Interim report
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Interim Report – Third quarter 2026 | 1 Growth in all business areas and agreement to advance new nuclear power in Sweden Third quarter • Sales in the quarter amounted to SEK 227.4 (205.8) million, an increase of 10.5 per cent. In local currencies this represented an increase of 10.7 per cent. All business areas increased their sales. • Operating profit for the quarter amounted to SEK 7.2 (13.2) million and the operating margin was 3.2 (6.4) per cent. Adjusted operating profit, excluding items affecting comparability, amounted to SEK 7.4 million and the adjusted operating margin was 3.3 per cent. • We continued to see increased profitability within DRPS following the strategic and leadership changes in the last 12 months. • Free cash flow for the quarter was SEK –35.3 (17.3) million. January–September • Sales in the first nine months amounted to SEK 700.8 (660.4) million, an increase of 6.1 per cent. In local currencies this represented an increase of 7.9 per cent. • Operating profit in the first nine months amounted to SEK 28.8 (50.2) million. The operating margin was 4.1 (7.6) per cent. Adjusted for items affecting comparability, operating profit amounted to SEK 34.0 million and the adjusted operating margin was 4.8 per cent. • Free cash flow for the first nine months was SEK –107.3 (55.6) million, of which SEK –34.1 million is attributable to the acquisition of Kärnfull Next AB. Events during the quarter • Following an evaluation process, Studsvik selected GE Vernova Hitachi Nuclear Energy, Samsung C&T, DS Investment Partners and GE Vernova Financial Services as its strategic partners for new nuclear power in Sweden. The companies will jointly work to develop up to 1.2 GW of new nuclear generating capacity in Sweden. • During the quarter the issue and repurchase of a total of 7,500 Class E1–E6 and 120,000 Class E7 2026 shares was completed in connection with previously adopted long-term incentive programmes (LTIP). • At an Extraordinary General Meeting on 18 August, Mats Ladeborn was elected to Studsvik’s Board of Directors. After the end of the quarter, on 12 October, Mats Ladeborn was appointed acting Chairman of the Board. • We expanded our hot cell capacity at the Studsvik site by taking over a hot cell facility from AB SVAFO and bringing its operations in-house. This enables us to meet growing demand, improve logistics, and support future projects. • After the quarter, on 16 October, Studsvik signed a long-term framework agreement with Norwegian Nuclear Decommissioning (NND) for the management of spent nuclear fuel from Norway’s former research reactors. The agreement runs until 2055 and is estimated to have a total value of SEK 3–4 billion for Studsvik, with a contractual minimum value of approximately SEK 875 million. The Group in summary Jan-Dec 2026 2025 2026 2025 2025 Net sales, SEK million 227.4 205.8 700.8 660.4 883.3 Operating profit, SEK million 7.2 13.2 28.8 50.2 68.6 Adjusted operating profit, SEK million 7.4 13.2 34.0 50.2 68.6 Operating margin, % 3.2 6.4 4.1 7.6 7.8 Adjusted operating margin, % 3.3 6.4 4.8 7.6 7.8 Profit after tax, SEK million 0.7 3.6 12.6 22.3 37.3 Free cash flow, SEK million -35.3 17.3 -107.3 55.6 98.3 Net debt, SEK million 176.8 105.7 176.8 105.7 65.1 Net debt/equity ratio, % 38.9 27.7 38.9 27.7 16.8 Profit per share after tax, SEK 0.09 0.44 1.52 2.71 4.54 Equity per share, SEK 52.10 46.46 52.10 46.46 47.09 Jan-SepQ3 Third quarter 2026 Q3
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Interim Report – Third quarter 2026 | 2 CEO’s comments Growth in all business areas and agreement to advance new nuclear power in Sweden In the third quarter the Group’s sales increased by 10.7 per cent in local currencies, with growth in all three business areas. This positive performance enables us to continue investing in future growth through research and development initiatives, including product and software development for the growing Advanced Modular Reactor (AMR) segment. We have continued to develop our inDRUM technology for effective waste management and have invested in materials and laboratory capacity to meet growing demand, thereby strengthening not only our current business but also opportunities to create long- term value. Growth in all three business areas Within the Decommissioning & Radiation Protection Services (DRPS) business area we saw continued strong market development. Demand for our services increased, especially in Germany where our customers are investing more than last year. We continued to see increased profitability following the strategic and leadership changes in the last 12 months. We are seeing growing interest and more business opportunities in our priority markets. To allow us to take on more assignments, we continue to invest in expertise and resources, while also leveraging the opportunities created by increasing customer activity. The Fuel, Materials & Waste Management Technology (FMWT) business area has continued to see a high level of activity and utilization. During the quarter we expanded our hot cell capabilities at the Studsvik site by taking over a facility from AB SVAFO and bringing its operation in-house, enabling us to meet growing demand, improve logistics and support future projects. After the quarter ended, we signed a framework agreement with Norwegian Nuclear Decommissioning (NND) for the transport, treatment and intermediate storage of spent nuclear fuel from Norway’s former research reactors. The agreement runs until 2055, will begin with a pre-study and includes a fixed annual fee. It strengthens Studsvik’s long-term business foundation and builds on more than 10 years of cooperation with the Norwegian nuclear sector. In addition, we have signed an agreement with ReNu Industries Inc. They will adapt Studsvik’s inDRUM technology for radioactive waste treatment to Japanese