Strong quarterly growth driven by the company's fuel optimization software.

Events during the quarter

The quarterly growth, in local currencies, amounts to 7.9%. Operating profit for the Group in the quarter was SEK 1.6 million, which corresponds to an operating profit of SEK 20.5 million excluding items affecting comparability. Operating profit for the same period last year was SEK 28.6 million.
During the quarter the Scandpower business area exceeded financial expectations, mainly due to the delivery of the GARDEL and CMS5 fuel optimization software.
The Fuel and Materials Technology business area made good progress in its operations during the second half of the quarter. The negative trend within the business area during Q3 has been reversed, and we are seeing significantly improved momentum and efficiency in operations during Q4.
The Decommissioning and Radiation Protection Services business area is delivering stable results for the quarter, the integration of Extrem Borr and Sågteknik SP AB has been successful and business synergies have been identified.
During the quarter Karl Thedéen was appointed as the new President and CEO, replacing former President and CEO Camilla Hoflund.
Items affecting comparability were charged to the quarter with a negative impact on earnings of SEK 18.9 million. These include the costs of the efficiency programme implemented as well as inventory impairment losses. The efficiency programme is expected to lower costs by SEK 20 million annually starting in 2025.
The Board is proposing an unchanged dividend of SEK 2 per share.

The group in summary

GARDEL and CMS5 fuel optimization software.
• The Fuel and Materials Technology business area made good progress in its operations during the second half of the quarter. The negative trend within the business area during Q3 has been reversed, and we are seeing significantly improved momentum and efficiency in operations during Q4.
• The Decommissioning and Radiation Protection Services business area is delivering stable results for the quarter, the integration of Extrem Borr and Sågteknik SP AB has been successful and business synergies have been identified.
• During the quarter Karl Thedéen was appointed as the new President and CEO, replacing former President and CEO Camilla Hoflund.
• Items affecting comparability were charged to the quarter with a negative impact on earnings of SEK 18.9 million. These include the costs of the efficiency programme implemented as well as inventory impairment losses. The efficiency programme is expected to lower costs by SEK 20 million annually starting in 2025. • The Board is proposing an unchanged dividend of SEK 2 per share. The group in summary
	Q4		Jan-Dec
	2024	2023	2024	2023
Net sales, SEK million	247.4	228.4	893.1	826.0
Operating profit, SEK million	1.6	28.6	26.8	73.4
Adjusted operating profit, SEK million	20.5	28.6	45.7	73.4
Operating margin, %	0.7	12.5	3.0	8.9
Adjusted operating margin, %	8.3	12.5	5.1	8.9
Profit after tax, SEK million	-1.3	18.5	9.6	48.6
Free cash flow, SEK million	-18.8	39.4	-78.1	51.4
Net debt, SEK million	132.2	31.0	132.2	31.0
Net debt/equity ratio, %	32.8	8.0	32.8	8.0
Profit per share after tax, SEK	-0.16	2.25	1.17	5.91
Equity per share, SEK	49.03	47.36	49.03	47.36

CEO's comments

Strong growth in the quarter

Over the past quarter we have seen a significant improvement in the efficiency and progress of our organisation. The previously announced streamlining efforts, primarily in the Swedish operations within Fuel and Materials Technology, have been successful and we are moving into 2025 with a more efficient organisation and lower costs. The demand of our services in Fuel and Materials Technology has been strong in the last quarter, and we are confident about the business area as we enter the new year.

Decommissioning and Radiation Protection Services continued to develop steadily during the quarter, generating profitability and growth. We have completed the integration of Extrem Borr och Sågteknik SP AB, which has strengthened our position further and laid the foundation for continuing to generate growth and strengthened profitability.

Studsvik Scandpower, which supplies software to optimise fuel, has had a strong quarter. We have a strong base in the international market, including the US, and see continued strong demand for both new and existing software products. We also see stronger drivers in the market for small modular reactors (SMRs), an area where we have established business discussions with several suppliers, not least in the US, which further reinforces our future growth potential.

In connection with this release, we have also announced the acquisition of BlackStarTech from Constellation, the largest provider of fossil-free energy in the United States. BlackStarTech offers a complete solution for safety systems at nuclear power plants, such as control of emergency lighting. Such systems are and will be an important part of the lifetime extension of existing and new nuclear power plants. The new products will create new growth opportunities for Studsvik in the global nuclear power market.

