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Q3 2009 presentationNov 2, 2009

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2Q3 report 2009

Positive cash flow but continued loss

• Net sales in Q3 up to SEK 275.0 million (274.2)

– Continued growth in Germany and Global Services

– Erwin main reason for negative growth in the USA

• Operating loss in Q3 of -7.8 million (-4.4)

– Loss fully attributable to UK and USA

– Operating margin in profitable segments 8.9% (10.2)

• Cash flow from operations SEK 35.0 million (-0.7)

– Of which reduced working capital SEK 41.0 (-14.4)

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Key Figures and Ratios

Q3 -09 Q3 -08 9m -09 9m -08 2008

Net sales for the Group, SEKm 275.0 274.2 867.8 964.8 1,285.9

Operating profit, SEKm -7.8 -4.4 -68.1 20.7 12.7

Net profit, SEKm -9.7 -3.7 -63.0 8.4 1.1

Earnings per share, SEK -1.19 -0.31 -7.67 0.68 -0.05

Cash flow from operations, SEKm 35.0 -0.7 3.1 -14.9 29.5

Operating margin, % -2.8 -1.6 -7.9 2.2 1.0

Equity-assets ratio, % 37.9 42.3 40.4

Average number of Employees 1,163 1,115 1,130

Q3 report 2009 3

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Financial Targets and Outcome

Target 9m-09 2008

Organic growth 10% 1.0%-12.0%

(+6.0 % ex USA)

EBIT margin 8% n.m. 1.0%

Equity / assets 40% 37.9% 40.4%

Dividend 30% of EAT SEK 1.00

4Q3 report 2009

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Sweden - Q3Waste Treatment for European customers

• Full utilization of incineration facility

• 6 day unplanned technical outage in

metals facility

• Unfavorable product mix

• Less throughput of large components

– Bottlenecks are gradually being eliminated

• Strong order book

– SEK 73 mln order from SOGIN

Q3 report 2009

Current focus

• Increase capacity

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United Kingdom – Q3Decommissioning, Waste Treatment and Engineering & services

• MRF licensed and open to business

– Received first waste in September

– Several frame work agreements signed and

waste deliveries planned

• Slow decommissioning market

– “Wait and see” reaction to the governments

comprehensive spending review

– Further cost cuts in Q3

• Increased demand in Engineering

– Facility refurbishment and new build

6Q3 report 2009

Current focus

• Build order book

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Germany – Q3Decommissioning and Engineering & Services

• Outages in Q3 at normal levels

• Decommissioning projects in Germany

Belgium developed according to plan

• Engineering office in France fully

licensed for nuclear projects and with

growing order book

Q3 report 2009

Current focus

• Grow in engineering consulting

• Careful expansion in France

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USA – Q3Waste Treatment

• Erwin loss in Q3, but improved outlook

– 7 customers, 51 reactors contracted

– Customers continue to make decisions

based on reduction of cash flow

• Memphis recorded small loss

– Low waste volumes due to tight market

and some outages continuing until the

end of the quarter

• TTT wins 55 MUSD, 3 year project for

DOE Savannah River site

8Q3 report 2009

Current focus

• Get waste into Erwin

• Non-utility customers for Memphis

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Global Services – Q3In-core fuel management software and Materials technology

• Materials technology

– High capacity utilization in laboratories

and in consulting

• Fuel management Software

– Similar performance as last year

Q3 report 2009

Current focus

• Capitalize on strong order book

and prospect pipeline

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SEKm Q3 -09 Q3 -08 9m -09 9m -08 2008

Sweden 34.5 38.4 115.8 109.8 152.4

United Kingdom 18.4 34.2 65.8 113.9 148.6

Germany 126.8 98.1 337.0 277.5 387.9

USA 42.2 47.4 149.6 272.0 317.1

Global Services 51.2 41.6 177.1 133.6 196.0

Other 10.2 23.3 50.3 89.5 128.3

Group eliminations -8.3 -8.8 -27.8 -31.5 -44.4

GROUP 275.0 274.2 867.8 964.8 1 285.9

Net sales

10Q3 report 2009

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SEKm Q3 -09 Q3 -08 9m -09 9m -08 2008

Sweden 3.5 11.5 9.1 22.0 30.7

United Kingdom -7.3 0.6 -40.8 2.0 -3.2

Germany 9.6 3.1 20.2 14.4 23.3

USA -12.8 -17.3 -54.3 -5.2 -22.4

Global Services 5.8 -3.6 21.3 7.6 13.0

Other -6.6 -5.9 -23.6 -20.1 -28.7

Group eliminations - - - - -

GROUP -7.8 -4.4 -68.1 20.7 12.7

Operating profit

11Q3 report 2009

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• Modernization and upgrading programs are underway in several countries

• Decommissioning of nuclear facilitites is expected to continue at least at present

rate in 2009

• Demand for the type of services Studsvik offers is strong

• Good order volumes in Sweden, Germany and Global Services

• Contract negotiations underway for the UK MRF

• Current contracts should provide Erwin with profitability long term

• Conditions in place for Erwin to have satisfactory utilization in Q4

• Positive operating profit and cash flow are expected for the second half of the

year

Outlook

Q3 report 2009

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13Q3 report 2009

Summing up

Germany

32% of sales

Grow in Engineering and

France

Sweden

13% of sales

Restore margins while growing

Global Services

16% of sales

Capitalize on strong

order book

UK

12% of sales

Focus on MRF, Waste

services and Engineering

USA

26% of sales

Get waste in to Erwin

Share of sales

calculated on FY 2008

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14

Q3 report 2009