conditions, with the aim of building a pilot plant in Fukushima. This is yet another proof of the strong interest in using inDRUM to reduce radioactive and problematic waste. Performance by the Scandpower business area continued to move in a positive direction during the quarter, with a strong increase in sales. Several significant software solutions were delivered, and we signed new customer agreements. It is especially positive that during the quarter BlackStarTech accounted for nearly 20 per cent of total sales. Positioned for the next phase of growth September was an eventful month. Within New Build we took a significant step forward through the agreement with GE Vernova Hitachi, Samsung C&T and DS Investment Partners to develop four small modular reactors (SMR) in Sweden with a combined generating capacity of 1.2 GW. The goal is for the first reactor to be in operation during the second half of the 2030s. Studsvik will lead project development and contribute with nuclear expertise. The structure will help maximise Swedish industrial participation throughout engineering, procurement, construction and long-term operations. Strong market trends and international presence During the quarter we took part in several important international industry forums. The HOTLAB conference in Beijing provided valuable opportunities to discuss future needs and business opportunities with customers from all over the world. The fact that we will host HOTLAB 2027 in Stockholm is proof of our position within hot cell operations and radiological laboratory services. We continue to develop our presence within fusion and attended the Nordic Fusion Forum in Copenhagen in late October. Fusion continues to attract significant investment worldwide and is rapidly developing from an area of research into an industry of the future. After the end of the quarter our Chairman of the Board Jan Bardell announced that he was stepping down, and Mats Ladeborn took up the position of acting Chairman on 12 October. I would like to thank Jan for his valuable contributions during a period of transformation and growth for Studsvik. With Mats’ experience and industry knowledge, I am looking forward to taking the next steps in the company’s development. All in all, we move into the final quarter of the year with a strong market position, a high level of activity and a solid foundation for continuing our long-term development. I would like to thank all my colleagues for their great commitment and excellent efforts during the quarter. It is thanks to your expertise, professionalism and drive that we continue to develop Studsvik. Karl Thedéen, President & CEO
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Interim Report – Third quarter 2026 | 3 About Studsvik Challenging our customers to think differently Studsvik is an independent nuclear technology company active across the full nuclear lifecycle, from new build development to existing fleet services, operations support and decommissioning. It is a leading supplier of vendor-independent reactor analysis software, and its hot cell laboratories in Nyköping test fuel and materials for fission and fusion applications worldwide. Studsvik also provides radiation protection services and technology for treating radioactive waste and handles and packages radioisotopes for healthcare and industry. ReFirm is Studsvik's platform for new nuclear development in Sweden. Founded in 1947 as the centre of Sweden's national nuclear programme, Studsvik today serves operators, fuel vendors, technology developers and regulators in more than 20 countries. Studsvik has approximately 500 employees in six countries and is listed on Nasdaq Stockholm (SVIK). Studsvik’s financial targets: 6% 12% 40% Average annual organic growth Operating margin Minimum equity/assets ratio Business areas Decommissioning & Radiation Protection Services A leading service provider for the nuclear power industry within radiation protection, decommissioning, demolition, decontamination and engineering services. In the area of decommissioning, we offer the entire chain from planning and project management to radiological assessments, radiological clearance of material and waste documentation. Our customers are nuclear power plants, research centres and other nuclear facilities, mainly in Germany, Switzerland, Sweden, Belgium and the Netherlands. Fuel, Materials & Waste Management Technology Provides services to a global clientele in nuclear fuel qualification, materials analysis, final repository research and medical isotope packaging. We also provide advanced consulting services as well as solutions for stabilisation and volume reduction of radioactive waste. Our testing and analysis activities are conducted at Studsvik’s site in Sweden, often in collaboration with international partners. By combining our expertise and unique facilities, we deliver tailor- made solutions to our customers. Studsvik Scandpower A leading supplier of vendor-independent reactor analysis software, as well as related software support. We offer a complete suite of licensed software and engineering services. In addition, we offer remote monitoring for components of critical importance for probabilistic risk assessments (PRAs). Our products are used globally for reactor fuel and core design, analysis and operational support, with development mainly taking place in the USA.
