<a id="bm-comp-d561f305-5c23-4175-8876-59ae6c627166" name="bm-comp-d561f305-5c23-4175-8876-59ae6c627166" class="BMCustomAnchor"></a><table><tr><td bm-component-id="d561f305-5c23-4175-8876-59ae6c627166" style="vertical-align: top; width:100.000000%;"><ul><li>Sales SEK 247m (+8% vs. ABGSCe), adj. EBIT SEK 14m (vs. 15m)</li><li>Scandpower EBIT miss on growth spend, offset by DRPS and FMWT</li><li>Kärnfull Next acquisition completed, broadening new build exposure</li></ul></td></tr></table><a id="bm-comp-75d94676-d772-4920-a6fb-f5f5f51f2924" name="bm-comp-75d94676-d772-4920-a6fb-f5f5f51f2924" class="BMCustomAnchor"></a><table><tr><td bm-component-id="75d94676-d772-4920-a6fb-f5f5f51f2924" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p>Sales grew 9% y-o-y and were 8% above our estimate. EBIT adj. came in at SEK 14m (vs. ABGSCe 15m). EBIT included non-recurring items (acquisition costs and LTIP implementation) with a negative margin impact of 2.1pp. The margin miss was driven by Scandpower, which reported EBIT of SEK -5.4m (2.3) on costs related to long-term initiatives to drive sales growth. DRPS margins improved markedly to 7.0% (vs. ABGSCe 4.6%, 4.9% LY) due to a clearer focus on higher-margin services, higher capacity utilisation and continued cost discipline following the reorganisation. Moreover, FMWT reported a strong margin 18% on continued efficient execution and a favourable product mix. During the quarter, the acquisition of Kärnfull Next was completed.</p><h3 class="bm-h3">Estimate changes and outlook</h3><p>The Q2 numbers in isolation imply EBIT adj. comes down 2%. We note the company highlights that Scandpower revenue is H2-weighted and points to "several important opportunities" in the second half.</p><h3 class="bm-h3">Company valuation</h3><p>Over the past three months, the share has returned -40%, compared to the +1% of the OMX Stockholm Allshare. The share is currently trading at 43x-30x '26e-'28e P/E. There is a conference call at 10:00 CEST, link <a data-bm-trackable="false" href="https://finwire.videosync.fi/studsvik-q2-2026/register" target="_blank">here</a>.</p></td></tr></table><a id="bm-comp-8bb2f9b8-e442-4e40-b4c0-fc7cf1ffe1d6" name="bm-comp-8bb2f9b8-e442-4e40-b4c0-fc7cf1ffe1d6" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8bb2f9b8-e442-4e40-b4c0-fc7cf1ffe1d6" style="vertical-align: top; width:100.000000%;"><table id="bm-img-9c7513c1-490f-49f5-a65a-27b0ee46b145" 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="9c7513c1-490f-49f5-a65a-27b0ee46b145" bm-img-original-height="571" bm-img-original-width="665" bm-img-svg="image:image_upload/97665_847e4ea9-652a-44f9-b23e-29a74d52e01d.svg" bm-img-width-hint="91.20%" id="bm-id-14cfdf3b-31ca-4928-acff-af6280942f9d" src="https://abgsc.bluematrix.com/images/image_upload/97665_847e4ea9-652a-44f9-b23e-29a74d52e01d_663.png" svg="/nas/web/clients/abgsc/images/image_upload/97665_847e4ea9-652a-44f9-b23e-29a74d52e01d.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>