Slides
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Studsvik Group Interim Report Q3 2026 Karl Thedéen, President and CEO Peter Teske, CFO 23 October, 2026
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Studsvik Interim Report Q3 2026 Karl Thedéen President and CEO
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About the Studsvik Group MORE THAN 500 EMPLOYEES WORLDWIDE Providing services to the nuclear industry through the entire lifecycle, from new build to final disposal GLOBAL SALES IN 15+ COUNTRIES IN ALL REGIONS LOCAL OFFICES IN 6 COUNTRIES NET SALES 883 MILLION SEK 2025 Studsvik Interim Report Q3 2026
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New Build • Fuel and materials testing • Waste planning for licensing • Fuel planning (Software) • SMR project development Decommissioning • Waste treatment • Decommissioning services • Software to manage intermediate fuel Long-Term Operation • Fuel and materials testing • Planned outage and maintenance • Software for fuel management • Safety systems • Waste treatment Life Science • Isotope source production • Other services requiring radioactive knowledge and facilities The markets we serve Studsvik Interim Report Q3 2026
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Studsvik Group and Business Areas Q3 DECOMMISSIONING & RADIATION PROTECTION SERVICES FUEL, MATERIALS & WASTE MANAGEMENT TECHNOLOGY STUDSVIK SCANDPOWER 9.9 % 36 % 24 % 40 % 5.3 % 16.8 % STUDSVIK GROUP 227 net sales Q3 2026, MSEK 3.3 % Adj. operating margin Q3 2026 GROWTH% OF NET SALES OPERATING MARGIN 10.7 % growth in local currencies 2.6 % 4.4 % 42,3 %
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Studsvik in a nutshell – 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 T H E C A S H - G E N E R A T I N G C O R E – Q U A L I T Y O F T O D A Y ’ S B U S I N E S S 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 T H E A S Y M M E T R I C U P S I D E – F O U R S T R U C T U R A L G R O W T H D R I V E R S 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
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Key milestones Q3 1 G ro wth in all th ree b u sin ess areas N et sales up 10.7% in lo cal currencies to S EK 227 m illio n 2 DRPS demand keeps rising C usto m ers in G erm any invest m o re than last year, and the chang es m ad e a year ag o are d elivering S can d p o wer so ftware g ain s tractio n S tro ng sales g ro wth; BlackS tarTech acco unted fo r alm o st 20% o f b usiness area sales 4 1.2 GW Swedish new build project Agreement with GE Vernova Hitachi and Samsung C&T, signed in Stockholm on 3 September 5 Hot-cell capacity expanded Taking over AB SVAFO’s hot cell facility and bringing its operations in-house enables us to meet growing demand, improve logistics, and support future projects 3 New Board Member and acting Chairman After the end of the quarter, Chairman of the Board Jan Bardell announced that he was stepping down. Mats Ladeborn acting Chairman as of 12 October. 6 After the quarter: Norway N N D ag reem ent fo r N o rway’ s leg acy fuel, est. to tal value S EK 3 –4 b illio n (16 O cto b er) 7 Studsvik Interim Report Q3 2026 After the quarter: Japan inDRUM partnership with ReNu for Fukushima (21 October) 8
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Key steps in Q3 developing our asymmetric upside Studsvik Interim Report Q3 2026
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“ ST UD SVIK , GE VE R NO VA HIT ACHI AND SAM SUNG C& T CO M M IT T O AD VANCING 1 .2 GW NUCL E AR P O W E R P R O JE CT IN SW E D E N” Stockholm, 3 September 2026 Studsvik Interim Report Q3 2026
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1.2 GW Expected Capacity From The First Project 4 BWRX-300 Reactors, Phased Buildout 2 Candidate Sites, Both Ours, Both New 2035+ First Unit Targeted Second Half of 2030s What we signed BWRX-300 moving ahead globally: the first unit is under construction at Darlington, Canada, with grid connection targeted for end-2030, and TVA received a US construction permit for a BWRX- 300 at Clinch River on 29 September 2026. Studsvik Interim Report Q3 2026
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A world-class delivery consortium – built for speed and platform delivery 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 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. Studsvik Interim Report Q3 2026
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“STUDSVIK SIGNS LANDMARK AGREEMENT TO MANAGE NORWAY’S LEGACY SPENT NUCLEAR FUEL” Halden, Norway, 16 October 2026