During the last quarter, the Waste Management Technology business area has experienced strong demand for inDRUM driven by the market and sales activation we can now offer through our demonstration facility in Studsvik. We are now discussing several business development projects to establish inDRUM in more markets.

Studsvik is positively affected by the globally increasing acceptance of and demand for nuclear power. With the completion of the efficiency program, the new product areas in Waste Technology, along with the acquisitions of Extrem Borr och Sågteknik SP AB and BlackStarTech, we see new opportunities to drive profitable growth in the coming years.

Financials during the quarter

Sales in the fourth quarter increased year on year by nearly SEK 20 million. The quarter was affected by a number of non-cash negative items affecting comparability, attributable to transition programmes and write-downs of inventories.

The business climate during the quarter has been very positive, especially in Fuel and Materials Technology.

To further streamline our internal operations and our activation of the market we have decided to implement an organisational change by merging the Waste Management Technology and the Fuel and Materials Technology business areas with effect from the first quarter of 2025. This means that in 2025 the Group will consist of the following business areas: Fuel, Waste and Materials Technology, Decommissioning and Radiation Protection Services, and Studsvik Scandpower (SW for fuel management).

Outlook

It has been a good end to the year, despite a challenging autumn. We have done a lot of work to lower costs and engaged in many positive customer dialogues. Our efforts have laid a solid foundation for continued growth and success over the coming years.

I feel confident that we are moving into 2025 with a strong and committed team, a positive market climate and strong demand for our services and products. Our focus will continue to be to achieve the financial targets communicated and to activate new opportunities for growth.

Karl Thedéen President/CEO

Financial performance

Sales

Sales in the quarter amounted to SEK 247.4 (228.4) million and for the full year to SEK 893.1 (826.0) million. In local currencies this is an increase of 7.9 per cent and 8.4 per cent respectively.

Profit

Operating profit decreased in the quarter to SEK 1.6 (28.6) million; excluding items affecting comparability, operating profit amounted to SEK 20.5 million. Operating profit for the full year was SEK 26.8 (73.4) million, and excluding items affecting comparability SEK 45.7 million. The operating margin for the quarter was 0.7 (12.5) per cent, and excluding items affecting comparability 8.3 per cent. For the full year the operating margin was 3.0 (8.9) per cent. The operating margin excluding items affecting comparability was 5.1 per cent. During the quarter the company remeasured deferred taxes in the US and Germany, resulting in a fairly small deferred tax expense overall. Excluding the remeasurement, the tax rate is affected by a country mix with more taxable profits in the Group's companies that have higher taxes.

Cash flow

Free cash flow for the quarter was SEK –18.8 (39.4) million and for the full year SEK –78.1 (51.4) million. Cash flow in the quarter was affected by a higher investment outcome and lower operating profit than in the previous year. The cash flow for the full year includes the acquisition of Extrem Borr och Sågteknik SP AB amounting to SEK –37.3 million, as well as the announced fraud in the USA amounting to SEK 7.5 million.

Investments

Investments amounted to SEK 12.5 (10.6) million for the quarter and SEK 67.4 (41.7) million for the full year, consisting mainly of replacement investments in the Fuel and Materials Technology business area and the configuration of an inDRUM demonstration facility within the Waste Management Technology business area, which was put into operation in September.

Financial position and liquidity

Lower profit levels and the increased levels of investment impacted liquidity for the full year. Cash and cash equivalents amounted to SEK 56.3 (97.8) million at the end of the year. The Group also has an unused portion of an overdraft facility, amounting at the end of the quarter to SEK 36.0 million. In the same period last year the unused portion of the overdraft facility was SEK 54.0 million.

The Group's net debt at the end of the period amounted to SEK 132.2 (31.0) million, due to acquisitions and increased investment levels in the business and our property at Studsvik.

The net debt/equity ratio at the end of the year was 32.0 (8.0) per cent and the equity/assets ratio was 37.8 (38.6) per cent.

Dividend

The Group's dividend policy means that on average over time the dividend should be at least 30 per cent of the consolidated profit after tax. Dividend decisions must take into consideration growth potential, consolidation requirements, liquidity and financial position in general. The Board of Directors has decided to propose an unchanged dividend to the Annual General Meeting of SEK 2.00 per share.

Business areas

Decommissioning and Radiation Protection Services

Sales for the quarter amounted to SEK 94.4 (73.5) million and for the full year to SEK 373.3 (336.7) million, which in local currencies is an increase of 27.9 and 11.2 per cent respectively. One factor contributing to the increase in the fourth quarter is the acquisition of Extrem Borr och Sågteknik SP AB, which has contributed sales of SEK 12.8 million.

