Welcome to Studsvik Investor Briefing Conference Call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to the speakers, President and CEO, Karl Thedéen, and CFO, Peter Teske. Please go ahead. Thank you very much. I would like to add one speaker. We will also have Christian Sjölander, Head of New Build Projects at Studsvik, to take part of the presentation. Let me start. Here you see the presenters, and then next slide, please. Yeah, just reminding you all of what we discussed and presented at our earnings call for Q2 in July. We see that we have an investment case. We have one platform with actually two return profiles that are, in its essence, quite different. The cash generating core, which is the three business areas we drive under fuel materials and waste technology, decommissioning and radio protection services, and Studsvik Scandpower, which is our software business. Those business areas are serving obviously two very important parts of the lifetime of nuclear, which is decommissioning and serving the existing reactors with services and software, but also heavily involved in lifetime extension, which is a very important task at this state for the nuclear industry to extend life on nuclear power plants. That has given us a very strong reputation on the market, being a worldwide brand, having been around next year for 80 years. In May, we added, through an acquisition of Kärnfull Next, an ability to also develop new nuclear here in Sweden. The importance of this cannot be underestimated. First of all, we are taking advantage of Sweden's position in the world being one of the most forward-leaning countries to develop new nuclear based on a new regulatory framework and new financing framework that is attracting investors. We obviously want to be part in those projects to develop those products but also learn more about new build so we can add new build to a really important cash generating core over time. But the asymmetric upside that we discussed in Q2 is also very important. We have large scale progress in what we call back-end and lifetime extension. I alluded to that. Some of those are very long projects that we are developing at this time. We talk about today about the gigawatt scale new build program starting in Sweden with one site at this time, but obviously moving into several sites in Sweden, but then also building the capability to serve other new build programs throughout the world. We see also a lot of developments in the new fission, i.e, nuclear reactor technology, what we call advanced reactors, and we are heavily involved in those discussions as well, and how we can support the next Gen IV reactors as well, as well as the emerging fusion technology, where we are engaged both in Germany, Sweden, and the U.S. to take some of our traditional fission services there, but also develop new services. Some of the things here are very much in common between fission and fusion. Then as the fourth part, we are active in the healthcare business, and we see new opportunities opening up based on our knowledge and facilities to handle highly radioactive material. So generating this is one platform, two return profiles, and what we are going to talk more about today is how we build our capabilities to really accelerate and take advantage of the new build activities here in Sweden. What are we then announcing today? We are announcing a landmark agreement evidencing our critical role in Swedish nuclear. Of course, the development agreement that we have signed now together with giants like GE Vernova Hitachi, that is providing the reactor technology, GE Vernova Financial Services, helping us and providing financial services, DS Investment Partners, a large-scale Korean-based investment partner that will also help to finance this project, and then not to say the least, Samsung C&T, which has the reputation and actually credibility and have done nuclear projects in the Western world over the last 10 years. By this, we have now formed one of the most credible private ventures that has been around, specifically here in Sweden, definitely the most powerful that you can see. We have agreed to advance 1.2 GW of new nuclear power in Sweden. First unit to expected to be in operation in the mid to late 2030s. The joint development will start immediately after this. We will create certain streams on the commercial, technical, regulatory, all the licensing work we need to do, all the negotiations and discussions with the state to receive state aid. All those are prepared now. We will continue in an exclusive mode with these four parties. We see that this is one of many of these kind of products. We have one site now. We will concentrate on that, but we see that we are going to build a fleet of reactors in Sweden. I have said that many times before, this is obviously both to build more power, but also to have a structured plan with at scale building SMRs to replace the existing six reactors we have in Sweden. The aim is to, during 2027, to form a joint product company. That will undertake development, financing, construction, and then ownership and operation of the plants that we establish, the four plants that we are planning, with the first unit to be in service in late 2030. So 1.2 GW, four units. We are evaluating two sites. We will select during 2027, one of the two sites, Valdemarsvik and Nyköping, to be the site we go for. So a little bit on the partnerships here, which are really, really impressive. We work with Hitachi, GE Vernova Hitachi. All of these partners, and the way we form here is to together do something where we have lowered the risk for success. The main importance is that we use technology that is proven, Light Water Reactors, in this case, a boiling water reactor. We use also the only SMR Light Water Reactor that is under construction in the Western world. The BWRX-300 SMR is under construction in Darlington, Ontario, in Canada at this time, which is obviously a very huge proof point and important for us. We also work with Samsung. I said they had the credibility to build that. They have built four big plants in Barakah, UAE recently, and they have built plants in Korea. Ourselves, we bring a lot of credibility with our brand name, our local knowledge, our existing sites, everything we know about and contribute around licensing, waste streams, everything that you need to prepare in licensing, including decommissioning. So obviously, Studsvik's knowledge and brand is key to this project. Then, not to say least, the investment partners that we start with. We already in the