Group 1 - The urgent need for electricity driven by AI consumption is leading companies like Amazon to secure energy sources for their data centers [1] - The first nuclear fuel license in 50 years is crucial for deploying Small Modular Reactors (SMRs), which are essential for powering AI infrastructure [2] - Amazon and X-Energy aim to deploy 5 gigawatts of nuclear capacity by 2039, sufficient to power millions of homes and large AI clusters [2] Group 2 - The breakthrough in the nuclear fuel supply chain shifts the focus to uranium as a strategic resource for energy production [3] - Centrus is highlighted as a key U.S. supplier with HALEU enrichment capability, while Cameco remains a major global uranium producer [3] - The revival of the nuclear fuel supply chain marks a significant development for energy infrastructure, particularly in relation to AI power needs [4]

Financial Data and Key Metrics Changes - In 2025, the company booked record orders totaling more than $1 billion, representing a 26% increase compared to 2024 [4][8] - Full year revenue totaled $925.4 million, up 7.5% versus 2024, with more than half of the growth being organic [22] - Adjusted EBITDA for the full year was $227.9 million, up 12% compared to 2024, with margins expanding by 90 basis points [22][26] - Adjusted EPS was $0.46, a 12% increase despite an approximately 50 million share increase in 2025 [23] Business Line Data and Key Metrics Changes - Nuclear power organic revenue grew more than 11% in 2025, while nuclear medicine organic revenue grew more than 13% [4] - The medical segment revenue declined 3.5% in Q4 2025, with full year medical segment revenue growing 3.7% [27] - Adjusted nuclear power orders grew 52% in 2025, supported by all three verticals: new utility-scale reactors, the installed base, and SMRs [20] Market Data and Key Metrics Changes - The nuclear power end market demonstrated the strongest growth, supported by $150 million from the large opportunity pipeline [8] - The defense and diversified end market saw a doubling of orders in Q4, primarily in the U.S. and with NATO [21] - The medical segment faced headwinds due to tough comps from the prior year, with nuclear medicine orders down only 6% in 2025 [9] Company Strategy and Development Direction - The company articulated a strategic priority to increase nuclear power exposure, acquiring Certrec and Paragon Energy Solutions to augment its North American nuclear power presence [5][11] - The company expects to leverage its strong international presence to take the capabilities of the acquired companies global [11] - The focus on AI and digital strategies is expected to enhance productivity and customer-facing applications, with significant investments being made in this area [61][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the nuclear power sector, citing a robust demand for solutions due to the aging installed base and modernization needs [6][7] - The company anticipates double-digit organic growth in nuclear power and nuclear medicine for 2026, supported by favorable macro conditions [4][15] - Management noted that the headwinds faced in 2025 were seen as demand deferrals rather than a secular change in the market [10] Other Important Information - Adjusted free cash flow totaled $131 million in 2025, approximately double 2024's performance, reflecting improved earnings and reduced net interest expense [29] - The company expects 2026 total revenue to grow between 22%-24%, with organic revenue growth guidance of 5%-7% [15][16] Q&A Session Summary Question: Can the large opportunity pipeline translate to double-digit growth in backlog for 2026? - Management noted that while large project timing is complex, they feel good about the dynamics driving growth in the nuclear power vertical [36][38] Question: What is the expectation for medical growth in 2026? - Management indicated that they expect a quick recovery in medical, particularly in Europe and China, and are optimistic about mid-single-digit growth [39][40] Question: How does the Paragon acquisition impact growth expectations? - Management highlighted that Paragon's strong customer intimacy and market coverage are expected to drive significant growth, with a projected 25% growth for Paragon in 2026 [68][70] Question: What is the expected contribution from large orders booked in 2025? - Management clarified that while there will be some contribution, the first year of larger contracts tends to be the lightest [78] Question: How material are SMRs to the growth story? - Management acknowledged that while SMRs are currently a small percentage of total revenue, they see significant growth potential and are actively engaging with key players in the market [81]

