Studsvik (SVIK) Q3 2026 earnings summary

Executive summary

• Q3 sales were SEK 227.4m, up 10.5% reported and 10.7% in local currencies, with growth across all three business areas.

• Q3 operating profit was SEK 7.2m; adjusted operating profit was SEK 7.4m. Profit and free cash flow declined YoY, while DRPS profitability improved.

• Strategic growth advanced in Norwegian spent-fuel services, a Swedish nuclear development project and Japanese inDRUM waste treatment.

Financial highlights

• Q3 net sales were SEK 227.4m versus SEK 205.8m; 9M sales were SEK 700.8m, up 6.1% reported and 7.9% in local currencies.

• Q3 operating profit was SEK 7.2m versus SEK 13.2m; adjusted profit was SEK 7.4m excluding SEK 0.2m of items affecting comparability. Prior-year comparison included a SEK 6m one-off.

• Q3 net profit was SEK 0.7m versus SEK 3.6m; EPS was SEK 0.09 versus SEK 0.44. 9M operating profit was SEK 28.8m versus SEK 50.2m.

• Q3 free cash flow was negative SEK 35.3m versus positive SEK 17.3m; 9M free cash flow was negative SEK 107.3m, including SEK 34.1m for the Kärnfull Next acquisition.

• Q3 operating cash flow before working capital was positive SEK 16.4m; working capital was a SEK 41.5m outflow and investing activities used SEK 10.1m.

Outlook and guidance

• Management cited high activity and a strong market position entering Q4; Scandpower is expected to have a strong quarter, with hope for a strong FMWT quarter. No full-year earnings forecast was given.

• Financial targets are 6% average annual organic growth, 12% operating margin and a minimum equity/assets ratio of 40%.

• The Swedish project covers four BWRX-300 reactors with combined capacity of 1.2 GW; first unit operation is targeted for the second half of the 2030s, subject to development and permitting.

• Norwegian spent-fuel activity is expected to become material around 2029–2031, with a higher activity period from 2030 to 2045 and storage-related work through 2055.

• Meaningful Fukushima inDRUM revenue is expected after an operating plant is built, likely in 3–4 years; the model includes licensing, advisory and recurring volume-based fees.