Operating profit for the quarter amounted to SEK 2.8 (–0.4) million, which represents an operating margin of 2.9 (neg.) per cent. EBS's contribution to the quarter's profit was SEK 3.6 million. For the full year the business area's operating profit was SEK 19.6 (18.7) million. During the quarter the business area had a special focus on the integration of EBS. These efforts have already resulted in a deal in the US market.

Operating profit, MSEK

2.8 The Decommissioning and Radiation Protection Services business 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 for the quarter decreased by 9.8 per cent to SEK 86.1 (95.3) million and sales for the full year were SEK 327.1 (310.1) million, which is an increase of 5.6 per cent.

The operating result for the quarter was SEK –7.2 (14.4) million and for the full year SEK 8.1 (44.3) million. Items affecting comparability amounting to SEK 11.9 million were charged to the quarter. Operating profit excluding items affecting comparability amounted to SEK 4.7 million in the quarter, which is greatly improved compared with the previous quarter's figure of SEK –7.3 million. The operating margin for the quarter was negative (15.1) per cent and for the full year 2.5 (14.3) per cent.

The items affecting comparability are related to the restructuring programme that has been implemented as well as a write-down of inventory.

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. Testing and analysis operations are conducted at Studsvik's facility in Sweden, sometimes in collaboration with international partners. We provide solutions to our customers by combining our expertise, unique facilities and external networks.

Business areas

Scandpower

Sales in the quarter increased to SEK 61.6 (52.4) million and for the full year to SEK 179.9 (152.1) million. In local currencies this means an increase for the quarter of 16.9 per cent and an increase of 18.6 per cent for the full year.

Operating profit increased to SEK 20.9 (18.6) million for the quarter and to SEK 30.6 (25.7) million for the full year, which represents an operating margin of 33.9 (35.4) per cent and 17.0 (16.8) per cent respectively. The underlying positive earnings trend in the business area, in both the quarter and the full year, is a result of increased sales of the GARDEL and CMS5 software. The fraud uncovered during the summer negatively impacted the full-year result by SEK –7.5 million. Repayment and compensation from insurance companies means that the extent of the financial impact has decreased from that previously communicated.

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 of licensed 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 8.5 (11.2) million and for the full year to SEK 32.3 (40.1) million, which is a decrease of –24.6 and –19.6 per cent respectively in local currencies.

The operating result for the quarter was SEK –1.5 (0.0) million and for the full year SEK –5.8 (0.6) million. The decrease in sales in the quarter and the full year is mainly due to lower sales of licensing and engineering services. The demonstration facility for Studsvik's patented inDRUM technology has been successfully put into operation, with the first customer visits having taken place during the autumn. The facility has already aroused great interest among customers and various visits are booked for 2025.

Operating profit, MSEK

-0.6 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 also provide expertise to optimize customers' waste management during operation and decommissioning.

Other

Parent company

Operations in the parent company consist of coordination of the Group. Sales in the quarter amounted to SEK 3.4 (3.3) million and for the full year to SEK 10.7 (9.7) million. The operating result for the quarter was

SEK -11.7 (-4.2) million and for the full year SEK -25.0 (-14.5) million. The operations were impacted during the quarter by nonrecurring items amounting to SEK 5.7 million.

Pre-tax profit for the quarter was SEK 0.1 (-15.2) million and for the full year SEK -1.4 (-15.1) million.

Net financial items include remeasurement of intra-group loans at SEK 11.9 (-11.5) million for the quarter and at SEK 12.9 (- 5.0) million for the full year. As at 31 December, cash and cash equivalents including current investments amounted to SEK - (7.0) million, of which blocked funds were SEK - (7.5) million. Interest-bearing liabilities were SEK 179.2 (113.3) 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/

Annual general meeting

The Annual General meeting will be held on April 24, at 16:00 at the World Trade Center, Stockholm.

Events after the balance sheet day

After the balance sheet date, the Company merged the business areas Waste Technology and Fuel and Material Technology. This change affects segment reporting from January 1, 2025, and will be reflected in future financial reports. On February 1, an asset acquisition was completed in the US of BlackStarTech from Constellation.

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 fair review of the Group's and the Parent Company's operations, financial position and performance and describes significant risks and uncertainties faced by the Parent Company and the companies that are part of the Group.

