A satisfactory first half year 2024

Quarter in brief

Operating profit for the Group for the first half of the year was SEK 25.7 million compared with SEK 21.9 million in the previous year.
Studsvik signed an agreement to acquire all the shares in Extrem Borr och Sågteknik SP AB with effect from 1 July 2024.
During the quarter the Waste Management Technology business area signed a strategic partnership agreement with Uniper, an international energy group with operations in more than 40 countries.

The group in summary

	Q2		Jan-Jun	Jan-Dec
	2024	2023	2024	2023	2023
Net sales, SEK million	235.5	213.6	444.9	402.4	826.0
Operating profit, SEK million	13.7	12.0	25.7	21.9	73.4
Operating margin, %	5.8	5.6	5.8	5.4	8.9
Profit after tax, SEK million	9.6	5.1	18.1	14.3	48.6
Free cash flow, SEK million	-22.3	33.8	-40.9	35.4	51.4
Net debt, SEK million	90.4	-36.4	90.4	-36.4	31.0
Net debt/equity ratio, %	22.4	-8.2	22.4	-8.2	8.0
Profit per share after tax, SEK	1.17	0.62	2.20	1.74	5.91
Equity per share, SEK	49.04	54.25	49.04	54.25	47.36

CEO' s comments

Increased interest in nuclear pow er

In the second quarter a number of multinational nuclear power initiatives attracted considerable attention. These provide great opportunities for Studsvik to contribute to the competence building and applied research needed to expand nuclear power safely and efficiently.

The OECD's Nuclear Energy Agency project, which is run by the Halden Reactor Project and Studsvik, was highlighted during the spring for its international collaboration in the development of reactor technology and safety. The "Studsvik Cladding Integrity Project" (SCIP) recently celebrated 20 years, and interest in the "Studsvik Material Integrity Life Extension" (SMILE) project is increasing. France has recently joined as a member and is widely represented by government, fuel manufacturers and nuclear power producers.

Camilla Hoflund President/CEO

Ebba Busch, Sweden's Minister for Energy, Business and Industry, visited Studsvik at the end of May. We discussed the government's "Roadmap for New Nuclear Power in Sweden" and how Studsvik can contribute to increased competence development both in Sweden and internationally. This reinforced our feeling that the government wants to actively drive the development towards new nuclear power.

At this year's Almedalen Week, a meeting place for political dialogue, many players in the nuclear power industry demonstrated an extraordinary concerted effort. The focus was on expanding nuclear power to achieve a future fossilfree and stable energy mix. There is consensus –both politically and within the industry – that decisions now need to be taken to achieve the government's goal of increasing nuclear power capacity. The nuclear power industry's economic conditions for investments in new nuclear power must be established and, to this end, a government investigation is under way to find a model for financing and risk sharing. In parallel with this, how the permit and licensing process can be streamlined is also being explored.

In June I also participated in the panel discussion "Nuclear Communications on the Global Stage: COP and Beyond" for the American Nuclear Society (ANS). Here the same question is being discussed – how the pace of new nuclear power can be increased in order to succeed in the green transition.

Earnings trend

We increased sales, operating profit and margin alike in both the second quarter and the first half of the year compared with the previous year.

Within Decommissioning and Radiation Protection Services, revisions and maintenance work in Switzerland and the Benelux countries contributed positively to the result, although we are not quite reaching the same level as in the same quarter last year.

Work is under way to speed up the delayed regulatory permits for fuel transport in Europe, as mentioned previously. It is too early to speculate when the permits may be in place.

The licence agreement signed at the beginning of the year with a major US energy company is expected to have a positive effect during the latter part of the year.

The Waste Management Technology business area is in the process of establishing the inDRUM demonstration facility atour plant outside Nyköping. It will be ready in September and several potential customers are booked in for visits during the year to see the facility in operation.

