Financial Data and Key Metrics Changes - NuScale's overall liquidity increased to $1.3 billion at December 31, 2025, compared to $754 million at September 30, 2025, and $442 million at the end of 2024, enhancing supply chain and manufacturing readiness [22][23] - Revenue for the year ending December 31, 2025, was reported at $31.5 million, a decrease from $37 million during the same period in the prior year, attributed to reduced revenue from the RoPower technology licensing agreement [22][23] Business Line Data and Key Metrics Changes - NuScale recognized $63.1 million in revenue from licensing fees and engineering work from the FEED 2 study over an 18-month period ending in December 2025 [16] - The sale of NuScale Power Modules (NPMs) to ENTRA1 is expected to constitute the largest percentage of future revenues, complemented by various plant services [17] Market Data and Key Metrics Changes - ENTRA1 Energy reached an agreement with the Tennessee Valley Authority (TVA) to supply 6 GW of power, representing a total deployment of 72 NuScale Power Modules across 6 ENTRA1 Energy plants [5][8] - The U.S.-Japan investment initiative includes NuScale as a recipient of financing, with Japan being a significant investor since 2022 [10][13] Company Strategy and Development Direction - NuScale aims to pioneer the small modular reactor (SMR) space as the only NRC-certified SMR under 10 CFR Part 52, differentiating its risk profile from other technologies [6] - The company has chosen an asset-light business model, outsourcing responsibilities to third parties, with Doosan Enerbility as the primary manufacturing arm [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress made with ENTRA1 and TVA, highlighting the importance of the NRC's approval for the 77 MW electric standard design in boosting customer confidence [32][36] - The company anticipates significant revenue generation from upcoming projects, particularly after the execution of the PPA with TVA [65] Other Important Information - NuScale's partnership with ENTRA1 is focused on supporting the commercialization of next-generation baseload energy technologies, with ENTRA1 responsible for financing and project development [11][12] - The company is actively exploring applications for its SMR technology in chemical plants, demonstrating its versatility and potential for profitability [19] Q&A Session Summary Question: Can you provide commentary on supply chain confidence with Doosan? - Management expressed extreme confidence in Doosan's commitment and capacity to produce up to 20 modules per year, which provides a significant timing advantage [26][30] Question: What impact has the upgrade approval from 50 MW to 77 MW had on the pipeline? - The approval has instilled confidence in customers and the industry, positively affecting the growth and movement within the pipeline [31][32] Question: Can you elaborate on the term sheet with ENTRA1? - Due to NDA restrictions, specific details could not be disclosed, but management indicated it is a significant development [38][41] Question: What is the status of the material weakness in financial reporting? - The company has successfully remediated the material weakness identified last year, receiving a clean bill of health from EY [48] Question: Will Fluor retain any rights after monetizing their stake? - Management indicated that details regarding rights of first refusal are confidential [51] Question: What is the expected cash burn range for 2026? - The expected cash burn is consistent, with operational expenses estimated between $172 million and $200 million, indicating a strong liquidity position [59][60] Question: What does the binding PPA with TVA mean for near-term revenue? - After the PPA is signed, revenue generation is expected to be higher than what has been seen with RoPower due to the larger size of the plants [65]

