scandpower
Slide 9: Decommissioning and Radiation Protection Services
Business Area Decommissioning and Radiation Protection Services Offers the entire chain from planning and project management to radiological assessments, radiological clearance of material and waste documentation • Competitive market situation, but customer interest in our offerings remains high • M
Slide 10: Fuel, Materials and Waste Technology
Business Area Fuel, Materials and Waste Technology Services in nuclear fuel qualification, analysis of material, research on final disposal, including waste management solutions • Strong order backlog and continued high level of customer engagements • Increased interest from companies developing SMR
Slide 11: Studsvik Scandpower
Business Area Studsvik Scandpower World-leader in development and support of software for reactor fuel analysis independent of fuel suppliers • Reported lower sales and earnings during the quarter, compared to a very strong Q4 2024, underlining the seasonal variations in this business area • Strong
Slide 12: Peter Teske, Chief Financial Officer
Peter Teske Chief Financial Officer Studsvik Interim Report Q4 2025
Slide 13: Business Area financial results: Decommissioning and Radiation Protection Services
Business Area financial results Decommissioning and Radiation Protection Services • The quarter and full year were characterised by continued competition and a strong cost focus among customers • This impacted Studsvik's opportunities for additional sales • Lower margins in Q4 and full year compared
Slide 14: Business Area financial results: Fuel, Materials and Waste Technology
Business Area financial results Fuel, Materials and Waste Technology • The quarter and full year sales increased thanks to: • positive productivity development • favourable product mix • The improvement in margins and earnings is a result of: • implemented cost efficiencies • improved purchasing pro
Slide 15: Business Area financial results: Studsvik Scandpower
Business Area financial results Studsvik Scandpower • Lower sales and earnings in the quarter and full year compared to last year • underlining the seasonal variations • low sales for BlackStarTech products, but low impact to the business areas overall profitability • Core business remains stable •
Slide 16: Net Sales Q4 and full year 2025
• Sales in the quarter amounted to Net Sales SEK 222.9 (247.4) million Q4 and full year 2025 • In local currencies this is equivalent to a decrease of 4.4 per cent • The decrease in sales is due to lower sales in the Decommissioning & Radiation Protection Services business area as well as within Stu
Slide 17: Operating profit Q4 and full year 2025
Operating profit • Operating profit increased in the quarter to SEK 18.4 (1.6) million. Operating Q4 and full year 2025 margin was 8.2 (0.7) per cent • The improvement was driven by Business Area Fuel, Materials & Waste Technology • Operating profit for the full year amounted to SEK 68.6 (26.8) mill
Slide 18: Free cash flow Q4 and full year 2025
Free cash flow • Free cash flow for the quarter was SEK 42.7 (–18.8) million Q4 and full year 2025 • Free cash flow for the full year was SEK 98.3 (–78.1) million • During the full year, the Group amortised SEK 23.5 million of debt and paid a dividend of SEK 16.4 million • The positive cash flow red
Slide 19: Financial targets and Performance
Financial targets and Performance FINANCIAL TARGET 2025 2024 Growth > 6% 1.1% 8.4% Operating margin > 12% 7.8% 3.0% Equity-to-asset ratio 40% 38.5% 37.8% Studsvik Interim Report Q4 2025
Slide 20: The External Market
The External Market Studsvik
Slide 21: Studsvik Interim Report Q4 2025
Studsvik Interim Report Q4 2025
Slide 22: Small Modular Reactor, SMR market outlook
Small Modular Reactor, SMR market outlook SMRs provide flexible and affordable power generation • Growth of SMR interest thanks to: • SMRs supporting the rise of AI data centers across US and Europe • SMRs meeting the demand for more flexible power generation • Reduced lead time for SMR construction
Slide 23: Advanced and SMR designers driving market adoption
Advanced and SMR designers driving market adoption BWX NuScale Terrapower X-Energy Kairos Power Westinghouse GE Hitachi Technologies Power General Radiant Oklo Last Energy Aalo AtkinsRealis Deep Fission Atomics Nuclear Mitsubishi Hualong Rosatom Framatome Heavy KEPCO Holtec Rolls Royce One/CNNC Indu
Slide 24: Final comments
Final comments
Slide 25: Final remarks
Final remarks Successful year and start of the transformation of the company • A quarter and full year with strong cash flow, new contracts and solutions in a growing market • Fuel, Materials & Waste Technology had one of the best results to date • Increased dialogue with customers and investors, as
Slide 26: Strategy and financial targets
STRATEGY FINANCIAL TARGETS PREFERRED NUCLEAR SOLUTIONS PARTNER Environment Investors MARKET PRODUCTS, SERVICES M&A AND PORTFOLIO EXPANSION AND INNOVATION MANAGEMENT • Expand US market • Increase business with • Create more scalable, product presence AMR/SMR driven DRPS business • Enhance and expand
Slide 27: Studsvik site 2035 - vision
Studsvik site 2035 - vision InDRUM-facility Hot-Cell Studsvik Data Fusion Test Facility Center Nordic Isotope Center And Test Reactor Small Modular Reactors (SMR) Studsvik Interim Report Q4 2025
Slide 28: Thank You! Q&A
Thank You! Q&A
Slide 29: Forward-looking statements
This presentation may contain forward-looking statements. Such statements are based on our current expectations and are subject to certain risks and uncertainties that could negatively affect our business. Please read our most recent annual report for a better understanding of these risks and uncert
Slide 30: Studsvik Interim Report Q4 2025
Studsvik Interim Report Q4 2025