<a id="bm-comp-dec472a5-081b-414a-af1a-7a4185cd2aa5" name="bm-comp-dec472a5-081b-414a-af1a-7a4185cd2aa5" class="BMCustomAnchor"></a><table><tr><td bm-component-id="dec472a5-081b-414a-af1a-7a4185cd2aa5" style="vertical-align: top; width:100.000000%;"><ul><li>Q2 sales SEK 228m, EBIT adj. 16m, -7% and -4% vs. ABGSCe</li><li>Decommissioning facing price pressure from competitors</li><li>'25e-'27e EBIT adj. down by 1%</li></ul></td></tr></table><a id="bm-comp-784a3a21-4841-4e15-9598-00b0b650c8d2" name="bm-comp-784a3a21-4841-4e15-9598-00b0b650c8d2" class="BMCustomAnchor"></a><table><tr><td bm-component-id="784a3a21-4841-4e15-9598-00b0b650c8d2" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Bright spot in FMWT</h3><p>Q2 sales were SEK 228m, -3% y-o-y and flat y-o-y in local currencies, while EBIT adj. was SEK 16m (14m). The highlight of the report was FMWT, which performed strongly both in terms of sales and profitability. Sales grew +9% y-o-y, and the EBIT adj. margin improved to 16% (6% in '24). We expect the company's streamlining efforts, combined with increased demand, to lift EBIT margins to 16% for FY'25e in FMWT (vs. 13% and 1% in '23/'24). Scandpower sales were impacted by seasonal variations and were lower in Q2, but we expect licence sales to trickle in during H2’25e, contributing to >10% growth for FY’25e. Moreover, we remain cautious on the company's Decommissioning segment, which is facing tough competition and impacted margins negatively in Q2; we expect this pressure to continue in the coming quarters.</p><h3 class="bm-h3">Estimate changes and outlook</h3><p>We lower our '25e-'27e sales by 3% and EBIT adj. by 1%, primarily reflecting reduced expectations for Decommissioning given ongoing challenging market conditions. In contrast, we have raised our FMWT estimates, supported by strong momentum and increasing customer demand.</p><h3 class="bm-h3">Increased nuclear investments driving demand</h3><p>Management highlights a global wave of nuclear investment – Sweden enabling state aid for new reactors, the UK announcing GBP 14.2 bn to build new plants and support SMRs, and the US streamlining approvals – driving strong demand for Studsvik’s SMR-focused services and fuel optimisation software. The share has returned +59% L3M (vs. peers at +21%, OMXSALLS 10%) and is currently trading at 20x-17x '25e-'27e EV/EBIT.</p></td></tr></table>