Financial Data and Key Metrics Changes - NuScale's overall liquidity increased to $1.3 billion at December 31, 2025, compared to $754 million at September 30, 2025, and $442 million at the end of 2024, enhancing supply chain and manufacturing readiness [22][23] - Revenue for the year ending December 31, 2025, was reported at $31.5 million, a decrease from $37 million during the same period in the prior year, attributed to reduced revenue from the RoPower technology licensing agreement [22][23] Business Line Data and Key Metrics Changes - NuScale recognized $63.1 million in revenue from licensing fees and engineering work from the FEED 2 study over an 18-month period ending in December 2025 [16] - The sale of NuScale Power Modules (NPMs) to ENTRA1 is expected to constitute the largest percentage of future revenues, complemented by various plant services [18] Market Data and Key Metrics Changes - ENTRA1 Energy reached an agreement with the Tennessee Valley Authority (TVA) to supply 6 GW of power, representing a total deployment of 72 NuScale Power Modules across 6 ENTRA1 energy plants [5][8] - The U.S.-Japan investment initiative includes NuScale as a recipient of financing, with Japan being a significant investor since 2022 [10][11] Company Strategy and Development Direction - NuScale aims to pioneer the small modular reactor (SMR) space as the only NRC-certified SMR under 10 CFR Part 52, which provides a different risk profile compared to other technologies [6] - The company has chosen an asset-light business model, outsourcing responsibilities to third parties, with Doosan Enerbility as the primary manufacturing arm [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress made with ENTRA1 and TVA, highlighting the significant momentum in discussions and project execution [8][9] - The NRC's approval of the 77 MW electric standard design ahead of schedule has instilled confidence in customers and the industry, enhancing NuScale's pipeline [32][36] Other Important Information - NuScale is the only nuclear technology certified by the NRC for off-grid behind-the-meter applications, which is a significant advantage [55] - The company is actively exploring the use of AI to enhance fuel efficiency for multi-modular nuclear plants [20] Q&A Session Summary Question: Can you provide commentary on supply chain and Doosan's commitment? - Management confirmed significant progress with Doosan, with 12 modules under production and plans to increase capacity to 20 modules per year [27][30] Question: What impact has the NRC approval had on the pipeline? - The NRC approval has instilled confidence in customers and the industry, positively impacting the growth and movement within the pipeline [32][36] Question: Can you elaborate on the term sheet with ENTRA1? - Due to NDA restrictions, specific details about the term sheet cannot be disclosed [38][42] Question: What is the status of the RoPower project and potential revenue? - NuScale anticipates generating revenues as the RoPower project advances, with the company acting as a subcontractor to Fluor Corporation [45] Question: What is the status of the material weakness in financial reporting? - The material weakness has been addressed, and the company received a clean bill of health from EY [48] Question: Will Fluor retain any rights after monetizing their stake? - The agreement details are confidential, and no information on rights of first refusal can be provided [51] Question: What is the expected cash burn range for 2026? - The expected cash burn is consistent, with operational expenses estimated between $172 million and $200 million [59][60] Question: What does the binding PPA with TVA mean for near-term revenue? - After the PPA is signed, revenue is expected to be more than what has been seen at RoPower due to the larger size of the plants [65]

Financial Data and Key Metrics Changes - NuScale's overall liquidity increased to $1.3 billion at December 31, 2025, compared to $754 million at September 30, 2025, and $442 million at the end of 2024, enhancing supply chain and manufacturing readiness [20][21] - The company reported revenue of $31.5 million for the year ending December 31, 2025, down from $37 million during the same period in the prior year, primarily due to a reduction in revenue from the RoPower technology licensing agreement [20][21] Business Line Data and Key Metrics Changes - NuScale recognized $63.1 million in revenue from licensing fees and engineering work from the FEED 2 study over an 18-month period ending in December 2025 [15] - The company anticipates generating service revenues related to the ENTRA1 and TVA projects once the power purchase agreement (PPA) is executed, alongside revenues from the combined operating license application (COLA) process [17] Market Data and Key Metrics Changes - ENTRA1 Energy reached an agreement with the Tennessee Valley Authority (TVA) to supply 6 GW of power, representing a total deployment of 72 NuScale Power Modules across 6 ENTRA1 energy plants [6][12] - The U.S.-Japan investment initiative has positioned ENTRA1 Energy as a recipient of financing from Japan's commitment of $550 billion towards investments in the United States, validating continued interest in supporting NuScale's SMR deployment [9] Company Strategy and Development Direction - NuScale aims to pioneer the small modular reactor (SMR) space as the only NRC-certified SMR under 10 CFR Part 52, which provides a different risk profile compared to other technologies [5] - The company has chosen an asset-light business model, relying on outsourcing responsibilities to third parties, with Doosan Enerbility as the primary manufacturing arm [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress made with ENTRA1 and TVA, highlighting the significant momentum in discussions and project execution [6][12] - The NRC's approval of the 77 MW electric standard design ahead of schedule has instilled confidence in customers and the industry, facilitating growth in the pipeline [31][35] Other Important Information - NuScale has launched a project at the Oak Ridge National Laboratory to use AI to enhance fuel efficiency for multi-modular nuclear plants, showcasing innovation in the nuclear sector [19] - The company is actively exploring applications for its SMR technology in producing process steam and electricity for chemical plants, indicating diversification in potential revenue streams [18] Q&A Session Summary Question: Can you provide commentary on supply chain and Doosan's commitment? - Management confirmed significant progress with Doosan, with 12 modules under production and plans to increase capacity to 20 modules per year, providing a timing advantage for upcoming projects [25][28] Question: What has been the impact of the NRC approval on the pipeline? - The NRC approval has instilled confidence in customers and the industry, positively impacting the growth and movement within the pipeline [30][35] Question: Can you elaborate on the term sheet with ENTRA1? - Due to confidentiality agreements, management could not provide further details on the term sheet signed with a major financial institution [36][40] Question: What is the status of the RoPower project and potential revenue opportunities? - The RoPower project is authorized to advance licensing and geotechnical work, with NuScale expecting to generate revenues as soon as Fluor Corporation finalizes negotiations with the Romanian government [43] Question: What is the status of the material weakness in financial reporting? - The material weakness identified last year has been addressed, and the company received a clean bill of health from EY, indicating improved internal controls over financial reporting [45]

