Studsvik — Call Transcript 2026

Welcome to Studsvik Q1 2026 conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead. Welcome to the interim report for Q1 2026 for Studsvik. I'm Karl Thedéen, and next to me I have Peter Teske, my CFO. Let's start to go through the quarter. First, a summary of the Studsvik Group. We are a worldwide service and product provider to the nuclear industry. Net sales last year amounted to SEK 883 million. We have offices in Asia, in Europe and in the U.S. We're a little bit more than 500 employees in six offices around the world. Before we go to result, just to remind everybody where we are in terms of what we do, because that is always important, and start with the top left-hand corner, new build, which is actually an area that we took significant step to enter more broader in this quarter with the acquisition of Kärnfull Next. I will talk more about that later. Already before that, we are supplying our services and products into that market with fuel and materials testing for new reactor developments, supporting with waste planning for licensing, working with different fuel manufacturer for fuel that goes into these reactors, and obviously supporting the SMR project development. The other three business areas or operations that we are engaged with is decommissioning, which is predominantly a business that we do out of Germany, but also, we are engaged in Switzerland, Benelux, and in the Nordics. In a secure and safe way, we are tearing down and decommissioning nuclear power plants. Typically, a process takes more than 20 years. Long-term operations is the majority of our business. That's to serve the little bit more than 400 reactors in the world, and we're active with at least half of that amount. With our testing services, supporting the plant outages, our software for fuel management, safety systems, and so forth. That will remain a very important part of our business as these nuclear power stations are now set to be extended in their lives from 60 years to 80 to 100 years. We have also an additional business that also requires our competence to handle radioactive material within life science, and we see increasing demand for that, specifically for the unique facility we have in Sweden to handle that kind of materials. We run this business from three different business areas: decommissioning, radiation protection, fuel materials and waste technology, and Studsvik Scandpower, our software business. Fuel materials is the largest of these ones in terms of net sales. Let me then come into the result of the quarter. We reported a stable quarter from a top-line point of view. Came in basically at the same levels as last year. The growth in local currencies is around 4% and an operating profit of SEK 12 million versus SEK 19 million. We should then be reminded of that we have some specific effects in last year in 2025, which has affected the results positively. We ended up with a 5.4% operating margin. Free cash flow was low in the quarter and was SEK -12.5 million versus a SEK +39.6 million. That is due to the large amount of prepayments that we received in Q4 from some of our customers, and also that we had some late invoicing in the quarter. Key milestones for us in Q1 2026, and maybe the one that stands out is the acquisition of a company called Kärnfull Next, which is a Swedish product developer for new small modular reactors in so-called SMRs. They have expertise and worked very closely with the Swedish government and other key players in the Swedish market to understand how to, in a new way, develop sites and projects for nuclear power in a new way that is already seen, for example, in the wind power industry. As a sign of that, just following the acquisition, they also handed in a pre-application for building an SMR park in the municipality of Valdemarsvik on the southeast coastline of Sweden. This is the first application of its kind for a totally new site or location in Sweden for over 50 years. They also plan to send in more of those over the coming years. Also, in the SMR market, we expand our relationship with Rolls-Royce SMR. We already do business with them. We now signed an MoU to explore a broader set of products and services from us to support them in their endeavors to build a fleet of Rolls-Royce SMRs in Europe. We also signed a very interesting MoU with Novatron Fusion Group. Fusion energy is very interesting at this time. There has been some good progress in the technology development, and there is a vast amount of investments put into various initiatives in Europe and in the U.S. Here we are supporting Novatron, a company based in Stockholm, with their endeavors to do this. We are now exploring various testing and so on that we can do with that, which is very similar to what we have done in the nuclear fission industry. We continue to be active to show our competence and our brand. In this quarter, we went to the Waste Management Symposia in Phoenix, U.S. Let me take a little bit through more on the Kärnfull Next. For us, it's a strategic step to develop Studsvik's competence around new build, moving Studsvik into the forefront of the SMR market segment in Sweden and overseas. Basically, benefiting from being in a market which has very good foundations and conditions financially and competence-wise to build new nuclear here in Sweden. By engaging early in these projects, by being part of the project, we will gain a lot of competence around how these are done that we can also scale worldwide. They bring obviously vast experience on understanding this market and how you set up these projects. They have an extensive range of vendor relationships, not only with the reactor vendors, but also with all other vendors and suppliers required to build a nuclear power plant. To build this, you will need to invest in the projects. Investments here come from the state, but we're also looking here to obviously look for private investments, and they have built relationships and understand which of these investors actually have the right knowledge to invest in nuclear power. There is a lot of regulatory and policy expertise in this group as they have worked closely with the Swedish government to understand how to facilitate and change the regulatory environment to enable new players to build new nuclear. They have access to land rights to develop new nuclear, the application for Valdemarsvik being one example. Here you see a picture when we actually handed in that application. We see the Minister for Environment, Mr. Johan Britz, getting the application from Kärnfull Next. This is a way for the government to, in an early stage, make sure that we, as a product developer, can understand if this site will be approved and we don't end into a situation where we invest a lot of money and then subsequently they will say no. It's part of the regulatory changes and that we're now benefiting from. We will hand in more of these in Sweden. I foresee maybe one to three more over the next 18-24 months. Let me then take you through the business areas, Decommissioning, Fuel Materials, and Studsvik Scandpower. Decommissioning Radiation Protection Services. You know that we have struggled with our profitability in this market. We have done some changes in management and the way we operate this. We have set a new agenda for finding the right profitability, and I'm happy to say that that's now starting to pay off. We saw a doubling of the operating margin, and we see a good momentum in this business, specifically an area that we've been struggling with around engineering services and dismantling. There we now see a better order backlog, making sure that our utilization rate of this very people-oriented business is high. If we then go to Fuel, Materials and Waste Technology, which is the biggest, both in terms of top line and in terms of margins, which is predominantly run out of our facility just south of Stockholm. We continue to have a high order backlog and a high demand for our services. This business is very much subject to how you manage these labs that you see pictures on and making sure that you have the right flow of some complicated testing scenarios. I think we did that very well in this quarter. We also signed two important MoUs in the quarter, to strengthen our business Rolls-Royce SMR, which we mentioned, and also Novatron Fusion, taking steps into becoming broader and bigger and more strategic vendors into these two important companies. Waste is a part of this business, and we have our in-drum reduction of waste, unique technology that we are building or planning to build on our site and also licenses to players outside Sweden. To present that and further drive that business, we attended the Waste Management Symposium in Phoenix, where we had some important speeches and obviously met a lot of important customers. Studsvik Scandpower, that is the world leader in development and support of software for reactor fuel analysis, independent of fuel suppliers, enabling our customers to work with their four different and put them under different fuel suppliers and put it under competitive offerings. Business developed positively, thanks to high demand in our project and engineering services. This is a mix of licensing and also implementation and engineering services. We have added last year a new business risk, BlackStarTech, which are supporting hardware and software for safety system in nuclear power plants and also to other heavy industries. We saw an increase in orders, an increase in revenue, and specifically interested to see that those orders are not only coming from the nuclear industry. We actually have demand also for other industrial sectors. Which is important to build scale over time with this important business. We also continue to strengthen our organization in the U.S. One key strategic initiative we have is to make sure that we get a better growth and higher volume out of the very important U.S. market. We are doing that by strengthening the organization for the group to drive business with key customers in the U.S. With that, I hand over to Peter Teske, our Chief Financial Officer. Please, Peter. Thanks, Karl. I will present the financial performance of our three business areas, for the quarter, and then followed up by the financial result for the group, including the cash flow. We start with our first business area, Decommissioning and Radiation Protection Services. We see in the quarter, the sales amounted to SEK 84.1 million, and that's an increase of 1.9% in local currency compared to the same quarter last year. We see that we have, as Karl mentioned, focused on the higher margin business now and also reduced our headcount in our lower margin services. This has improved our profitability, and we are now seeing a clear increase in our KPI sales per employee. The operating profit improved to SEK 3.7 million, corresponding to an operating margin of 4.4%. The margin improvement is primarily driven by the high utilization, cost efficiency, and the shift towards the higher margin service area, as we mentioned. If we move to the Fuel, Materials and Waste Technology, we see that the sales in the quarter amounted to SEK 96.7 million, and that's a decrease of SEK 0.8 million in local currency. Basically, we are flat compared to last year, and that reflects a continued solid progress in our project. The overall activity remains stable compared to last year. We see a slight decrease in the operating profit. It decreased from SEK 14.3 million to SEK 12.3 million, and operating margin is 12.8%. The decrease is explained by a slight change in our product mix during the quarter, as well as that we had a positive one-off effect in the first quarter 2025. With that said, we see that our profitability remains at a solid level and we are continually focused on the utilization and focused on the cost control and our financial discipline within the business area. If we then move to Scandpower, the sales in the quarter amounted to SEK 49.5 million compared to SEK 46.2 million last year. Here we have an impact of our FX, and we see in the local currency it's an increase of 16.6%. That reflect a strong demand in the core business. We see also that the BlackStarTech products increased to SEK 7.7 million, and that's up from SEK 3 million the same quarter last year. The operating profit amounted to SEK 8.5 million compared to SEK 11.3 million last year, and the margin is 17.3%. The decrease is primarily explained by the positive FX contribution we had during Q1 2025. Overall, the underlying business remains stable, and we also have a continued focus on the profitability and the execution. If we then move to the group, look on the group numbers, we see for the total, the sales in the group amounted to SEK 226.4 million, and that's in local currency, an increase of 4.1% compared to last year. As I said, the increase is basically from the Decommissioning and Radiation Protection Services and from Studsvik Scandpower. The Fuel, Materials and Waste Technology is basically flat compared to last year. Overall, our sales remain solid, and we have an underlying growth in the local currencies. The operating profit for the group is then SEK 12.3 million in the quarter, and that's our operating margin of 5.4%. We have a decrease in the operating profit compared to last year, and that is that we have some one-off effects during Q1 2025. Also, we have done some strategic investments and also we have some one-off acquisition costs during this quarter 2026. We see then also it's positive that this quarter that all our three business area are performing well. That's really positive. Also, I think it's worth mentioning because we have talked a lot about the effects and in the operating profit, we have limited impact on the foreign exchange effects. And that's because our revenues and expenses are largely matched in local currency. Therefore, we don't have any bigger effects on operating profits. Finally, we're going to look a little bit on the free cash flow for the quarter, and we have a negative free cash flow of SEK 12.5 million compared to the positive SEK 39.6 million last year. The decrease is primarily reflecting the timing effects in our working capital that we had big advance payments received in the fourth quarter 2025, and that we had invoices a lot late in the quarter. During the quarter, the group amortized SEK 7.1 million of our bank debt and our net decreased to SEK 78.1 million. Overall, the group maintains a solid financial position with continued focus on our cash flow discipline and our working capital management. With that said, I