Thank you, and welcome to this Q4 report for 2025 and also the full year report for 2025. Just a short reminder of Studsvik: we are a services and product company serving the worldwide nuclear market.

This year we did roughly 900 million Swedish crowns in revenue. We are active in 15-plus countries, and we have more than 500 employees, with the key markets being Europe, US, Korea, Japan.

We'll go to next slide. Just also before going into results, what are we doing, and what is the market we are addressing?

We are addressing a market to the left, we have the nuclear power market, which is divided in new build, operating plants, and decommissioning. In there, we have various services, and obviously the new things over the last couple of years is the big focus on new build, which is drawing a lot of attention.

Also a lot of investments are going into the operating plants to extend the life of those to 80 to 100 years, and they were originally planned for 40 to 60 years. A lot of investments going into that.

Also, nuclear is a life cycle market, decommissioning is also constantly a market that needs to be invested in, and we are very active in that market as well. There are also other markets outside the nuclear power market that requires our infrastructure and our competence, and mainly that is in life science.

A little high level on how we divide our revenue, and this is the 2025 numbers. We have seen a bit of a shift here where Fuel and Materials and Waste Technology is now the largest by revenue and also by profit business area of Studsvik.

The second largest is Decommissioning and Radiation Protection, mainly driven out of markets in Germany, Switzerland, Belgium, and Holland. Then Studsvik Scandpower, our software business, which is 18% of our business selling software to worldwide clients in the nuclear power market.

Into the quarter four of 2025, and the quarter have shown a lot of positive signs in terms of very strong cash flow. This is continuation of the strong cash flow that we have had throughout the year, but we ended extremely strong.

We also have continued our journey with a very successful development of our Fuel and Materials and Waste Technology business area, whilst we have continued to see a more challenging market for our Decommissioning and Radiation Protection business area and comparable a bit of a weaker quarter for our Scandpower business compared to last year. We deliver significantly stronger margins than Q4 of last year and also significantly better margins than we did in 2024.

This year has really truly been a turnaround year for our profitability and setting up the company for growth. Also want to mention that the board of directors proposes to the Annual General Meeting a change in the capital allocation to support a pro-growth agenda.

As a result of that, no dividend is proposed to be distributed to the shareholders for the fiscal year of 2025. Looking into some of the key milestones for Q4 of 2025: so we continue with the financial discipline leading to strong cash flow in Q4 and full year, and that is obviously basic for any company, but we had done significant efforts and improvement in this area throughout 2025.

We end the year with a strong quarter and full year for the business area Fuel and Materials and Waste Technology, leading to one of the strongest results to date in the company's history for this business area. This business area is obviously predominantly serving the lifetime extension market, but also to some extent testing for the SMR market.

Good proof on that we're getting a good share of the new investment at that area. We have received a new large shareholder in Segra Capital.

Close to 10% of the company's shares is now owned by Segra. Segra is a well-known fund in the US specifically focused on the nuclear market.

Adam Rodman, who's one of the founders there, is also now part of our board. We see that as a good sign that there is a trust in what we're doing and also a lot of focus to support our growth journey, not to say the least in the US market.

We have also seen the appointment of Julia Pyke, who has a long background from the UK nuclear market, most recently as MD for the Sizewell nuclear power plant. We see this as very, very important with her broad knowledge, but also specifically that we can grow and get support from her to do more in the UK market.

Anders Berg, with a strong background from Uniper, joined us already in Q4. We have received a new order from RoPower, which is the Romanian power utility, for our core fuel software, and they are working with the NuScale, an SMR vendor, to build out SMRs in the Romanian market.

Last, but not least, we secured a very large order for fuel testing with the South Korean KEPCO Nuclear Fuel, KNF, which is one of the four dominant nuclear fuel manufacturers or vendors in the world. This test is focused on ramp testing to enable nuclear power plants to be more flexible so you can take the power up and down in much more efficient way.

That is very important if you're going to have a mix of wind, solar power, and hydro, as we have in many of our grids that we support. The deliveries of this order will start this year, but will continue for three years from now.