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Interim Report – Third quarter 2026 | 4 Financial performance Third quarter Sales Sales in the quarter amounted to SEK 227.4 (205.8) million, an increase of 10.5 per cent. In local currencies this represented an increase of 10.7 per cent. All three business areas reported sales growth during the quarter. Studsvik Scandpower accounted for the largest increase, growing by 42.3 per cent in local currencies. Profit Operating profit for the quarter amounted to SEK 7.2 (13.2) million and the operating margin was 3.2 (6.4) per cent. Earnings during the quarter were weighed down by items affecting comparability with a value of SEK 0.2 million. Adjusted for these costs, operating profit amounted to SEK 7.4 million and the adjusted operating margin was 3.3 per cent. During the quarter the Group continued to invest in strategic growth initiatives. The costs relate primarily to business development and to building up the operations within ReFirm/KNXT, BlackStarTech, SMR/AMR development and inDRUM, laying the groundwork for future growth. The investments are expected to make a positive contribution to the Group’s long-term development. Cash flow Cash flow from operating activities during the quarter amounted to SEK – 25.1 (26.0) million. Free cash flow was SEK –35.3 (17.3) million. As expected, cash flow was negatively impacted by a gradual decrease in advance payments from customers in the Fuel, Materials & Waste Management Technology business area as advance-paid projects progress. At the same time, trade receivables in the Group were SEK 18.5 million higher than at the same point in time last year. Investments Investments during the quarter amounted to SEK 8.5 (8.6) million and consisted of development initiatives as well as replacement investments in the Fuel, Materials & Waste Management Technology business area. January–September Sales Sales in the first nine months amounted to SEK 700.8 (660.4) million, an increase of 6.1 per cent. In local currencies this represented an increase of 7.9 per cent. All three business areas reported sales growth during the first nine months. Studsvik Scandpower accounted for the largest increase, with a 21.5 per cent increase in local currencies. Profit Operating profit for the first nine months amounted to SEK 28.8 (50.2) million and the operating margin was 4.1 (7.6) per cent. Earnings for the first nine months were impacted by acquisition costs and the implementation of the Group’s long-term incentive programmes (LTIP). Adjusted for these costs, operating profit amounted to SEK 34.0 million and the adjusted operating margin was 4.8 per cent. During the first nine months the Group carried out strategic initiatives to strengthen long-term competitiveness and lay the groundwork for future growth. The costs relate primarily to business development and to building up the operations within ReFirm/KNXT, BlackStarTech, SMR/AMR development and inDRUM. The investments are expected to make a positive contribution to the Group’s long-term development. Cash flow Cash flow from operating activities for the first nine months was SEK –46.9 (65.7) million. Changes in working capital had a negative impact on cash flow. For the first nine months of the year, free cash flow was SEK –107.3 (55.6) million. Free cash flow for the first nine months was impacted by SEK –34.1 million as a result of the acquisition of Kärnfull Next AB. As expected, working capital was negatively impacted by a gradual decrease in advance payments from customers in the Fuel, Materials & Waste Management Technology business area as the projects progress. Investments Investments during the first nine months amounted to SEK 21.3 (17.6) million and consisted of development initiatives as well as replacement investments in the Fuel, Materials & Waste Management Technology business area. Financial position and liquidity At the end of the quarter cash and cash equivalents amounted to SEK 43.3 million. During the first nine months repayments on the Group’s loans totalled SEK 8.7 million. The completed acquisition of Kärnfull Next AB has resulted in an increase in the Group’s net debt. At the end of the quarter net debt amounted to SEK 176.8 (105.7) million. The net debt/equity ratio was 38.9 (27.5) per cent, and the equity/assets ratio was 35.3 (37.8) per cent. The nuclear licence was obtained on 1 September, and the property reallotment is expected to be completed in Q4. The takeover of a hot cell facility on the Studsvik site resulted in an increase in the Group’s financial assets and provisions. The financial asset corresponds to reserves held in a decommissioning fund that has been taken over, while the provisions relate to the associated commitment to carry out future decommissioning. Business area Decommissioning & Radiation Protection Services Sales, SEK m Operating profit, SEK m Cash flow, SEK m 0 150 300 450 600 750 900 0 50 100 150 200 250 300 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Sales LTM - 1 19 39 59 79 - 1 9 19 29 39 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Operating profit LTM -90 -60 -30 0 30 60 90 120 150 - 60 - 40 - 20 0 20 40 60 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Free cash flow LTM
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Interim Report – Third quarter 2026 | 5 Sales Sales for the quarter amounted to SEK 92.8 (90.7) million and for the first nine months to SEK 273.7 (266.7) million, which in local currencies is an increase of 2.6 and 4.5 per cent respectively. The market continued to develop positively, with good demand for the business area’s services, and we won new orders during the quarter. Share of sales, % Sales, SEK m Profit Operating profit for the quarter amounted to SEK 9.2 (4.4) million and the operating margin was 9.9 (4.9) per cent. For the first nine months the business area’s operating profit amounted to SEK 19.6 (10.7) million and the operating margin was 7.2 (4.0) per cent. The improved margin is a result of the strategic changes implemented, with a clearer focus on higher-margin services, higher capacity utilisation and continued cost discipline. Positive market development and good demand for the business area’s services also contributed to improved profitability. Operating profit, SEK m Business area Fuel, Materials & Waste Management Technology 40% 0 100 200 300 400 0 15 30 45 60 75 90 105 120 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Sales