New initiatives and Studsvik's role in future nuclear pow er initiatives

We are very pleased to report that during the quarter we acquired Extrem Borr and Sågteknik SP AB, a well-established high-tech segmentation company in the Swedish nuclear power industry which operates both within and outside Sweden. Together with the Decommissioning andRadiation Protection Services business area, we can now offer our customers a complete service in the area of decommissioning.

The initiatives for new nuclear energy on Studsvik's site are ongoing, but it is still too early to say whether the technical and geological conditions are suitable for conventional reactors and/or SMRs.

During the quarter Studsvik participated in several external dialogues regarding the need for a national research and competence centre. This means that we are now in an even better position to support ongoing nuclear power initiatives, both in Sweden and internationally.

Financial performance

Sales

Sales in the quarter amounted to SEK 235.5 (213.6) million and for the first half of the year to SEK 444.9 (402.4) million. In local currencies this is an increase of 10.0 per cent and 10.3 per cent respectively.

Profit

Operating profit for the quarter increased to SEK 13.7 (12.0) million and for the first half of the year amounted to SEK 25.7 (21.9) million. A portion of the revenue from the property sale that took place in 2023 was recognized in the first half of the year, making a positive contribution to the half-year result of SEK 2.3 million. The operating margin for the quarter was 5.8 (5.6) per cent. The operating margin for the first half (excluding sales) was 5.3 (5.4) per cent.

Cash flow

Free cash flow for the quarter was SEK –22.3 (33.8) million and for the first half of the year SEK –40.9 (35.4) million. The lower cash flow in the quarter is due mainly to increased capital tied up in customer projects within Fuel and Materials Technology and investments within the Group. The Group's working capital has also been affected by increased complexity with trade in China.

Investments

Investments amounted to SEK 23.2 (9.5) million for the quarter and are mainly related to replacement investments in the Fuel and Materials Technology business area and the configuration of an inDRUM demonstration facility within Waste Management Technology, which will begin operating in September. Accumulated investments for the half-year amounted to SEK 35.5 (18.2) million.

Financial position and liquidity

The increase in capital tied up and increased investment levels affected liquidity in the first half of the year. Cash and cash equivalents amounted to SEK 58.3 (96.5) million at the end of the quarter. At the end of the quarter the Group in addition has an unused portion of an overdraft facility amounting to SEK 31 million. In the same period last year, the overdraft facility was unused. The share dividend for 2023 of SEK 16.4 million was paid out during the quarter.

The Group's net debt at the end of the period amounted to SEK 90.4 (–36.4) million.

At the end of the quarter the net debt/equity ratio was 22.4 (-8.2) per cent and the equity ratio was 39.5 (44.6) per cent, which is in line with our target of a 40 per cent equity/assets ratio.

Business areas

Decommissioning and Radiation Protection Services

Sales for the quarter amounted to SEK 102.2 (94.4) million and for the first half of the year to SEK 183.4 (177.0) million, which in local currencies is an increase of 7.8 and 3.0 per cent respectively. A factor contributing to the increase in the second quarter is the revisions and maintenance work carried out in Switzerland and the Benelux countries.

Operating profit for the quarter decreased to SEK 7.3 (7.9) million, representing an operating margin of 7.1 (8.1) per cent. Operating profit for the first half was SEK 9.9 (14.0) million. The reduction in profit is a consequence of the fact that the revisions work began later than in the previous year.

The acquisition of Extrem Borr and Sågteknik SP AB supplements the business area very well and is expected to have a positive impact on earnings already in 2024.

Operating profit, MSEK

The Decommissioning and Radiation Protection Servicesbusiness area is a leading supplier of services to the nuclear power industry in radiation protection, decommissioning,decontamination and engineering. 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. The work is carried out at the customers' facilities around Germany and to some extent also in Switzerland, the Netherlands and Belgium.

Fuel and Materials Technology

Sales increased in the quarter by 26.1 per cent to SEK 91.1 (72.5) million and for the first half of the year by 23.2 per cent, amounting to SEK 180.3 (146.7) million. The increase for the business area is partly explained by production disruptions at the plant and delayed regulatory permits for transport during the first half of the previous year.