Nyköping, February 10, 2025

Jan Bardell Chair

Anna Karinen Vice chair

Jan Barchan Member

Agneta Nestenborg Member

Erik Strömqvist Member

Jitka Zakova Employee representative Per S Ekberg Employee representative

Karl Thedéen President/CEO

Financial reports

Consolidated statement of profit or loss and other comprehensive income

Financial reports



Consolidated statement of profit or loss and other comprehensive income
	Q4		Jan-Dec
Amounts in SEK million	2024	2023	2024	2023
Net sales	247.4	228.4	893.1	826.0
Cost of services sold	-191.6	-162.7	-694.7	-616.4
Gross profit	55.7	65.7	198.4	209.7
Selling and marketing expenses	-16.5	-14.8	-58.1	-52.9
Administrative expenses	-34.3	-22.2	-96.9	-78.9
Research and development costs Impairment loss on trade receivables	-3.4 -	-3.2 0.2	-14.0 -	-11.9 0.2
Share in earnings from associated companies	-0.1	-0.1	-0.2	-0.4
Other operating income	4.4	4.3	14.1	13.4
Other operating expenses	-4.2	-1.2	-16.5	-5.7
Operating profit	1.6	28.6	26.8	73.4
Financial income	3.7	0.0	9.8	1.1
Financial expenses	-6.1	-6.4	-19.6	-16.1
Profit/loss before tax	-0.7	22.1	17.0	58.4
Income tax	-0.6	-3.7	-7.4	-9.8
NET PROFIT/LOSS FOR THE PERIOD	-1.3	18.5	9.6	48.6

Other comprehensive income for the period
Items that may later be reversed in the income
statement Translation differences on foreign subsidiaries	17.1	-19.8	22.8	-7.9

Remeasurement of defined benefit pension plans	0.5	1.0	0.5	1.0
Income tax on items recognized in other	-2.4	1.0	-2.7	1.0
comprehensive income
Other comprehensive income for the period, net after tax	15.1	-17.8	20.6	-5.9
Total profit/loss and other comprehensive income
for the period	13.9	0.6	30.2	42.7

Income for the period attributable to
Parent company's shareholders	-1.3	18.5	9.6	48.6

Total comprehensive income attributable to
Parent company's shareholders	13.9	0.6	30.2	42.7
Earnings per share calculated on income attributabel
to the parent company's shareholders during the	-0.16	2.25	1.17	5.91
period, SEK
Earnings per share	-0.16	2.25	1.17	5.91

Group statement of financial position, in summary

Group statement of financial position, in summary
	31 Dec
Amounts in SEK million	2024	2023

ASSETS
Intangible assets	249.0	200.7
Property, plant and equipment	286.5	237.4
Other non-current assets	187.4	211.4
Total non-current assets	722.9	649.4
Inventories	7.2	16.3
Trade receivables	181.3	141.7
Other current receivables	97.9	102.0
Cash and cash equivalents	56.3	97.8
Total current assets	342.7	357.8
TOTAL ASSETS	1,065.6	1,007.2

EQUITY AND LIABILITIES
Equity attributable to the parent company's shareholders	403.0	389.2
Total equity	403.0	389.2
Liabilities to credit institutions, long-term	65.7	29.5
Provisions and other non-current liabilities	188.6	216.9
Total non-current liabilities	254.3	246.4
Trade and other payables	285.6	272.3
Liabilities to credit institutions, short-term	122.7	99.3
Total current liabilities	408.3	371.6
	1,065.6	1,007.2

Changes in equity, in summary

Changes in equity, in summary

					Equity
					attributable
	Share	Other contribute	Other	Retained	to the parent company's	Total share holders
Amounts in SEK million	capital	d capital	reserves	earnings	shareholders	equity
Opening balance at January 1, 2023	8.2	225.3	68.8	133.7	436.0	436.0
Changes January 1 - December 31,
2023 Other comprehensive income for the
period	-	-	-5.9	-	-5.9	-5.9
Acquisition of non-controlling interest	-	-	-	-73.0	-73.0	-73.0
Dividend	-	-	-	-16.4	-16.4	-16.4
Net profit for the period	-	-	-	48.6	48.6	48.6
Closing balance at December 31, 2023	8.2	225.3	62.9	92.8	389.2	389.2
Opening balance at January 1, 2024	8.2	225.3	62.9	92.9	389.2	389.2
Changes January 1 - December 31, 2024
Other comprehensive income for the period	-	-	20.6	-	20.6	20.6
Dividend	-	-	-	-16.4	-16.4	-16.4
Net profit for the period	-	-	-	9.6	9.6	9.6
Closing balance at December 31,	8.2	225.3	83.5	86.0	403.0	403.0
2024