NuScale Power Fourth Quarter and Full Year 2025 Earnings Presentation February 2026 NuScale Nonproprietary | Copyright © 2026 NuScale Power, LLC. | Page 1 Forward-Looking Statements This Presentation contains forward-looking statements (including without limitation statements containing words such as "will," "believes," "expects," "anticipates," "plans" or other similar expressions). These forward-looking statements include statements relating to our strategic and operational plans, expectations (including ...

Core Insights - Meta has announced three agreements to secure nuclear power for its data centers, partnering with startups Oklo and TerraPower, as well as established energy company Vistra [1][2][3] Group 1: Agreements and Capacity - Meta's deals aim to add between 1 to 4 gigawatts of generating capacity by the early 2030s, with a significant portion of the new power flowing through the PJM interconnection [4] - The 20-year agreement with Vistra will provide Meta with 2.1 gigawatts from two existing nuclear plants in Ohio, with additional capacity upgrades expected to generate 433 megawatts [5] - Oklo will supply 1.2 gigawatts, with plans to start power delivery by 2030, while TerraPower aims to begin supplying electricity by 2032 [8][10] Group 2: Technology and Cost Considerations - Existing reactors are currently the cheapest source of baseload capacity, prompting Meta to explore partnerships with SMR startups like Oklo and TerraPower [3][12] - TerraPower estimates it can reduce costs to $50 to $60 per megawatt-hour, while Oklo targets $80 to $130 per megawatt-hour for future plants [12] - Oklo's reactors will need to be built in sufficient numbers to meet Meta's demand, with each reactor producing 75 megawatts [9] Group 3: Industry Trends - The demand for stable, 24/7 electricity from nuclear power is increasing among tech companies, driven by their growing AI ambitions [2] - The race for data center power is benefiting both startups and existing nuclear reactors, albeit in different ways [2]

Core Insights - NuScale shares increased by 15% following the U.S. Army's launch of the "Janus Program," aimed at accelerating micro nuclear reactor development [1] - The stock has risen over 375% from its year-to-date low in April [2] - The Janus Program indicates policy momentum that presents a lucrative opportunity for NuScale, which is the only company with an approved small modular reactor (SMR) design by the U.S. Nuclear Regulatory Commission [3] Company Positioning - NuScale is well-positioned to secure significant government contracts, which could enhance revenue and validate its technology for broader commercial markets [4] - The announcement from the U.S. Army is expected to boost investor confidence in SMR stocks, attracting both retail and institutional capital [4] Valuation Considerations - Despite a high price-sales (P/S) multiple of 346x, there are compelling reasons to consider NuScale for long-term investment, including its unique regulatory approval status [5] - Renewed trade tensions between the U.S. and China are increasing interest in domestic energy solutions, which may further benefit SMR shares [5] Industry Outlook - Nuclear power is seen as more reliable than renewable sources like solar and wind, strengthening the investment case for NuScale [6] - Wall Street maintains a positive outlook on NuScale, with a consensus rating of "Moderate Buy" and price targets suggesting a potential upside of 12% [7][8]