Operating profit for the quarter amounted to SEK 7.4 (2.8) million and for the first half to SEK 22.6 (12.9) million. The operating margin was 8.1 (3.8) per cent for the quarter and 12.5 (8.8) per cent for the first half.

The first half of the year includes revenue from the property sale carried out in 2023, amounting to SEK 2.3 million.

The business area has been issued with an injunction from the Swedish Radiation Safety Authority regarding the retrieval of radioactive waste from Forsmark. The injunction has been appealed to the administrative court.

Operating profit, MSEK

The business area offers services in nuclear fuel qualification, analysis of material, research on final disposal, packaging of medical isotopes and advanced consultancy services. Testingand analysis operations are conducted at Studsvik's facility inSweden, sometimes in collaboration with international partners. We provide solutions to our customers by combiningour expertise, unique facilities and external networks.

Business areas

Scandpower

Sales decreased during the quarter to SEK 39.4 (41.2) million and increased the first half of the year to SEK 74.0 (67.7) million.

In local currencies this is a decrease of –5.3 per cent for the quarter and an increase of 8.7 per cent for the first half.

Operating profit decreased to SEK 5.2 (6.9) million for the quarter and to SEK 6.1 (6.9) million for the first half of the year, which represents an operating margin of 13.2 (16.8) per cent and 8.2 (10.3) per cent respectively.

The agreement signed with one of the leading energy companies in the US is expected to have positive results later this year, when milestones are reached for the installation of the GARDEL core monitoring system.

Operating profit, MSEK

The Scandpower business area is a world-leader in development and support of software for reactor analysis that is independent of fuel suppliers. We offer a complete suite oflicensed software and engineering services. Our products are used throughout the world for reactor fuel and core construction, analysis and operational support.

Waste Management Technology

Sales for the quarter amounted to SEK 8.0 (8.3) million and for the first half of the year to SEK 16.0 (16.3) million, which is a decrease of -3.8 and -2.2 per cent respectively in local currencies.

The operating result for the quarter was SEK –1.3 (–1.4) million and for the first half SEK –3.6 (–4.0) million.

During the quarter the delivery of engineering services under ongoing licensing agreements was delayed somewhat and has been shifted forward in time. The demonstration facility for Studsvik's patented inDRUM technology is to go into operation on the Studsvik site in September.

Studsvik has signed a partnership agreement with Uniper covering waste consulting and inDRUM technology. By combining our respective strengths, we can provide a complete value chain for the decommissioning of nuclear facilities with a focus on safety, efficiency and quality.

Operating profit, MSEK

The business area offers licensed technical solutions to stabilize and reduce the volume of radioactive waste before intermediate storage and final disposal. The technical solutions are offered together with engineering services so that our customers can operate the facilities themselves. We alsoprovide expertise to optimize customers' waste managementduring operation and decommissioning.

Other

Parent company

Operations in the parent company consist of coordination of the Group. Sales in the quarter amounted to SEK 2.4 (2.2) million and for the first half of the year to SEK 4.9 (4.3) million. The operating result for the quarter was SEK –4.9 (–4.0) million and for the first half SEK –9.9 (–6.6) million.

Pre-tax profit for the quarter was SEK –6.4 (5.9) million and for the first half SEK 9.3 (4.4) million. Net financial items include remeasurement of intra-group loans at SEK –1.6 (8.4) million for the quarter and at SEK 8.0 (8.5) million for the first half. At the end of the first half of the year, cash and cash equivalents including current investments amounted to SEK – (22.3) million, of which blocked funds amount to SEK – (7.6) million. Interest-bearing liabilities were SEK 134.7 (41.5) million.

Shareholders

Information on our shareholders can be found at: https://www.studsvik.com/investors/the-studsvik-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://www.studsvik.com/investors/financial-reports/

Events after the balance sheet day

On 1 July 100 per cent of the shares in Extrem Borr och Sågteknik SP AB were acquired. The annual sales amount to approximately SEK 30 million and the company had 8 employees at the time of the acquisition on July 1st.