will hand over to Karl Thedéen. Thank you, Peter. Just some outlook on the external markets in this emerging industry of nuclear. If you look on the world, the nuclear is still positioned very much as critical for stable fossil-free baseload in high-demand future grids. The SMR part of this, the new way of building more scalable modular products that can be largely manufactured in normal factories and then shipped to the sites, are gaining traction in the world. There's a global resurgence for nuclear led by state-backed investment models. Reiterate that the IEEA, 40 countries have signed up to triple the nuclear power over the next 30 years. We say the same in Europe, with a major push in the U.K. France is obviously the biggest country for this. Finland, Poland, and Eastern Europe. Poland is a new country for new nuclear. That's happening also in those kind of countries. Sweden, we are moving into execution phase. We have the Videberg Kraft application in from the Vattenfall Group. The state is also taking a key role here, not only to finance and the CFD schemes, the offtake of the electricity, but also going in with equity in the different companies that will apply for building new nuclear. For the industry, nuclear power is becoming a strategic industrial solution. It drives the electrification and notably, initially, it's very much driven by the AI industry, but we also see large-scale other industrial sites that will require stable base load that can be delivered from new nuclear. In terms of the SMR, that we have seen a very interesting launch of a strategy, including financial support to develop the European Union's SMRs fleet and also technologies. This is very important as this needs to be something that we in Europe also can develop and maintain ourselves. In the U.K., there has been major funding of specifically their incumbent developer of Rolls-Royce, and it was announced in April that they will now have financing to build three new SMRs in the U.K. Maybe most important to point out and why I think the nuclear wave is here to stay is obviously that there's a key role in energy security and also combining that with also providing a net zero contribution because we're obviously not sending out any CO2 emissions from the nuclear power plant. This is becoming increasingly important in the geopolitical situation that we unfortunately are seeing as we speak now in Iran and Ukraine and other places. I think that's also why we have a very strong political backing, not only in Sweden but also in the EU and worldwide. We are ready to support this. We are one of the few companies that have a base inherent competence and customer relationships and products and services, and we will use that to invest and grow with the SMR growth in the world. Here is a continuation of some of the news that's coming out recently over the last couple of quarters, and you see to the top right-hand corner where Kärnfull Next team hands in the application for the site of Valdemarsvik. A lot of things happening, and that will continue to happen, a lot of things in our industry. Final remarks. A stable quarter with continued investments for the future. I think it's very interesting and very good to see that all three business areas are now delivering a solid quarter. If you remember, we didn't see that in 2024 when we had difficulties in the FMT business and in 2025 when DRPS had a difficult year. Now I see a stable situation for all three, which is very important for our year. We have taken a big step to expand into new nuclear product development and being part of new build with acquisition of Kärnfull Next. At the Nuclear Energy Summit in Paris, it was reiterated by politicians and European leaders that nuclear is very important for EU to strengthen energy security and regional energy supply. We're seeing the legislation initially from the Swedish government continues, and in this quarter we saw the lift of the ban for Swedish nuclear along coastlines, not only being able to build on the existing site, but actually opening up for other sites to be explored. That is obviously very important for our new business together with Kärnfull Next. We also see that the company is now expanding and notably we already have business in the fusion industry. With this MoU we are looking to expand it and once again taking advantage of having a strong local driver of our initiatives in the Novatron Fusion Group. We also continue to expand our business in the SMR business by expanding our business opportunity with Rolls-Royce SMR. We have a strategy which is basically having the foundation of our very competent people, our three business areas, and then expansion in the areas of markets, products, and M&A. We will continue to do, and it's a good sign this quarter that we have an M&A case. We have market expansion with the new hires and new expansions in the U.S. market. We are continuing to drive innovation in our product areas. Last but not least, I have used this picture to, in a good way, exemplify what we are doing and what is happening at this end. You do that physically at the beautiful site of Studsvik. You can see different initiatives happening on our site and in the world. The small modular reactors, there is interest and we are exploring the possibility to build SMRs at our site. We have discussion with SMR vendors around that and obviously that is strengthened by the Kärnfull Next acquisition. There is an initiative in Sweden to see if we can find funding and a general consensus in industry and state to once again have a research reactor at the Studsvik site to support both the nuclear and life science industry. Our hot cell is key to what we do. We are working with Novatron to see if we can explore having a test facility for fusion, and we are continuing to build and invest in our inDRUM facility on site. I think it's a good picture to showcase what is happening at Studsvik in the world with this image. With that, I will say thank you and hand over for questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Lara Mohtadi from ABG Sundal Collier. Please go ahead. Hi, first one here. The operating profits from group functions and elimination they dragged down the group a bit, quite a lot this quarter. You mentioned both in your presentation and in the report that you'd taken some costs related to acquisitions. I'm guessing that they are related to the pending Kärnfull Next acquisition. Firstly, were these under the group functions and eliminations, and maybe could you quantify the magnitude of these costs? I think you have correctly in your analysis, because if you look at the group functions, we see an increase in our costs, and we see that some of the costs is related to the one-off effects compared to the acquisitions. For the year, yeah, we have a strategic development and so it will perhaps be a little bit slightly higher during the year, the costs. Okay. Thank you. Maybe I can add that it was specifically high in the quarter. Peter is absolutely correct that we are continuing to invest in long-term business opportunities that will require us to incur costs in terms of advisors on to drive. They were unusually large in quarter one. Okay, thank you. Fuel, Materials and Waste Technology had slightly lower margins year-over-year and sequentially. How should we think about the margins in this segment? Should we sort of expect some lumpiness generally between the quarters? Because you mentioned that this was due to product mix. How should we think when we model maybe the annual margins here? I think my view is that this is a low margin quarter for FMWT. We should be higher, and I mentioned before that we should be north of 15%. The reason for this is a project mix. We are executing our different testing projects and some of those will require more utilization than may be planned, and then the margins go down a bit in those projects, and some we are performing better and then hence we get better margins. This is combined that we are constantly trying also to increase our prices on outgoing offers. Obviously a lot of this, what we do now is to work on our backlog as well. It is a weak quarter in terms of breaking profit for that business unit, but I have no sort of big concerns around that as it's a sort of normal variation of projects. Okay, thank you. Very clear. Well, it's positive to see that Scandpower is contributing to sales. Can you say anything about maybe the margin profile of this business compared to the legacy Scandpower business? You meant BlackStarTech or? oh, sorry, BlackStarTech. BlackStarTech, it's a combination of a hardware and software business. I think in general, it should be coming slightly lower. I should also say that we are learning this business as we speak. It's new to us, and we have been sort of positively surprised so far with the deals that we have done. I think it's a little bit early to say exactly where we end up on the sort of average margin over time in this business. My guess, it will be a bit lower than the normal Scandpower business. Okay, great. That was all from me, and thank you very much. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Kaleb Solomon from SEB. Please go ahead. Hi, thank you for taking my questions. How much, if any, of the sort of profitability improvement in decommissioning is purely seasonal versus sort of due to the cost measures you describe? And as a follow-up to that, you mentioned there was a few, or there was a reduction in the number of employees. Was or will there be any negative one-offs related to that? The first question, the business is typically have lower margin profile in Q1 based on the holiday season around New Year and so on. It's seasonal, but all the improvements here are from increased utilization and higher sales per employee, as Peter alluded to. I'm not foreseeing any restructuring costs coming out of that business. Okay. That's clear. Thank you. Fuel materials, can you remind us how much of the sort of decrease year-over-year that was due to the one-off related to invoicing effects in 2025? Sort of building on Lara's question earlier, do you expect mix to stay the same in Q2 or sort of be back to normal? Can you take the first question once again, please? In fuel materials, if you can remind us how much of the decrease year-over-year that was due to the sort of one-offs related to the invoicing effects in 2025? Yeah, the decrease was around SEK 2 million. The one-off effect was around SEK 2 million. It's obviously not material, I would say. Yeah. Yeah, the project mix, it is actually a tricky question to answer. We are striving to do a super good forecast on this because we run our projects, and then sometimes we get a slight problem, and then we start another project and so on. This is sort of work in progress throughout the quarter. My answer to Lara's question, which is the same to you, is that I see Q1 profitability on this machine to be on the low level. It's not bad, but it's not on the high level. We should, in average, strive to be north of 15%. Okay, that's helpful. Thank you. Just on the Kärnfull Next acquisition, can you maybe give us some color on the sort of strategic rationale behind that? How much was wanting to sort of monetize on the actual projects versus sort of using it as a platform to develop products for new builds, and on which side of that can we expect to see a contribution first, and when can that be? That was a lot of questions in one, but... That was a very good question. I think to being in these projects is very important. Otherwise, you stand outside, you don't really understand, and if you don't understand, you don't know what services you can develop and what the sort of offerings you should have for other similar projects. To really be in this project, and I can take an example to the other ongoing project in Sweden, where we are working closely with these different vendors, but we're not in the project as of now. Then you miss out on things, I think. By being in the project to an extent together with others, we will be very close and nothing strategic that is very important to us. In terms of how much this business actually will need in itself to be a product developer, we obviously have good hopes for that as well. It is a bit, and we need to come back to that, to the market, a little bit, what we invest, when we exit from this project and so on. That is yet something we need to come back to when we start forming these SPVs and start seeing the full scale of the investments and time plans. That is also important. I think actually the strategic importance of us now being able to say that we are very active and investing in new build, as that over time will be the biggest business that we will enter into 10, 15, 20 years from now. That's what's going to happen when you triple nuclear power in the world. Okay. That's helpful. Thank you. Last quarter you said that BlackStarTech to sort of reach 10%-15% of Scandpower sales during 2026, and it was almost 16% of sales this quarter. Is it fair to say you already achieved that sort of run rate in Q1? Is this the sort of contribution we should continue to expect for the next couple of quarters? It was a good quarter. This is, as all equipment business, a bit volatile type business. I remain with my hope and belief and strategy to drive this into a significant part of Scandpower. If it's going to be that exactly every quarter, that is something that we need to get back to. I think we're off to a good start. I think we are now having a sales organization that is driving this business. We have better control over what the market is wanting, how to pitch it to different industries. That's important. If it will be exactly this every quarter, that's maybe too early to say. Okay, and just one sort of last housekeeping question. You mentioned that the slightly weaker cash flow is due to prepayments during last quarter. Can you quantify exactly how much that is, that effect? You know how much effect of the...the prepayment? Yeah. How much is explained by the prepayment exactly in absolute figures? Yeah, in absolute figure. I would say it's around SEK 20 million-SEK 25 million of those prepayment- Okay. Got you. That we received in Q4 last year then. That was a prepayment for this quarter, yeah? Yeah. Okay. That's clear. Thank you. That's all for me. Thank you. Okay. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Thanks for listening. We are still in a very, very interesting market. A lot of things ongoing in the company, and we look forward to a report back on our Q2 results July 17th, in roughly three months time.

