July 20, 2018Q2 2018 Presentation

Focus on products and services within: • Fuel and materials testing• Fuel and reactor management software • Life cycle management of nuclear and radioactive hazards

We develop, sell and deliver innovative technical solutions to create superior value by improving performance and reducing risk.

Our Focus and Offerings

2018-07-20 2Interim Report Second Quarter 2018

Global Nuclear Power Market• Western Europe, the USA and Japan: cost pressure from alternative sources of energy

• Life extension programs instead of new build

• Decommissioning of older plants

• Delayed new build of nuclear plants in Finland, UK and France

• Germany: phasing out

• Russia: significant expansion in plans to export Russian nuclear technology with the largest number of new plant builds planned worldwide

• China, South Korea, Taiwan: expansion and deployment of nuclear technology

• China builds a large number of nuclear plants

• China and Korea plans to export their own nuclear technology globally

• Korea developing a decommissioning program to phase out Korean nuclear plants

• Taiwan preparing for decommissioning

• The Middle East: planning and constructing new nuclear plants

• UAE building four new reactors

• Saudi Arabia and Jordan planning new nuclear builds

2018-07-20 Interim Report Second Quarter 2018 3

Group offerings matching growth opportunities

Opportunities for Studsvik

• Supporting Russian, Chinese and South Korean export of nuclear technology:

• Provide expertise in qualification of nuclear technology

• Demand for internationally recognized expertise and strong brands

• Decommissioning programs based on experience and proven technology:

• Waste technologies • Interim and final disposal solutions• Engineering services• Supporting software

Studsvik Group Offerings

• Nuclear Technology Transfer providing an integrated offering supporting:

• Fuel development• Decommissioning • Waste treatment technologies and

engineering services• Conditioning of spent fuel• Interim and final storage studies

2018-07-20 Interim Report Second Quarter 2018 4

Broaden our services to other industries

• Using Studsvik extensive experience in the nuclear sector to develop profitable applications outside the nuclear power market

• Automated manufacturing and handling of nuclear isotopes used in medical instruments and industrial applications

• Waste management of nuclear material associated with the oil and mining industry (Naturally Occurring Radioactive Material, NORM)

2018-07-20 Interim Report Second Quarter 2018 5

April-June 2018

April-June 2017

January-June2018

January-June2017

Full year2017

Sales, SEK million 174.0 176.6 371.4 356.2 704.8

Gross margin,% 26.7 15.7 29.8 22.2 23.5

Operating Profit, SEK million 2.0 -19.4 24.2 -21.4 -41.6

Operating margin, % 1.2 -11.0 6.5 -6.0 -5.9Profit after net financial items, SEK million -2.3 -23.1 16.3 -30.2 -58.7

Profit per share after tax, SEK -0.27 -2.42 1.27 -3.18 -5.47

Free cash flow, SEK million 4.0 -38.9 25.6 -43.1 -84.2

Investments, SEK million 6.2 7.3 13.1 12.4 22.1

Net debt/Equity ratio, % 22.3 18.9 22.3 18.9 35.1

Average number of employees 632 664 635 654 662

Financial performance

2018-07-20 Interim Report Second Quarter 2018 6

2018-07-20 Interim Report Second Quarter 2018 7

• Sales SEK 174.0 (176.6) million• Gross margin 2 (-10) per cent • Operating result SEK 2.0 (-19.4) million• Restructuring costs SEK 1.4 (1.9) million• Free cash flow SEK 4.0 (-38.9) million

• Improved operating results in all business areas• Reduced head office cost following organizational changes implemented Q4-2017• Continued improvement in cash flow

Analysis of key ratio development Q2

2018-07-20 8

K E Y O F F E R I N G S – CO N S U LTA N C Y S E RV I C E SWe m a n a g e R a d i o a c t i v e H a za r d s t o ke e p o u r c u s t o m e r s S a fe

Environmental Services

- Norm

Engineering – Waste Mgmt Processes

Nuclear Decommissioning

-Radio logica l inventory, characterizat ion & c learance

Repository Optimization

- Safety Analys is , L icensing and P lanning

Radiation Safety & Protection

Radioactive Waste Management

Interim Report Second Quarter 2018

April-June2018

April-June2017

January-June 2018

January-June 2017

Full year2017

Sales, SEK million 19.4 28.0 40.6 61.7 123.0

Operating Profit, SEK million 1.1 -1.3 1.1 0.3 11.3

Operating Profit margin, % 5.7 -4.6 2.7 0.5 9.2

Investments, SEK million 1.4 0.5 1.4 1.0 2.7

Average number of employees 55 62 54 50 57

Financial performance – Consultancy Services

2018-07-20 Interim Report Second Quarter 2018 9

• Sales SEK 19.4 (28.0) million• Operating profit SEK 1.1 (-1.3) million• Restructuring costs SEK 1.4 (0) million • Comparable operating profit 2.5 (-1.3)

• USA and Sweden picking up driven by services related to waste treatment technologies• Drop in net sales reflecting exit from non profitable business in the UK and Sweden

• Continued focus on waste treatment technologies and related engineering services• Japan - Kobe Steel joint venture• China - Dynatech license agreement• France - Areva• USA - Department of Energy• South Korea - interesting market for waste treatment technologies