Studsvik's Interim Report – Fourth Quarter 2024 | ¹⁰

Group statement of cash flow, in summary

Group statement of cash flow, in summary
	Q4		Jan-Dec
Amounts in SEK million	2024	2023	2024	2023

Cash flow from operating activities
Operating profit	1.6	28.6	26.8	73.4
Adjustments for non-cash items	22.1	7.0	40.5	-0.6
Financial items, net	-2.8	-2.5	-11.7	-7.8
Income tax paid	-5.3	-2.8	-23.6	-16.2

Cash flow from operating activities before change	15.7	30.2	32.0	48.8
in working capital
Change in working capital	-15.2	18.7	-10.3	33.6
Cash flow from operating activities	0.5	48.9	21.7	82.4

Investing activities
Acquisition of operations, net of cash	-	-	-37.3	-

Acquisition of non-current financial assets	-6.6	-6.9	-6.9	-6.1
Sale of non-current financial assets	0.0	0.8	8.8	9.5
Acquisition of property, plant and equipment	-12.5	-10.6	-67.4	-41.7
Disposal of non-current assets	-	7.3	3.0	7.3
Other cash flow from investing activities	-	-0.1	0.0	-0.1
Cash flow from investing activities	-19.2	-9.5	-99.8	-31.0

Free cash flow	-18.8	39.4	-78.1	51.4

Financing activities
New loans	40.0	27.0	65.0	27.0
Amortization of loans	-15.0	-6.6	-34.9	-18.3
Changed use of bank overdraft facility	-23.2	23.0	18.4	8.9
Dividend to shareholders	-	-	-16.4	-16.4
Acquisition of non-controlling interest	-	-73.0	-	-73.0

Cash flow from financing activities	1.8	-29.7	32.1	-71.8
Cash flow for the period	-17.0	9.7	-46.0	-20.4
Cash and cash equivalents at the start of the period
	71.3	92.6	97.8	120.1
Exchange differences on cash and cash equivalents	2.1	-4.6	4.5	-1.8
Cash and cash equivalents at the end of the period	56.3	97.8	56.3	97.8

Net sales per geographical area

Net sales per geographical area

Sweden	56.6	60.0	200.3	178.8
Germany	75.3	73.9	306.0	303.8
The rest of Europe	39.1	37.1	172.0	162.6
North America	65.3	39.9	146.4	93.5
Asia	11.1	17.5	67.5	87.3
Other	0.0	-	0.9	-

Data per share

Data per share	Q4		Jan-Dec
	2024	2023	2024	2023
Number of shares at the end of the period	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
Earnings per share before and after dilution	-0.16	2.25	1.17	5.91
Equity per share, SEK	49.03	47.36	49.03	47.36

Financial ratios for the group

Data per share





Financial ratios for the group
										Jan-Dec
										2024		2023
Margins
Operating margin, %										3.0		8.9
Profit margin, %										1.9		7.1
Return on investment
Return on capital employed, %										6.5		14.4
Return on equity, %										2.4		11.2
Capital structure
Capital employed Equity										591.5 403.0		518.0 389.2
Net debt										132.2		31.0
Net debt/equity ratio, %										32.8		8.0
Equity-asset ratio, %										37.8		38.6
Employees
Average number of employees										549		531
Net sales per employee										1.6		1.6
See Definitions of key figures and ratios for a definition of alternative performance measures.

Quarterly review		Q2	2022 Q3	Q4	Q1	Q2	2023 Q3	Q4	Q1	Q2	2024 Q3	Q4
					188.8	213.6	195.2	228.4	209.4	235.5	200.8	247.4
Amounts in SEK million	Q1								-197.4	-221.9	-201.3	-245.7
Net sales	187.8	203.1	195.3	228.6
Operating expenses	-180.8	-194.9	-169.2	-195.1	-178.9	-201.6	-172.3	-199.8
Operating profit Net financial items	7.0 -3.8	8.2 -2.0	26.1 2.0	33.5 -6.9	9.9 -4.4	12.0 -2.3	22.9 -1.9	28.6 -6.4	12.0 -1.3	13.7 -1.5	-0.5 -4.6	1.6 -2.4