Speaker 4: Welcome to Studsvik Q1 2026 conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to the speakers. Please go ahead. Welcome to Studsvik Q1 2026 conference call. welcome to studsvik q1 2026 conference call For the first part of the conference call, the participants will be in listen-only mode. for the first part of the conference call the participants will be in listen-only mode During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. during the questions and answers session participants are able to ask questions by dialing pound key five on their telephone keypad Now I will hand the conference over to the speakers. now i will hand the conference over to the speakers Please go ahead. please go ahead

Speaker 2: Welcome to the interim report for Q1 2026 for Studsvik. I'm Karl Thedéen, and next to me I have Peter Teske, my CFO. Let's start to go through the quarter. First, a summary of the Studsvik Group. We are a worldwide service and product provider to the nuclear industry. Net sales last year amounted to SEK 883 million. We have offices in Asia, in Europe and in the U.S. We're a little bit more than 500 employees in six offices around the world. Before we go to result, just to remind everybody where we are in terms of what we do, because that is always important, and start with the top left-hand corner, new build, which is actually an area that we took significant step to enter more broader in this quarter with the acquisition of Kärnfull Next. I will talk more about that later. Welcome to the interim report for Q1 2026 for Studsvik. welcome to the interim report for q1 2026 for studsvik I'm Karl Thedéen, and next to me I have Peter Teske, my CFO. i'm karl thedéen and next to me i have peter teske my cfo Let's start to go through the quarter. let's start to go through the quarter First, a summary of the Studsvik Group. first a summary of the studsvik group We are a worldwide service and product provider to the nuclear industry. we are a worldwide service and product provider to the nuclear industry Net sales last year amounted to SEK 883 million. net sales last year amounted to sek 883 million We have offices in Asia, in Europe and in the U.S. we have offices in asia in europe and in the u.s We're a little bit more than 500 employees in six offices around the world. we're a little bit more than 500 employees in six offices around the world Before we go to result, just to remind everybody where we are in terms of what we do, because that is always important, and start with the top left-hand corner, new build, which is actually an area that we took significant step to enter more broader in this quarter with the acquisition of Kärnfull Next. before we go to result just to remind everybody where we are in terms of what we do because that is always important and start with the top left-hand corner new build which is actually an area that we took significant step to enter more broader in this quarter with the acquisition of kärnfull next I will talk more about that later. i will talk more about that later Already before that, we are supplying our services and products into that market with fuel and materials testing for new reactor developments, supporting with waste planning for licensing, working with different fuel manufacturer for fuel that goes into these reactors, and obviously supporting the SMR project development. The other three business areas or operations that we are engaged with is decommissioning, which is predominantly a business that we do out of Germany, but also, we are engaged in Switzerland, Benelux, and in the Nordics. In a secure and safe way, we are tearing down and decommissioning nuclear power plants. Typically, a process takes more than 20 years. Long-term operations is the majority of our business. That's to serve the little bit more than 400 reactors in the world, and we're active with at least half of that amount. Already before that, we are supplying our services and products into that market with fuel and materials testing for new reactor developments, supporting with waste planning for licensing, working with different fuel manufacturer for fuel that goes into these reactors, and obviously supporting the SMR project development. already before that we are supplying our services and products into that market with fuel and materials testing for new reactor developments supporting with waste planning for licensing working with different fuel manufacturer for fuel that goes into these reactors and obviously supporting the smr project development The other three business areas or operations that we are engaged with is decommissioning, which is predominantly a business that we do out of Germany, but also, we are engaged in Switzerland, Benelux, and in the Nordics. the other three business areas or operations that we are engaged with is decommissioning which is predominantly a business that we do out of germany but also we are engaged in switzerland benelux and in the nordics In a secure and safe way, we are tearing down and decommissioning nuclear power plants. in a secure and safe way we are tearing down and decommissioning nuclear power plants Typically, a process takes more than 20 years. typically a process takes more than 20 years Long-term operations is the majority of our business. long-term operations is the majority of our business That's to serve the little bit more than 400 reactors in the world, and we're active with at least half of that amount. that's to serve the little bit more than 400 reactors in the world and we're active with at least half of that amount With our testing services, supporting the plant outages, our software for fuel management, safety systems, and so forth. That will remain a very important part of our business as these nuclear power stations are now set to be extended in their lives from 60 years to 80 to 100 years. We have also an additional business that also requires our competence to handle radioactive material within life science, and we see increasing demand for that, specifically for the unique facility we have in Sweden to handle that kind of materials. We run this business from three different business areas: decommissioning, radiation protection, fuel materials and waste technology, and Studsvik Scandpower, our software business. Fuel materials is the largest of these ones in terms of net sales. Let me then come into the result of the quarter. We reported a stable quarter from a top-line point of view. With our testing services, supporting the plant outages, our software for fuel management, safety systems, and so forth. with our testing services supporting the plant outages our software for fuel management safety systems and so forth That will remain a very important part of our business as these nuclear power stations are now set to be extended in their lives from 60 years to 80 to 100 years. that will remain a very important part of our business as these nuclear power stations are now set to be extended in their lives from 60 years to 80 to 100 years We have also an additional business that also requires our competence to handle radioactive material within life science, and we see increasing demand for that, specifically for the unique facility we have in Sweden to handle that kind of materials. we have also an additional business that also requires our competence to handle radioactive material within life science and we see increasing demand for that specifically for the unique facility we have in sweden to handle that kind of materials We run this business from three different business areas: decommissioning, radiation protection, fuel materials and waste technology, and Studsvik Scandpower, our software business. we run this business from three different business areas decommissioning radiation protection fuel materials and waste technology and studsvik scandpower our software business Fuel materials is the largest of these ones in terms of net sales. fuel materials is the largest of these ones in terms of net sales Let me then come into the result of the quarter. let me then come into the result of the quarter We reported a stable quarter from a top-line point of view. we reported a stable quarter from a top-line point of view Came in basically at the same levels as last year. The growth in local currencies is around 4% and an operating profit of SEK 12 million versus SEK 19 million. We should then be reminded of that we have some specific effects in last year in 2025, which has affected the results positively. We ended up with a 5.4% operating margin. Free cash flow was low in the quarter and was SEK -12.5 million versus a SEK +39.6 million. That is due to the large amount of prepayments that we received in Q4 from some of our customers, and also that we had some late invoicing in the quarter. Key milestones for us in Q1 2026, and maybe the one that stands out is the acquisition of a company called Kärnfull Next, which is a Swedish product developer for new small modular reactors in so-called SMRs. Came in basically at the same levels as last year. came in basically at the same levels as last year The growth in local currencies is around 4% and an operating profit of SEK 12 million versus SEK 19 million. the growth in local currencies is around 4% and an operating profit of sek 12 million versus sek 19 million We should then be reminded of that we have some specific effects in last year in 2025, which has affected the results positively. we should then be reminded of that we have some specific effects in last year in 2025 which has affected the results positively We ended up with a 5.4% operating margin. we ended up with a 5.4% operating margin Free cash flow was low in the quarter and was SEK -12.5 million versus a SEK +39.6 million. free cash flow was low in the quarter and was sek -12.5 million versus a sek +39.6 million That is due to the large amount of prepayments that we received in Q4 from some of our customers, and also that we had some late invoicing in the quarter. that is due to the large amount of prepayments that we received in q4 from some of our customers and also that we had some late invoicing in the quarter Key milestones for us in Q1 2026, and maybe the one that stands out is the acquisition of a company called Kärnfull Next, which is a Swedish product developer for new small modular reactors in so-called SMRs. key milestones for us in q1 2026 and maybe the one that stands out is the acquisition of a company called kärnfull next which is a swedish product developer for new small modular reactors in so-called smrs They have expertise and worked very closely with the Swedish government and other key players in the Swedish market to understand how to, in a new way, develop sites and projects for nuclear power in a new way that is already seen, for example, in the wind power industry. As a sign of that, just following the acquisition, they also handed in a pre-application for building an SMR park in the municipality of Valdemarsvik on the southeast coastline of Sweden. This is the first application of its kind for a totally new site or location in Sweden for over 50 years. They also plan to send in more of those over the coming years. Also, in the SMR market, we expand our relationship with Rolls-Royce SMR. We already do business with them. They have expertise and worked very closely with the Swedish government and other key players in the Swedish market to understand how to, in a new way, develop sites and projects for nuclear power in a new way that is already seen, for example, in the wind power industry. they have expertise and worked very closely with the swedish government and other key players in the swedish market to understand how to in a new way develop sites and projects for nuclear power in a new way that is already seen for example in the wind power industry As a sign of that, just following the acquisition, they also handed in a pre-application for building an SMR park in the municipality of Valdemarsvik on the southeast coastline of Sweden. as a sign of that just following the acquisition they also handed in a pre-application for building an smr park in the municipality of valdemarsvik on the southeast coastline of sweden This is the first application of its kind for a totally new site or location in Sweden for over 50 years. this is the first application of its kind for a totally new site or location in sweden for over 50 years They also plan to send in more of those over the coming years. they also plan to send in more of those over the coming years Also, in the SMR market, we expand our relationship with Rolls-Royce SMR. also in the smr market we expand our relationship with rolls-royce smr We already do business with them. we already do business with them We now signed an MoU to explore a broader set of products and services from us to support them in their endeavors to build a fleet of Rolls-Royce SMRs in Europe. We also signed a very interesting MoU with Novatron Fusion Group. Fusion energy is very interesting at this time. There has been some good progress in the technology development, and there is a vast amount of investments put into various initiatives in Europe and in the U.S. Here we are supporting Novatron, a company based in Stockholm, with their endeavors to do this. We are now exploring various testing and so on that we can do with that, which is very similar to what we have done in the nuclear fission industry. We continue to be active to show our competence and our brand. We now signed an MoU to explore a broader set of products and services from us to support them in their endeavors to build a fleet of Rolls-Royce SMRs in Europe. we now signed an mou to explore a broader set of products and services from us to support them in their endeavors to build a fleet of rolls-royce smrs in europe We also signed a very interesting MoU with Novatron Fusion Group. we also signed a very interesting mou with novatron fusion group Fusion energy is very interesting at this time. fusion energy is very interesting at this time There has been some good progress in the technology development, and there is a vast amount of investments put into various initiatives in Europe and in the U.S. there has been some good progress in the technology development and there is a vast amount of investments put into various initiatives in europe and in the u.s Here we are supporting Novatron, a company based in Stockholm, with their endeavors to do this. here we are supporting novatron a company based in stockholm with their endeavors to do this We are now exploring various testing and so on that we can do with that, which is very similar to what we have done in the nuclear fission industry. we are now exploring various testing and so on that we can do with that which is very similar to what we have done in the nuclear fission industry We continue to be active to show our competence and our brand. we continue to be active to show our competence and our brand In this quarter, we went to the Waste Management Symposia in Phoenix, U.S. Let me take a little bit through more on the Kärnfull Next. For us, it's a strategic step to develop Studsvik's competence around new build, moving Studsvik into the forefront of the SMR market segment in Sweden and overseas. Basically, benefiting from being in a market which has very good foundations and conditions