Accounting policies

Studsvik applies International Financial Reporting Standards (IFRS) as endorsed 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 Financial 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 2024 that were not already applied when preparing the annual report for 2023 have had any material effect on the accounts.

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.

This report has not been reviewed by the company's auditors.

The interim report provides a true and fair view of the operating activities, financial position and earnings of the Group and the parent company and describes significant risks and uncertainties to which the parent company and the companies comprising the Group are exposed.

Nyköping July 23, 2024

Jan Bardell Chair

Anna Karinen Deputy Chair Jan Barchan Member

Agneta Nestenborg Member

Erik Strömqvist Member

Jitka Zakova Employee representative

Per S Ekberg Employee representative

Camilla Hoflund CEO and President

Financial reports

Consolidated statement of profit or loss and other comprehensive income

	Q2		Jan-Jun	Jan-Dec
Amounts in SEK million	2024	2023	2024	2023	2023
Net sales	235.5	213.6	444.9	402.4	826.0
Cost of services sold	-182.5	-165.0	-342.6	-314.0	-616.4
Gross profit	53.0	48.6	102.4	88.4	209.7
Selling and marketing expenses	-14.6	-13.7	-28.6	-25.1	-52.9
Administrative expenses	-22.2	-21.1	-42.4	-39.3	-78.9
Research and development costs	-3.6	-3.0	-7.1	-5.7	-11.9
Impairment loss on trade receivables	-	-	-	0.0	0.2
Share in earnings from associated companies	-0.0	-0.1	-0.1	-0.2	-0.4
Other operating income	1.5	2.1	5.8	6.5	13.4
Other operating expenses	-0.4	-0.8	-4.2	-2.7	-5.7
Operating profit	13.7	12.0	25.7	21.9	73.4
Financial income	1.5	0.9	6.8	1.0	1.1
Financial expenses	-3.1	-3.2	-9.6	-7.8	-16.1
Profit/loss before tax	12.2	9.7	22.9	15.2	58.4
Income tax	-2.5	-4.6	-4.8	-0.9	-9.8
NET PROFIT/LOSS FOR THE PERIOD	9.6	5.1	18.1	14.3	48.6
Other comprehensive income for the period Items that may later be reversed in the income statement Translation differences on foreign subsidiaries	-4.0	17.1	13.9	18.3	-7.9
Remeasurement of defined benefit pension plans	-	-	-	-	1.0
Income tax on items recognized in other comprehensive income	0.3	-	-1.7	-	1.0
Other comprehensive income for the period, net after tax	-3.7	17.1	12.2	18.3	-5.9
Total profit/loss and other comprehensive income for the period	5.9	22.2	30.3	32.6	42.7
Income for the period attributable to
Parent company's shareholders	9.6	5.1	18.1	14.3	48.6
Total comprehensive income attributable to
Parent company's shareholders	5.9	22.2	30.3	32.6	42.7
Earnings per share calculated on income attributabel to the parent company's shareholders during the period, SEK	1.17	0.62	2.20	1.74	5.91
Earnings per share	1.17	0.62	2.20	1.74	5.91

Group statement of financial position, in summary

	30 Jun	31 Dec
Amounts in SEK million	2024	2023	2023
ASSETS
Intangible assets	207.1	214.7	200.7
Property, plant and equipment	261.4	226.3	237.4
Other non-current assets	212.8	211.4	211.4
Total non-current assets	681.3	652.4	649.4
Inventories	14.1	6.3	16.3
Trade receivables	147.4	148.3	141.7
Other current receivables	118.5	96.7	102.0
Cash and cash equivalents	58.3	96.5	97.8
Total current assets	338.2	347.8	357.8
TOTAL ASSETS	1,019.5	1,000.1	1,007.2
EQUITY AND LIABILITIES
Equity attributable to the parent company's shareholders	403.0	445.9	389.2
Total equity	403.0	445.9	389.2
Liabilities to credit institutions, long-term	64.7	58.2	29.5
Provisions and other non-current liabilities	206.1	222.3	216.9
Total non-current liabilities	270.8	280.5	246.4
Trade and other payables	261.7	271.7	272.3
Liabilities to credit institutions, short-term	84.0	2.0	99.3
Total current liabilities	345.6	273.7	371.6
TOTAL EQUITY AND LIABILITIES	1,019.5	1,000.1	1,007.2

