Studsvik: Promising start to the year - ABG

Cost initiatives a success in FWMT...
...and Scandpower continues to excel
High competition and price pressure in Decommissioning


Q1: Sales +8% y-o-y, adj. EBIT margin 6.3% (4.7%)

Studsvik reported Q1 sales of SEK 227m, corresponding to FX-adjusted growth of 8% y-o-y. This was 5% better than ABGSCe and mainly driven by stronger sales growth in Scandpower. The company reported adj. EBIT of SEK 14.3m (9.7m), where the difference compared to the reported EBIT of SEK 19.4m was due to a positive currency effect in Scandpower. The adj. EBIT result was approximately 50% better than ABGSCe, with the deviation driven by higher profitability in FWMT and Scandpower, while Decommissioning came in below expectations, as the company is experiencing high competition for contracts, leading to price pressure in the market. Group costs were also slightly higher than expected, but overall it was a solid report that exceeded expectations, and we were impressed by how quickly the company has managed to turn the trend in FWMT.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/studsvik/Equity-research/2025/4/studsvik---promising-start-to-the-year/