financially and competence-wise to build new nuclear here in Sweden. By engaging early in these projects, by being part of the project, we will gain a lot of competence around how these are done that we can also scale worldwide. They bring obviously vast experience on understanding this market and how you set up these projects. In this quarter, we went to the Waste Management Symposia in Phoenix, U.S. in this quarter we went to the waste management symposia in phoenix u.s Let me take a little bit through more on the Kärnfull Next. let me take a little bit through more on the kärnfull next For us, it's a strategic step to develop Studsvik's competence around new build, moving Studsvik into the forefront of the SMR market segment in Sweden and overseas. for us it's a strategic step to develop studsvik's competence around new build moving studsvik into the forefront of the smr market segment in sweden and overseas Basically, benefiting from being in a market which has very good foundations and conditions financially and competence-wise to build new nuclear here in Sweden. basically benefiting from being in a market which has very good foundations and conditions financially and competence-wise to build new nuclear here in sweden By engaging early in these projects, by being part of the project, we will gain a lot of competence around how these are done that we can also scale worldwide. by engaging early in these projects by being part of the project we will gain a lot of competence around how these are done that we can also scale worldwide They bring obviously vast experience on understanding this market and how you set up these projects. they bring obviously vast experience on understanding this market and how you set up these projects They have an extensive range of vendor relationships, not only with the reactor vendors, but also with all other vendors and suppliers required to build a nuclear power plant. To build this, you will need to invest in the projects. Investments here come from the state, but we're also looking here to obviously look for private investments, and they have built relationships and understand which of these investors actually have the right knowledge to invest in nuclear power. There is a lot of regulatory and policy expertise in this group as they have worked closely with the Swedish government to understand how to facilitate and change the regulatory environment to enable new players to build new nuclear. They have access to land rights to develop new nuclear, the application for Valdemarsvik being one example. Here you see a picture when we actually handed in that application. They have an extensive range of vendor relationships, not only with the reactor vendors, but also with all other vendors and suppliers required to build a nuclear power plant. they have an extensive range of vendor relationships not only with the reactor vendors but also with all other vendors and suppliers required to build a nuclear power plant To build this, you will need to invest in the projects. to build this you will need to invest in the projects Investments here come from the state, but we're also looking here to obviously look for private investments, and they have built relationships and understand which of these investors actually have the right knowledge to invest in nuclear power. investments here come from the state but we're also looking here to obviously look for private investments and they have built relationships and understand which of these investors actually have the right knowledge to invest in nuclear power There is a lot of regulatory and policy expertise in this group as they have worked closely with the Swedish government to understand how to facilitate and change the regulatory environment to enable new players to build new nuclear. there is a lot of regulatory and policy expertise in this group as they have worked closely with the swedish government to understand how to facilitate and change the regulatory environment to enable new players to build new nuclear They have access to land rights to develop new nuclear, the application for Valdemarsvik being one example. they have access to land rights to develop new nuclear the application for valdemarsvik being one example Here you see a picture when we actually handed in that application. here you see a picture when we actually handed in that application We see the Minister for Environment, Mr. Johan Britz, getting the application from Kärnfull Next. This is a way for the government to, in an early stage, make sure that we, as a product developer, can understand if this site will be approved and we don't end into a situation where we invest a lot of money and then subsequently they will say no. It's part of the regulatory changes and that we're now benefiting from. We will hand in more of these in Sweden. I foresee maybe one to three more over the next 18-24 months. Let me then take you through the business areas, Decommissioning, Fuel Materials, and Studsvik Scandpower. Decommissioning Radiation Protection Services. You know that we have struggled with our profitability in this market. We have done some changes in management and the way we operate this. We see the Minister for Environment, Mr. Johan Britz, getting the application from Kärnfull Next. we see the minister for environment mr johan britz getting the application from kärnfull next This is a way for the government to, in an early stage, make sure that we, as a product developer, can understand if this site will be approved and we don't end into a situation where we invest a lot of money and then subsequently they will say no. this is a way for the government to in an early stage make sure that we as a product developer can understand if this site will be approved and we don't end into a situation where we invest a lot of money and then subsequently they will say no It's part of the regulatory changes and that we're now benefiting from. it's part of the regulatory changes and that we're now benefiting from We will hand in more of these in Sweden. we will hand in more of these in sweden I foresee maybe one to three more over the next 18-24 months. i foresee maybe one to three more over the next 18-24 months Let me then take you through the business areas, Decommissioning, Fuel Materials, and Studsvik Scandpower. let me then take you through the business areas decommissioning fuel materials and studsvik scandpower Decommissioning Radiation Protection Services. decommissioning radiation protection services You know that we have struggled with our profitability in this market. you know that we have struggled with our profitability in this market We have done some changes in management and the way we operate this. we have done some changes in management and the way we operate this We have set a new agenda for finding the right profitability, and I'm happy to say that that's now starting to pay off. We saw a doubling of the operating margin, and we see a good momentum in this business, specifically an area that we've been struggling with around engineering services and dismantling. There we now see a better order backlog, making sure that our utilization rate of this very people-oriented business is high. If we then go to Fuel, Materials and Waste Technology, which is the biggest, both in terms of top line and in terms of margins, which is predominantly run out of our facility just south of Stockholm. We continue to have a high order backlog and a high demand for our services. We have set a new agenda for finding the right profitability, and I'm happy to say that that's now starting to pay off. we have set a new agenda for finding the right profitability and i'm happy to say that that's now starting to pay off We saw a doubling of the operating margin, and we see a good momentum in this business, specifically an area that we've been struggling with around engineering services and dismantling. we saw a doubling of the operating margin and we see a good momentum in this business specifically an area that we've been struggling with around engineering services and dismantling There we now see a better order backlog, making sure that our utilization rate of this very people-oriented business is high. there we now see a better order backlog making sure that our utilization rate of this very people-oriented business is high If we then go to Fuel, Materials and Waste Technology, which is the biggest, both in terms of top line and in terms of margins, which is predominantly run out of our facility just south of Stockholm. if we then go to fuel materials and waste technology which is the biggest both in terms of top line and in terms of margins which is predominantly run out of our facility just south of stockholm We continue to have a high order backlog and a high demand for our services. we continue to have a high order backlog and a high demand for our services This business is very much subject to how you manage these labs that you see pictures on and making sure that you have the right flow of some complicated testing scenarios. I think we did that very well in this quarter. We also signed two important MoUs in the quarter, to strengthen our business Rolls-Royce SMR, which we mentioned, and also Novatron Fusion, taking steps into becoming broader and bigger and more strategic vendors into these two important companies. Waste is a part of this business, and we have our in-drum reduction of waste, unique technology that we are building or planning to build on our site and also licenses to players outside Sweden. This business is very much subject to how you manage these labs that you see pictures on and making sure that you have the right flow of some complicated testing scenarios. this business is very much subject to how you manage these labs that you see pictures on and making sure that you have the right flow of some complicated testing scenarios I think we did that very well in this quarter. i think we did that very well in this quarter We also signed two important MoUs in the quarter, to strengthen our business Rolls-Royce SMR, which we mentioned, and also Novatron Fusion , taking steps into becoming broader and bigger and more strategic vendors into these two important companies . we also signed two important mous in the quarter, to strengthen our business rolls-royce smr which we mentioned and also novatron fusion taking steps into becoming broader and bigger and more strategic vendors into these two important companies Waste is a part of this business, and we have our in-drum reduction of waste, unique technology that we are building or planning to build on our site and also licenses to players outside Sweden. waste is a part of this business and we have our in-drum reduction of waste unique technology that we are building or planning to build on our site and also licenses to players outside sweden To present that and further drive that business, we attended the Waste Management Symposium in Phoenix, where we had some important speeches and obviously met a lot of important customers. Studsvik Scandpower, that is the world leader in development and support of software for reactor fuel analysis, independent of fuel suppliers, enabling our customers to work with their four different and put them under different fuel suppliers and put it under competitive offerings. Business developed positively, thanks to high demand in our project and engineering services. This is a mix of licensing and also implementation and engineering services. We have added last year a new business risk, BlackStarTech, which are supporting hardware and software for safety system in nuclear power plants and also to other heavy industries. To present that and further drive that business, we attended the Waste Management Symposium in Phoenix, where we had some important speeches and obviously met a lot of important customers. to present that and further drive that business we attended the waste management symposium in phoenix where we had some important speeches and obviously met a lot of important customers Studsvik Scandpower, that is the world leader in development and support of software for reactor fuel analysis, independent of fuel suppliers, enabling our customers to work with their four different and put them under different fuel suppliers and put it under competitive offerings. studsvik scandpower that is the world leader in development and support of software for reactor fuel analysis independent of fuel suppliers enabling our customers to work with their four different and put them under different fuel suppliers and put it under competitive offerings Business developed positively, thanks to high demand in our project and engineering services. business developed positively thanks to high demand in our project and engineering services This is a mix of licensing and also implementation and engineering services. this is a mix of licensing and also implementation and engineering services We have added last year a new business risk, BlackStarTech, which are supporting hardware and software for safety system in nuclear power plants and also to other heavy industries. we have added last year a new business risk blackstartech, which are supporting hardware and software for safety system in nuclear power plants and also to other heavy industries We saw an increase in orders, an increase in revenue, and specifically interested to see that those orders are not only coming from the nuclear industry. We actually have demand also for other industrial sectors. Which is important to build scale over time with this important business. We also continue to strengthen our organization in the U.S. One key strategic initiative we have is to make sure that we get a better growth and higher volume out of the very important U.S. market. We are doing that by strengthening the organization for the group to drive business with key customers in the U.S. With that, I hand over to Peter Teske, our Chief Financial Officer. Please, Peter. We saw an increase in orders, an increase in revenue, and specifically interested to see that those orders are not only coming from the nuclear industry. we saw an increase in orders an increase in revenue and specifically interested to see that those orders are not only coming from the nuclear industry We actually have demand also for other industrial sectors. Which is important to build scale over time with this important business. we actually have demand also for other industrial sectors. which is important to build scale over time with this important business We also continue to strengthen our organization in the U.S. we also continue to strengthen our organization in the u.s One key strategic initiative we have is to make sure that we get a better growth and higher volume out of the very important U.S. market. one key strategic initiative we have is to make sure that we get a better growth and higher volume out of the very important u.s market We are doing that by strengthening the organization for the group to drive business with key customers in the U.S. we are doing that by strengthening the organization for the group to drive business with key customers in the u.s With that, I hand over to Peter Teske, our Chief Financial Officer. with that i hand over to peter teske our chief financial officer Please, Peter. please peter

