Core Insights - The investment case for nuclear energy is gaining traction due to several distinct tailwinds, including technological advancements and the fundamental benefits of nuclear power [1] Growth Potential of Small Modular Reactors - 35% of financial advisors highlighted the growth potential of small modular reactors (SMRs) as the most interesting aspect of the nuclear sector, indicating a shift towards modular construction and flexible deployment in various applications [2] AI Demand Drivers - 22% of advisors noted nuclear's potential benefits as an AI adjacency, emphasizing that reliable electricity is crucial for the growth of AI, with power demand expected to increase significantly [3] Support from Technology Companies - Major technology companies are increasingly supporting nuclear development, recognizing their reliance on stable power sources [4] Traditional Strengths of Nuclear Power - 18% of respondents cited carbon-free power generation as a key strength, while 13% pointed to reliability and long operational lifespans, and 11% emphasized energy and national security benefits [4] Comprehensive Investment Narrative - The investment case for nuclear energy is multifaceted, combining new growth drivers like SMRs and AI with the established benefits of clean, reliable, and secure baseload power [5]

Q3 2025 Performance - Revenue reached $223.1 million, with organic growth of 4.7% compared to Q3 2024[12] - Adjusted EBITDA increased by 14.7% to $52.4 million compared to Q3 2024, with contributions from both segments[15] - Adjusted Free Cash Flow generation was $18 million in Q3 2025, with $53 million YTD and a 35% YTD conversion rate[12] - Adjusted diluted EPS increased by 50% to $0.12[41] Nuclear Power Momentum - Nuclear Power end-market organic revenue grew by 11% YTD[8] - Adjusted Orders in Nuclear Power end-market increased by 21% in Q3 2025 compared to Q3 2024[16] - SMR-related orders amounted to $17 million in Q3 2025, a 9% increase compared to Q3 2024[17] - A $10 million SMR new build order was secured in Q3 2025, and a $55 million installed base order was secured in October 2025[8] Medical Segment Update - Approximately 75% of the Medical segment's revenue is directly related to cancer care[27] - Dosimetry organic revenue grew by 7%[57] 2025 Guidance - The company is on track for 2025 guidance[11] - Organic Revenue Growth is projected between 4.5% and 6.0%, and Total Revenue Growth between 7.0% and 9.0%[62]

Core Insights - The U.S. Government has formed a strategic partnership with Westinghouse Electric Company, Cameco Corporation, and Brookfield Asset Management to construct at least $80 billion worth of new nuclear reactors, aimed at accelerating nuclear power and artificial intelligence deployment in the U.S. [1][2][3] Industry Overview - The partnership is expected to reinvigorate the nuclear power industrial base in the U.S., making nuclear energy a central pillar of the country's strategy to maintain global leadership in nuclear power development and AI [2][4] - The construction of new reactors will create or sustain approximately 45,000 manufacturing and engineering jobs per two-unit Westinghouse AP1000 project, with a national deployment projected to generate over 100,000 construction jobs [4] Company Contributions - Westinghouse is recognized as a global leader in nuclear energy, with its technology serving as the foundation for more than half of the world's operating nuclear power fleet [7][11] - The AP1000 reactor, developed by Westinghouse, is noted for its advanced safety systems and modular construction design, with six reactors currently operational and additional units under construction [8] Strategic Goals - The partnership aims to enhance U.S. energy sovereignty, create high-paying jobs, and position the country at the forefront of a nuclear renaissance [3][4] - Brookfield Asset Management plans to double its investment in critical infrastructure over the next decade, supporting the growth of AI and meeting increasing electricity demand [3][4] Financial Mechanisms - The partnership includes profit-sharing mechanisms that allow all parties, including the American public, to benefit from the long-term financial and strategic value generated by the growth of nuclear energy and AI capabilities [6]

22 October 2025 Asia-Pacific Nuclear Power Asia-Pacific Nuclear Power: What to invest in for China's next Five-Year Plan? Brian Ho, CFA +852 2123 2615 brian.ho@bernsteinsg.com Neil Beveridge, Ph.D. +852 2123 2648 neil.beveridge@bernsteinsg.com Hengliang Zhang +852 2123 2629 hengliang.zhang@bernsteinsg.com China is poised to become the world's largest nuclear power operator by 2030. China's nuclear capacity stood at 61GW in 2024 and is on track to reach 100GW by 2030, with further expansion to 150-200GW by 2 ...

Nuclear Energy Industry - The current status of nuclear power plants in the United States is that there are no new plants being built, which presents a unique opportunity for companies like Cameco, a uranium producer [2][5] - The demand for energy is expected to increase, and nuclear energy is seen as a clean and reliable source that can operate continuously, making it an attractive option for energy production [3][4] - The regulatory environment is shifting from a "not in my backyard" (NIMBY) mentality to a more favorable stance towards building nuclear facilities, indicating a potential resurgence in nuclear energy development [3][4] Uranium Market - The uranium market is anticipated to grow significantly, with demand increasing while the ability to mine new uranium is becoming more challenging, creating a favorable environment for existing producers like Cameco [6] - Cameco also owns Westinghouse, a major nuclear builder, which positions the company well within the nuclear supply chain [6][7] Copper Industry - The copper market is experiencing robust demand, and companies like Teck Resources are undergoing corporate restructuring to focus on copper, which is expected to see price increases to incentivize new supply [8][9] - The ongoing M&A activity in the copper sector is expected to create operational synergies and enhance revenue potential for companies involved [9] Antimony and Gold Mining - The company Perpetual is attempting to restart a gold mine that also contains antimony, a critical resource, highlighting the challenges and complexities of reviving closed mines [10][11] - The U.S. government is actively investing in the resource economy, which may facilitate the mining of critical resources like antimony and help restart supply chains [11][12]

Joining us now is Tyler Rosenlick. He is fund manager and head of natural resource equities at Cohen and Steers. Uh now I know what ghost energy drink is.Not a promotion by the way. Tyler, it's great to have you on. >> Thanks so much for having me.>> Okay, so energy I do know something about. Let's talk first off about uranium, the nuclear renaissance. Everybody's talking about it, but let's I want to dial it back a bit.Okay, we're building exactly zero nuclear power plants in the United States right now. T ...