LTM 0 3 6 9 12 15 18 21 24 - 6 - 3 0 3 6 9 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Operating profit LTM Sales Sales for the quarter amounted to SEK 83.1 (79.5) million and for the first nine months to SEK 296.1 (284.5) million, representing growth in local currencies of 4.4 and 4.2 per cent respectively. During the quarter we expanded our operations on the Studsvik site by taking over a hot cell facility bringing its operations in-house, thereby improving logistics and strengthening our ability to meet customer demand and implement future projects. Included in the takeover were the reserves in the decommissioning fund and the associated commitment to carry out future decommissioning, which are reported under financial assets and provisions respectively. Share of sales, % Sales, SEK m Profit Operating profit for the quarter amounted to SEK 4.4 (9.3) million and for the first nine months to SEK 37.7 (42.9) million. The operating margin was 5.3 (11.7) per cent for the quarter and 12.7 (15.1) per cent for the first nine months. The lower profit for the quarter compared with the previous year is mainly due to a less favourable project mix. Profit for the first nine months was positively impacted by more efficient execution in production, improved productivity and higher capacity utilisation. Operating profit, SEK m 36% 0 100 200 300 400 0 15 30 45 60 75 90 105 120 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Sales LTM 0 15 30 45 60 75 - 10 - 2 6 14 22 30 38 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Operating profit LTM
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Interim Report – Third quarter 2026 | 6 Business area Studsvik Scandpower Sales Sales in the quarter amounted to SEK 54.8 (38.7) million and for the first nine months to SEK 141.4 (120.5) million. In local currencies this is an increase of 42.3 per cent for the quarter and 21.5 per cent for the first nine months. It is especially positive that during the quarter BlackStarTech accounted for nearly 20 per cent of total sales revenue in the business area. During the period we continued to strengthen our sales organisation and market focus, while also investing in product development. We also signed several new agreements relating to SMR and AMR technologies. Share of sales, % Sales, SEK m Profit Operating profit for the quarter amounted to SEK 9.2 (7.8) million and for the first nine months to SEK 12.4 (21.4) million. The operating margin was 16.8 (20.3) and 8.8 (17.8) per cent respectively. Earnings in the period were held back by the long-term initiatives undertaken to drive future sales growth. The comparative period benefited from a positive one-off effect of SEK 6.0 million. Operating profit, SEK m 24% 0 100 200 300 400 0 15 30 45 60 75 90 105 120 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Sales LTM 0 10 20 30 40 50 0 4 8 12 16 20 24 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Operating profit LTM
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Interim Report – Third quarter 2026 | 7 Other Parent company The parent company's operations consist of Group-wide coordination functions. Sales in the quarter amounted to SEK 6.4 (2.7) million and for the first nine months to SEK 16.0 (8.0) million. The operating result for the quarter was SEK –4.5 (–4.2) million and for the first nine months SEK –19.3 (–13.5) million. Pre-tax profit for the quarter was SEK 49.4 (–7.0) million and for the first nine months SEK 47.0 (–12.9) million. Pre-tax profit includes dividends from Group companies of SEK 60 million in the quarter and the period. Net financial items include currency remeasurement of intra-group loans at SEK 7.1 (1.7) million for the quarter and SEK –2.4 (22.2) million for the first nine months. Cash and cash equivalents including current investments amounted to SEK – (–) million as of 30 September. Interest-bearing liabilities were SEK 220.1 (155.0) million. Shareholders Information on our shareholders can be found at: https://investors.studsvik.com/en/the-share Risks and uncertainties An overall analysis of the Group’s risks and how these are managed can be found in the annual report, which is available on the company’s website. https://investors.studsvik.com/en/results-reports-and-presentations Events after the balance sheet date Chairman of the Board Jan Bardell announced that he was stepping down, and Mats Ladeborn took up the position of acting Chairman on 12 October. In October Studsvik signed a framework agreement with Norwegian Nuclear Decommissioning (NND) for the transport, treatment and intermediate storage of spent nuclear fuel from Norway’s former research reactors. The agreement runs until 2055, will begin with a pre- study and includes a fixed annual fee. Accounting policies Studsvik applies IFRS® Accounting Standards as adopted by the EU. This interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. For the parent company, the Swedish Corporate Reporting Board’s recommendation RFR 2 Accounting for Legal Entities is applied along with the Swedish Annual Accounts Act. No new standards, revised standards or interpretations applicable to financial years starting on or after 1 January 2026 that were not already applied when preparing the annual report for 2025 have had any material effect on the accounts. IFRS 18, Presentation and Disclosure in Financial Statements, is effective as of 1 January 2027 and replaces IAS 1. The standard entails changes to the structure of the income statement, including defined subtotals, as well as new disclosure requirements regarding performance measures defined by management. Studsvik is currently working on its assessment of the standard’s effects, including reclassification of items and adaptation to the new structure, as well as on defining performance measures and the associated reconciliations. Studsvik will apply IFRS 18 with effect from 1 January 2027. The total amounts in tables and statements may not always add up due to rounding differences. The aim is that each line item should correspond to its source and rounding differences may therefore arise in the total. Nyköping, 23 October 2026 Karl Thedéen President & CEO