Speaker 5: Thanks, Karl. I will present the financial performance of our three business areas, for the quarter, and then followed up by the financial result for the group, including the cash flow. We start with our first business area, Decommissioning and Radiation Protection Services. We see in the quarter, the sales amounted to SEK 84.1 million, and that's an increase of 1.9% in local currency compared to the same quarter last year. We see that we have, as Karl mentioned, focused on the higher margin business now and also reduced our headcount in our lower margin services. This has improved our profitability, and we are now seeing a clear increase in our KPI sales per employee. The operating profit improved to SEK 3.7 million, corresponding to an operating margin of 4.4%. Thanks, Karl. thanks karl I will present the financial performance of our three business areas, for the quarter, and then followed up by the financial result for the group, including the cash flow. i will present the financial performance of our three business areas for the quarter and then followed up by the financial result for the group including the cash flow We start with our first business area, Decommissioning and Radiation Protection Services. we start with our first business area decommissioning and radiation protection services We see in the quarter, the sales amounted to SEK 84.1 million, and that's an increase of 1.9% in local currency compared to the same quarter last year. we see in the quarter the sales amounted to sek 84.1 million and that's an increase of 1.9% in local currency compared to the same quarter last year We see that we have, as Karl mentioned, focused on the higher margin business now and also reduced our headcount in our lower margin services. we see that we have as karl mentioned focused on the higher margin business now and also reduced our headcount in our lower margin services This has improved our profitability, and we are now seeing a clear increase in our KPI sales per employee. this has improved our profitability and we are now seeing a clear increase in our kpi sales per employee The operating profit improved to SEK 3.7 million, corresponding to an operating margin of 4.4%. the operating profit improved to sek 3.7 million corresponding to an operating margin of 4.4% The margin improvement is primarily driven by the high utilization, cost efficiency, and the shift towards the higher margin service area, as we mentioned. If we move to the Fuel, Materials and Waste Technology, we see that the sales in the quarter amounted to SEK 96.7 million, and that's a decrease of SEK 0.8 million in local currency. Basically, we are flat compared to last year, and that reflects a continued solid progress in our project. The overall activity remains stable compared to last year. We see a slight decrease in the operating profit. It decreased from SEK 14.3 million to SEK 12.3 million, and operating margin is 12.8%. The decrease is explained by a slight change in our product mix during the quarter, as well as that we had a positive one-off effect in the first quarter 2025. The margin improvement is primarily driven by the high utilization, cost efficiency, and the shift towards the higher margin service area, as we mentioned. the margin improvement is primarily driven by the high utilization cost efficiency and the shift towards the higher margin service area as we mentioned If we move to the Fuel, Materials and Waste Technology, we see that the sales in the quarter amounted to SEK 96.7 million, and that's a decrease of SEK 0.8 million in local currency. if we move to the fuel materials and waste technology we see that the sales in the quarter amounted to sek 96.7 million and that's a decrease of sek 0.8 million in local currency Basically, we are flat compared to last year, and that reflects a continued solid progress in our project. basically we are flat compared to last year and that reflects a continued solid progress in our project The overall activity remains stable compared to last year. the overall activity remains stable compared to last year We see a slight decrease in the operating profit. we see a slight decrease in the operating profit It decreased from SEK 14.3 million to SEK 12.3 million, and operating margin is 12.8%. it decreased from sek 14.3 million to sek 12.3 million and operating margin is 12.8% The decrease is explained by a slight change in our product mix during the quarter, as well as that we had a positive one-off effect in the first quarter 2025. the decrease is explained by a slight change in our product mix during the quarter as well as that we had a positive one-off effect in the first quarter 2025 With that said, we see that our profitability remains at a solid level and we are continually focused on the utilization and focused on the cost control and our financial discipline within the business area. If we then move to Scandpower, the sales in the quarter amounted to SEK 49.5 million compared to SEK 46.2 million last year. Here we have an impact of our FX, and we see in the local currency it's an increase of 16.6%. That reflect a strong demand in the core business. We see also that the BlackStarTech products increased to SEK 7.7 million, and that's up from SEK 3 million the same quarter last year. The operating profit amounted to SEK 8.5 million compared to SEK 11.3 million last year, and the margin is 17.3%. The decrease is primarily explained by the positive FX contribution we had during Q1 2025. With that said, we see that our profitability remains at a solid level and we are continually focused on the utilization and focused on the cost control and our financial discipline within the business area. with that said we see that our profitability remains at a solid level and we are continually focused on the utilization and focused on the cost control and our financial discipline within the business area If we then move to Scandpower, the sales in the quarter amounted to SEK 49.5 million compared to SEK 46.2 million last year. if we then move to scandpower the sales in the quarter amounted to sek 49.5 million compared to sek 46.2 million last year Here we have an impact of our FX, and we see in the local currency it's an increase of 16.6%. here we have an impact of our fx and we see in the local currency it's an increase of 16.6% That reflect a strong demand in the core business. that reflect a strong demand in the core business We see also that the BlackStarTech products increased to SEK 7.7 million, and that's up from SEK 3 million the same quarter last year. we see also that the blackstartech products increased to sek 7.7 million and that's up from sek 3 million the same quarter last year The operating profit amounted to SEK 8.5 million compared to SEK 11.3 million last year, and the margin is 17.3%. the operating profit amounted to sek 8.5 million compared to sek 11.3 million last year and the margin is 17.3% The decrease is primarily explained by the positive FX contribution we had during Q1 2025. the decrease is primarily explained by the positive fx contribution we had during q1 2025 Overall, the underlying business remains stable, and we also have a continued focus on the profitability and the execution. If we then move to the group, look on the group numbers, we see for the total, the sales in the group amounted to SEK 226.4 million, and that's in local currency, an increase of 4.1% compared to last year. As I said, the increase is basically from the Decommissioning and Radiation Protection Services and from Studsvik Scandpower. The Fuel, Materials and Waste Technology is basically flat compared to last year. Overall, our sales remain solid, and we have an underlying growth in the local currencies. The operating profit for the group is then SEK 12.3 million in the quarter, and that's our operating margin of 5.4%. Overall, the underlying business remains stable, and we also have a continued focus on the profitability and the execution. overall the underlying business remains stable and we also have a continued focus on the profitability and the execution If we then move to the group, look on the group numbers, we see for the total, the sales in the group amounted to SEK 226.4 million, and that's in local currency, an increase of 4.1% compared to last year. if we then move to the group look on the group numbers we see for the total the sales in the group amounted to sek 226.4 million and that's in local currency an increase of 4.1% compared to last year As I said, the increase is basically from the Decommissioning and Radiation Protection Services and from Studsvik Scandpower. as i said the increase is basically from the decommissioning and radiation protection services and from studsvik scandpower The Fuel, Materials and Waste Technology is basically flat compared to last year. the fuel materials and waste technology is basically flat compared to last year Overall, our sales remain solid, and we have an underlying growth in the local currencies. overall our sales remain solid and we have an underlying growth in the local currencies The operating profit for the group is then SEK 12.3 million in the quarter, and that's our operating margin of 5.4%. the operating profit for the group is then sek 12.3 million in the quarter and that's our operating margin of 5.4% We have a decrease in the operating profit compared to last year, and that is that we have some one-off effects during Q1 2025. Also, we have done some strategic investments and also we have some one-off acquisition costs during this quarter 2026. We see then also it's positive that this quarter that all our three business area are performing well. That's really positive. Also, I think it's worth mentioning because we have talked a lot about the effects and in the operating profit, we have limited impact on the foreign exchange effects. And that's because our revenues and expenses are largely matched in local currency. Therefore, we don't have any bigger effects on operating profits. We have a decrease in the operating profit compared to last year, and that is that we have some one-off effects during Q1 2025. we have a decrease in the operating profit compared to last year and that is that we have some one-off effects during q1 2025 Also, we have done some strategic investments and also we have some one-off acquisition costs during this quarter 2026. also we have done some strategic investments and also we have some one-off acquisition costs during this quarter 2026 We see then also it's positive that this quarter that all our three business area are performing well. we see then also it's positive that this quarter that all our three business area are performing well That's really positive. that's really positive Also, I think it's worth mentioning because we have talked a lot about the effects and in the operating profit, we have limited impact on the foreign exchange effects. And that's because our revenues and expenses are largely matched in local currency. also i think it's worth mentioning because we have talked a lot about the effects and in the operating profit we have limited impact on the foreign exchange effects. and that's because our revenues and expenses are largely matched in local currency Therefore, we don't have any bigger effects on operating profits. therefore we don't have any bigger effects on operating profits Finally, we're going to look a little bit on the free cash flow for the quarter, and we have a negative free cash flow of SEK 12.5 million compared to the positive SEK 39.6 million last year. The decrease is primarily reflecting the timing effects in our working capital that we had big advance payments received in the fourth quarter 2025, and that we had invoices a lot late in the quarter. During the quarter, the group amortized SEK 7.1 million of our bank debt and our net decreased to SEK 78.1 million. Overall, the group maintains a solid financial position with continued focus on our cash flow discipline and our working capital management. With that said, I will hand over to Karl Thedéen. Finally, we're going to look a little bit on the free cash flow for the quarter, and we have a negative free cash flow of SEK 12.5 million compared to the positive SEK 39.6 million last year. finally we're going to look a little bit on the free cash flow for the quarter and we have a negative free cash flow of sek 12.5 million compared to the positive sek 39.6 million last year The decrease is primarily reflecting the timing effects in our working capital that we had big advance payments received in the fourth quarter 2025, and that we had invoices a lot late in the quarter. the decrease is primarily reflecting the timing effects in our working capital that we had big advance payments received in the fourth quarter 2025 and that we had invoices a lot late in the quarter During the quarter, the group amortized SEK 7.1 million of our bank debt and our net decreased to SEK 78.1 million. during the quarter the group amortized sek 7.1 million of our bank debt and our net decreased to sek 78.1 million Overall, the group maintains a solid financial position with continued focus on our cash flow discipline and our working capital management. overall the group maintains a solid financial position with continued focus on our cash flow discipline and our working capital management With that said, I will hand over to Karl Thedéen. with that said i will hand over to karl thedéen