Financial Data and Key Metrics Changes - In 2025, the company booked record orders totaling more than $1 billion, representing a 26% increase compared to 2024 [4][8] - Full year revenue totaled $925.4 million, up 7.5% versus 2024, with more than half of the growth being organic [22] - Adjusted EBITDA for the year was $227.9 million, up 12% compared to 2024, with margins expanding by 90 basis points [22][26] - Adjusted EPS was $0.46, a 12% increase despite an increase in diluted shares due to convertible notes and equity raises [23] Business Line Data and Key Metrics Changes - Nuclear power organic revenue grew more than 11% in 2025, while nuclear medicine organic revenue grew more than 13% [4] - The medical segment revenue declined 3.5% in Q4 2025, with full year medical segment revenue growing 3.7% [27] - Adjusted nuclear power orders grew 52% in 2025, supported by all three verticals: new utility-scale reactors, the installed base, and SMRs [20] Market Data and Key Metrics Changes - The nuclear power end market demonstrated the strongest growth, with $150 million from the large opportunity pipeline [8] - The defense and diversified end market saw a doubling of orders in Q4, primarily in the U.S. and with NATO [21] - The medical segment faced headwinds due to tough comps from the prior year, with nuclear medicine orders down only 6% in 2025 [9] Company Strategy and Development Direction - The company articulated a strategic priority to increase nuclear power exposure, acquiring Sertrek and Paragon Energy Solutions to enhance its North American nuclear power presence [5][12] - The company expects to leverage its strong international presence to take the capabilities of the acquired companies global [11] - The focus on AI and digital strategies is expected to enhance customer-facing applications and internal productivity, with significant investments being made in this area [58][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the nuclear power sector, citing a robust demand for solutions due to the aging installed base and modernization needs [6][7] - The company anticipates double-digit organic growth in nuclear power and nuclear medicine for 2026, supported by favorable macro conditions [4][15] - Management acknowledged headwinds in the medical segment but remains optimistic about margin expansion and operational improvements [27][29] Other Important Information - Adjusted free cash flow totaled $131 million in 2025, approximately double that of 2024, reflecting improved earnings and reduced net interest expense [29] - The company expects 2026 total revenue growth between 22%-24%, with organic revenue growth guidance of 5%-7% [15][16] Q&A Session Summary Question: Can the large opportunity pipeline translate to double-digit growth in backlog for 2026? - Management noted that while large project timing is complex, they feel good about the underlying dynamics driving growth in the nuclear power vertical [34][36] Question: What is the expectation for medical segment growth in 2026? - Management indicated that they expect mid-single-digit growth in the medical segment, with a recovery anticipated in Europe and China [37][38] Question: How does the Paragon acquisition impact Q1 guidance? - Management stated that Q1 will be the lightest quarter for both Mirion and Paragon, with expected margin contraction due to the dilutive nature of the Paragon acquisition [44][46] Question: What is the expected contribution from SMRs to growth? - Management indicated that while SMRs are currently a small percentage of total revenue, they see significant growth potential and are actively engaging with key SMR developers [75][77] Question: Can you provide insights on the Sertrek acquisition? - Management highlighted that Sertrek broadens the nuclear power portfolio and enhances access to the SMR market, contributing positively to overall growth [79]

Financial Data and Key Metrics Changes - In 2025, Mirion Technologies booked record orders totaling more than $1 billion, representing a 26% increase compared to 2024 [4][8] - Full year revenue totaled $925.4 million, up 7.5% versus 2024, with more than half of the growth being organic [23] - Adjusted EBITDA for the full year was $227.9 million, up 12% compared to 2024, with margins expanding by 90 basis points [23][27] - Adjusted EPS for the full year was $0.46, a 12% increase despite an increase in diluted shares [24] Business Line Data and Key Metrics Changes - Nuclear power organic revenue grew more than 11% in 2025, while nuclear medicine organic revenue grew more than 13% [4] - The medical segment revenue declined 3.5% in Q4 2025, but full year medical segment revenue grew 3.7% [28] - The nuclear and safety segment revenue for Q4 was $194.9 million, up 15.5%, with organic revenue increasing 3.1% [25] Market Data and Key Metrics Changes - The nuclear power end market demonstrated the strongest growth, supported by $150 million from the large opportunity pipeline [8] - The defense and diversified end market saw a doubling of orders in Q4, primarily in the U.S. and with NATO [22] - Medical segment orders faced headwinds due to tough comps from the prior year, with nuclear medicine orders down only 6% in 2025 [9] Company Strategy and Development Direction - The company articulated a strategic priority to increase nuclear power exposure, acquiring Sertrek and Paragon Energy Solutions to augment its North American nuclear power presence [5][12] - The focus is on broadening exposure to dynamic verticals and enhancing customer intimacy through acquisitions [12] - The company expects to leverage AI for both customer-facing applications and internal productivity improvements [59][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the nuclear power sector, citing a robust demand for solutions due to a shortage in generating capacity in developed markets [6] - The company anticipates double-digit organic growth in nuclear power for 2026, supported by a growing opportunity pipeline [6][20] - Management noted that headwinds in 2025 were seen as demand deferrals rather than a secular change in the market [10] Other Important Information - Adjusted free cash flow for 2025 totaled $131 million, approximately double that of 2024, with a 57% conversion rate [30] - The company expects 2026 total revenue growth between 22%-24%, with organic revenue growth guidance of 5%-7% [16][17] Q&A Session Summary Question: Can the large opportunity pipeline translate to double-digit growth in backlog for 2026? - Management noted that while large project timing is complex, they feel good about the underlying dynamics driving growth in the nuclear power vertical [36][39] Question: What is expected for medical segment growth in 2026? - Management indicated that they expect mid-single-digit growth in the medical segment, with a stronger performance anticipated in the second half of the year [40][41] Question: How does the Paragon acquisition impact margins and growth? - Management expects Paragon to contribute positively to margins over time, with significant growth anticipated in 2026 [65][66] Question: What is the expected contribution from large orders booked in 2025 to 2026 revenue? - Management indicated that while there will be some contribution, the first year of larger contracts tends to be the lightest [74] Question: How material are SMRs to Mirion's growth story? - Management noted that while SMRs currently represent a small percentage of total revenue, they are excited about the growth potential and ongoing engagement with SMR developers [75][76]

