Studsvik (SVIK) Q4 2025 earnings summary

Executive summary

• Achieved strong cash flow and improved profitability in 2025, driven by Fuel, Materials & Waste Technology segment performance and supported by new long-term contracts and investments.

• No dividend proposed for 2025 to support a pro-growth capital allocation strategy and future investments.

• Major new contracts secured with RoPower Nuclear (Romania) and KEPCO Nuclear Fuel (Korea), and acquisition of BlackStarTech in the USA to strengthen software offerings.

• New large shareholder Segra Capital acquired close to 10% of shares, and new board members were appointed.

• Strategic focus on innovation, acquisitions, and global customer expansion, including U.S. market and SMR/AMR business.

Financial highlights

• Q4 net sales: SEK 222.9 million, down 4.4% year-over-year; full-year sales: SEK 883.3 million, up 1.1% in local currency.

• Q4 operating profit: SEK 18.4 million (8.2% margin), up from SEK 1.6 million (0.7%) last year.

• Full-year operating profit: SEK 68.6 million (7.8% margin), up from SEK 26.8 million (3%).

• Free cash flow for 2025: SEK 98.3 million, a significant improvement from -SEK 78.1 million in 2024.

• Net debt reduced to SEK 65.1 million after SEK 23.5 million in bank debt amortization.

Outlook and guidance

• No dividend proposed for 2025 to support a pro-growth agenda and expansion in SMR/AMR markets.

• Continued growth expected in Fuel, Materials & Waste Technology, supported by a robust backlog and customer engagement.

• Decommissioning & Radiation Protection Services expected to improve profitability through 2026 after restructuring.

• Strategic focus on expanding US market presence, enhancing hot cell capabilities, and increasing SMR/AMR business.

• Vision for 2035 includes SMR, isotope center, and fusion test facility.