Investment Rating - The report maintains a "Hold" rating for CGN Power and Dongfang Electric, with target prices adjusted to HKD2.90 (from HKD2.70) and HKD12.30 respectively. Hyundai E&C is rated as "Buy" with a target price of KRW93,000 [4][10][51]. Core Insights - China's nuclear power capacity is projected to reach 66GW by 2025 and 110GW by 2030, accounting for 7% of the power supply mix by 2030, up from 5% in 2024. This growth is supported by the approval of at least 10 new reactors annually since 2022 [2][9][13]. - The development of small modular reactors (SMRs) is highlighted as a key area for expansion, with several projects nearing commercial operation. However, the high levelized cost of energy (LCOE) for SMRs compared to large-scale reactors and renewables presents challenges for domestic deployment [3][28][30]. - The report emphasizes the importance of equipment and turnkey solution providers in capturing growth in the nuclear sector, as they are better positioned than utilities, which face longer return profiles and tariff variations [4][9]. Summary by Sections China's Nuclear Power Development - China's nuclear capacity is on track to nearly double by 2030, with significant investments in new technologies including SMRs and fusion [9][12]. - The government aims for 70GW of nuclear power by 2025, with expectations to surpass 110GW by 2030 as approvals accelerate [13][30]. Small Modular Reactors (SMRs) - China is advancing in SMR technology, with projects like Shidao Bay 1 and Changjiang Linglong-1 nearing commercial operation. However, the current capex for SMRs is significantly higher than for large-scale reactors [3][28]. - The ACP100 reactor, designed for multiple applications, is set for grid connection by 2026, showcasing China's capability in SMR development [22][28]. Investment Opportunities - Key players in the nuclear supply chain include CGN Power, Dongfang Electric, and Hyundai E&C, with the latter benefiting from global nuclear expansion [4][10]. - The report identifies potential for SMR technology exports, particularly to developing markets with limited grid capacity [32]. Fusion Power - Fusion power is still in early stages, with significant challenges in achieving sustainable reactions. However, China is investing in fusion research with a target to build an industrial prototype by 2035 [33][38]. - Opportunities in the supply chain for fusion-related equipment are anticipated, driven by ongoing experimental projects [42]. Uranium Market - China's reliance on uranium imports remains high, with current prices elevated due to geopolitical tensions. The demand for uranium is expected to double by 2040, driven by the expansion of nuclear capacity [45][49].

RoPower Project & Commercialization - NuScale is progressing with the RoPower project in Doicești, Romania, with ongoing site preparations after the physical decommissioning of the coal plant[9] - Phase 2 of the Front-End Engineering Design (FEED) study is underway, scheduled for completion in Q4 2025, with a potential extension into Q1 2026, aiming for a final investment decision by late Q1 or early Q2 2026[9] - NuScale anticipates Standard Design Approval (SDA) to increase power output per module from 50 MWe to 77 MWe by July 2025[12] - The company expects to have a firm customer order by the end of 2025 and has invested in long-lead materials to manufacture twelve modules[12, 18] - NuScale is positioning for commercial deployment of its first NuScale Power Module™ in 2030[12] Supply Chain & Customer Interest - NuScale is actively engaging with suppliers, including pre-bid meetings with Doosan on an Upper Reactor Pressure Vessel (URPV) fabrication proposal and issuing a Preliminary Scheduled Delivery Date (PSDD) notification to Framatome for the initial core[17] - The company executed the Neutron Monitoring System (NMS) supply agreement with Paragon[17] - NuScale is in advanced dialogue with government officials and industries, including data centers, utilities, and coal plant operators transitioning to nuclear, in the U S and globally[20] - NuScale's technology can support commercial-scale industrial applications requiring over 200 metric tons of hydrogen per day and produce ~150 million gallons of clean water per day through reverse osmosis with one NuScale Power Module™[24] Financials - NuScale's revenue for Q1 2025 was $13.4 million[25] - The company's liquidity as of March 31, 2025, was $491.4 million[25] - Operating expenses have remained relatively flat since the beginning of 2024, with Q1 2025 operating expenses at $42.3 million[27]