Very important order, and also another sign of their investment to modernize and make the nuclear power plants more effective going forward. If I then go a little bit into our three business areas, as I mentioned, Decommissioning and Radiation Protection, we see competitive market situation that remains.

We have taken measures to change some of how we run that business. We see a better sign going into 2026, specifically in the area that has been most challenging, in dismantling, which is cutting of steel and concrete structures.

We are also moving more of our efforts into radiation protection and moving away from decontamination. By those measures, we hope and believe that our profitability will be significantly better in 2026.

It's been a challenging year in '25 and also in Q4. If we go into Fuel, Materials, and Waste Technology, once again, a very strong year.

We also see a continuous momentum in this business with strong order backlog and continued high level of customer engagements. The KEPCO order from Korea is a very good sign of that.

We also have increased interest from companies developing SMRs for material and fuel testing. With our unique competence and facilities, we see that this market has a very solid journey ahead.

If we then go to Studsvik Scandpower, where we deliver predominantly our core fuel software, which is used by more than 50% of the light water reactors in the world, we reported weaker sales in this quarter compared to the same period last year. We should then know that last year was a very strong quarter for this business area, and it's also a very seasonal business.

When the license sales hits us, we are having strong quarters, and we have less of license sales, we have less strong quarters. However, I'm happy to see and say that we maintained our profitability almost for the full year, but obviously this quarter was weaker than the very strong year of 2024.

On Black Star Tech, which is the safety system solution that we acquired out of Constellation Energy a year back, we have taken more orders in Q4. Many of these orders are with important customers, i.e., large potential customers, but the initial orders are of small scale.

We are now also building a new organization to handle Black Star Tech going into 2026. We are still positive about the forecast for Black Star Tech to support both SMRs and new build, but also modernize the existing fleet.

With that, I will hand over to my CFO, Peter. Please.

Thank you, Karl. I will walk you through the financial performance of our three business areas, and after that, I will talk about the group results and our cash flow.

I will start with our business area, Decommissioning and Radiation Protection Services. We see that the sales in both the quarter and the full year is lower compared to last year.

In local currency, it's a decrease in the quarter of 13.8% and 5.5% for the full year. As well, we see the decrease in sales has a negative impact on the margins and operating profit.

We see that profit for the full year is 18.1 million less compared to 2024. The quarter and the full year were characterized by continued tough competition and a strong cost focus among our customers, and that continued to limit our opportunities for additional sales.

That's a a consequence of that is that our margins and profits are lower than compared to last year. With that said, we have a clear focus on turning this business around.

For example, during 2025, we have adopted a new internal organization to much better match the current market conditions. We have done changes in the management and also in the organization structure.

We have recruited new people, as well as reduction of headcount in the unprofitable areas. Therefore, we have also an restructuring cost for about 1 million during the Q4 2025.

On average, the business area during 2025 has approximately 24 less employees during the same during compared to 2024. If we then move on to Fuel, Materials, and Waste Technology, we see that the sales for the quarter amounted to 106.1 million, and for the full year, 319.7 million, which in local currency is an increase in the quarter of 13.2% and the full year of 9.6%.

The sales growth in both the quarter and the full year was driven was driven by a continuous work with our productivity. For example, we implemented a two-shift operations in part of the production, and we had a favorable product mix.

The operating profit for the for the quarter amounted to 20 million SEK, and for the full year, 62.9 million. Worth mentioning here is that in Q4 last year, we had 11.9 million SEK of items affecting the comparability.

We see the improvements in the margin compared to 2024 reflects our implemented cost efficiency program. We have improved our purchase routines, and also we had a high utilization rate within the organization.

Overall, this business area has done a really good turnaround, and as Karl mentioned, shown one of the best results ever. Then if we go to Studsvik Scandpower, the sales at Studsvik Scandpower didn't reach the high level compared to previous years, with lower sales and lower earnings in the quarter.

This underlines the seasonal variation that characterize the business area. In local currency, it's a decrease of 18.9% for the quarter and a decrease of 4.3% for the full year.

We see that sales of Black Star Tech products remained low during the quarter, as well as full year. However, the negative impact on the overall profitability of the business area is limited.