Speaker 2: Thank you, Peter. Just some outlook on the external markets in this emerging industry of nuclear. If you look on the world, the nuclear is still positioned very much as critical for stable fossil-free baseload in high-demand future grids. The SMR part of this, the new way of building more scalable modular products that can be largely manufactured in normal factories and then shipped to the sites, are gaining traction in the world. There's a global resurgence for nuclear led by state-backed investment models. Reiterate that the IEEA, 40 countries have signed up to triple the nuclear power over the next 30 years. We say the same in Europe, with a major push in the U.K. France is obviously the biggest country for this. Finland, Poland, and Eastern Europe. Poland is a new country for new nuclear. That's happening also in those kind of countries. Thank you, Peter. thank you peter Just some outlook on the external markets in this emerging industry of nuclear. just some outlook on the external markets in this emerging industry of nuclear If you look on the world, the nuclear is still positioned very much as critical for stable fossil-free baseload in high-demand future grids. if you look on the world the nuclear is still positioned very much as critical for stable fossil-free baseload in high-demand future grids The SMR part of this, the new way of building more scalable modular products that can be largely manufactured in normal factories and then shipped to the sites, are gaining traction in the world. the smr part of this the new way of building more scalable modular products that can be largely manufactured in normal factories and then shipped to the sites are gaining traction in the world There's a global resurgence for nuclear led by state-backed investment models. there's a global resurgence for nuclear led by state-backed investment models Reiterate that the IEEA, 40 countries have signed up to triple the nuclear power over the next 30 years. reiterate that the ieea 40 countries have signed up to triple the nuclear power over the next 30 years We say the same in Europe, with a major push in the U.K. we say the same in europe with a major push in the u.k France is obviously the biggest country for this. france is obviously the biggest country for this Finland, Poland, and Eastern Europe. finland poland and eastern europe Poland is a new country for new nuclear. poland is a new country for new nuclear That's happening also in those kind of countries. that's happening also in those kind of countries Sweden, we are moving into execution phase. We have the Videberg Kraft application in from the Vattenfall Group. The state is also taking a key role here, not only to finance and the CFD schemes, the offtake of the electricity, but also going in with equity in the different companies that will apply for building new nuclear. For the industry, nuclear power is becoming a strategic industrial solution. It drives the electrification and notably, initially, it's very much driven by the AI industry, but we also see large-scale other industrial sites that will require stable base load that can be delivered from new nuclear. In terms of the SMR, that we have seen a very interesting launch of a strategy, including financial support to develop the European Union's SMRs fleet and also technologies. Sweden, we are moving into execution phase. sweden we are moving into execution phase We have the Videberg Kraft application in from the Vattenfall Group. we have the videberg kraft application in from the vattenfall group The state is also taking a key role here, not only to finance and the CFD schemes, the offtake of the electricity, but also going in with equity in the different companies that will apply for building new nuclear. the state is also taking a key role here not only to finance and the cfd schemes the offtake of the electricity but also going in with equity in the different companies that will apply for building new nuclear For the industry, nuclear power is becoming a strategic industrial solution. for the industry nuclear power is becoming a strategic industrial solution It drives the electrification and notably, initially, it's very much driven by the AI industry, but we also see large-scale other industrial sites that will require stable base load that can be delivered from new nuclear. it drives the electrification and notably initially it's very much driven by the ai industry but we also see large-scale other industrial sites that will require stable base load that can be delivered from new nuclear In terms of the SMR, that we have seen a very interesting launch of a strategy, including financial support to develop the European Union's SMRs fleet and also technologies. in terms of the smr that we have seen a very interesting launch of a strategy including financial support to develop the european union's smrs fleet and also technologies This is very important as this needs to be something that we in Europe also can develop and maintain ourselves. In the U.K., there has been major funding of specifically their incumbent developer of Rolls-Royce, and it was announced in April that they will now have financing to build three new SMRs in the U.K. Maybe most important to point out and why I think the nuclear wave is here to stay is obviously that there's a key role in energy security and also combining that with also providing a net zero contribution because we're obviously not sending out any CO2 emissions from the nuclear power plant. This is becoming increasingly important in the geopolitical situation that we unfortunately are seeing as we speak now in Iran and Ukraine and other places. This is very important as this needs to be something that we in Europe also can develop and maintain ourselves. this is very important as this needs to be something that we in europe also can develop and maintain ourselves In the U.K., there has been major funding of specifically their incumbent developer of Rolls-Royce, and it was announced in April that they will now have financing to build three new SMRs in the U.K. in the u.k there has been major funding of specifically their incumbent developer of rolls-royce and it was announced in april that they will now have financing to build three new smrs in the u.k Maybe most important to point out and why I think the nuclear wave is here to stay is obviously that there's a key role in energy security and also combining that with also providing a net zero contribution because we're obviously not sending out any CO2 emissions from the nuclear power plant. maybe most important to point out and why i think the nuclear wave is here to stay is obviously that there's a key role in energy security and also combining that with also providing a net zero contribution because we're obviously not sending out any co2 emissions from the nuclear power plant This is becoming increasingly important in the geopolitical situation that we unfortunately are seeing as we speak now in Iran and Ukraine and other places. this is becoming increasingly important in the geopolitical situation that we unfortunately are seeing as we speak now in iran and ukraine and other places I think that's also why we have a very strong political backing, not only in Sweden but also in the EU and worldwide. We are ready to support this. We are one of the few companies that have a base inherent competence and customer relationships and products and services, and we will use that to invest and grow with the SMR growth in the world. Here is a continuation of some of the news that's coming out recently over the last couple of quarters, and you see to the top right-hand corner where Kärnfull Next team hands in the application for the site of Valdemarsvik. A lot of things happening, and that will continue to happen, a lot of things in our industry. Final remarks. A stable quarter with continued investments for the future. I think that's also why we have a very strong political backing, not only in Sweden but also in the EU and worldwide. i think that's also why we have a very strong political backing not only in sweden but also in the eu and worldwide We are ready to support this. we are ready to support this We are one of the few companies that have a base inherent competence and customer relationships and products and services, and we will use that to invest and grow with the SMR growth in the world. we are one of the few companies that have a base inherent competence and customer relationships and products and services and we will use that to invest and grow with the smr growth in the world Here is a continuation of some of the news that's coming out recently over the last couple of quarters, and you see to the top right-hand corner where Kärnfull Next team hands in the application for the site of Valdemarsvik. here is a continuation of some of the news that's coming out recently over the last couple of quarters and you see to the top right-hand corner where kärnfull next team hands in the application for the site of valdemarsvik A lot of things happening, and that will continue to happen, a lot of things in our industry. a lot of things happening and that will continue to happen a lot of things in our industry Final remarks. final remarks A stable quarter with continued investments for the future. a stable quarter with continued investments for the future I think it's very interesting and very good to see that all three business areas are now delivering a solid quarter. If you remember, we didn't see that in 2024 when we had difficulties in the FMT business and in 2025 when DRPS had a difficult year. Now I see a stable situation for all three, which is very important for our year. We have taken a big step to expand into new nuclear product development and being part of new build with acquisition of Kärnfull Next. I think it's very interesting and very good to see that all three business areas are now delivering a solid quarter. i think it's very interesting and very good to see that all three business areas are now delivering a solid quarter If you remember, we didn't see that in 2024 when we had difficulties in the FMT business and in 2025 when DRPS had a difficult year. if you remember we didn't see that in 2024 when we had difficulties in the fmt business and in 2025 when drps had a difficult year Now I see a stable situation for all three, which is very important for our year. now i see a stable situation for all three which is very important for our year We have taken a big step to expand into new nuclear product development and being part of new build with acquisition of Kärnfull Next. we have taken a big step to expand into new nuclear product development and being part of new build with acquisition of kärnfull next At the Nuclear Energy Summit in Paris, it was reiterated by politicians and European leaders that nuclear is very important for EU to strengthen energy security and regional energy supply. We're seeing the legislation initially from the Swedish government continues, and in this quarter we saw the lift of the ban for Swedish nuclear along coastlines, not only being able to build on the existing site, but actually opening up for other sites to be explored. That is obviously very important for our new business together with Kärnfull Next. We also see that the company is now expanding and notably we already have business in the fusion industry. With this MoU we are looking to expand it and once again taking advantage of having a strong local driver of our initiatives in the Novatron Fusion Group. At the Nuclear Energy Summit in Paris, it was reiterated by politicians and European leaders that nuclear is very important for EU to strengthen energy security and regional energy supply. We're seeing the legislation initially from the Swedish government continues, and in this quarter we saw the lift of the ban for Swedish nuclear along coastlines, not only being able to build on the existing site, but actually opening up for other sites to be explored. at the nuclear energy summit in paris it was reiterated by politicians and european leaders that nuclear is very important for eu to strengthen energy security and regional energy supply. we're seeing the legislation initially from the swedish government continues and in this quarter we saw the lift of the ban for swedish nuclear along coastlines not only being able to build on the existing site but actually opening up for other sites to be explored That is obviously very important for our new business together with Kärnfull Next. that is obviously very important for our new business together with kärnfull next We also see that the company is now expanding and notably we already have business in the fusion industry. we also see that the company is now expanding and notably we already have business in the fusion industry With this MoU we are looking to expand it and once again taking advantage of having a strong local driver of our initiatives in the Novatron Fusion Group. with this mou we are looking to expand it and once again taking advantage of having a strong local driver of our initiatives in the novatron fusion group We also continue to expand our business in the SMR business by expanding our business opportunity with Rolls-Royce SMR. We have a strategy which is basically having the foundation of our very competent people, our three business areas, and then expansion in the areas of markets, products, and M&A. We will continue to do, and it's a good sign this quarter that we have an M&A case. We have market expansion with the new hires and new expansions in the U.S. market. We are continuing to drive innovation in our product areas. Last but not least, I have used this picture to, in a good way, exemplify what we are doing and what is happening at this end. You do that physically at the beautiful site of Studsvik. You can see different initiatives happening on our site and in the world. We also continue to expand our business in the SMR business by expanding our business opportunity with Rolls-Royce SMR. we also continue to expand our business in the smr business by expanding our business opportunity with rolls-royce smr We have a strategy which is basically having the foundation of our very competent people, our three business areas, and then expansion in the areas of markets, products, and M&A. we have a strategy which is basically having the foundation of our very competent people our three business areas and then expansion in the areas of markets products and m&a We will continue to do, and it's a good sign this quarter that we have an M&A case. we will continue to do and it's a good sign this quarter that we have an m&a case We have market expansion with the new hires and new expansions in the U.S. market. we have market expansion with the new hires and new expansions in the u.s market We are continuing to drive innovation in our product areas. we are continuing to drive innovation in our product areas Last but not least, I have used this picture to, in a good way, exemplify what we are doing and what is happening at this end. last but not least i have used this picture to in a good way exemplify what we are doing and what is happening at this end You do that physically at the beautiful site of Studsvik. you do that physically at the beautiful site of studsvik You can see different initiatives happening on our site and in the world. you can see different initiatives happening on our site and in the world The small modular reactors, there is interest and we are exploring the possibility to build SMRs at our site. We have discussion with SMR vendors around that and obviously that is strengthened by the Kärnfull Next acquisition. There is an initiative in Sweden to see if we can find funding and a general consensus in industry and state to once again have a research reactor at the Studsvik site to support both the nuclear and life science industry. Our hot cell is key to what we do. We are working with Novatron to see if we can explore having a test facility for fusion, and we are continuing to build and invest in our inDRUM facility on site. I think it's a good picture to showcase what is happening at Studsvik in the world with this image. The small modular reactors, there is interest and we are exploring the possibility to build SMRs at our site. the small modular reactors there is interest and we are exploring the possibility to build smrs at our site We have discussion with SMR vendors around that and obviously that is strengthened by the Kärnfull Next acquisition. we have discussion with smr vendors around that and obviously that is strengthened by the kärnfull next acquisition There is an initiative in Sweden to see if we can find funding and a general consensus in industry and state to once again have a research reactor at the Studsvik site to support both the nuclear and life science industry. there is an initiative in sweden to see if we can find funding and a general consensus in industry and state to once again have a research reactor at the studsvik site to support both the nuclear and life science industry Our hot cell is key to what we do. our hot cell is key to what we do We are working with Novatron to see if we can explore having a test facility for fusion, and we are continuing to build and invest in our inDRUM facility on site. we are working with novatron to see if we can explore having a test facility for fusion and we are continuing to build and invest in our indrum facility on site I think it's a good picture to showcase what is happening at Studsvik in the world with this image. i think it's a good picture to showcase what is happening at studsvik in the world with this image With that, I will say thank you and hand over for questions. With that, I will say thank you and hand over for questions. with that i will say thank you and hand over for questions

