<a id="bm-comp-c3d949cd-3e6e-45eb-8ef9-79a91f19372f" name="bm-comp-c3d949cd-3e6e-45eb-8ef9-79a91f19372f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="c3d949cd-3e6e-45eb-8ef9-79a91f19372f" style="vertical-align: top; width:100.000000%;"><ul><li>Sales -7%, EBIT adj. -4% vs. ABGSCe</li><li>Decommissioning pressured by competition</li><li>Solid outlook driven by continued nuclear investments</li></ul></td></tr></table><a id="bm-comp-1daf1270-6ba6-4c69-8bc4-9da4ac572d32" name="bm-comp-1daf1270-6ba6-4c69-8bc4-9da4ac572d32" class="BMCustomAnchor"></a><table><tr><td bm-component-id="1daf1270-6ba6-4c69-8bc4-9da4ac572d32" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p>Sales fell 3% y-o-y and were 7% below our estimate. With a margin of 6.9%, 0.2pp above our estimate, EBIT adj. was 4% below our estimate. EBIT included non-recurring items of SEK 1.9m in total, a retroactive repayment of electricity tax (+3.3m) and costs attributable to streamlining efforts (-1.4m). FMWT sales came in strong, +9% vs. ABGSCe, as a result of good progress in the company's projects and improved productivity. Decommissioning sales were -16% vs. ABGSCe, mainly due to increased competition and cost focus among customers. Scandpower sales, which tends to experience significant seasonal variation, came in -14% vs. ABGSCe.</p><h3 class="bm-h3">Estimate changes</h3><p>The Q2 numbers in isolation imply EBIT adj. comes down 1%. Management remain optimistic on outlook, with management expecting continued profitable growth driven by strong demand in nuclear fuel development, waste management solutions, and software for SMRs, especially in the US and Europe.</p><h3 class="bm-h3">Company valuation</h3><p>Over the past three months, the share has returned +79%, compared to the +8% of the OMX Stockholm Allshare. The share is currently trading at 33x-23x '25e-'27e P/E. There is a conference call at 10:00 CET: https://studsvik.events.inderes.com/q2-report-2025/register.</p></td></tr></table><a id="bm-comp-d4707ca3-0224-4869-b44c-60c37ffff5f6" name="bm-comp-d4707ca3-0224-4869-b44c-60c37ffff5f6" class="BMCustomAnchor"></a><table><tr><td bm-component-id="d4707ca3-0224-4869-b44c-60c37ffff5f6" style="vertical-align: top; width:100.000000%;"><table id="bm-img-f78754e4-5c9a-4bae-8b08-8f63b0096dc5" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviation table</td></tr><tr><td><img bm-img-encrypt="f78754e4-5c9a-4bae-8b08-8f63b0096dc5" bm-img-original-height="685" bm-img-original-width="663" bm-img-svg="image:image_upload/89258_3c9051a2-6034-4e2d-a98f-17a4e8618b89.svg" bm-img-width-hint="88.72%" id="bm-id-f78754e4-5c9a-4bae-8b08-8f63b0096dc5" src="https://abgsc.bluematrix.com/images/image_upload/89258_3c9051a2-6034-4e2d-a98f-17a4e8618b89_645.png" svg="/nas/web/clients/abgsc/images/image_upload/89258_3c9051a2-6034-4e2d-a98f-17a4e8618b89.svg" width="645" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company Data</td></tr></table></td></tr></table>