We see that the underlying core business remains stable, and we are continuously focusing on the profitability while managing the seasonal seasonal revenue patterns. That was our three business area.

If we then move on to the group results and looking first at the group net sales, we see that the fourth quarter, the sales in the fourth quarter amounted to 222.9 millions compared to 247.4 million last year. In local currency, that corresponds to a decrease of 4.4%.

As we as you've seen before, that the decline is mainly driven by lower sales within Decommissioning and Radiation Protection Services, as well within Studsvik Scandpower. This was partly offset by the strong performance in Fuel, Materials, and Waste Technology.

If we then look on the full year sales, we see that the sales amounted to 883.3 million, which is less than last year, but there on the top line, we have a FX exchange rates effect, a FX effect, sorry. In local currency, it corresponds to an increase in 1.1%.

The full year sales growth is primarily driven by the strong development within Fuel, Materials, and Waste Technology, which increased the sales by 9.6% compared to 2024. We see also that in 2025, it's the biggest business area within the group, both in terms of net sales and operating profit.

If we then move on to look at our profits for the Q4 and the full year 2025, we see that the operating profit increased in the fourth quarter to 18.4 million compared to 1.6 million last year. This corresponds to an operating margin of 8.2% compared with 0.7% in the prior year.

Improvement in the quarter is mainly driven by Fuel, Materials, and Waste Technology. For the full year, the operating profit amounted to 68.6 million compared to 26.8 million last year.

We see also the increase in the operating margin, it goes from 3% up to 7.8%. The improvement in profitability is driven, as we said before, by the strong performance in Fuel, Materials, and Waste Technology.

We have strengthened our financial discipline, we have increased the cost awareness within the full organization, and then we have some one-off positive items, for example, the exchange rates affected by some remeasurements of the balance sheet items. We see also that the tax efficient efficient tax rate is 28.6%, and that's that's because we have some companies within the group that reported losses without without deferred tax can be capitalized.

Finally then, if you look on the sorry, on the free cash flow for the Q4 and 2025 full year, we see a strong development in the free cash flow because it amounted to 42.7 million compared to 18.8 million the Q4 last year. For the full year, it's amounted to 98.3 million compared to minus 78.1 million last year.

This significant year-on-year improvement reflects a stronger earnings, better control of our investments, and also that we did an acquisition during 2024. We have also increased our focus on the working capital, particularly on our accounts receivable, and that's really improved our that's really contributed to our improved cash flow.

We see also that during the year, we have amortized 23.5 millions of our bank debt, and as a result of the strong cash flow, the net debt was reduced to 65.1 million. As Karl mentioned, the board of directors proposes to the Annual General Meeting a change in the capital allocation to support a pro-growth agenda.

As a result, no dividend is proposed to be distributed to the shareholders for the fiscal year of 2025. If we look on the financial targets, we have the three financial targets, and you see our performance 2025 and 2024.

With that said, I will hand over to Karl.

Thank you, Peter. We go a little bit outlook to the external market.

Here you have a snapshot of some of the press that we have seen throughout the year. If we start to the left, it's some articles about our home market.

Now Sweden is never going to be the biggest nuclear market in the world, but for us, it's very important to have a strong home market with a lot of developments, both in long-term operation and in new build. We definitely see that happening in Sweden, and as Vattenfall announced their ambition to build new power plants at the Ringhals site.

We also have seen other big investments and ease-off of regulations in the US. We have seen a plan by 38 countries, I think, to triple the world nuclear power until 2050, and even countries that haven't had nuclear, like Denmark and Norway, are setting plans to do that.

In general, a very strong market. Also want to push on the German announcements on fusion.

Fusion is have similar demands on our services for the software, for material testing, for waste handling, for decommissioning. We are engaging and having a lot of discussions also in the emerging large fusion market that is happening throughout the world.

Small modular reactors, SMRs, and sometimes also AMRs, advanced modular reactors, is just the difference if it's light water or another more modern way or so-called fast reactors. This is a market that is emerging.

We have seen announcements in Czech Republic, in the UK, in the US, in Sweden, and in many other markets that this is a new way to build: more efficient building, you get a smaller units that can also be more flexible in the grid. We definitely see that this market is going to take a significant part of the nuclear power market, and we are well-positioned to be there and emerge and increase our business.