Operational highlights – Consultancy Services

2018-07-20 Interim Report Second Quarter 2018 10

2018-07-20 Interim Report Second Quarter 2018 11

KEY OFFERINGS – FUEL & M ATERIALS TEC HNOLOGYFue l & Mater ia ls L i fe Cyc le

Transport of Irradiated Materials

Final & Interim Storage Research

Engineering

Fuel Qualification Hot Cell Technologies

Plant Life Management

Financial performance – Fuel- & Materials Technology

2018-07-20 Interim Report Second Quarter 2018 12

April-June 2018

April-June 2017

January-June 2018

January-June2017

Full year 2017

Sales, SEK million 53.2 52.2 119.9 104.7 195.0

Operating Profit, SEK million 7.4 4.9 17.7 10.7 5.3

Operating Profit margin, % 13.9 9.4 14.8 10.2 2.7

Investments, SEK million 3.9 4.9 9.3 9.0 13.8

Average number of employees 97 99 97 100 101

• Sales SEK 53.2 (52.2) million• Operating profit SEK 7.4 (4.9) million• YTD operating profit SEK 17.7 (10.7) million

• Catch-up of delay from Q4 2017 continued to drive underlying performance• Cost for changeover and overtime higher than normal during catch-up period• Part of Hot cell facility being rebuilt to accommodate production line for medical isotopes• Improved processes for handling of production related secondary waste decreases cost

• Continued strong demand for services offered evidenced by strong order intake• Cost for recruitment and onboarding burdens Q2 results but necessary to support growth

Operational highlights – Fuel & Materials Technology

2018-07-20 Interim Report Second Quarter 2018 13

142018-07-20 Interim Report Second Quarter 2018

K E Y OF F E R I N GS - S CA N D POWERN u c le a r A n a ly s i s S o f t ware & S e r v i ces

Fuel Design, Core Design, Core Monitoring & Plant Performance

Optimization

Consulting, Engineering Services

& Knowledge Transfer

Operator Training Simulation

Used Fuel Analysis & Management (Interim and

Permanent Storage)

New and Advanced Reactor Design &

Licensing

Financial Performance – Scandpower

152018-07-20 Interim Report Second Quarter 2018

April-June2018

April-June2017

January-June 2018

January-June 2017 Full year 2017

Sales, SEK million 23.8 17.1 66.6 36.8 81.0

Operating Profit, SEK million -1.0 -3.5 19.7 -7.1 -11.8

Operating Profit margin, % -4.2 -20.5 29.6 -19.3 -14.6

Investments, SEK million 0.2 0.1 0.2 0.1 0.7

Average number of employees 33 34 33 34 34

Operational highlights – Scandpower

16

2018-07-20 Interim Report Second Quarter 2018

• Sales SEK 23.8 (17.1) million• Operating profit SEK -1.0 (-3.5) million• YTD operating profit SEK 19.7 (-7.1) million

• Solid performance in software sales, maintenance, services and training • 30 MSEK of TVEL order delivered, main part of remaining SEK 8 million to be delivered in Q3-Q4

• Long but advancing procurement processes for software and services • No change or positive news on export approval for China, we continue to make our case• Continued efforts to add application for spent fuel and additional consultancy services • Focus on increasing and expanding commercial activities and reach

172018-07-20 Interim Report Second Quarter 2018

K E Y OF F E R I N GS - GE R M A N YD e co m m is s io n ing a n d R a d ia t io n S a fet y

Nuclear Decommissioning

-Radio logica l inventory, characterizat ion & c learance

Radiation Safety & Protection

182018-07-20 Interim Report Second Quarter 2018

Financial Performance - Germany

April-June 2018

April-June 2017

January-June 2018

January-June 2017 Full year 2017

Sales, SEK million 77.4 74.4 141.3 144.7 291.1

Operating Profit, SEK million -0.3 -10.3 -5.1 -10.3 -8.4

Operating Profit margin, % -0.4 -13.8 -3.6 -7.1 -2.9

Investments, SEK million -0.1 0.1 0.2 0.6 1.4

Average number of employees 418 430 424 430 435

192018-07-20 Interim Report Second Quarter 2018

Operational highlights - Germany

• Sales SEK 77.4 (74.4) million• Operating profit SEK -0.3 (-10.3) million• Restructuring costs SEK 0 (1.1) million• YTD operating profit SEK -5.1 (-10.3) million

• Good results from focus on increasing Q2 utilization ratio while reducing cost • Swiss market picking up some of the slowdown on the German market

• The German market remains challenging with shrinking volume and customer delays• Continued focus on utilization ratio, price and cost control

Appendix

2018-07-20 Interim Report Second Quarter 2018 20

Balance sheet

June 2018 June 2017 December 2017

Assets

Non-current assets 479.1 443.0 456.6

Current assets 403.1 418.8 368.3

Total assets 882.2 861.8 824.9

Equity and liabilities

Equity 320.1 308.1 288.1

Non-controlling interest 0.4 0.3 0.3

Non-current liabilities 362.4 357.5 364.7

Current liabilities 199.3 195.9 171.8

Total equity and liabilities 882.2 861.8 824.9

2018-07-20 Interim Report Second Quarter 2018 21

2018-07-20 Interim Report Second Quarter 2018 22