Studsvik

* Segment EBIT broadly in line with estimates * Margin-enhancing initiatives in Decommissioning paying off * We cut '26e-'28e EBIT by 8-4% on higher central costs Q1 results Q1 sales were SEK 226m (flat y-o-y, +2% vs. ABGSCe) alongside EBIT of SEK 12m...

* Sales SEK 226m (flat y-o-y, +2% vs. ABGSCe) * EBIT SEK 12m, 23% below ABGSCe on higher corporate costs * Segment EBIT broadly in line; acquisition costs cited (unspecified) Q1 results Studsvik reported Q1 sales of SEK 226m, flat y-o-y and 2% above ...

* Report out on 23 April * Q1e sales of SEK 221m, adj. EBIT SEK 16m * We cut '26e-'28e adj. EBIT by 4-2% Q1 expectations We expect Q1 sales of SEK 221m, -2.5% y-o-y. On adj. EBIT, we estimate SEK 16m (14m), for a margin of 7.5% (6.3%). For FM&WM, we ...

* Strong FM&WT EBIT margin (19% vs. ABGSCe 15%) * We trim our margin estimates for Decommissioning and Scandpower * ...but FM&WT margin upgrades partly offset cuts Q4 results Studsvik reported Q4 sales of SEK 223m (-4% vs. ABGSCe) and EBIT of SEK 18m...

* Sales -4% & EBIT adj. SEK 5m below vs. ABGSCe * Strong quarter for FM&WM, weaker for Decommissioning * Expecting gradual improvement in Decommissioning margins in '26e Q4 results Sales fell 10% y-o-y and were 4% below our estimate. With an EBIT margin...