Here is just a snapshot of all the SMR vendors that we see in the market. Many of those, we already have contracts with either for material testing, for fuel, or for our software, and we continue to push into this direction, and we're going to have more efforts going into 2026 with these.

Final comments: successful year and the start of the transformation. We have to remind ourselves that this market, the nuclear market, was very stable, no growth a couple of years back, and now it's a pretty fast for our industry change in the sentiment.

We are adapting and transform our company to really take advantage of that change. We have a quarter and a full year with strong cash flow, significant new contracts, acquisitions in a growing market.

We have obviously the Fuel, Materials, Waste that is going really, really strong this year, the best ever. We have a lot of incoming and outgoing calls with customers, significant amount of investor calls, and we are much more present at seminars, investor conferences, and trade fairs than we have been in the past.

We have strong interest, we haven't talked so much about this in this call, for our in-drum waste solution for reduction of radioactive waste. We had 50 customers coming to our site in Sweden to review the demo site we have for this.

We continue to see this as a strong innovation with strong customer interest that we will benefit from over mid to long term. Growing demand and renewed interest from energy companies and government solutions, creating the long-term opportunities.

We have a new board and investors that is strong, and we have a growth agenda set together with the management team. We are turning around this company to be much more focused on customers, markets, and supporting that with our strong offerings.

We have set a strategy, and we will come back to that later throughout the year. This is our strategic house, and maybe most important is the third floor here, where we focus on market expansion, product services and innovation expansion, and M&A and portfolio management to really take the three still relevant business areas forward and expand more.

You can see some of the areas there. US will become increasingly important for us to become bigger.

It's not our biggest market now, but it should be over time. To really advance and do more on our software, where we have the entry ticket, is also a key pillar of our strategy.

Also our site here in Sweden is generating significant interest from different players that want to work with us with our services, products, and our access to a nuclear site. Here you see some examples of those discussions.

Everything from deploying SMRs to building a Nordic isotope center, to expand our hot cell operations, to build waste management with the in-drum, to put fusion test facility here, or data center for secure data handling and managing of our software. The vision and the outlook for Studsvik is very bright, and this is also one way to visualize that it will happen a lot of things at our site.

With that, I would hand over to the operator and take questions. Thank you.

Hi, guys. Just a few questions from me.

Firstly, on profitability, which was much stronger than last year despite sort of lower top line and FX headwinds, that seemed to be mainly driven by lower costs, which were down almost 17% year-over-year despite adding the Black Star Tech business. My first question is, are there any sorts of one-off or timing-related effects there?

Second, would you say the sort of cost savings you've been targeting this year is now fully reflected in the financials, or should we sort of expect continued improvements and efficiency gains moving forward?

Thank you, Caleb. Good question.

I would say that we're always looking at our costs, we are running the business as so efficient as possible. What we've done during 2025 is put a little bit more focus on that area, and we will continue to do that during next year as well.

One-time effects?

Yeah. We had one-time effects, and as always in this type of business, we have FX this year.

The 2024 was some negative effects as well. There is some one-off items during this year.

Can you give just roughly how big are those one-off items?

I would say around 10, 15 millions around that during this year.

That's clear. Thank you.

Second, on the cash flow, which was also a lot better year-over-year, a lot of that seems to be explained by working capital improvements, which was a positive contributor this year, was roughly 34 million compared to minus 15 last year, and you sort of alluded to the biggest difference being accounts receivables. Can you give some color on what you've actually done there and how much of that sort of working capital improvement we can extrapolate?

I would say that what we've done during the year is go back to the basics in terms of working capital, to just be closer to our customer, be closer to our vendors, and make sure that we pay the invoices at right time, and that our customer pays the invoices on the right time. Then during 2025, we also had some positive effects we received a grant from Energimyndigheten, for example, and that will have a positive effect on 2025 that, yeah, will have a slightly negative effect on this year 26.

That's clear. On the new service agreements with KNF and SDK, how soon will we start delivering on those, meaning when will it sort of start to be reflected in the earnings?