Quarterly review

			2022				2023				2024
Amounts in SEK million	Q1	Q2	Q3	Q4	Q1	-027	Q3 Q3	Q4	01	Q2	Q3	Q4
Net sales					187.8 203.1 195.3 228.6 188.8 213.6 195.2 228.4 209.4 235.5 200.8							247 4
Operating expenses					-180.8 -194.9 -169.2 -195.1 -178.9 -201.6 -172.3 -199.8				-197.4 -221.9 -201.3 -245.7
Operating profit	7.0	8.2	26.1	33.5	9.9	12.0		22.9 28.6	12.0	13.7	-0.5	1.6
Net financial items	-3.8	-2.0	2.0	-6.9	-4 4	-2.3	-1.9	-6.4	-1.3	-1.5	-4 6	-2.4
Profit/loss after financial items	3.2 3.2			6.2	5.5	9.7	21.0	22.1	10.7	12.2	-5.1	-0.7

Segment information

Segment information
	Q4		Jan-Dec
Amounts in SEK million	2024	2023	2024	2023
Decomissioning & radiation protection services
Net sales	94.4	73.5	373.3	336.7
Operating profit	2.8	-0.4	19.6	18.7
Assets Liabilities	307.4 153.9	238.4 166.4	307.4 153.9	238.4 166.4
Investments	1.4	0.7	9.0	2.4
Average number of employees	340	323	339	324

Fuel and materials technology Net sales	86.1	95.3	327.1	310.1
Operating profit	-7.2	14.4	8.1	44.3
Assets	498.5	534.6	498.5	534.6
Liabilities	296.6	334.0	296.6	334.0
Investments	9.7	8.6	49.5	38.5
Average number of employees	154	148	154	149
Scandpower
Net sales	61.6	52.4	179.9	152.1
Operating profit	20.9	18.6	30.6	25.7
Assets	263.0	222.3	263.0	222.3
Liabilities	95.6	70.7	95.6	70.7
Investments	0.1	0.4	0.7	8.0
Average number of employees	38	40	38	42
Waste management technology
Net sales	8.5	11.2	32.3	40.1
Operating profit	-1.5	0.0	-5.8	0.6
Assets	160.5	163.2	160.5	163.2
Liabilities	192.9	155.0	192.9	155.0
Investments	2.6	3.1	17.6	5.1
Average number of employees	9	9	9	9
Other
Net sales	3.8	3.8	12.3	11.3
Operating profit	-13.5	-4.1	-25.9	-15.8
Assets	359.8	317.5	359.8	317.5
Liabilities	447.3	360.6	447.3	360.6
Investments	0.9	0.5	0.9	0.5
Average number of employees	9	7	9	7
Elimination
Net sales	-7.1	-7.9	-31.8	-24.3
Operating profit	-	-	-	-
Assets	-523.6	-468.7	-523.6	-468.7
Liabilities	-523.6	-468.7	-523.6	-468.7
Investments Average number of employees	- -	- -	- -	- -

Group
Net sales	247.4	228.4	893.1	826.0
Operating profit	1.6	28.6	26.8	73.4
Assets	1,065.6	1,007.2	1,065.6	1,007.2
Liabilities Investments	662.6 14.8	618.0 13.3	662.6 77.8	618.0 54.5
	550	528	549	531
Average number of employees

Data per segment cont. – sales per geographical area

Data per segment cont. – sales per geographical area
	Q4		Jan-Dec
Amounts in SEK million	2024	2023	2024	2023
Decomissioning & radiation protection services
Sweden	5.3	-	10.7	-
Germany	65.3	60.8	273.0	264.0
The rest of Europe	16.1	10.8	78.5	69.1
North America Asia	7.3 -	- 0.0	7.4 -	- 0.1
Other	-	-	-	-
Total	93.9	71.6	369.6	333.2
Fuel and materials technology
Sweden	45.0	45.6	162.1	151.8
Germany	8.3	12.0	24.4	31.6
The rest of Europe North America	14.0 12.3	19.5 3.7	52.2 38.7	51.9 7.4
Asia	4.3	13.3	41.7	63.0
Other	-	-	-	-
Total	83.9	94.0	319.2	305.6
Scandpower
Sweden	1.4	8.6	6.2	12.4
Germany	1.7	1.1	8.6	8.3
The rest of Europe	8.0	6.1	38.2	27.1
North America Asia	43.1 6.7	31.4 4.2	92.5 25.8	74.9 24.3
Other	0.0	-	0.9	-
Total	61.0	51.4	172.1	147.1
Waste management technology
Sweden	4.9	5.7	21.3	14.5
Germany	-	-	-	-
The rest of Europe	0.9	0.7	3.2	14.5
North America Asia	2.7 -	4.8 -	7.8 -	11.2 -
Other	-	-	-	-
Total	8.5	11.2	32.2	40.1

