Financial Data and Key Metrics Changes - First quarter revenue was $682 million, up 13% year over year, with growth in both segments [21] - Adjusted EBITDA was $130 million, also up 13% year over year, driven by robust growth in government operations [21] - Adjusted earnings per share increased to $0.91, a 20% rise compared to $0.76 last year [22] Business Line Data and Key Metrics Changes - Government operations saw a revenue increase of 14%, driven by naval propulsion and special materials [24] - Commercial operations revenue was $128 million, up 10% year over year, led by growth in medical and commercial power [25] - Adjusted EBITDA margin for government operations was 21.1%, while commercial operations saw a margin of 10.9%, down 100 basis points due to unfavorable mix and cost absorption [26] Market Data and Key Metrics Changes - The commercial operations backlog reached a record $1.3 billion, up 39% from the previous quarter and 78% year over year [15] - The Canadian Nuclear Safety Commission authorized the construction of the first BWRX 300 unit, marking a significant milestone for North America's first SMR project [16] Company Strategy and Development Direction - The company is focused on expanding its nuclear services portfolio and enhancing its manufacturing capacity in North America [7][17] - BWXT is positioned to benefit from long-term investments in nuclear technologies driven by decarbonization and increasing electricity demand [5][6] - The company is actively pursuing opportunities in government contracts, particularly in energy security and environmental restoration projects [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather macroeconomic disruptions due to long-cycle contracts and a strong balance sheet [8] - The administration's focus on naval nuclear fleet and nuclear modernization is expected to support a revenue CAGR of 3% to 5% in the government operations segment [11] - The market for nuclear medicine is anticipated to grow significantly, driven by increasing volumes of SPECT and PET scanning procedures [20] Other Important Information - Free cash flow for the quarter was $17 million, with capital expenditures at $33 million, or 4.9% of sales [21][23] - The company expects full-year free cash flow to be between $265 million and $285 million [23] Q&A Session Summary Question: Were the negative EACs all at government operations? - The negative EACs were about half from commercial operations and half from government operations, with specific impacts noted in the fuel business [32][33] Question: Do you see BWXT as in line to get any of the funding from the recent appropriations? - There is optimism regarding potential funding from the reconciliation bill, particularly for domestic defense enrichment and DoD nuclear reactors [36][42] Question: Can you provide an update on the Actinium-225 effort? - The company remains the largest commercial producer of Actinium-225 and is exploring multiple production modalities [98] Question: What is the status of the enrichment contract and pilot program? - The pilot program is in the conceptual stage, focusing on designing a pilot plant for centrifuge-type enrichment technology [62][63] Question: How is the company managing the zirconium cost impact? - The company has strong relationships with customers that allow for a path through mechanism to mitigate unforeseen risks related to raw material costs [89]

Financial Data and Key Metrics Changes - Overall sales volumes improved by 4% quarter over quarter, driven by solid improvement in sales volumes for ammonium nitrate and UAN [6][16] - Adjusted EBITDA for Q1 2025 was $29 million, down from $33 million in Q1 2024, primarily due to higher natural gas costs [16][18] - Cash balance remains strong, and leverage ratio is in line with target levels for a mid-cycle pricing environment [19] Business Line Data and Key Metrics Changes - Demand for industrial products remains robust, with strong pricing and demand for nitric acid and ammonium nitrate solutions [11][12] - UAN prices increased significantly, with current NOLA UAN price at $350 per ton, 73% higher than the low price of fall 2024 [13] - Urea prices strengthened considerably, now above $500 per ton, driven by seasonal demand and lack of imports [13] Market Data and Key Metrics Changes - The USDA reported a significant increase in planted corn acres, expected to reach 95.3 million acres in 2025 compared to 90.6 million in 2024, driving strong fertilizer demand [15] - US corn prices are solidly above $4 per bushel, supporting favorable farmer economics [16] - Domestic pricing for urea has seen a significant uplift due to tariffs and other factors, expected to persist through the current spring planting season [8][9] Company Strategy and Development Direction - The company is focusing on improving the reliability and efficiency of its facilities, with ongoing investments in plant reliability and logistics capabilities [19][25] - The El Dorado ammonia project achieved precertification status under the Fertilizer Institute's Verified Ammonia Carbon Intensity Program, which is expected to aid in securing sales agreements for low carbon ammonia [22][23] - The company has decided to pause the Houston Ship Channel project due to uncertainties in capital costs and demand for low carbon ammonia [24][26] Management's Comments on Operating Environment and Future Outlook - Management noted that US tariffs have created uncertainty for planned spending and potential capital projects, but do not anticipate a significant impact on business [5][8] - The company expects to capitalize on pricing strength for UAN and AN sales in the upcoming months, with meaningful increases in volumes compared to the prior year [20] - Management remains optimistic about the growth of the industrial business and the stability of earnings through cost-plus contracts [18][26] Other Important Information - The company plans to participate in upcoming industry conferences, including the UBS Energy Transition and Decarbonization Conference and the Deutsche Bank Industrials Materials and Building Products Conference [26] - The company is evaluating opportunities to increase production capacity in both nitric acid and ammonium nitrate [12] Q&A Session Summary Question: Thoughts on realized pricing setup for the second quarter - Management indicated good price increases for UAN products and is well positioned to take advantage of that [30] Question: Updated capital allocation priorities after pausing the Houston Ship Channel project - Management stated there are no new projects committed, focusing on improving existing facilities and considering stock buybacks and debt reduction [31][32] Question: Impact of deregulation on permitting - Management believes the impact will be minimal, with some positive developments in conversations with the EPA regarding low carbon ammonia projects [37][38] Question: Dynamics of pent-up demand for UAN - Management noted that higher corn acreage and insufficient imports are driving demand and impacting pricing [40] Question: Potential upgrade capacity projects - Management stated it is too early to discuss specific costs or margins related to potential expansion projects [44] Question: Disparity in ammonia pricing inland versus Tampa - Management indicated pricing is consistent with seasonal expectations and not significantly out of the ordinary [55] Question: Risks of delays in carbon projects at El Dorado - Management expressed confidence in meeting timelines for carbon projects, with equipment orders being placed soon [60][62]