Changes in equity, in summary

Amounts in SEK million	Share capital	Other contributed capital	Other reserves	Retained earnings	Equity attributable to the parent company's shareholders	Non-control ling interest	Total share holders equity
Opening balance at January 1, 2023	8.2	225.3	68.8	133.7	436.0	-	436.0
Changes January 1 - June 30, 2023
Other comprehensive income for the period	-	-	18.3	-	18.3	-	18.3
Acquisition of non-controlling interest	-	-	-	-6.1	-6.1	-	-6.1
Dividend	-	-	-	-16.4	-16.4	-	-16.4
Net profit for the period	-	-	-	14.3	14.3	-	14.3
Closing balance at June 30, 2023	8.2	225.3	87.1	125.4	445.9	-	445.9
Opening balance at January 1, 2024	8.2	225.3	62.9	92.9	389.2	-	389.2
Changes January 1 - June 30, 2024
Other comprehensive income for the period	-	-	12.2	-	12.2	-	12.2
Acquisition of non-controlling interest	-	-	-	-	-	-	-
Dividend	-	-	-	-16.4	-16.4	-	-16.4
Net profit for the period	-	-	-	18.1	18.1	-	18.1
Closing balance at June 30, 2024	8.2	225.3	75.1	94.5	403.0	-	403.0

Group statement of cash flow, in summary

	Q2		Jan-Jun	Jan-Dec
Amounts in SEK million	2024	2023	2024	2023	2023
Cash flow from operating activities
Operating profit	13.7	12.0	25.7	21.9	73.4
Adjustments for non-cash items	14.8	3.8	10.5	-5.7	-0.6
Financial items, net	-2.2	-1.0	-5.6	-3.8	-7.8
Income tax paid	-7.8	-8.2	-13.7	-10.4	-16.2
Cash flow from operating activities before change in working capital	18.4	6.7	16.9	2.1	48.8
Change in working capital	-17.6	27.8	-33.7	41.9	33.6
Cash flow from operating activities	0.8	34.5	-16.8	44.0	82.4
Investing activities Acquisition of property, plant and	-23.2	-9.5	-35.5	-18.2	-41.7
equipment
Disposal of non-current assets	0.0	8.7	11.3	9.5	10.8
Other cash flow from investing activities	0.0	-	0.0	-	-0.1
Cash flow from investing activities	-23.2	-0.8	-24.2	-8.7	-31.0
Free cash flow	-22.3	33.8	-40.9	35.4	51.4
Financing activities
New loans	-	-	-	-	27.0
Amortization of loans	-6.4	-5.4	-8.5	-9.3	-18.3
Changed use of bank overdraft facility	40.0	-	23.1	-36.9	8.9
Dividend to shareholders	-16.4	-16.4	-16.4	-16.4	-16.4
Acquisition of non-controlling interest	-	-	-	-	-73.0
Cash flow from financing activities	17.2	-21.8	-1.8	-62.6	-71.8
Cash flow for the period	-5.1	11.9	-42.7	-27.3	-20.4
Cash and cash equivalents at the start of the period	63.6	81.4	97.8	120.1	120.1
Exchange differences on cash and cash equivalents	-0.2	3.2	3.2	3.7	-1.8
Cash and cash equivalents at the end of the period	58.3	96.5	58.3	96.5	97.8