Speaker 4: If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Lara Mohtadi from ABG Sundal Collier. Please go ahead. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. if you wish to ask a question please dial pound key five on your telephone keypad to enter the queue If you wish to withdraw your question, please dial pound key six on your telephone keypad. if you wish to withdraw your question please dial pound key six on your telephone keypad The next question comes from Lara Mohtadi from ABG Sundal Collier. the next question comes from lara mohtadi from abg sundal collier Please go ahead. please go ahead

Speaker 3: Hi, first one here. The operating profits from group functions and elimination they dragged down the group a bit, quite a lot this quarter. You mentioned both in your presentation and in the report that you'd taken some costs related to acquisitions. I'm guessing that they are related to the pending Kärnfull Next acquisition. Firstly, were these under the group functions and eliminations, and maybe could you quantify the magnitude of these costs? Hi, first one here. hi first one here The operating profits from group functions and elimination they dragged down the group a bit, quite a lot this quarter. the operating profits from group functions and elimination they dragged down the group a bit quite a lot this quarter You mentioned both in your presentation and in the report that you'd taken some costs related to acquisitions. you mentioned both in your presentation and in the report that you'd taken some costs related to acquisitions I'm guessing that they are related to the pending Kärnfull Next acquisition. i'm guessing that they are related to the pending kärnfull next acquisition Firstly, were these under the group functions and eliminations, and maybe could you quantify the magnitude of these costs? firstly were these under the group functions and eliminations and maybe could you quantify the magnitude of these costs

Speaker 5: I think you have correctly in your analysis, because if you look at the group functions, we see an increase in our costs, and we see that some of the costs is related to the one-off effects compared to the acquisitions. For the year, yeah, we have a strategic development and so it will perhaps be a little bit slightly higher during the year, the costs. I think you have correctly in your analysis, because if you look at the group functions, we see an increase in our costs, and we see that some of the costs is related to the one-off effects compared to the acquisitions. i think you have correctly in your analysis because if you look at the group functions we see an increase in our costs and we see that some of the costs is related to the one-off effects compared to the acquisitions For the year, yeah, we have a strategic development and so it will perhaps be a little bit slightly higher during the year, the costs. for the year yeah we have a strategic development and so it will perhaps be a little bit slightly higher during the year the costs

Speaker 3: Okay. Thank you. Okay. okay Thank you. thank you

Speaker 2: Maybe I can add that it was specifically high in the quarter. Peter is absolutely correct that we are continuing to invest in long-term business opportunities that will require us to incur costs in terms of advisors on to drive. They were unusually large in quarter one. Maybe I can add that it was specifically high in the quarter. maybe i can add that it was specifically high in the quarter Peter is absolutely correct that we are continuing to invest in long-term business opportunities that will require us to incur costs in terms of advisors on to drive. peter is absolutely correct that we are continuing to invest in long-term business opportunities that will require us to incur costs in terms of advisors on to drive They were unusually large in quarter one. they were unusually large in quarter one

Speaker 3: Okay, thank you. Fuel, Materials and Waste Technology had slightly lower margins year-over-year and sequentially. How should we think about the margins in this segment? Should we sort of expect some lumpiness generally between the quarters? Because you mentioned that this was due to product mix. How should we think when we model maybe the annual margins here? Okay, thank you. okay thank you Fuel, Materials and Waste Technology had slightly lower margins year-over-year and sequentially. fuel materials and waste technology had slightly lower margins year-over-year and sequentially How should we think about the margins in this segment? how should we think about the margins in this segment Should we sort of expect some lumpiness generally between the quarters? should we sort of expect some lumpiness generally between the quarters Because you mentioned that this was due to product mix. because you mentioned that this was due to product mix How should we think when we model maybe the annual margins here? how should we think when we model maybe the annual margins here

Speaker 2: I think my view is that this is a low margin quarter for FMWT. We should be higher, and I mentioned before that we should be north of 15%. The reason for this is a project mix. We are executing our different testing projects and some of those will require more utilization than may be planned, and then the margins go down a bit in those projects, and some we are performing better and then hence we get better margins. This is combined that we are constantly trying also to increase our prices on outgoing offers. Obviously a lot of this, what we do now is to work on our backlog as well. It is a weak quarter in terms of breaking profit for that business unit, but I have no sort of big concerns around that as it's a sort of normal variation of projects. I think my view is that this is a low margin quarter for FMWT. i think my view is that this is a low margin quarter for fmwt We should be higher, and I mentioned before that we should be north of 15%. we should be higher and i mentioned before that we should be north of 15% The reason for this is a project mix. the reason for this is a project mix We are executing our different testing projects and some of those will require more utilization than may be planned, and then the margins go down a bit in those projects, and some we are performing better and then hence we get better margins. we are executing our different testing projects and some of those will require more utilization than may be planned and then the margins go down a bit in those projects and some we are performing better and then hence we get better margins This is combined that we are constantly trying also to increase our prices on outgoing offers. this is combined that we are constantly trying also to increase our prices on outgoing offers Obviously a lot of this, what we do now is to work on our backlog as well. obviously a lot of this what we do now is to work on our backlog as well It is a weak quarter in terms of breaking profit for that business unit, but I have no sort of big concerns around that as it's a sort of normal variation of projects. it is a weak quarter in terms of breaking profit for that business unit but i have no sort of big concerns around that as it's a sort of normal variation of projects

Speaker 3: Okay, thank you. Very clear. Well, it's positive to see that Scandpower is contributing to sales. Can you say anything about maybe the margin profile of this business compared to the legacy Scandpower business? Okay, thank you. okay thank you Very clear. very clear Well, it's positive to see that Scandpower is contributing to sales. well it's positive to see that scandpower is contributing to sales Can you say anything about maybe the margin profile of this business compared to the legacy Scandpower business? can you say anything about maybe the margin profile of this business compared to the legacy scandpower business

Speaker 2: You meant BlackStarTech or? You meant BlackStarTech or? you meant blackstartech or

Speaker 3: oh, sorry, BlackStarTech. oh, sorry, BlackStarTech. oh, sorry, blackstartech

Speaker 2: BlackStarTech, it's a combination of a hardware and software business. I think in general, it should be coming slightly lower. I should also say that we are learning this business as we speak. It's new to us, and we have been sort of positively surprised so far with the deals that we have done. I think it's a little bit early to say exactly where we end up on the sort of average margin over time in this business. My guess, it will be a bit lower than the normal Scandpower business. BlackStarTech, it's a combination of a hardware and software business. blackstartech, it's a combination of a hardware and software business I think in general, it should be coming slightly lower. i think in general it should be coming slightly lower I should also say that we are learning this business as we speak. i should also say that we are learning this business as we speak It's new to us, and we have been sort of positively surprised so far with the deals that we have done. it's new to us and we have been sort of positively surprised so far with the deals that we have done I think it's a little bit early to say exactly where we end up on the sort of average margin over time in this business. i think it's a little bit early to say exactly where we end up on the sort of average margin over time in this business My guess, it will be a bit lower than the normal Scandpower business. my guess it will be a bit lower than the normal scandpower business

Speaker 3: Okay, great. That was all from me, and thank you very much. Okay, great. okay great That was all from me, and thank you very much. that was all from me and thank you very much

Speaker 4: As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Kaleb Solomon from SEB. Please go ahead. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. as a reminder if you wish to ask a question please dial pound key five on your telephone keypad The next question comes from Kaleb Solomon from SEB. the next question comes from kaleb solomon from seb Please go ahead. please go ahead

Speaker 1: Hi, thank you for taking my questions. How much, if any, of the sort of profitability improvement in decommissioning is purely seasonal versus sort of due to the cost measures you describe? And as a follow-up to that, you mentioned there was a few, or there was a reduction in the number of employees. Was or will there be any negative one-offs related to that? Hi, thank you for taking my questions. hi thank you for taking my questions How much, if any, of the sort of profitability improvement in decommissioning is purely seasonal versus sort of due to the cost measures you describe? how much if any of the sort of profitability improvement in decommissioning is purely seasonal versus sort of due to the cost measures you describe And as a follow-up to that, you mentioned there was a few, or there was a reduction in the number of employees. and as a follow-up to that you mentioned there was a few or there was a reduction in the number of employees Was or will there be any negative one-offs related to that? was or will there be any negative one-offs related to that

Speaker 2: The first question, the business is typically have lower margin profile in Q1 based on the holiday season around New Year and so on. It's seasonal, but all the improvements here are from increased utilization and higher sales per employee, as Peter alluded to. I'm not foreseeing any restructuring costs coming out of that business. The first question, the business is typically have lower margin profile in Q1 based on the holiday season around New Year and so on. the first question the business is typically have lower margin profile in q1 based on the holiday season around new year and so on It's seasonal, but all the improvements here are from increased utilization and higher sales per employee, as Peter alluded to. it's seasonal but all the improvements here are from increased utilization and higher sales per employee as peter alluded to I'm not foreseeing any restructuring costs coming out of that business. i'm not foreseeing any restructuring costs coming out of that business