Financial Data and Key Metrics Changes - The company reported a 4% improvement in overall sales volumes quarter over quarter, driven by higher ammonia production and better performance from upgrading plants [5][6] - Adjusted EBITDA decreased from $33 million in Q1 2024 to $29 million in Q1 2025, attributed to improved sales volumes and higher pricing for ammonia and ammonium nitrate, offset by significantly higher natural gas costs [16][18] - The cash balance remains strong, and the leverage ratio is in line with target levels for a mid-cycle pricing environment [18] Business Line Data and Key Metrics Changes - Sales volumes for ammonium nitrate and UAN improved significantly, with UAN prices increasing to $350 per ton, a 73% rise from the low price of fall 2024 [13][15] - The company continues to ramp up ammonium nitrate solution volumes, driven by strong demand in the copper mining sector [10][12] - The industrial contracts have grown from less than 20% in 2021 to approximately 30% by the end of Q1 2025, with expectations to reach 35% by year-end [17] Market Data and Key Metrics Changes - Domestic pricing for urea has seen a significant uplift due to U.S. tariffs, with expectations for this trend to persist through the spring planting season [7][8] - The USDA reported an increase in corn planting intentions to 95.3 million acres, up from 90.6 million acres last year, driving strong fertilizer demand [15][16] - Urea prices have strengthened considerably, now above $500 per ton, influenced by seasonal demand and a lack of imports [13] Company Strategy and Development Direction - The company is focusing on improving the reliability and efficiency of its facilities, with ongoing investments in plant reliability and logistics capabilities [18][24] - The El Dorado ammonia project achieved precertification status under the Fertilizer Institute's Verified Ammonia Carbon Intensity Program, which is expected to aid in securing sales agreements for low carbon ammonia [21][22] - The Houston Ship Channel project has been paused due to uncertainties in capital costs and demand for low carbon ammonia, but the company remains open to revisiting it in the future [23][45] Management's Comments on Operating Environment and Future Outlook - Management noted that U.S. tariffs have created uncertainty for planned spending and potential capital projects, but they do not anticipate a significant impact on business [4][6] - The company expects to benefit from lower natural gas costs moving into May, which will positively impact margins [19] - Management expressed confidence in achieving production and sales volume improvements while optimizing the industrial business for stability and predictability in earnings [24] Other Important Information - The company plans to participate in upcoming industry conferences, including the UBS Energy Transition and Decarbonization Conference and the Deutsche Bank Industrials Materials and Building Products Conference [25] - The turnaround for the El Dorado site has been pushed to the first half of 2026, increasing ammonia production outlook for 2025 by approximately 30,000 tons [20] Q&A Session Summary Question: Insights on UAN pricing and ammonia trends - Management indicated strong price increases for UAN products and is positioned to capitalize on this, while ammonia prices are expected to decline [28][29] Question: Capital allocation priorities post-Houston Ship Channel project pause - Management stated there are no new projects committed currently, focusing on improving existing facilities and considering stock buybacks and debt reduction [30][31] Question: Impact of deregulation on permitting - Management believes the impact will be minimal, with some positive developments in conversations with the EPA regarding low carbon ammonia projects [34][36] Question: Dynamics of pent-up demand for UAN - The increase in corn acreage and insufficient imports are driving demand and impacting pricing [38][39] Question: Potential upgrade capacity projects - Management is exploring expansion capabilities but has not committed to any projects yet, emphasizing the need for finalized engineering studies [42][43] Question: Risks associated with carbon projects at El Dorado - Management expressed confidence in meeting timelines for carbon projects, with no expected delays [56][57] Question: Disparity in ammonia pricing inland versus Tampa - Pricing remains consistent with seasonal expectations, with no significant disparities noted [53]