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Interim Report – Third quarter 2026 | 8 Review report To the Board of Directors of Studsvik AB (publ.) Corp. id. 556501-0997 Introduction We have reviewed the condensed interim financial information (interim report) of Studsvik AB (publ.) as of 30 September 2026 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm, 23 October 2026 KPMG AB Hök Olov Forsberg Authorized Public Accountant
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Interim Report – Third quarter 2026 | 9 Financial statements Group statement of profit and loss and other comprehensive income Jan-Dec Amounts in SEK million 2026 2025 2026 2025 2025 Net sales 227.4 205.8 700.8 660.4 883.3 Cost of services sold -170.9 -161.1 -529.9 -510.1 -670.7 Gross profit 56.6 44.7 170.9 150.3 212.6 Selling and marketing expenses -17.2 -14.4 -49.8 -41.5 -56.2 Administrative expenses -31.3 -22.7 -91.8 -69.1 -95.5 Research and development costs -3.5 -3.9 -11.6 -10.8 -14.5 Impairment loss on trade receivables - - - - 0.0 Share in earnings from associated companies -0.0 -0.0 -0.1 -0.1 -0.2 Other operating income 3.7 11.5 15.7 25.1 27.5 Other operating expenses -1.0 -1.9 -4.7 -3.6 -5.1 Operating profit 7.2 13.2 28.8 50.2 68.6 Financial income 0.0 0.9 3.6 3.4 3.5 Financial expenses -5.0 -5.5 -12.2 -17.1 -19.7 Profit/loss before tax 2.2 8.6 20.2 36.6 52.4 Income tax -1.5 -5.0 -7.6 -14.3 -15.0 NET PROFIT/LOSS FOR THE PERIOD 0.7 3.6 12.6 22.3 37.3 Other comprehensive income for the period Items that may later be reversed in the income statement Translation differences on foreign subsidiaries 3.6 -4.2 15.3 -31.6 -42.5 Remeasurement of defined benefit pension plans - - - - 0.1 Income tax on items recognized in other comprehensive income 1.5 0.4 -0.5 4.6 5.5 Other comprehensive income for the period, net after tax 5.0 -3.8 14.8 -27.0 -36.9 Total profit/loss and other comprehensive income for the period 5.8 -0.2 27.4 -4.7 0.4 Income for the period attributable to Parent company's shareholders 0.7 3.6 12.6 22.3 37.3 Total comprehensive income attributable to Parent company's shareholders 5.8 -0.2 27.4 -4.7 0.4 Earnings per share calculated on income attributable to the parent company's shareholders during the period, SEK 0.09 0.44 1.52 2.71 4.54 Earnings per share before and after dilution 0.09 0.44 1.52 2.71 4.54 Q3 Jan-Sep
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Interim Report – Third quarter 2026 | 10 Group statement of financial position, summary Group statement of changes in equity, summary 31 Dec Amounts in SEK million 2026 2025 2025 ASSETS Intangible assets 361.7 237.3 232.7 Property, plant and equipment 294.8 288.4 292.3 Other non-current assets 313.7 181.0 177.2 Total non-current assets 970.3 706.7 702.2 Inventories 16.4 21.6 20.2 Trade receivables 123.6 105.1 124.6 Other current receivables 134.5 121.7 108.9 Cash and cash equivalents 43.3 54.1 49.9 Total current assets 317.8 302.5 303.7 TOTAL ASSETS 1,288.1 1,009.3 1,005.9 EQUITY AND LIABILITIES Equity attributable to the parent company's shareholders 454.7 381.8 387.0 Total equity 454.7 381.8 387.0 Liabilities to credit institutions, long-term 114.9 81.0 75.5 Provisions and other non-current liabilities 359.6 195.7 192.8 Total non-current liabilities 474.5 276.8 268.2 Trade and other payables 253.6 272.0 311.1 Liabilities to credit institutions, short-term 105.2 78.7 39.5 Total current liabilities 358.8 350.7 350.7 TOTAL EQUITY AND LIABILITIES 1,288.1 1,009.3 1,005.9 30 Sep Amounts in SEK million Share capital Other contributed capital Other reserves Retained earnings Equity attributable to the parent company's shareholders Total share- holders equity Opening balance at January 1, 2025 8.2 225.3 83.5 86.0 403.0 403.0 Changes January 1 - September 30, 2025 Net profit for the period - - - 22.3 22.3 22.3 Other comprehensive income for the period - - -27.0 - -27.0 -27.0 Dividend - - - -16.4 -16.4 -16.4 Total transactions with owners - - - -16.4 -16.4 -16.4 Closing balance at September 30, 2025 8.2 225.3 56.5 91.9 381.8 381.8 Opening balance at January 1, 2026 8.2 225.3 46.6 106.9 387.0 387.0 Changes January 1 - September 30, 2026 Net profit for the period - - - 12.6 12.6 12.6 Other comprehensive income for the period - - 14.8 - 14.8 14.8 New share issue, net of transaction costs and tax 0.5 37.2 - - 37.7 37.7 Dividend - - - - - - Share based payments - 2.6 - - 2.6 2.6 Total transactions with owners 0.5 39.8 - - 40.3 40.3 Closing balance at September 30, 2026 8.7 265.1 61.4 119.5 454.7 454.7
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Interim Report – Third quarter 2026 | 11 Group statement of cash flow, summary Net sales per geographical area The geographical distribution for the previous year has been recalculated to better reflect the sales revenues for the intern ational programmes, which are operated from Sweden. Jan-Dec Amounts in SEK million 2026 2025 2026 2025 2025 Cash flow from operating activities Operating profit 7.2 13.2 28.8 50.2 68.6 Adjustments for non-cash items 12.0 10.8 26.6 2.1 10.7 Financial items, net -1.3 -4.1 -4.8 -6.9 -8.6 Income tax paid -1.6 -5.5 -11.6 -15.8 -20.6 Cash flow from operating activities before change in working capital 16.4 14.5 38.9 29.6 50.2 Change in working capital -41.5 11.5 -85.8 36.1 69.7 Cash flow from operating activities -25.1 26.0 -46.9 65.7 119.9 Investing activities Acquisition of operations, net of cash -1.8 - -41.2 - -2.1 Acquisition of non-current financial assets 0.0 - -6.4 -0.7 -0.7 Sale of non-current financial assets 0.1 - 8.5 8.3 8.6 Acquisition of property, plant and equipment -8.5 -8.6 -21.3 -17.6 -27.4 Disposal of non-current