beginning can say that we have investments with us and very experienced parties that can take that on to bring in more private capital alongside the state discussion for guaranteed kilowatt hour pricing and state loans. That is DS Investment Partners from Korea and GE Vernova Financial Services. All in all, we think that we have created something that is extremely credible, that is a private-led venture with obviously utilizing the state framework that we have. By that, I think we have lowered the bar to make sure that we can deliver on time and on budget for the success of our project, but also building more energy here in Sweden. With that, I hand over to Christian Sjölander, former CEO of Kärnfull Next and now Head of the New Build projects here at Studsvik. Please, Christian. Thank you, Karl. I would draw your attention to the structure of the chart, and it is comprised of five phases. It is from the pre-feasibility phase all the way to construction. Where we are now is in the later stages of the pre-feasibility phase. We have, during the springtime, applied for a new permissibility pathway from the government regarding the municipal permission and also the governmental permission. We expect them to come in early next year. Of course, that is one part of the phased gates that we see before us. The second one is to actually receive the state aid decision regarding this, and that, of course, unlocks the possibility to do more in-depth licensing and feed studies regarding the actual construction of the plant. After that, we move into a final investment decision that leads to construction and then operations. Where we stand now is at the end of the first phase. The site screening, the shortlisting of sites are complete. With today's announcement, so is vendor selection and the overall partnership. What comes next in the development phase is, as Karl just said, that we will form a JDA company during 2027, and also complete the site control and environmental baseline. Two things make Sweden unusual, and they are the reasons that a project like this is developed here in Sweden rather than somewhere else. The first is demand. The prognosis for the Swedish electricity consumption is expected to double by 2050. Today, we produce around 170 TWh per year and consume about 130 TWh per year. It is expected that the demand will increase to something along the lines of 250 TWh- 300 TWh by end of the 2040s. That is, of course, the underlying growth driver of building SMRs in Sweden. Also, we know that the government has expressed that they want 2.5 GW of new nuclear by 2035, and then even more reactors being built to 2045 to satisfy this demand. The second is the financing framework. The financing framework, it has three parts. One is a concessional loan that funds the construction period, moves the credit risk to the state, and this cuts the cost of capital materially in a project like this. This should be recognized as a strong indication from the Swedish government that they are interested in building not just one power plant, but a fleet of power plants in Sweden. On top of that, there is a two-way Contract for Difference that provides revenue security and fixes a strike price and puts a floor under the revenue. This is a risk gainshare mechanism giving investors a minimum return on equity in exchange for the state sharing in the favorable outcomes. We applied for this state aid framework in June. Discussing the technology a little bit. As Karl alluded to earlier, the short version is that the BWRX-300 that has been designed by GE Vernova Hitachi Nuclear Energy is not a drawing. It is under construction at Darlington in Ontario. This is among the first SMR projects being built in the OECD country. Also, the design is deliberately not new. It is the 10th generation of a boiling water reactor lineage back more than 65 years of GE Vernova Hitachi Nuclear Energy experience. It is simplified rather than reinvented. It has less building volume, it has fewer system, and uses off-the-shelf conventional components wherever it is possible. Why have we selected this? Well, it matters for us for timing. Sweden needs to have tempo, and does not need new nuclear in the abstract. It needs it at a point in time in the future. A design that is already being built with a licensing basis already established in the U.S. and Canada is the shortest credible path from a decision to electricity on the grid. The tempo here, it comes from maturity. It does not come from haste. Nothing about this changes the review, of course, that the Swedish regulator will carry out, and it should not. This is the technology. I will leave this over to Peter. Okay. Thank you, Christian. For Studsvik, this program gives us importance because it is a value creation across the whole project life cycle. First, throughout the development role, then throughout our site positions, and over time, through the nuclear services we can provide. If you first look as our role as developer, Studsvik initiated the program and brings experience in permitting environmental assessment, site and project licensing, community engagement, and government dialogue. Our contribution share of the development spending in the current phase is also not material, and Studsvik has not committed to carry the constructions in our balance sheets. Second, our site position. Through the Kärnfull Next acquisition, we secure the site position in Valdemarsvik, where Sweden's first application for a new nuclear site in approximately 50 years was submitted in March 2026. Nyköping, our current and existing site, Studsvik's existing site, where nuclear activities are already licensed. Together, these are strategically important site positions that provide Studsvik with a meaningful long-term optionality. Third, the nuclear services. As the program progress, it creates a long-term addressable market for Studsvik's existing capabilities within fuel to materials testing, waste management, decommissioning, core design, and safety software. Over time, this allows us to serve the plans we help to create. On top of those three things, Studsvik has the right, but not obligation, to consider investing alongside our partners. No such investments decision has been made, and all investments will be evaluated separately. My final point is that today's announcements has no material impact on Studsvik's 2026 financials. With that, I will hand over to Karl. Thank you, Peter. As we have discussed, this is a nationally significant project building where Studsvik's nearly 80 years history is the heart