Net sales per geographical area

	Q2		Jan-Jun	Jan-Dec
Amounts in SEK million	2024	2023	2024	2023	2023
Sweden	49.2	40.4	106.8	84.0	178.8
Germany	73.3	76.3	151.4	156.9	303.8
The rest of Europe	55.9	45.8	95.7	78.3	162.6
North America	34.8	22.6	52.6	38.5	93.5
Asia	22.0	28.5	37.6	44.7	87.3
Other	0.4	0.0	0.9	0.0	-
Total	235.5	213.6	444.9	402.4	826.0

Data per share

	Q2		Jan-Jun	Jan-Dec
	2024	2023	2024	2023	2023
Number of shares at the end of the period	8,218,611	8,218,611	8,218,611	8,218,611	8,218,611
Average number of shares	8,218,611	8,218,611	8,218,611	8,218,611	8,218,611
Earnings per share before and after dilution	1.17	0.62	2.20	1.74	5.91
Equity per share, SEK	49.04	54.25	49.04	54.25	47.36

Financial ratios for the group

	Jan-Jun	Jan-Dec
	2024	2023	2023
Margins
Operating margin, %	5.8	5.4	8.9
Profit margin, %	5.1	3.8	7.1
Return on investment
Return on capital employed, %	15.8	16.1	14.4
Return on equity, %	12.7	13.4	11.2
Capital structure
Capital employed	551.8	506.1	518.0
Equity	403.0	445.9	389.2
Net debt	90.4	-36.4	31.0
Net debt/equity ratio, %	22.4	-8.2	8.0
Equity-asset ratio, %	39.5	44.6	38.6
Employees
Average number of employees	546	524	531
Net sales per employee	1.6	1.5	1.6

See Definitions of key figures and ratios for a definition of alternative performance measures.

Quarterly review

		2022 2023			2024
Amounts in SEK million	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Net sales	187.8	203.1	195.3	228.6	188.8	213.6	195.2	228.4	209.4	235.5	-	-
Operating expenses	-180.8	-194.9	-169.2	-195.1	-178.9	-201.6	-172.3	-199.8	-197.4	-221.9	-	-
Operating profit	7.0	8.2	26.1	33.5	9.9	12.0	22.9	28.6	12.0	13.7	-	-
Net financial items	-3.8	-2.0	2.0	-6.9	-4.4	-2.3	-1.9	-6.4	-1.3	-1.5	-	-
Profit/loss after financial items	3.2	6.2	28.1	26.5	5.5	9.7	21.0	22.1	10.7	12.2	-	-

Segment information

	Q2		Jan-Jun	Jan-Dec
Amounts in SEK million	2024	2023	2024	2023	2023
Decomissioning & radiation protection
services
Net sales	102.2	94.4	183.4	177.0	336.7
Operating profit	7.3	7.9	9.9	14.0	18.7
Assets	267.3	275.9	267.3	275.9	238.4
Liabilities	187.6	204.3	187.6	204.3	166.4
Investments	1.8	0.6	2.8	1.4	2.4
Average number of employees	336	316	336	317	324

Fuel and materials technology
Net sales	91.1	72.5	180.3	146.7	310.1
Operating profit	7.4	2.8	22.6	12.9	44.3
Assets	485.4	494.8	485.4	494.8	534.6
Liabilities	265.9	299.1	265.9	299.1	334.0
Investments	16.3	9.1	26.0	18.2	38.5
Average number of employees	153	149	154	149	149
Scandpower
Net sales	39.4	41.2	74.0	67.7	152.1
Operating profit	5.2	6.9	6.1	6.9	25.7
Assets	234.0	216.7	234.0	216.7	222.3
Liabilities	78.0	66.4	78.0	66.4	70.7
Investments	0.0	0.2	0.3	7.4	8.0
Average number of employees	39	42	39	42	42