assets - - - 0.0 0.1 Other cash flow from investing activities - - - - - Cash flow from investing activities -10.1 -8.6 -60.4 -10.1 -21.5 Free cash flow -35.3 17.3 -107.3 55.6 98.3 Financing activities New share issue - - 2.0 - - New loans - - 45.0 - - Amortization of loans -3.1 -10.9 -17.5 -25.3 -33.3 Changed use of bank overdraft facility 26.9 -2.2 68.8 -12.5 -50.1 Dividend to shareholders - - - -16.4 -16.4 Cash flow from financing activities 23.8 -13.1 98.3 -54.2 -99.9 Cash flow for the period -11.5 4.3 -9.0 1.4 -1.5 Cash and cash equivalents at the start of the period 54.3 50.3 49.9 56.3 56.3 Exchange differences on cash and cash equivalents 0.5 -0.5 2.4 -3.7 -4.9 Cash and cash equivalents at the end of the period 43.3 54.1 43.3 54.1 49.9 Q3 Jan-Sep Jan-Dec Amounts in SEK million 2026 2025 2026 2025 2025 Sweden 34.5 39.4 127.6 131.1 186.5 Germany 79.9 63.5 210.2 209.7 269.9 The rest of Europe 49.5 52.7 163.4 166.2 212.2 North America 43.0 38.2 135.6 111.4 145.2 Asia 20.5 9.9 63.9 38.8 64.8 Other - 2.0 0.0 3.2 4.7 Total 227.4 205.8 700.8 660.4 883.3 Q3 Jan-Sep
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Interim Report – Third quarter 2026 | 12 Per share data 383,500 (Class E) shares relate to the long-term incentive programme (LTIP). These may be cancelled in the future if the programme’s conditions concerning the share price are not met at the end of the programme. Key financial performance indicators for the Group See Definitions of key performance indicators for the definitions of alternative performance measures. Quarterly overview Jan-Dec 2026 2025 2026 2025 2025 Number of shares at the end of the period 8,727,070 8,218,611 8,727,070 8,218,611 8,218,611 Average number of shares before dilution 8,343,570 8,218,611 8,283,608 8,218,611 8,218,611 Average number of shares after dilution 8,359,904 8,218,611 8,293,547 8,218,611 8,218,611 Earnings per share before and after dilution 0.09 0.44 1.52 2.71 4.54 Equity per share, SEK 52.10 46.46 52.10 46.46 47.09 Q3 Jan-Sep Jan-Dec 2026 2025 2025 Margins Operating margin, % 4.1 7.6 7.8 Profit margin, % 2.9 5.5 5.9 Return on investment Return on capital employed, % 8.6 10.5 13.4 Return on equity, % 6.6 5.4 9.7 Capital structure Capital employed 674.8 541.6 502.0 Equity 454.7 381.8 387.0 Net debt 176.8 105.7 65.1 Net debt/equity ratio, % 38.9 27.7 16.8 Equity-asset ratio, % 35.3 37.8 38.5 Employees Average number of employees 504 515 511 Net sales per employee 1.9 1.7 1.7 Jan-Sep Amounts in SEK million Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net sales 209.4 235.5 200.8 247.4 227.0 227.6 205.8 222.9 226.4 247.0 227.4 - Operating expenses -197.4 -221.9 -201.3 -245.7 -207.5 -210.0 -192.6 -204.6 -214.1 -237.7 -220.2 - Operating profit 12.0 13.7 -0.5 1.6 19.5 17.6 13.2 18.4 12.3 9.2 7.2 - Net financial items -1.3 -1.5 -4.6 -2.4 -6.5 -2.5 -4.6 -2.6 -4.5 0.9 -5.0 - Profit/loss after financial items 10.7 12.2 -5.1 -0.7 12.9 15.1 8.6 15.8 7.8 10.1 2.2 - 20262024 2025
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Interim Report – Third quarter 2026 | 13 Segment reporting The total figure for investments includes acquisitions of intangible assets and of property, plant and equipment, as well as IFRS 16 lease investments. Jan-Dec Amounts in SEK million 2026 2025 2026 2025 2025 Decomissioning and Radiation Protection Services Net sales 92.8 90.7 273.7 266.7 342.2 Operating profit 9.2 4.4 19.6 10.7 5.9 Operating margin, % 9.9 4.9 7.2 4.0 1.7 Assets 302.4 296.7 302.4 296.7 275.7 Liabilities 146.6 144.3 146.6 144.3 133.3 Investments 2.3 1.1 3.8 2.0 2.9 Average number of employees 289 321 292 320 315 Fuel, Materials and Waste Technology Net sales 83.1 79.5 296.1 284.5 390.7 Operating profit 4.4 9.3 37.7 42.9 62.9 Operating margin, % 5.3 11.7 12.7 15.1 16.1 Assets 721.5 651.5 721.5 651.5 708.7 Liabilities 387.0 451.0 387.0 451.0 544.6 Investments 5.8 6.6 22.3 15.1 23.3 Average number of employees 145 147 146 144 144 Studsvik Scandpower Net sales 54.8 38.7 141.4 120.5 164.5 Operating profit 9.2 7.8 12.4 21.4 29.6 Operating margin, % 16.8 20.3 8.8 17.8 18.0 Assets 172.7 227.6 172.7 227.6 247.4 Liabilities 86.7 85.4 86.7 85.4 110.9 Investments 1.2 3.1 3.1 3.8 6.9 Average number of employees 49 43 50 43 44 Group functions and elimination Net sales -3.2 -3.1 -10.4 -11.3 -14.0 Operating profit -15.6 -8.4 -41.0 -24.8 -29.9 Operating margin, % - - - - - Assets 91.5 -166.5 91.5 -166.5 -226.0 Liabilities 213.1 -53.4 213.1 -53.4 -169.9 Investments 3.4 - 3.6 - 0.2 Average number of employees 16 8 16 8 8 Group Net sales 227.4 205.8 700.8 660.4 883.3 Operating profit 7.2 13.2 28.8 50.2 68.6 Operating margin, % 3.2 6.4 4.1 7.6 7.8 Assets 1,288.1 1,009.3 1,288.1 1,009.3 1,005.9 Liabilities 833.4 627.4 833.4 627.4 618.9 Investments 12.6 10.9 32.9 20.8 33.4 Average number of employees 498 519 504 515 511 Q3 Jan-Sep
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Interim Report – Third quarter 2026 | 14 Data by segment continued – external sales by country The geographical distribution for the previous year has been recalculated to better reflect the sales revenues for the intern ational programmes, which are operated from Sweden. Jan-Dec Amounts in SEK million 2026 2025 2026 2025 2025 Decomissioning and Radiation Protection Services Sweden 4.4 2.4 13.3 9.2 13.1 Germany 64.2 58.7 178.1 176.8 228.9 The rest of Europe 22.8 28.5 79.0 73.9 92.8 North America 0.1 - 0.4 2.5 2.5 Asia 0.0 - 0.0 - - Other - - - - - Total 91.6 89.5 270.9 262.5 337.3 Fuel, Materials and Waste Technology Sweden 26.8 35.7 103.7 113.7 163.4 Germany 14.3 3.5 27.2 28.0 33.7 The rest of Europe 18.7 17.0 57.4 61.5 77.6 North America 6.3 13.5 45.4 43.0 50.6 Asia 15.7 8.3 58.0 34.1 59.5 Other - - - - - Total 81.8 78.0 291.7 280.2 384.8 Studsvik Scandpower Sweden 3.5 1.4 10.6 8.2 10.0 Germany 1.4 1.3 4.9 4.9 7.3 The rest of Europe 8.0 7.2 27.0 30.7 41.8 North America 36.6 24.7 89.8 66.0 92.1 Asia 4.8 1.6 5.9 4.7 5.3 Other - 2.0 0.0 3.2 4.7 Total 54.2 38.2 138.2 117.6 161.2 Other Sweden - 0.0 - 0.0 0.0 Germany - - - - - The rest of Europe - - - - - North America - - - - - Asia - - - - - Other - - - - - Total - 0.0 - 0.0 0.0 Group Sweden 34.5 39.4 127.6 131.1 186.5 Germany 79.9 63.5 210.2 209.7 269.9 The rest of Europe 49.5 52.7 163.4 166.2 212.2 North America 43.0 38.2 135.6 111.4 145.2 Asia 20.5 9.9 63.9 38.8 64.8 Other - 2.0 0.0 3.2 4.7 Total 227.4 205.8 700.8 660.4 883.3 Q3 Jan-Sep