Speaker 1: Okay. That's clear. Thank you. Fuel materials, can you remind us how much of the sort of decrease year-over-year that was due to the one-off related to invoicing effects in 2025? Sort of building on Lara's question earlier, do you expect mix to stay the same in Q2 or sort of be back to normal? Okay. okay That's clear. that's clear Thank you. thank you Fuel materials, can you remind us how much of the sort of decrease year-over-year that was due to the one-off related to invoicing effects in 2025? fuel materials can you remind us how much of the sort of decrease year-over-year that was due to the one-off related to invoicing effects in 2025 Sort of building on Lara's question earlier, do you expect mix to stay the same in Q2 or sort of be back to normal? sort of building on lara's question earlier do you expect mix to stay the same in q2 or sort of be back to normal

Speaker 2: Can you take the first question once again, please? Can you take the first question once again, please? can you take the first question once again please

Speaker 1: In fuel materials, if you can remind us how much of the decrease year-over-year that was due to the sort of one-offs related to the invoicing effects in 2025? In fuel materials, if you can remind us how much of the decrease year-over-year that was due to the sort of one-offs related to the invoicing effects in 2025? in fuel materials if you can remind us how much of the decrease year-over-year that was due to the sort of one-offs related to the invoicing effects in 2025

Speaker 5: Yeah, the decrease was around SEK 2 million. The one-off effect was around SEK 2 million. Yeah, the decrease was around SEK 2 million. yeah the decrease was around sek 2 million The one-off effect was around SEK 2 million. the one-off effect was around sek 2 million

Speaker 2: It's obviously not material, I would say. It's obviously not material, I would say. it's obviously not material i would say

Speaker 5: Yeah. Yeah. yeah

Speaker 2: Yeah, the project mix, it is actually a tricky question to answer. We are striving to do a super good forecast on this because we run our projects, and then sometimes we get a slight problem, and then we start another project and so on. This is sort of work in progress throughout the quarter. My answer to Lara's question, which is the same to you, is that I see Q1 profitability on this machine to be on the low level. It's not bad, but it's not on the high level. We should, in average, strive to be north of 15%. Yeah, the project mix, it is actually a tricky question to answer. yeah the project mix it is actually a tricky question to answer We are striving to do a super good forecast on this because we run our projects, and then sometimes we get a slight problem, and then we start another project and so on. we are striving to do a super good forecast on this because we run our projects and then sometimes we get a slight problem and then we start another project and so on This is sort of work in progress throughout the quarter. this is sort of work in progress throughout the quarter My answer to Lara's question, which is the same to you, is that I see Q1 profitability on this machine to be on the low level. my answer to lara's question which is the same to you is that i see q1 profitability on this machine to be on the low level It's not bad, but it's not on the high level. it's not bad but it's not on the high level We should, in average, strive to be north of 15%. we should in average strive to be north of 15%

Speaker 1: Okay, that's helpful. Thank you. Just on the Kärnfull Next acquisition, can you maybe give us some color on the sort of strategic rationale behind that? How much was wanting to sort of monetize on the actual projects versus sort of using it as a platform to develop products for new builds, and on which side of that can we expect to see a contribution first, and when can that be? That was a lot of questions in one, but... Okay, that's helpful. okay that's helpful Thank you. thank you Just on the Kärnfull Next acquisition, can you maybe give us some color on the sort of strategic rationale behind that? just on the kärnfull next acquisition can you maybe give us some color on the sort of strategic rationale behind that How much was wanting to sort of monetize on the actual projects versus sort of using it as a platform to develop products for new builds, and on which side of that can we expect to see a contribution first, and when can that be? how much was wanting to sort of monetize on the actual projects versus sort of using it as a platform to develop products for new builds and on which side of that can we expect to see a contribution first and when can that be That was a lot of questions in one, but... that was a lot of questions in one but

Speaker 2: That was a very good question. I think to being in these projects is very important. Otherwise, you stand outside, you don't really understand, and if you don't understand, you don't know what services you can develop and what the sort of offerings you should have for other similar projects. To really be in this project, and I can take an example to the other ongoing project in Sweden, where we are working closely with these different vendors, but we're not in the project as of now. Then you miss out on things, I think. By being in the project to an extent together with others, we will be very close and nothing strategic that is very important to us. In terms of how much this business actually will need in itself to be a product developer, we obviously have good hopes for that as well. That was a very good question. that was a very good question I think to being in these projects is very important. i think to being in these projects is very important Otherwise, you stand outside, you don't really understand, and if you don't understand, you don't know what services you can develop and what the sort of offerings you should have for other similar projects. otherwise you stand outside you don't really understand and if you don't understand you don't know what services you can develop and what the sort of offerings you should have for other similar projects To really be in this project, and I can take an example to the other ongoing project in Sweden, where we are working closely with these different vendors, but we're not in the project as of now. to really be in this project and i can take an example to the other ongoing project in sweden where we are working closely with these different vendors but we're not in the project as of now Then you miss out on things, I think. then you miss out on things i think By being in the project to an extent together with others, we will be very close and nothing strategic that is very important to us. by being in the project to an extent together with others we will be very close and nothing strategic that is very important to us In terms of how much this business actually will need in itself to be a product developer, we obviously have good hopes for that as well. in terms of how much this business actually will need in itself to be a product developer we obviously have good hopes for that as well It is a bit, and we need to come back to that, to the market, a little bit, what we invest, when we exit from this project and so on. That is yet something we need to come back to when we start forming these SPVs and start seeing the full scale of the investments and time plans. That is also important. I think actually the strategic importance of us now being able to say that we are very active and investing in new build, as that over time will be the biggest business that we will enter into 10, 15, 20 years from now. That's what's going to happen when you triple nuclear power in the world. It is a bit, and we need to come back to that, to the market, a little bit, what we invest, when we exit from this project and so on. it is a bit and we need to come back to that to the market a little bit what we invest when we exit from this project and so on That is yet something we need to come back to when we start forming these SPVs and start seeing the full scale of the investments and time plans. that is yet something we need to come back to when we start forming these spvs and start seeing the full scale of the investments and time plans That is also important. that is also important I think actually the strategic importance of us now being able to say that we are very active and investing in new build, as that over time will be the biggest business that we will enter into 10, 15, 20 years from now. i think actually the strategic importance of us now being able to say that we are very active and investing in new build as that over time will be the biggest business that we will enter into 10 15 20 years from now That's what's going to happen when you triple nuclear power in the world. that's what's going to happen when you triple nuclear power in the world

Speaker 1: Okay. That's helpful. Thank you. Last quarter you said that BlackStarTech to sort of reach 10%-15% of Scandpower sales during 2026, and it was almost 16% of sales this quarter. Is it fair to say you already achieved that sort of run rate in Q1? Is this the sort of contribution we should continue to expect for the next couple of quarters? Okay. okay That's helpful. that's helpful Thank you. thank you Last quarter you said that BlackStarTech to sort of reach 10%-15% of Scandpower sales during 2026, and it was almost 16% of sales this quarter. last quarter you said that blackstartech to sort of reach 10%-15% of scandpower sales during 2026 and it was almost 16% of sales this quarter Is it fair to say you already achieved that sort of run rate in Q1? is it fair to say you already achieved that sort of run rate in q1 Is this the sort of contribution we should continue to expect for the next couple of quarters? is this the sort of contribution we should continue to expect for the next couple of quarters

Speaker 2: It was a good quarter. This is, as all equipment business, a bit volatile type business. I remain with my hope and belief and strategy to drive this into a significant part of Scandpower. If it's going to be that exactly every quarter, that is something that we need to get back to. I think we're off to a good start. I think we are now having a sales organization that is driving this business. We have better control over what the market is wanting, how to pitch it to different industries. That's important. If it will be exactly this every quarter, that's maybe too early to say. It was a good quarter. it was a good quarter This is, as all equipment business, a bit volatile type business. this is as all equipment business a bit volatile type business I remain with my hope and belief and strategy to drive this into a significant part of Scandpower. i remain with my hope and belief and strategy to drive this into a significant part of scandpower If it's going to be that exactly every quarter, that is something that we need to get back to. if it's going to be that exactly every quarter that is something that we need to get back to I think we're off to a good start. i think we're off to a good start I think we are now having a sales organization that is driving this business. i think we are now having a sales organization that is driving this business We have better control over what the market is wanting, how to pitch it to different industries. we have better control over what the market is wanting how to pitch it to different industries That's important. that's important If it will be exactly this every quarter, that's maybe too early to say. if it will be exactly this every quarter that's maybe too early to say

Speaker 1: Okay, and just one sort of last housekeeping question. You mentioned that the slightly weaker cash flow is due to prepayments during last quarter. Can you quantify exactly how much that is, that effect? Okay, and just one sort of last housekeeping question. okay and just one sort of last housekeeping question You mentioned that the slightly weaker cash flow is due to prepayments during last quarter. you mentioned that the slightly weaker cash flow is due to prepayments during last quarter Can you quantify exactly how much that is, that effect? can you quantify exactly how much that is that effect

Speaker 5: You know how much effect of the...the prepayment? You know how much effect of the... the prepayment? you know how much effect of the the prepayment

Speaker 1: Yeah. How much is explained by the prepayment exactly in absolute figures? Yeah. yeah How much is explained by the prepayment exactly in absolute figures? how much is explained by the prepayment exactly in absolute figures

Speaker 5: Yeah, in absolute figure. I would say it's around SEK 20 million-SEK 25 million of those prepayment- Yeah, in absolute figure. yeah in absolute figure I would say it's around SEK 20 million-SEK 25 million of those prepayment- i would say it's around sek 20 million-sek 25 million of those prepayment-

Speaker 1: Okay. Got you. Okay. okay Got you. got you

Speaker 5: That we received in Q4 last year then. That was a prepayment for this quarter, yeah? That we received in Q4 last year then. that we received in q4 last year then That was a prepayment for this quarter, yeah? that was a prepayment for this quarter yeah

Speaker 1: Yeah. Okay. That's clear. Thank you. That's all for me. Yeah. yeah Okay. okay That's clear. that's clear Thank you. thank you That's all for me. that's all for me

Speaker 2: Thank you. Thank you. thank you

Speaker 5: Okay. Okay. okay

Speaker 4: There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. there are no more questions at this time so i hand the conference back to the speakers for any closing comments

Speaker 2: Thanks for listening. We are still in a very, very interesting market. A lot of things ongoing in the company, and we look forward to a report back on our Q2 results July 17th, in roughly three months time. Thanks for listening. thanks for listening We are still in a very, very interesting market. we are still in a very very interesting market A lot of things ongoing in the company, and we look forward to a report back on our Q2 results July 17th, in roughly three months time. a lot of things ongoing in the company and we look forward to a report back on our q2 results july 17th in roughly three months time