<a id="bm-comp-8cea0e95-f539-401b-8e22-140d6b83be93" name="bm-comp-8cea0e95-f539-401b-8e22-140d6b83be93" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8cea0e95-f539-401b-8e22-140d6b83be93" style="vertical-align: top; width:100.000000%;"><ul><li>Q2 report out on 17 July</li><li>Q2e sales of SEK 228m, flat y-o-y; EBIT adj. SEK 15m (16m)</li><li>Trading at '26e/'27e/'28e EV/EBIT of 27x/22x/20x</li></ul></td></tr></table><a id="bm-comp-939f68fc-0c37-456c-af0d-9bb2a08ddb48" name="bm-comp-939f68fc-0c37-456c-af0d-9bb2a08ddb48" class="BMCustomAnchor"></a><table><tr><td bm-component-id="939f68fc-0c37-456c-af0d-9bb2a08ddb48" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 expectations</h3><p>We expect Q2 sales to be flat y-o-y at SEK 229m, with adj. EBIT of SEK 15m (16m) for an adj. margin of 6.8% (6.9%). For FM&WM, we expect continued good momentum and estimate sales of SEK 109m (107m) for an adj. margin of 16.4% (16.2%). Scandpower remains volatile due to the quarterly nature of software licence sales; we estimate sales of SEK 37m (36m) for an adj. EBIT margin of 7% (6.5%). For Decommissioning, persistent competitor price pressure continues to weigh on the segment's near-term profitability in the segment. However, we think margins will continue to stabilise following Q1 structural improvements such as improved capacity utilisation and cost efficiencies. We estimate a Q2 EBIT margin of 4.6% (4.9%).</p><h3 class="bm-h3">Estimate changes</h3><p>We lower '26e EBIT by 3% and leave '27e-'28e broadly unchanged ahead of the Q1 report.</p><h3 class="bm-h3">New-build optionality starts to take shape</h3><p>The SMR optionality acquired with Kärnfull Next, completed in May, is becoming a reality: Studsvik has applied for government approval of up to 1,400 MW of new nuclear power at its own site in Nyköping, and for state support covering both this and a second project in Valdemarsvik (~1,200-1,600 MW), with a county facility plan due by end-2026. Other parts of the business are also progressing: in June, the NRC approved an extension of Scandpower's CMS5 software for use with higher enrichment, higher burnup and light-water SMR designs. As well, a fuel-technology collaboration with Lightbridge was announced in May. The stock is trading at '26e-'28e EV/EBIT of 27x-20x on our estimates.</p></td></tr></table>