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Studsvik sig ns landm ark deal with N orweg eianN uclear D ecom m issioning A decades-long anchor contract for Studsvik A whole country’ s leg acy fuel Most ofN orway’ s spent fuel from six decades of nuclear research – transported, treated and stored at Studsvik D ecades of contracted work A fixed annual fee plus work orders for each stag e to 2055 – estim ated contractual m inim um value of about SEK 875 m illion Utilizing assets already in operation H ot cells, licensed storag e and an operating nuclear site – the capacity is m ostly inplace Full life cycle, international reference From new build to spent fuel – and a m odel for other countries with fuel from closed research reactors 2055 Ag reem ent term ~ 16.5 tonnes Spent fuel from H alden and Kjeller SEK 3–4 bn Estim ated total value for Studsvik K ey steps: Pre-study → Perm its in Sweden and N orway → T ransport and treatm ent → Interim storag e at Studsvik→ Return to N orway 1 2 4 3 Studsvik Interim Report Q3 2026
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"STUDSVIK AND RENU INDUSTRIES PARTNER TO BRING INDRUM WASTE TREATMENT TECHNOLOGY TO FUKUSHIMA” Stockholm, 21 October 2026
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in D R U M – m ak in g waste d isp o sab le Patented therm al treatm ent of rad ioactive waste in the d rum W h at in D R U M d o es • M akes waste that canno t b e d isp o sed o f in its current fo rm d isp o sab le • Treats waste insid e the d rum – no so rting o r m anual hand ling • Vo lum e red uctio n o f up to 90% fo r sp ent resins and sim ilar wastes R eN u In d u stries – b rin g in g in D R U M to Fu ku sh im a • Fukushim a - b ased nuclear eng ineering co m p any to d evelo p and d ep loy inD RUM in Jap an • C o ntract sig ned fo r S tud svik to sup p o rt the d esig n (21 O cto b er) • In line with o ur inD RUM g o - to - m arket - m o d el, where S tud svik sell recurring techno lo g y licenses and services to p artners running the waste facility 1 2 3 inDRUM demonstration facility, Nyköping Studsvik Interim Report Q3 2026
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Asymmetric upside – the four growth drivers in detail Studsvik Interim Report Q3 2026 06 E X I S T I N G F L E E T 07 N E W B U I L D 08 A D V A N C E D N U C L E A R 09 H E A L T H C A R E A N D I N D U S T R Y THE DRIVER MOMENTUM in our business (Q3) LONG TERM optionality / upside Global installed base needing life- extension beyond 60 yrs; recurring fuel/waste management services NND agreement for Norway’s legacy fuel to 2055, est. SEK 3– 4 bn (October); inDRUM to Fukushima with ReNu (October); hot-cell capacity expanded Multiple inDRUM installations worldwide; expanded hot-cell capacity; NND as a model for other countries Swedish new-nuclear energy programme; first site applications in ~50 years; SMR wave 1.2 GW project with GE Vernova Hitachi and Samsung C&T (September); state-aid application for Nyköping and Valdemarsvik under review ReFirm site SPVs; selective co- investment; European new build leveraging Kärnfull Next expertise Next-generation fission and fusion; continued major investments into advanced reactors Studsvik expert Dr. Breisch elected to lead international FUSION standards work on protection materials, Strategic partner at Nordic Fusion Forum Advanced Reactors vendor build (licensing, testing); fusion test-facility optionality Isotopes and radioactive-knowledge services; nuclear technologies beyond power Continued business development re isotope production; existing life- science engagements Nordic Isotope Centre; broader radiation offering for cancer treatment and beyond
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Peter Teske Chief Financial Officer Studsvik Interim Report Q3 2026
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Growth in all Business Areas SALES GROWTH Q3 10.7% In local currencies. Sales: 227.4 MSEK YTD sales: 700.8 MSEK (+7.9%) OPERATING PROFIT Q3 7.2 MSEK Q3 2025: 13.2 MSEK* YTD: 28.8 MSEK (2025: 50.2) FREE CASH FLOW Q3 −35.3 MSEK Q3 2025: 17.3 MSEK YTD: −107.3 MSEK Business performance Sales grew in all three business areas. Scandpower led growth at 42.3% in local currencies DRPS benefited from strong demand Production efficiency, productivity and higher utilisation supported YTD profit Cash flow and priorities Customer advances decreased as prepaid FMWT projects progressed, in line with expectations Trade receivables were 18.5 MSEK higher than Q3 2025 YTD free cash flow includes -34.1 MSEK for the KNXT acquisition Earnings and comparability Operating margin: 3.2%. Adjusted operating profit: 7.4 MSEK, excluding 0.2 MSEK of items affecting comparability DRPS improved its Q3 operating margin to 9.9% from 4.9% Continued investment in ReFirm/KNXT, BlackStarTech, SMR/AMR and inDRUM *including a positive one-off effect of 6 MSEK Studsvik Interim Report Q3 2026
