<a id="bm-comp-e3d3477b-b65b-421b-bd58-0e91fc6d8ea4" name="bm-comp-e3d3477b-b65b-421b-bd58-0e91fc6d8ea4" class="BMCustomAnchor"></a><table><tr><td bm-component-id="e3d3477b-b65b-421b-bd58-0e91fc6d8ea4" style="vertical-align: top; width:100.000000%;"><ul><li>Sales SEK 226m (flat y-o-y, +2% vs. ABGSCe)</li><li>EBIT SEK 12m, 23% below ABGSCe on higher corporate costs</li><li>Segment EBIT broadly in line; acquisition costs cited (unspecified)</li></ul></td></tr></table><a id="bm-comp-6a73de95-3cb2-4891-9722-b5ab5b055b71" name="bm-comp-6a73de95-3cb2-4891-9722-b5ab5b055b71" class="BMCustomAnchor"></a><table><tr><td bm-component-id="6a73de95-3cb2-4891-9722-b5ab5b055b71" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q1 results</h3><p>Studsvik reported Q1 sales of SEK 226m, flat y-o-y and 2% above our estimate. EBIT came in below expectations at SEK 12m (vs ABGSCe 16m). However, segment EBIT was broadly in line with our estimates in aggregate, but higher-than-expected corporate costs (EBIT for group functions was SEK -12m vs. ABGSCe -8m) dragged down the group result. Management attributes the lower profit partly to strategic initiatives and acquisition-related costs related to the Kärnfull Next acquisition, though these are not quantified.</p><h3 class="bm-h3">Estimate changes and outlook</h3><p>The Q1 numbers in isolation imply that EBIT comes down 5%. However, we note that the acquisition-related costs are one-off in nature, and since management has not quantified them, the underlying profitability of the quarter is difficult to assess. Management points to continued demand for Studsvik's products and services, a strong order backlog in FM&WM, increasing BlackStarTech sales in Scandpower, and an improving mix in D&RPS. Moreover, the strategic investments (Kärnfull Next, Rolls-Royce SMR and Novatron MoUs) are building optionality in SMRs and fusion for Studsvik.</p><h3 class="bm-h3">Company valuation</h3><p>Over the past three months, the share has returned -6%, compared to the +4% of the OMX Stockholm Allshare. The share is currently trading at 50x-40x '26e-'28e P/E. There is a conference call at 10:30 CET, link <a data-bm-trackable="false" href="https://finwire.videosync.fi/studsvik-q1-2026/register" target="_blank">here</a>.</p></td></tr></table><a id="bm-comp-9bfa123f-422b-4833-bb91-598c5eb3af3b" name="bm-comp-9bfa123f-422b-4833-bb91-598c5eb3af3b" class="BMCustomAnchor"></a><table><tr><td bm-component-id="9bfa123f-422b-4833-bb91-598c5eb3af3b" style="vertical-align: top; width:100.000000%;"><table id="bm-img-692e72fd-529c-43cb-8cd7-abda9ff663b2" 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="692e72fd-529c-43cb-8cd7-abda9ff663b2" bm-img-original-height="571" bm-img-original-width="663" bm-img-svg="image:image_upload/95573_5393f219-ccb4-4bb0-a2a0-f3d8af1681a8.svg" bm-img-width-hint="91.20%" id="bm-id-14cfdf3b-31ca-4928-acff-af6280942f9d" src="https://abgsc.bluematrix.com/images/image_upload/95573_5393f219-ccb4-4bb0-a2a0-f3d8af1681a8_663.png" svg="/nas/web/clients/abgsc/images/image_upload/95573_5393f219-ccb4-4bb0-a2a0-f3d8af1681a8.svg" width="663" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company Data</td></tr></table></td></tr></table>