Core Insights - The nuclear energy sector is experiencing a resurgence, driven by increasing demand for power, particularly from AI data centers and big tech companies [3][5][18] - Nanuclear Energy is positioned as a leader in the micro reactor space, focusing on the development of modular reactors with a capacity of 20 megawatts or less [2][3] - The U.S. government aims to quadruple nuclear energy production by 2050, indicating strong future demand for nuclear technologies [6][7] Company Overview - Nanuclear Energy is a vertically integrated micro reactor company that mass-produces reactors in a factory setting, allowing for easier transportation and assembly [2][3] - The company is currently assessing partnerships with various data centers to supply energy in the future [4] Market Dynamics - There has been a shift in public perception and political support for nuclear energy, with bipartisan backing evident in recent policies [5][12][13] - The current administration is promoting a "nuclear renaissance," emphasizing the need for new reactor technologies [7][12] Strategic Developments - Nanuclear Energy has established a partnership with the University of Illinois and is set to create 50 high-paying jobs, with plans to expand further [9][10] - A recent grant of $6.8 million will support job creation and development efforts in Illinois [10] Future Plans - The company plans to begin drilling on the University of Illinois campus soon, with the goal of submitting a construction permit to the Nuclear Regulatory Commission by Q1 2026 [16][17] - Nanuclear Energy aims to be a frontrunner in the micro reactor race, with expectations for expedited approval processes due to favorable political conditions [17]

Core Insights - Public Service Enterprise Group Incorporated (PEG) is recognized as one of the best nuclear power stocks to buy according to analysts [1] - The company has a strong commitment to shareholders, demonstrated by a 5% increase in its annual dividend to $2.52 per share, marking the 14th consecutive annual increase [2] - PEG's nuclear fleet generated approximately 7.5 terawatt hours (TWh) in Q2 2025, an increase of 0.5 TWh compared to the same period in 2024, totaling 15.9 TWh for the first half of the year [2] Financial Performance - PEG updated its five-year capital spending program from $21 billion to $24 billion, supporting an expected rate base CAGR of 6% – 7.5% through 2029 [2] - This capital program is projected to drive the company's non-GAAP operating earnings CAGR to 5% – 7% at the nuclear production tax credit (PTC) threshold [2] - PEG has maintained a consistent dividend payment for 118 consecutive years, with an annual dividend yield of 3.08% as of the report [2] Strategic Outlook - The company intends to execute its capital program without issuing new equity or selling assets, indicating a strong financial strategy [2] - While PEG shows potential as an investment, there are suggestions that certain AI stocks may offer greater upside potential with less downside risk [2]

Core Insights - Vistra Corp. is recognized as one of the best nuclear power stocks to buy according to analysts [1] - The company is the largest competitive power generator in the US with a capacity of approximately 41,000 MW, utilizing a diverse energy portfolio [2] - Vistra owns the second-largest competitive nuclear power fleet in the US and has secured 20-year license renewals for all six of its reactors [3] Nuclear Capacity Expansion - The company plans to add over 600 MW to its existing nuclear capacity by the early to mid-2030s [3] - Vistra has secured a 20-year deal to supply 1,200 MW of power from its Texas nuclear plant to an undisclosed investment-grade buyer, with power delivery expected to start in Q4 of 2027 and reach full capacity by 2032 [4] Strategic Partnerships - Vistra has commenced construction on projects to support contracts with major hyperscalers like Amazon and Microsoft, with expected commercial operation dates in 2025 and 2026 [4]

Core Viewpoint - Mirion has entered into a definitive agreement to acquire Paragon Energy Solutions for approximately $585 million in cash, enhancing its capabilities in the nuclear power industry and expanding its global reach [1][2]. Company Overview - Mirion is a global provider of radiation detection, measurement, analysis, and monitoring solutions, serving various end markets including nuclear, medical, defense, and research [13]. - Paragon Energy Solutions specializes in engineered solutions for the nuclear power industry, with a strong portfolio that includes critical nuclear systems and over 20,000 proprietary parts [3][13]. Financial Aspects - The acquisition price of $585 million represents approximately 18 times Paragon's expected Adjusted EBITDA for 2026, which is projected to be around $150 million with margins of 20% - 22% [2][4]. - The acquisition is expected to be accretive to diluted EPS in the first full year post-close and generate annualized commercial and cost synergies of $10 million [4][5]. Strategic Implications - The transaction is anticipated to broaden Mirion's offerings for nuclear power customers, including small modular reactors (SMRs), and strengthen the global supply chain for nuclear operations [2][4]. - Mirion's Chairman emphasized that the complementary capabilities of both companies will enhance customer experience and support the growing needs of the nuclear power sector [2]. Operational Details - The acquisition is supported by a fully committed bridge facility, with permanent financing expected to maintain a pro forma net debt to Adjusted EBITDA ratio of approximately 3.5x or lower [5]. - The transaction is expected to close before the end of 2025, subject to customary closing conditions and regulatory review [5]. Market Guidance - Mirion has revised its organic revenue growth guidance for the fiscal year ending December 31, 2025, now expecting growth of approximately 4.5% – 6.0%, down from a previous estimate of 5.0% – 7.0% [7][8].