Could you give us some sort of indication as to how big that contribution could be?

These contracts are sizable, but they are distributed over quite a few years. There are transportation, there's irradiation in a nuclear power plant in Belgium involved in this.

The revenue here will be distributed over the next 3 years. I wouldn't say it's materially impacting, as I look now on the FMWT revenue.

Having said that, as we stated in the report, we have strong backlog, we have a lot of customer engagement. We have growth in FMWT of 10% this year.

Obviously, these kind of contracts are important to continue to see the growth opportunities and the profitability improvements in this business. It is sort of material in one way, but not in another way.

It's not that we take the full revenue in 1 year. It's also strategic to show that we are a significant vendor to a fuel manufacturer on the other side of the globe states something about our competence and our facilities.

Thank you. On Black Star Tech, you sort of mention seeing opportunities for larger volumes in '26.

Can you give some more color perhaps on or maybe a range on what sort of contribution we could be talking about?

Black Star Tech is in its build-up. We have the product today is certified for the US market.

We will continue to run that. We will launch it, have sort of European certifications in the second half of this year.

I foresee that to become 10%, 15% of the Scandpower revenue over time. It is a bit tricky to judge the volume pick-up on this.

We typically take test agreements or smaller agreements, and then it's up to the customer to get to know the products and then start to build volume. A little bit difficult to forecast, but we definitely see it should be contributing significantly better than we have seen in 2025.

It's been a bit of a slow start, as it typically is. We took over technology, we didn't take over sales force, we didn't take over that many contracts, we are in building mode of the sales and go-to-market model.

Maybe a follow-up on that. How long do you think that sort of ramp-up to getting to 10%, 15% of Scandpower revenue will take?

I think we will see that later this year or going into next year that we'll get those kind of volumes. The long-term view on this that this should have the possibility to become 10% of our total revenues, but that will take longer time.

This is when we get into the bigger volumes, and we start selling big portions of these batteries and software to go with it. That is significant orders.

That's clear. Thank you.

Just one last question on the sort of proposal to scrap last year's dividend. You already have a mandate to issue shares corresponding to 10% of the total, which would be somewhere around 250 million.

Why scrap the dividends given that it's relatively small in size compared to that? Should we interpret that as you intending to be very aggressive on the acquisition side this year?

It's obviously a proposal from the board to the AGM. As management, we think it's good and prudent.

I think it's good for the shareholders to use cash for the growth agenda that we set, for M&A, for other investments in organic growth. I definitely think that this is the right thing for the company to do at this stage.

We are driving an active M&A agenda where cash at hand will be important, but also working with equity will be important. All in all, I think this is the right thing to do for the company and for our shareholders.

That's all for me. Thank you.

Thanks.

Hi, Lara here. Just a couple of questions from my end.

You previously touched on the profitability a bit with Caleb on the one-offs. If we just solely focus on the Fuel, Materials, and Waste Technology segment, which had a standout quarter in terms of margins, do you see this as a sustainable margin going forward?

Obviously, you said there are one-offs, but how much would you say is a temporary mix in projects, or what I'm trying to ask is what is permanent improvements?

This is a business area that I took over when I started as CEO as well, and I think the first question I asked myself is what is the competitive situation here. Actually, it is very favorable for us.

There are very few opportunities to do what we do for our customers elsewhere. All other sort of these kind of labs are state-owned.

They can't promise timelines, they can't promise exactly what the quality, and with our labs and our competence working with these international customers, I think we have a very good position. We have to some extent used that to make sure that we get more favorable payment terms, and also that we get more favorable margins.

I definitely think in this market environment that those margins are sustainable.

Very clear. Thank you.

On Decommissioning, unfortunately, it swung to an operating loss in the quarter, and you mentioned some actions you're taking to improve the profitability. What's the timing of this margin recovery through 2026?

I think it will come through 2026. It's also some seasonal variation here, I don't think it will be a strong recovery in Q1, but when we go into Q2, we should see more of that.

