Studsvik (SVIK) Q4 2025 earnings summary

Executive summary

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

• No dividend is proposed for 2025 to support a pro-growth agenda and future investments.

• Segra Capital became a major shareholder, acquiring nearly 10% of shares, and new board members with nuclear industry expertise were appointed.

• Focus on innovation, acquisitions (including BlackStarTech), and global customer expansion, with transformation underway and a vision for 2035 including SMR, isotope center, and fusion test facility.

• Significant new contracts and grants were secured, including a SEK 8.3 million grant for research infrastructure upgrades.

Financial highlights

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

• Q4 operating profit rose to SEK 18.4 million (8.2% margin) from SEK 1.6 million (0.7%) last year; full-year operating profit was SEK 68.6 million (7.8% margin), up from SEK 26.8 million (3%) in 2024.

• Free cash flow for 2025 was SEK 98.3 million, a significant improvement from -SEK 78.1 million in 2024; Q4 free cash flow was SEK 42.7 million.

• Net debt reduced to SEK 65.1 million (from SEK 132.2 million), after amortizing SEK 23.5 million of bank debt.

• Net profit for 2025 was SEK 37.3 million, with earnings per share of SEK 4.54.

Outlook and guidance

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

• Strategic focus on expanding US market presence, enhancing hot cell capabilities, and increasing SMR/AMR business, with BlackStarTech expected to contribute 10–15% of Scandpower revenue over time.

• Management expects continued improvement in margins for Decommissioning & Radiation Protection Services in 2026 after restructuring.

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

• Positive market outlook driven by global demand for advanced nuclear technologies and new SMR projects.