CMB.TECH & GOLDEN OCEAN PROPOSED MERGER Capital Markets Day – 29 April 2025 © 2025 – CMB.TECH 1 Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, Section 27A of the U.S. Securities Act of 1933, as amended, and the U.S. Private Securities Litigation Reform Act of 1995, which provides safe harbor protections for forward-looking statements. CMB.TECH NV ("CMB.TECH") ...

日本首相石破茂（最 4月28日，日本首相石破茂在越南主席府与越南总理范明政举行了会谈。他表示，日本政府和民 间将在海上风力发电和电网建设计划等越南脱碳项目上投入最多200亿美元。考虑到美国的关税 措施，双方确认了自由贸易体制的重要性。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 石破茂在联合记者会上表示："世界经济的不确定性增加，对东南亚地区的影响也令人担忧。我们 将诚恳倾听越南的声音"。范明政在谈到全球经济时强调："我们确认了重视多边主义和呼吁国际 努力的重要性"。 越南面临着在维持经济增长的同时，既要确保电力供应，又要减轻对环境负担的双重课题。通过 投资日本企业在脱碳领域的优势举措，日本意在展示自身对越南的贡献，同时在中国拥有影响力 的越南扩大自身存在感。 第一阶段已选定10多个投资计划。其中包括住友商事和丸红等日企最多投资100亿美元规模的海 上风力发电项目等。 双方还同意推进安全保障合作。将建立外交和防卫副部长级磋商（2+2）机制。讨论遏制中国在 南海扩张的对策。 左）与越南总理范明政举行会谈（Kyodo） 日本经济新闻（中文版：日经中文网）手塚悟史 河内报道 第一阶段已 ...

柴油机交付量与毛利率提升，新签订单专注高质量机型。公司2024 年柴油机业务营收229亿元，同比增 长33%，毛利率21%，同比提升5.2pct。据年报，全年低速机交付量同比增长6.31%（功率口径）。当前 公司柴油机产能饱满，优先承接高效益、高品质订单，新签低速机订单同比减少20.09%（功率口 径），新接单毛利率提升4pct，低碳零碳主机占比提升5pct。随着航运脱碳政策逐步推行，双燃料主机 成为市场发展趋势，公司具备LNG、LPG、甲醇、乙烷、氨等低碳双燃料低速机的设计、生产能力，重 视高价值订单的承接，未来分部收入与利润率有望持续增长。 投资要点： 事件：公司发布2024 年报及2025 一季报。据公告，2024 年营收517 亿元，同比增长15%，归母净利润 13.91 亿元，同比增长78%，接近此前预告范围上沿，对应2024Q4归母净利润6.48 亿元，同比增长 76%。2025Q1 归母净利润3.96 亿元，同比增长349%，高于预增范围中值，超预期。 301 利空落地，新方案对船厂影响大幅弱化，有望带动造船订单量及船价重新企稳上行。 301 新方案对船厂影响好于预期，取消了对中国造新船手持订单 ...

作为全球最大的氢燃料电池叉车供应商，普拉格能源当前正加速布局"制-储-运-用"全产业链。除已投产 的路易斯安那工厂外，公司还在推进多个绿氢生产项目，旨在通过规模化降本突破氢能经济性瓶颈。此 次选择债务融资而非稀释股权，被业界解读为管理层对现金流改善的信心信号。 尽管氢能作为清洁能源解决方案的认可度仍在提升阶段，普拉格能源通过绑定电商物流巨头的需求，在 叉车等细分领域已建立先发优势。随着新工厂投产运营，其绿氢产能将实现数倍跃升，为未来争夺工业 脱碳市场奠定基础。 智通财经APP获悉，氢能设备龙头普拉格能源(PLUG.US)宣布获得5.25亿美元担保债务融资，并明确表 态2025年不再增发股权，这一消息推动其股价创下近一年来最大单日涨幅。周一盘中该公司股价一度飙 升46%，最终收报1.02美元，创2024年5月以来最佳表现。 根据最新披露，这家氢燃料电池领军企业预计5月初发布的一季度财报将显示：营收规模达1.3亿至1.34 亿美元，超出华尔街预测的1.316亿美元均值。更令市场振奋的是，其位于路易斯安那州的氢能生产基 地已正式竣工，该工厂将运用可再生能源电解水制氢技术，为亚马逊、沃尔玛等巨头客户供应绿氢。 Opp ...