We should say that we have had most of the people in this business working for clients, but revenue per clients have been tougher, there's been no overtime, and specifically in dismantling, we have had some stop times, if you like, that has not been favorable. We do see that the transition we're doing now should pay off into I wouldn't say the best year for DRPS, but a significantly better year for DRPS going into 2026.

That is a pick-up that will happen throughout the year.

Very clear. IBS, well, it added some revenue, but modestly.

What would you say is the integration status, and what should we expect in terms of margin profile when IBS fully ramps up?

I think you should consider IBS as part of the change we will see in DRPS. We have maintained a decent business with IBS, but we haven't succeeded to really get it into the bigger opportunities, specifically Germany.

That is a very high focus now, and we have changed some of the organizational setup. I don't think you should view IBS that separately.

It will be one very key part of the improvement of margin for DRPS.

Okay. On Scandpower, well, there's seasonal variations in that segment, as but would you say is that the only reason?

Beyond the seasonal variations, are there delayed licensing deals or maybe shifts in customer spending patterns, maybe other things that we should be concerned about for the first half of 2026?

No, I think you should continue to view this as a business that is to some extent a bit difficult to forecast exactly when these licenses hit us. You should continue to see seasonal variations throughout 2026.

We do see a good demand. We will also release some new products into this area, we are definitely positive about the business.

It is tricky to exactly say how these deals comes in, which have a big swing specifically on profitability quarter-by-quarter.

Great. You've mentioned SMR software wins, including the one in Romania.

What would you say in terms of competition, as you've mentioned that there's been market momentum, but is the competitive landscape changing in this segment?

We have to view what the SMR is today. The predominant discussions with SMR is to use our software for their development, going into their licensing activities, and going into their operating activities.

We are now somewhere between development and licensing. Specifically for development, the competition here that they can use open source and other tools to play around with as they develop different concepts.

When they go into licensing, they need to work with proven software to prove their case. That's when they need to talk to us.

Then obviously, as they start operating plants, they need to make sure typically the utilities will then demand software that they are used to work with. The initial phase where we're in now is very much a positioning phase to make sure we get into as many vendors and sort of products as possible, moving then to licensing and after that into operations.

We are in a build-up phase, which is a very important build-up, of course. We have to view SMRs that 50, 100, 150 SMRs going to be built over the next 15 years, and then it's very important for us to make sure that we are in a very high share of those our software is running.

Great. That was all from my end.

Thank you very much.

Thanks.

Hi, thank you for taking my question. I want to say I've been positively surprised by the recent changes in shareholder base and the board, which actually feels like a real step forward, no?

Building on that, and let's say fully supporting the decision to prioritize growth over dividends, is it possible for you to share which growth initiative you believe will be the most value-accretive for the next 12 24 months, and how this will somehow strengthen your long-term earning power? Thank you.

Thank you, good question. We have several initiatives as I sort of flipped through my strategic house there.

If you take the US, we can start that. There we're investing in a bigger sales force.

We're investing in Black Star Tech go-to-market. If we then go to the other discussions we had around software, we are in discussions with several large clients about software in adjacent areas to what we already do, and as those innovations and discussions carries on, we will need to invest into organic development resources to do that, so that's software development.

We also obviously see M&A. We carry an M&A funnel.

We have a very good and strict process for that, and that will deliver I hope one to two M&A cases throughout this year that will be value-creative. All in all, I think that we have quite a few of those kind of initiatives, both organic and inorganic, that we are basically doing as we speak, and they will require investments and also during this year that I obviously hope and believe are value-creative for our shareholders.

Fantastic. Do you see room to strengthen investor communication and digital visibility as your strategic relevance increases?

Obviously, that is a key priority. I don't know for how long you have followed the company, but I took over a company that was basically having a very low profile on the stock market.

I think we are doing things to improve that. We have a lot of inbound investor call requests as we speak, and we are more present in investor seminars and so on, and also on trade fairs, whatever.

This is something we are looking into, and we need to do more, of course, with our communication also on social media. Thank you for pointing it out.

I think

we have done a lot, and we know that we need to do more.

Appreciate. Thank you very much.

Thank you.

I think we have no written questions, with that, thank you for listening, and we look forward to speak to you again in April timeframe when we release our Q1 report. Thank you.