Other Sweden	0.0	0.1	0.0	0.0
Germany	-	-	-	-
The rest of Europe	-	-	-	-
North America	-	-	-	-
Asia Other	- -	- -	- -	- -
Total	0.0	0.1	0.0	0.0

Group Sweden	56.6	60.0	200.3	178.8
Germany	75.3	73.9	306.0	303.8
The rest of Europe	39.1	37.1	172.0	162.6
North America	65.3	39.9	146.4	93.5
Asia Other	11.1 0.0	17.5 -	67.5 0.9	87.3 -
Total	247.4	228.4	893.1	826.0

Parent company income statement, in summary

Parent company income statement, in summary
	Q4		Jan-Dec
Amounts in SEK million	2024	2023	2024	2023

Net sales	3.4	3.3	10.7	9.7
Cost of services sold	-	-	-	-
Gross profit	3.4	3.3	10.7	9.7
Other operating income and expenses	-15.1	-7.5	-35.7	-24.2
Operating profit	-11.7	-4.2	-25.0	-14.5
Result from participations in Group companies	-	-	10.3	-
Net financial items	11.8	-11.0	13.3	-0.6
Profit/loss before tax	0.1	-15.2	-1.4	-15.1
Appropriations	23.5	26.0	23.5	26.0
Income tax	-4.5	-2.2	-1.8	-2.1
NET PROFIT/LOSS FOR THE PERIOD	19.1	8.6	20.3	8.8




Parent company balance sheet, in summary
			31 Dec
Amounts in SEK million			2024	2023

ASSETS
Intangible fixed assets			-	-
Financial assets			724.6	637.7
Total non-current assets			724.6	637.7
Current assets			40.0	30.4
Cash and cash equivalents			-	7.0
			40.0	37.4
Total current assets

Parent company balance sheet, in summary

Parent company balance sheet, in summary
	31 Dec
Amounts in SEK million	2024	2023
ASSETS
Intangible fixed assets	-	-
Financial assets	724.6	637.7
Total non-current assets	724.6	637.7
Current assets	40.0	30.4
Cash and cash equivalents	-	7.0
Total current assets	40.0	37.4
TOTAL ASSETS	764.7	675.1


EQUITY AND LIABILITIES
Restricted equtiy	233.5	233.5
Non-restricted equity	67.4	63.5
Total equity	300.9	297.0
Non-current liabilities	185.8	110.4
Current liabilities	278.0	267.8
Total liabilities	463.8	378.2

Reconciliations of key ratios

Return on capital employed

Reconciliations of key ratios

Return on capital employed
	31 Dec
Amounts in SEK million	2024	2023
Profit/loss after financial items	17.0	58.4
Financial expenses according to the income statement	19.6	16.1
Total	36.6	74.5
Balance sheet total	1,007.2	1,022.4
Provisions and other non-current liabilities	-216.9	-227.9
Trade and other payables Opening capital employed	-272.3 518.0	-257.4 537.1
Balance sheet total	1,065.6	1,007.2
Provisions and other non-current liabilities	-188.6	-216.9
Trade and other payables	-285.6	-272.3
Closing capital employed	591.5	518.0
Average capital employed	560.4	515.6
Return on capital employed (last four quarters)	6.5	14.4

See Definitions of key figures and ratios for a definition of alternative performance measures.
Return on equity
	31 Dec
Amounts in SEK million	2024	2023
NET PROFIT/LOSS FOR THE PERIOD	9.6	48.6
Total	9.6	48.6
Opening equity	389.2	436.0
Closing equity	403.0	389.2
Return on equity (last four quarters)	2.4	11.2
See Definitions of key figures and ratios for a definition of alternative performance measures.
Net debt
	31 Dec

Return on equity

See Definitions of key figures and ratios for a definition of alternative performance measures.
Return on equity
	31 Dec






See Definitions of key figures and ratios for a definition of alternative performance measures.
Net debt
	31 Dec
Amounts in SEK million	2024	2023
Current borrowing	122.7	99.3
Non-current borrowing	65.7	29.5
Total liabilities	188.5	128.8
Cash and cash equivalents	56.3	97.8