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Interim Report – Third quarter 2026 | 15 Parent company profit and loss account, summary Parent company balance sheet, summary Jan-Dec Amounts in SEK million 2026 2025 2026 2025 2025 Net sales 6.4 2.7 16.0 8.0 11.7 Cost of services sold 0.3 - - - - Gross profit 6.7 2.7 16.0 8.0 11.7 Other operating income and expenses -11.2 -6.9 -35.3 -21.5 -30.7 Operating profit -4.5 -4.2 -19.3 -13.5 -19.0 Result from participations in Group companies 60.0 - 60.0 24.9 24.9 Net financial items -6.2 -2.8 6.3 -24.3 -28.3 Profit/loss before tax 49.4 -7.0 47.0 -12.9 -22.4 Appropriations - - - - 77.0 Income tax 2.2 1.2 3.3 7.5 -6.1 NET PROFIT/LOSS FOR THE PERIOD 51.5 -5.8 50.2 -5.4 48.5 Q3 Jan-Sep 31 Dec Amounts in SEK million 2026 2025 2025 ASSETS Financial assets 822.2 695.9 695.1 Total non-current assets 822.2 695.9 695.1 Current assets 10.6 26.8 92.0 Cash and cash equivalents - - - Total current assets 10.6 26.8 92.0 TOTAL ASSETS 832.9 722.7 787.1 EQUITY AND LIABILITIES Restricted equtiy 298.3 233.5 233.5 Non-restricted equity 146.1 45.5 99.4 Total equity 444.4 279.0 332.9 Non-current liabilities 204.8 170.2 159.9 Current liabilities 183.6 273.5 294.3 Total liabilities 388.5 443.7 454.2 TOTAL EQUITY AND LIABILITIES 832.9 722.7 787.1 30 Sep
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Interim Report – Third quarter 2026 | 16 Reconciliation of key performance indicators Return on capital employed See Definitions of key performance indicators for the definitions of alternative performance measures. Return on equity See Definitions of key performance indicators for the definitions of alternative performance measures. Net debt See Definitions of key performance indicators for the definitions of alternative performance measures. 31 Dec Amounts in SEK million 2026 2025 2025 Profit/loss after financial items 20.2 36.6 52.4 Financial expenses according to the income statement 12.2 17.1 19.7 Total 32.4 53.6 72.1 Balance sheet total 1,009.3 1,057.1 1,065.6 Provisions and other non-current liabilities -195.7 -219.3 -188.6 Trade and other payables -272.0 -264.8 -285.6 Opening capital employed 541.6 572.9 591.5 Balance sheet total 1,288.1 1,009.3 1,005.9 Provisions and other non-current liabilities -359.6 -195.7 -192.8 Trade and other payables -253.6 -272.0 -311.1 Closing capital employed 674.8 541.6 502.0 Average capital employed 588.9 561.1 538.8 Return on capital employed (last four quarters) 8.6 10.5 13.4 30 Sep 31 Dec Amounts in SEK million 2026 2025 2025 NET PROFIT/LOSS FOR THE PERIOD 12.6 22.3 37.3 Total 12.6 22.3 37.3 Opening equity 381.8 389.1 403.0 Closing equity 454.7 381.8 387.0 Return on equity (last four quarters) 6.6 5.4 9.7 30 Sep 31 Dec Amounts in SEK million 2026 2025 2025 Current borrowing 105.2 78.7 39.5 Non-current borrowing 114.9 81.0 75.5 Total liabilities 220.1 159.7 115.0 Cash and cash equivalents 43.3 54.1 49.9 Net debt 176.8 105.7 65.1 30 Sep
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Interim Report – Third quarter 2026 | 17 Business combinations 2026 On 11 May Studsvik AB acquired 100 per cent of the shares in Kärnfull Next AB (KNXT). The purchase consideration was approximately SEK 77 million on a cash-free, debt-free basis, consisting of approximately SEK 38 million in cash and approximately SEK 38 million in newly issued Studsvik shares upon takeover, excluding potential contingent consideration. The transaction strengthens Studsvik's position by extending the company from primarily providing technical services to the existing global nuclear fleet into the development of new nuclear projects. The acquisition of KNXT broadens Studsvik’s business and enhances its capacity within project development. KNXT develops small modular reactor (SMR) projects on a technology-neutral basis and has built strong relationships with reactor suppliers, municipalities, investors and decisionmakers as Sweden prepares for a new generation of nuclear projects. In conjunction with the transaction KNXT’s team becomes part of Studsvik, thereby strengthening the company’s ability to initiate, structure and run new nuclear projects. KNXT is based in Gothenburg and employs five people. Purchase price allocation, preliminary In the purchase price allocation below, calculations of intangible assets and goodwill are only preliminary. The purchase price allocation will be finalised no later than one year after the acquisition has taken place. KNXT is a project development company, and consequently the acquisition had no effect on the Group's consolidated net sales from the acquisition date. The corresponding effect on operating profit was SEK –5.6 million. The purchase price allocation includes the value of employees with special expertise and expected synergies with the existing operations at Studsvik. The transaction costs incurred in connection with the acquisition amount to SEK 2.2 million and are reported as administrative expenses. Approximately SEK 22 million in additional shares may be paid out in stages in the period up to 2029. In addition, there are performance- based contingent considerations of a maximum of approximately SEK 150 million that will be due for payment within five years, linked to successful development and sale of project companies. 2026 ASSETS Intangible assets 84.1 Other tangible assets 7.5 Other current assets 0.1 Cash and cash equivalents 4.3 96.1 Liabilities Other liabilities -0.5 Provisions and other non-current liabilities -16.4 -16.9 Net identifiable assets and liabilities at fair value 79.2 Goodwill 33.5 Total purchase consideration 112.8 of which Shares issued, at fair value 37.4 Cash consideration 38.4 Contingent consideration, not yet paid 36.9 Total 112.8 Total consideration -38.4 Cash received 4.3 Net decrease/(increase) in cash -34.1 Fair value recognized on acquisition