of the project and one of the reasons that we attracted these world-class consortium members, which includes the leading SMR vendor in the Western world, the leading construction company in the Western world being Samsung, and strong financial partners to kick this off. Then we will work with the state aid offering and other private investors to finance the project through the life cycle, which will start from now, but obviously, go into more and more finance as we go into construction. As we've said, it's mature SMR technology that is visible, and it's under construction in Canada. We have strong Swedish state support. That is one of the reason we attract these kind of very giant companies in our area, but also the fact that we bring it together with complementary skills. It is a significant opportunity for us as a developer, a site owner, and a services provider, and I would like to emphasize what Peter said. On the services side, this has given opportunity to work with our services and products into this project, but also take that competence, go alongside Samsung and GE target market, but also to other new build projects in the world. We will actually add a third leg in addition to decommissioning, lifetime extension, long-term operation, and now being stronger and stronger in new build. The JDA that we signed is a development milestone. It's not the final investment decision. It gives us an exclusive agreement with these strong partners to develop this into the next steps, ultimately forming a joint company with them during 2027. As Peter said, this has no material impact on our financials for this calendar year. With that, I think we can open up for questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Kaleb Solomon from SEB. Please go ahead. Hi, guys, and thank you for taking my questions. Just a few from me. You state that the agreement is not expected to have any material financial impact on 2026 results, but how much development spending do you expect to incur in 2027 and beyond, and over what timeframe? Maybe just walk us through that sequencing. Thank you, Kaleb, for your question. This is a long-term project that we are undertaking, and we have no information on that as of now. We will now start the streams of licensing with the regulator, the environmental, the financing streams, and exploring the pros and cons with these different sites. When we have more of that, we can also form more concrete streams that will obviously require investments. But we foresee some of that could come in 2027, but we have no figures on that as of now. Okay. That is clear. Thank you. How do you expect the project company to be structured? Is it reasonable to assume it is going to be established as an SPV? If so, what ownership stake and financial commitments would Studsvik expect to have in the SPV? You are touching on what is the next phase you can argue after this JDA is to agree with our partners here how this SPV should be set up, how it should be resourced, and how it should be financed. Financing here can come with both what you bring into the party as in-kind or equity or knowledge or products. It can also be financing in terms of cash. All those negotiations are ahead of us, and we have a plan to form this SPV in 2027, and then we will be able to be much clearer on that part. Okay. You sort of touched on this earlier, and I know you can't give any exact figures, but what earning streams could Studsvik, I guess, in theory, receive during the project development and construction phases? How would these sort of revenues be recognized progressively as services are sort of delivered or upon completion or achievement of specific milestones? If no earnings will be recognized, does that sort of imply that this will mainly be a cost up until the mid to late 2030s? Yeah. Let me answer the question. First of all, we have our core services and products that we're offering. We will quote, unquote, "sell those into the SPV." That could be that the base services are actually recognized in revenue from the SPV created sometimes from the date when we have started this joint SPV. That's one thing that can benefit our core business. The revenue stream from the product development have multiple options, including exits at certain times or actually we stay on as a minority owner even when we start producing electricity. But exactly the revenue streams and size of those, we can't comment at this time. Okay. That's clear. Thank you. Just lastly, if the project does not reach a financial investment decision, what sort of financial exposure would you be looking at or would you retain including sort of potential rights or contractual liabilities? I'm going to leave that to Christian to answer. Well, then that development work stops at that point. Studsvik retains what it had before the site application, regulatory position, and all the services business, plus the value of everything that we've developed so far. We, of course, would not describe it as a good outcome, but it is a well-bounded one. This is a capital light role by design. Okay. That's helpful. Thank you. That's all for me. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. We have received a written question, so I will read that to all of you. That's, why did Studsvik select GE Vernova Hitachi over Rolls-Royce SMR? Did Studsvik not believe that there would be a benefit to act as following on project to Vattenfall's SMR project? I would not comment specifically on that. I just want to say that the evaluation here has been the criteria is to participate in the contest, if you like, has been that you produce a Light Water Reactor that is 300 MW or larger, and that you're doing that from production, the company should come from the Western world. That's been the criteria for the selection. That could be different parties. This is not the long list. Basis of that we have evaluated, and one key criteria, as I've said all along, has been safety and delivery in supply, but also credibility in the technology. Those have been the main criteria, and that's the reason we have selected GE. We have no comment on the actual question around Rolls-Royce in this case. There are no more questions at this time. I hand the conference back to the speakers for any closing comments. Thanks for listening, and once again, this is a very good day for Studsvik. It's a very good day for Sweden, and we are very proud of having attracted these giants to form a consortia with us, which we think have a lot of ingredients already to become successful. Thank you very much.