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• Sales grew 2.6% in local currencies in Q3 and 4.5% in January–September • Demand increased particularly in Germany, where business has increased compare with last year • Operating profit: SEK 9.2 (4.4) million. Operating margin: 9.9% (4.9%) • Higher-margin services, higher capacity utilisation and cost discipline improved profitability significantly • A clearer market focus and a strengthened organisation delivers stronger results Business Area financial results D E C O M M I S S I O N I N G & R A D I A T I O N P R O T E C T I O N S E R V I C E S 40 % sales Q3 2026 Studsvik Interim Report Q3 2026 J an- Dec Q3 20 26 Q3 20 25 20 26 20 25 20 25 Sales, SEK million 92.8 90 .7 273.7 266.7 342.2 Operating profit, SEK million 9.2 4.4 1 9.6 1 0 .7 5.9 Operating profit margin, % 9.9 4.9 7.2 4.0 1 .7 Quarter 9 monthsDecommissioning and Radiation Protection Services
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Business Area financial results F U E L , M A T E R I A L S & W A S T E T E C H N O L O G Y Studsvik Interim Report Q3 2026 • A less favourable project mix reduced quarterly profit • Increased productivity and higher utilisation • Taking over AB SVAFO’s hot cell facility at the Studsvik site and bringing its operations in- house enables us to meet growing demand, improve logistics, and support future projects • After the quarter: The NND agreement runs to 2055, with committed yearly volumes starting from 2026 36 % sales Q3 2026 J an- Dec Q3 20 26 Q3 20 25 20 26 20 25 20 25 Sales, SEK million 83.1 79.5 296.1 284.5 390 .7 Operating profit, SEK million 4.4 9.3 37.7 42.9 62.9 Operating profit margin, % 5.3 1 1 .7 1 2.7 15.1 1 6.1 QuarterFuel, Materials and Waste Technology 9 months
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• Sales grew 42.3% in local currencies in Q3 and 21.5% in January–September • Significant software deliveries and new customer agreements supported strong sales growth • BlackStarTech accounted for nearly 20% of business area sales in Q3 • Continued investment in sales and product development to support future growth. • New agreements relating to SMR and AMR technologies • The comparative period benefited from a one of 6 MSEK Business Area financial results S T U D S V I K S C A N D P O W E R Studsvik Interim Report Q3 2026 24 % MSEK sales Q3 2026 J an- Dec Q3 20 26 Q3 20 25 20 26 20 25 20 25 Sales, SEK million 54.8 38.7 1 41 .4 1 20 .5 1 64.5 Operating profit, SEK million 9.2 7.8 1 2.4 21 .4 29.6 Operating profit margin, % 1 6.8 20 .3 8.8 1 7.8 1 8.0 Studsvik Scandpower 9 monthsQuarter
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+16.4 −41.5 −10.1 −35.3 Negative working capital reduced Q3 cash flow Q3 2026 · SEK million TOTAL Customer advances As expected, advances declined as prepaid FMWT projects progressed Cash flow discipline Trade receivables 18.5 MSEK higher year-on-year. Focus on milestone invoicing and customer collections YTD free cash flow: −107.3 MSEK, including −34.1 MSEK for KNXT. Operating cash flow before working capital Change in working capital Investing activities Total free cash flow 0 Investments Equipment and facilities within FMWT Studsvik Interim Report Q3 2026
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Studsvik Interim Report Q3 2026 Karl Thedéen President and CEO
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• Net sales growth of 10.7 per cent in local currencies • DRPS: rising demand, led by Germany • FMWT: hot-cell capacity expanded; NND landmark agreement secures work to 2055 • Scandpower: strong growth, BlackStarTech almost 20 per cent of sales • New build: 1.2 GW project with GE Vernova Hitachi and Samsung C&T • inDRUM development agreement signed with Japanese partner • A global business: about 80 per cent of sales outside Sweden • The investment case – one platform, two return profiles Growth in all business areas, partnership advancing nuclear power in Sweden and landmark agreement Studsvik Interim Report Q3 2026
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Small Modular Reactors (SMR) Nordic Isotope Center and Test Reactor Data Center Hot-Cells InDRUM-facility Fusion Test Facility Studsvik Interim Report Q3 2026 Vision: Studsvik site A I V I S U A L I S A T I O N Intermediate storage NND spent fuel
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Thank you Q&A Karl Thedéen, President and CEO Peter Teske, CFO 23 October, 2026
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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. Studsvik Interim Report Q3 2026
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Studsvik Interim Report Q3 2026