Slides
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Accelerating the Future of Energy in Sweden Studsvik, GE Vernova Hitachi and Samsung C&T commit to advancing 1.2 GW nuclear power project
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Today’s presenters Christian Sjölander Head of New Build Projects Peter Teske Chief Financial Officer Karl Thedéen President & CEO
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Studsvik investment case – one platform, two return profiles 06 E X I S T I N G F L E E T B A C K - E N D / L I F E - T I M E E X T E N S I O N 07 G I G A W A T T S C A L E N E W B U I L D P R O G R A M M E 08 A D V A N C E D N U C L E A R F I S S I O N / F U S I O N 09 H E A L T H C A R E A N D I N D U S T R Y The Cash-Generating Core – quality of today’s business 01 8 0 Y E A R S O F P I O N E E R I N G E X C E L L E N C E 03 G L O B A L C U S T O M E R F O O T P R I N T The Asymmetric Upside – four structural growth drivers 04 F U L L E N D - TO - E N D S E R V I C E O F F E R I N G 05 R A R E L I S T E D P U R E P L A Y 02 I N D E P E N D E N T T R U S T E D A N D T E C H A G N O S T I C TODAY’S TOPIC
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▪ A landmark agreement evidencing Studsvik’s critical role in Swedish nuclear ▪ A Joint Development Agreement (JDA) with: GE Vernova Hitachi Nuclear Energy, GE Vernova Financial Services, DS Investment Partners and Samsung C&T ▪ Parties commit to advancing 1.2 GW nuclear power project in Sweden, first unit expected in operation in the mid-2030s ▪ Joint development work begins immediately, incl. commercial, technical, regulatory and financing activities during a time-limited exclusivity period ▪ A phased, multi-unit structure is intended to support standardisation across programs and create opportunities to capture lessons learned from early deployment ▪ A joint project company to support development, financing, construction, ownership and operation of the plants is to be established What are we announcing today? 1.2 GW Expected capacity from the first project 4 units BWRX-300 reactors in the first phase; phased, multi-unit programme 2 sites Nyköping or Valdemarsvik – decision to be taken during development phase First unit expected in operation Mid-2030s
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World-class partners committed to maximising Swedish industrial participation Provides technology and the engineering and documentation required to license the design. Leads design and cost estimation. Joint execution team with Samsung C&T. World-class EPC — 12 GW of nuclear delivered. Joint execution team with GE Vernova Hitachi on a joint and several basis, giving the project single-point responsibility. South Korean investment firm, to join as a project investor and works on the financing structure. GE Vernova's financing arm supports and advises the project’s financing structure We lead permitting, the environmental impact assessment, site rights, community engagement and dialogue with the Swedish state based on the existing state- aid application.
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▪ Sweden's new legislation and state financing framework have made new nuclear developable. Our ambition is to be the developerthat gets it built ▪ Five phases from site screening to a fleet in operation, with the gate that releases each phase: New Build Milestones = Stage finalised Pre-feasibility Development phase 1 Development phase 2 Pre-works Construction Site screening and shortlisting Vendor selection and partnership Joint project company established Site control and environmental baseline Licence and permit applications Design, grid and contracts to FID Site preparation and earthworks Enabling infrastructure and logistics Build and commission four units Operating organisation in place All information is indicative and is updated as the project develops.
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▪ Sweden offers a supportive three-part financing and risk-sharing model for investments of up to ~5,000 MW to support nuclear energy deployment Sweden – Europe's most investable SMR market, and Studsvik's home 2x Electricity demand in Sweden is expected to at least doubles by 2050 ~2.5 GW New nuclear targeted online by 2035, adding to ~7 GW today 10+ Reactors incl. SMRs indicated by 2045 ~30% Nuclear's share of Swedish electricity today State loans Concessional government loans fund construction, testing and planning. Credit risk passes to the state, cutting the cost of capital. Loans are repaid once the reactor operates. Two-way CfD A Contract for Difference between the state and the producer fixes a strike price — a hard floor under revenue that hedges merchant power-price risk (and shares upside back). Risk & profit sharing A risk-and-gain-share mechanism gives investors a minimum return on equity in exchange for the state sharing in favourable outcomes. The state may also co- invest. PILLARS OF SWEDEN’S SUPPORTIVE FRAMEWORK FOR NEW NUCLEAR STRONG UNDERLYING DRIVERS FOR NUCLEAR POWER GROWTH IN SWEDEN
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▪ BWRX-300 is backed by 65+ years of GE Vernova Hitachi boiling water reactor experience ▪ 10th generation – simplified BWR with innovative solutions for safety, modularity and predictability ▪ Design-to-cost simplification: less building volume, fewer systems, and maximised off-the-shelf, conventional components ▪ Among the first SMR projects under construction in OECD countries (Darlington, Canada) Proven technology provider with mature design in construction Proven technology Simplified by design Efficient to build & run
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▪ The ReFirm SMR programme positions Studsvik to capture value at every stage – as the developer that originates the programme, in control of the land it is built on, and the services provider that supports the plants for decades to come. Opportunities for Studsvik across the full asset life Developer ORIGINATES A NATIONALLY SIGNIFICANT PROGRAMME Leads permitting, environmental assessment, site and project licensing, site rights, community engagement and government dialogue. Anchors a 1.2 GW first project with a phased, multi-unit follow-on pipeline behind it. Capital-light Site owner CONTROL SCARCE, ADVANCED NEW-BUILD SITES Owns land-rights in Nyköping and Valdemarsvik – secured through the Kärnfull Next acquisition. Sweden's first new-nuclear site application in ~50 years – Valdemarsvik, filed March 2026. Nyköping is an existing licensed nuclear site. Retains long-term optionality in the land, infrastructure and host-site value. Nuclear services SERVE THE PLANTS WE HELP CREATE Fuel & materials testing, waste management, decommissioning and safety / core-design software. New build seeds a decades-long services pipeline on Studsvik's own doorstep. Deepens the full-lifecycle offering – from new build to final disposal. Partnership creates opportunities spanning development, potential ownership and 60+ years of operations – value creation for Studsvik at every stage of the asset life
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▪ Nationally significant project building on Studsvik's nearly 80- year history at the heart of the Swedish nuclear programme ▪ World class consortium and financing partners committed to maximising Swedish industrial participation ▪ Mature SMR technology, already under construction in Canada ▪ Strong Swedish state support for SMR deployment backed by clear financing framework in place ▪ Significant opportunity for Studsvik as a developer, site owner and services provider for decades to come ▪ The JDA is a development milestone, not a final investment decision ▪ No material impact on Studsvik’s 2026 financials In Summary
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Small Modular Reactors (SMR) Nordic Isotope Center and Test Reactor Data Center Hot-Cells InDRUM-facility Fusion Test Facility Vision: Studsvik site A I V I S U A L I S A T I O N
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This presentation may contain forward-looking statements. Such statements are based on our current expectations and are subject to certain risks and uncertainties that could negatively affect our business. Please read our most recent annual report for a better understanding of these risks and uncertainties.