Waste management technology
Net sales	8.0	8.3	16.0	16.3	40.1
Operating profit	-1.3	-1.4	-3.6	-4.0	0.6
Assets	167.3	162.6	167.3	162.6	163.2
Liabilities	169.6	153.0	169.6	153.0	155.0
Investments	5.9	0.4	8.8	0.8	5.1
Average number of employees	9	8	9	9	9
Other
Net sales	2.8	2.5	5.7	5.0	11.3
Operating profit	-4.9	-4.1	-9.3	-7.9	-15.8
Assets	308.4	319.0	308.4	319.0	317.5
Liabilities	358.3	300.3	358.3	300.3	360.6
Investments	-	-	-	-	0.5
Average number of employees	8	7	8	7	7
Elimination
Net sales	-8.0	-5.3	-14.4	-10.3	-24.3
Operating profit	-	-	-	-	-
Assets	-442.9	-468.9	-442.9	-468.9	-468.7
Liabilities	-442.9	-468.9	-442.9	-468.9	-468.7
Investments	-	-	-	-	-
Average number of employees	-	-	-	-	-

Group
Net sales	235.5	213.6	444.9	402.4	826.0
Operating profit	13.7	12.0	25.7	21.9	73.4
Assets	1,019.5	1,000.1	1,019.5	1,000.1	1,007.2
Liabilities	616.4	554.2	616.4	554.2	618.0
Investments	24.1	10.3	37.9	27.8	54.5
Average number of employees	545	522	546	524	531

Data per segment cont. – sales per geographical area

	Q2		Jan-Jun	Jan-Dec
Amounts in SEK million	2024	2023	2024	2023	2023
Decomissioning & radiation protection services
Sweden	-	-	-	-	-
Germany	66.9	69.8	134.4	141.3	264.0
The rest of Europe	33.8	24.3	46.8	34.9	69.1
North America	-	-	-	-	-
Asia	-	-	-	-	0.1
Other	-	-	-	-	-
Total	100.7	94.1	181.3	176.2	333.2
Fuel and materials technology
Sweden	41.1	36.3	92.0	75.0	151.8
Germany	5.7	5.9	13.3	11.3	31.6
The rest of Europe	13.0	9.1	26.4	21.1	51.9
North America	10.5	0.8	16.8	2.8	7.4
Asia	18.9	19.3	28.1	34.4	63.0
Other	-	-	-	-	-
Total	89.2	71.4	176.6	144.6	305.6
Scandpower
Sweden	1.6	1.3	3.1	2.2	12.4
Germany	0.6	0.7	3.6	4.4	8.3
The rest of Europe	8.9	8.8	20.7	15.5	27.1
North America	23.0	19.8	33.3	32.9	74.9
Asia	3.1	9.2	9.5	10.3	24.3
Other	0.4	0.0	0.9	0.0	-
Total	37.7	39.8	71.0	65.3	147.1
Waste management technology
Sweden	6.5	2.7	11.7	6.7	14.5
Germany	-	-	-	-	-
The rest of Europe	0.1	3.5	1.8	6.8	14.5
North America	1.4	2.1	2.5	2.8	11.2
Asia	-	-	-	-	-
Other	-	-	-	-	-
Total	8.0	8.3	16.0	16.3	40.1
Other
Sweden	0.0	0.0	0.0	0.0	0.0
Germany	-	-	-	-	-
The rest of Europe	-	-	-	-	-
North America	-	-	-	-	-
Asia	-	-	-	-	-
Other Total	- 0.0	- 0.0	- 0.0	- 0.0	- 0.0

Group
Sweden	49.2	40.4	106.8	84.0	178.8
Germany	73.3	76.3	151.4	156.9	333.8
The rest of Europe	55.9	45.8	95.7	78.3	162.6
North America	34.8	22.6	52.6	38.5	93.5
Asia	22.0	28.5	37.6	44.7	87.3
Other	0.4	0.0	0.9	0.0	-
Total	235.5	213.6	444.9	402.4	826.0