Net debt

See Definitions of key figures and ratios for a definition of alternative performance measures.
Return on equity
	31 Dec






See Definitions of key figures and ratios for a definition of alternative performance measures. Net debt	31 Dec

Amounts in SEK million	2024	2023
Current borrowing	122.7	99.3
Non-current borrowing	65.7	29.5
Total liabilities	188.5	128.8
Cash and cash equivalents	56.3	97.8
Net debt	132.2	31.0
See Definitions of key figures and ratios for a definition of alternative performance measures.
Business combinations
On 1 July the Group acquired 100 per cent of the shares in Extrem Borr och Sågteknik SP AB (EBS). The purchase consideration paid

Business combinations

On 1 July the Group acquired 100 per cent of the shares in Extrem Borr och Sågteknik SP AB (EBS). The purchase consideration paid amounted to SEK 37.3 million on a cash and debt free basis, excluding contingent consideration. The company specialises in various types of segmentation, primarily in the nuclear power industry. EBS is based in Ängelholm and has eight employees, who projectmanage and carry out various types of dismantling projects. EBS has annual turnover of more than SEK 30 million, with an operating margin in the order of 30 per cent. The expertise and machinery provided by EBS complements Studsvik's operations, and the business has been incorporated into the Decommissioning and Radiation Protection Services business area. Together with EBS, Studsvik can offer customers a more complete service.

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.

			Fair value recognised on acquisition
			2024
ASSETS
Intangible assets			21.7
Other tangible assets			2.0
Other current assets			13.1
Cash and cash equivalents			5.4 42.2

Liabilities
Other liabilities			-6.4
Provisions and other non-current liabilities			-5.5
			-11.9
Net identifiable assets and liabilities at fair value			30.3
Goodwill			17.1
Total purchase consideration			47.4
of which recognized not yet paid contingent consideration of SEK -5,0 million

Total consideration			-42.4
Cash received Net decrease/(increase) in cash			5.2 -37.3


Since the acquisition date EBS has contributed SEK 18.4 million to the Group's consolidated net sales. The corresponding effect on
operating profit was SEK 4.1 million. The purchase price allocation includes the value of customer relationships, 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 0.7 million and are reported as administrative expenses. If the acquisition had taken place at the
beginning of 2024, the Group's revenue for the full year would have been SEK 15.2 million higher. The acquisition includes a
contingent consideration based on established financial targets. The contingent consideration is due for payment within three
years, with a maximum possible outcome of SEK 7.5 million.
Items affecting comparability
	Q4		Jan-Dec
	2024	2023	2024	2023
Amounts in SEK million			4.8
Restructuring program, cost for personell	4.8	-		-
Remuneration	5.1	-	5.1	-
Write down of inventories	9.0	-	9.0	-

Since the acquisition date EBS has contributed SEK 18.4 million to the Group's consolidated net sales. The corresponding effect on operating profit was SEK 4.1 million. The purchase price allocation includes the value of customer relationships, 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 0.7 million and are reported as administrative expenses. If the acquisition had taken place at the beginning of 2024, the Group's revenue for the full year would have been SEK 15.2 million higher. The acquisition includes a contingent consideration based on established financial targets. The contingent consideration is due for payment within three years, with a maximum possible outcome of SEK 7.5 million. Remuneration 5.1 - 5.1 - Write down of inventories 9.0 - 9.0 - Total items affecting comparability 18.9 - 18.9 Q4 Q4 Jan-Dec Jan-Dec Amounts in SEK million 2024 2023 2024 2023 Cost of services sold 10.9 - 10.9 - Selling and marketing expenses 1.0 - 1.0 -

Items affecting comparability

	Q4		Jan-Dec
Amounts in SEK million	2024	2023	2024	2023
Restructuring program, cost for personell	4.8		4.8
Remuneration	5.1		5.1
Write down of inventories	9.0	-	9.0
Total items affecting comparability	18.9	1	18.9

Classification in the income statement by function, items affecting comparability

Items affecting comparability







Classification in the income statement by function, items affecting comparability	Q4	Q4	Jan-Dec	Jan-Dec
Amounts in SEK million	2024	2023	2024	2023
Cost of services sold	10.9	-	10.9	-
Selling and marketing expenses	1.0	-	1.0	-
Administrative expenses	6.9	-	6.9	-

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.

Adjusted operating profit

Operating profit, before items affecting comparability

Adjusted operating margin

Operating profit before items affecting comparability, in percentage of sales. A measure of the operating result before items affecting comparability

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.