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Interim Report – Third quarter 2026 | 18 Definitions of key performance indicators Certain key performance indicators used by management and analysts to assess the Group’s performance are not based on IFRS® Accounting Standards. As not all companies calculate financial measures in the same way, they are not always comparable to measures used by other companies and should therefore not be seen as a substitute for the measures defined in IFRS. The company’s management believes that these key performance indicators make it easier for investors to analyse the Group’s development. Adjusted operating profit Operating profit before items affecting comparability. Adjusted operating margin Operating profit before items affecting comparability, as a percentage of sales. A measure of the operating result before items affecting comparability. Average number of employees Average of the number of employees at the end of each month. Used to calculate other key performance indicators per employee. Capital employed Balance sheet total less non-interest-bearing liabilities. Average capital employed has been calculated as an average of the last four quarters. Shows the value of the assets associated with the operations and that contribute to generating revenue and profit. Earnings per share Profit for the year divided by the average number of shares. The average number of shares has been calculated as a weighted average of all shares in issue for the year. Used to measure the company’s earnings per share. Equity Average equity has been calculated as an average of the last four quarters. Equity/assets ratio Equity including non-controlling interests as a percentage of the balance sheet total. This key performance indicator shows the company’s long-term solvency and the proportion of assets that are equity-financed. Equity per share Equity divided by the number of shares at the end of the period. Enables shareholders to compare book value with market value. Free cash flow Cash flow from operating activities (after changes in working capital) including cash flow from investing activities. Shows the company’s cash generating capacity after operational investments. Investments Total of the acquisition of businesses/subsidiaries and acquisition of intangible assets and property, plant and equipment. Items affecting comparability Items affecting comparability are events or transactions with significant financial effects that are relevant for understanding financial performance when comparing profit for the current period with previous periods. Net debt Total long-term and short-term borrowing less cash and cash equivalents. Used to show the company’s ability to pay all debts if they fall due. Net debt/equity ratio Interest-bearing net debt divided by equity including non- controlling interests. A measure of financial risk. Operating profit/loss Operating profit or loss, earnings before financial items and tax. Operating margin Operating profit as a percentage of sales. A measure of the profit from business operations. Profit margin Profit before tax as a percentage of sales revenue. A measure of profitability. Return on equity Profit/loss for the period for the last four quarters as a percentage of average equity. The measure shows the company’s ability to generate a return on the owners invested capital. Return on capital employed Profit/loss for the period after financial items with financial expenses, fair value losses and foreign exchange losses for the last four quarters added back, as a percentage of average capital employed. This measures how effectively Studsvik generates profit from the capital tied up in the business. Sales revenue per employee Sales revenue divided by average number of employees. For interim reports the sales revenue is estimated on a full-year basis. The measure shows sales turnover for each employee and is a human resources equivalent to the asset turnover ratio. We refer to www.studsvik.com and our annual report, where more definitions and calculations of key performance indicators can be found: https://investors.studsvik.com/en/results-reports-and-presentations
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Studsvik AB (publ) • 611 82 Nyköping • Tel +46 155 22 10 00 • www.studsvik.com Financial calendar Year-end Report 2026 22 January 2027 Annual Report 2026 18 March 2027 Interim Report Q1 2027 20 April 2027 Annual General Meeting 2027 21 April 2027 Interim Report Q2 2027 16 July 2027 Interim Report Q3 2027 21 October 2027 For further information, please contact: Peter Teske, CFO Tel +46 155 22 10 00 Karl Thedéen, President & CEO Tel +46 155 22 10 00 Webcast presentation and telephone conference The interim report will be presented at a telephone conference held in English on 23 October 2026 at 10:30 CEST with Karl Thedéen, President & CEO and Peter Teske, CFO. To participate via webcast, please use the link below. Questions can be asked in writing via the webcast. https://finwire.videosync.fi/studsvik-q3-2026/register To participate via telephone conference, please use the link below. Questions can be asked verbally at the telephone conference. https://player.videosync.fi/finwire/studsvik-q3-2026/dial-in This information is information that Studsvik AB (publ) is obliged to disclose pursuant to the EU Market Abuse Regulation and Sweden’s Securities Markets Act. The information was released for public disclosure, through the agency of the contact person abov e, on 23 October 2026 at 08:00 CEST.