Parent company income statement, in summary

	Q2		Jan-Jun	Jan-Dec
Amounts in SEK million	2024	2023	2024	2023	2023
Net sales	2.4	2.2	4.9	4.3	9.7
Cost of services sold	-	-	-	-	-
Gross profit	2.4	2.2	4.9	4.3	9.7
Other operating income and expenses	-7.4	-6.2	-14.8	-10.9	-24.2
Operating profit	-4.9	-4.0	-9.9	-6.6	-14.5
Result from participations in Group companies	-	-	10.3	-	-
Net financial items	-1.4	9.9	8.9	11.0	-0.6
Profit/loss before tax	-6.4	5.9	9.3	4.4	-15.1
Appropriations	-	-	-	-	26.0
Income tax	1.4	-1.0	0.5	-0.7	-2.1
NET PROFIT/LOSS FOR THE PERIOD	-4.9	4.9	9.8	3.7	8.8

Parent company balance sheet, in summary

Amounts in SEK million	30 Jun
	2024	2023	2023
ASSETS
Intangible fixed assets	-	-	-
Financial assets	658.2	585.7	637.7
Total non-current assets	658.2	585.7	637.7
Current assets	8.0	2.1	30.4
Cash and cash equivalents	-	22.3	7.0
Total current assets	8.0	24.4	37.4
TOTAL ASSETS	666.2	610.1	675.1
EQUITY AND LIABILITIES
Restricted equtiy	233.5	233.5	233.5
Non-restricted equity	56.8	58.4	63.5
Total equity	290.3	291.9	297.0
Non-current liabilities	159.6	132.3	110.4
Current liabilities	216.3	186.0	267.8
Total liabilities	375.9	318.3	378.2
TOTAL EQUITY AND LIABILITIES	666.2	610.1	675.1

Reconciliations of key ratios

Return on capital employed

30 Jun		31 Dec
Amounts in SEK million	2024	2023	2023
Profit/loss after financial items	22.9	15.2	58.4
Financial expenses according to the income statement	9.6	7.8	16.1
Total	32.5	23.0	74.5
Balance sheet total	1,000.1	971.5	1,022.4
Provisions and other non-current liabilities	-222.3	-231.7	-227.9
Trade and other payables	-271.7	237.8	-257.4
Opening capital employed	506.1	502.0	537.1
Balance sheet total	1,019.5	1,000.1	1,007.2
Provisions and other non-current liabilities	-206.1	-222.3	-216.9
Trade and other payables	-261.7	-271.7	-272.3
Closing capital employed	551.8	506.1	518.0
Average capital employed	531.5	526.9	515.6
Return on capital employed (last four quarters)	15.8	16.1	14.4

See Definitions of key figures and ratios for a definition of alternative performance measures.

Return on equity

	30 Jun		31 Dec
Amounts in SEK million	2024	2023	2023
Net profit/loss for the period	18.1	14.3	48.6
Total	18.1	14.3	48.6
Opening equity	445.9	398.0	436.0
Closing equity	403.0	445.9	389.2
Return on equity (last four quarters)	12.7	13.4	11.2

See Definitions of key figures and ratios for a definition of alternative performance measures.

Net debt

		30 Jun
Amounts in SEK million	2024	2023	2023
Current borrowing	84.0	2.0	99.3
Non-current borrowing	64.7	58.2	29.5
Total liabilities	148.7	60.2	128.8
Cash and cash equivalents	58.3	96.5	97.8
Net debt	90.4	-36.4	31.0

See Definitions of key figures and ratios for a definition of alternative performance measures.

Definitions of key figures and ratios

Some key figures and ratios used by company management and analysts to assess the Group's development have not been prepared in accordance with IFRS (International Financial Reporting Standards). As not all companies calculate financial measures in the same way, they are not always comparable with measures used by other companies and must therefore not be seen as a substitute for the measures defined under IFRS. The company management considers that these key figures and ratios make it easier for investors to analyse the Group's development.

Average number of employees

Average number of employees at the end of each month. Used to calculate other key ratios per employee.

Capital employed

Balance sheet total less non-interest bearing liabilities. Average capital employed has been calculated as an average of the four last 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 four last quarters.

Equity-asset ratio

Equity including non-controlling interests as a percentage of the balance sheet total. This key ratio 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.