智通财经APP注意到，从矿业巨头到能源巨头，越来越多的知名企业正投身于天然氢的热潮之中。这种 被倡导者认为可能彻底重塑全球能源格局的资源，正引发持续升温的市场热议。 天然氢(又称白色氢、黄金氢或地质氢)是指存在于地表以下的天然氢气。这种被长期忽视的资源40年前 偶然发现于马里，其燃烧时仅产生水且不含碳元素。近几个月来，投资者对这个新兴领域的兴趣持续升 温，最初由研究型初创企业和初级勘探公司推动的乐观情绪正在蔓延。 过去一年间，该领域已吸引包括力拓、Fortescue等矿业巨头，俄罗斯国有能源巨擘Gazprom，英国石油 巨头BP旗下风投部门，以及比尔·盖茨的清洁技术投资基金Breakthrough Energy Ventures等重量级投资 者。 根据Rystad Energy咨询公司发布的研究，全球多个国家正在开展勘探工作，其中加拿大和美国在去年项 目数量上处于领先地位。分析师预计未来一年将是关键转折点，业界希望勘探活动能尽快定位这种难以 捉摸的气体。 然而并非所有人都看好天然氢的清洁能源潜力，批评者指出其存在环境隐患和运输挑战。国际能源署更 警告称，这种资源可能"过于分散而难以实现经济可行的规模化开采"。 ...

插播 ：TOP10花落谁家？2024-2025用户侧储能项目TOP10榜单征集进行时，点击 上方二维码 进行申报 近期，又有3家储能相关企业宣布签署重要合作协议，合作涵盖了供应链上游以及下游，涉及储能订单超5GWh： ■ 天邦达：与赣锋锂电达成5GWh战略合作 4月25日，天邦达与赣锋锂电在深圳签署战略合作协议 ，根据 2025年度赣锋锂电拟向天邦达采购超过 5GWh 的电池管理系统（BMS）。 天邦达 ： 与赣锋锂电正式达成 5GWh 储能系统战略合作； 比亚迪： 与 Hayleys Solar合作，力拓斯里兰卡储能市场； 瓦锡兰 ： 与 Aqualectra签署创新型脱碳服务协议，涵盖储能项目合作。 此次合作， Hayleys Solar 将比亚迪先进的储能和逆变器解决方案引入斯里兰卡，包括LV 5.0、LV 5.0 Plus、Battery-Box Premium HVS、 Battery-Max LiteIn和太阳能混合逆变器。 ■ 瓦锡兰： 与 Aqualectra签署突破性协议 日前，瓦锡兰 （ Wärtsilä ）与加勒比海岛国库拉索岛的能源公用事业公司Aqualectra签署一项为期5年的创新 ...

美国是日本最大的玉米进口来源国。2024年，美国产玉米占日本玉米进口总量的近8成，主要被 用作饲料。 除了饲料用玉米之外，日本还要增加将玉米加工成燃料的"生物乙醇"的进口。日本政府认为，扩 大美国玉米和大豆的进口可以作为日美谈判的有效筹码…… 在对美关税谈判中，日本政府内部开始提出扩大美国产玉米进口的方案。有方案提出，除了饲料 用玉米之外，日本还要增加将玉米加工成燃料的"生物乙醇"的进口。在中美对立导致美国对华出 口减少的情况下，日本意在代替中国增加进口，从而促使美国做出让步。 虽然美国也向中国出口玉米，但作为对美国征收高关税的报复性措施，中国一直在减少进口美国 农产品。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 生物乙醇的主要进口来源国是美国和巴西。美国正在大力出口以玉米为原料的生物乙醇，美国贸 易代表办公室（USTR）的报告也要求日本增加生物乙醇的使用。 美国中西部的玉米田（2016年） 日本政府认为，扩大美国玉米和大豆的进口可以作为日美谈判的有效筹码。自民党干事长森山裕 也于4月25日对这一观点表示同意。 生物乙醇可 ...