Summary of Nuclear Industry Conference Call Industry Overview - The conference call focused on the nuclear energy sector, highlighting a significant global shift towards nuclear power as countries seek clean energy solutions. [6][9] Key Points and Arguments Global Nuclear Capacity Growth - Global nuclear installed capacity estimates have increased by approximately 40% over the last five years, with the current total at 420 GW. [6] - The U.S. aims for 400 GW of nuclear capacity by 2050, while India targets 100 GW by 2047. [6] Regulatory Changes in the U.S. - The U.S. government has signed four executive orders to accelerate nuclear power development, including reducing the Nuclear Regulatory Commission (NRC) decision-making timeline for permits from multi-year to 18 months. [10][11] - Concerns were raised regarding operational safety due to expedited processes and relaxed environmental safety requirements for advanced reactors. [15][16] Developments in India - India plans to increase its nuclear capacity from approximately 8 GW to 100 GW by 2047, with new legislation allowing private sector participation in nuclear operations. [18] - The new nuclear bill reduces liability for smaller reactors and removes the right to recourse for equipment suppliers, which may encourage foreign investment. [19][20] Japan's Nuclear Revival - Japan is reversing its post-Fukushima nuclear shutdown policy, with plans to restart approximately 13 GW of nuclear capacity by 2024 and an additional 12 GW by 2026. [21][22] Small Modular Reactors (SMRs) - The U.S. Department of Energy (DoE) is supporting the development of SMRs, with companies like Terra Power and X-Energy making progress towards construction permits. [26][27] - Terra Power aims to begin commercial operations by 2031, while X-Energy is expected to receive construction approval by early 2027. [28][31] International Trends - Other countries, including Spain and Germany, are reconsidering their nuclear phase-out plans due to energy security concerns and rising electricity prices. [25] Additional Important Information - The conference highlighted the efficiency of nuclear plants, which require significantly less fuel compared to coal plants, and their long operational life of over 60 years. [2] - The potential for nuclear energy to meet the growing demand for clean, dispatchable power was emphasized, particularly in light of increasing data center energy needs. [6] This summary encapsulates the key discussions and insights from the conference call regarding the nuclear energy sector's current landscape and future prospects.

Vancouver, British Columbia--(Newsfile Corp. - February 4, 2026) - Aegis Critical Energy Defence Corp. (CSE: QESS) (OTCQB: QESSF) (FSE: JG6) ("Aegis" or the "Company") today announced the execution of a Memorandum of Understanding ("MOU") with Malahat Energy Systems Inc. ("Malahat") and Ontario Tech University ("Ontario Tech") to establish a collaborative framework for the research, development, and validation of hybrid nuclear energy architectures. As a developer and integrator of advanced battery energy ...

Group 1 - Energy demand is increasing, primarily driven by artificial intelligence (AI), with data centers projected to consume 3% of global electricity by 2030, up from 1.5% in 2025 [1] - The U.S. Department of Energy aims to triple the nation's nuclear output by the middle of the century, with small modular reactors (SMRs) seen as a key solution to energy challenges [2] - BWX Technologies is positioned as a strong investment option, known for its naval nuclear propulsion systems and a history of building over 400 naval nuclear reactors [4] Group 2 - BWX is at the forefront of SMR technology, with its BANR microreactor capable of generating 50 megawatts of power and Project Pele aimed at creating a transportable microreactor for military use [5] - In Q3 2025, BWX reported a 29% year-over-year revenue increase and a 19% rise in adjusted EBITDA, with free cash flow totaling $238 million for the first nine months [6] - BWX has issued dividends since 2012, with a current yield of 0.50% and a compound annual growth rate of 14.3% in dividends over the past decade [7]

Summary of Uranium Industry Insights Industry Overview - The discussion centers on the uranium industry, particularly the outlook for uranium and key investor debates, featuring insights from John Ciampaglia, CEO of Sprott Asset Management, which holds over 75 million pounds of physical uranium in storage after purchasing 8.7 million pounds last year [1] Key Points and Arguments Market Sentiment and Pricing - 2025 was a favorable year for uranium equities and market sentiment, although prices remained stable due to low contracting volumes. The market was initially hindered by uncertainties related to tariffs and energy policy, but a shift in the policy environment led to increased contracting towards the end of the year, with September to November seeing approximately 40 million pounds contracted, bringing the total for 2025 to around 100 million pounds [2] - The U.S. government committed $80 billion to build reactors, aiming to streamline approval processes and expedite construction of 10 new large reactors by 2030, which is expected to mitigate execution risks [3] Demand Dynamics - Uranium demand is projected to grow over 50% by 2035, with a compound annual growth rate (CAGR) of 4% per year, driven primarily by new nuclear capacity in China and India. The demand growth is expected to be back-end loaded, with significant contributions from reactor extensions and refurbishments [9][18] - The U.S. currently consumes over 40 million pounds of uranium annually, indicating substantial potential for policy support to stimulate domestic production [4] Contracting and Supply Challenges - Utilities are expected to increase contracting as they recognize supply challenges, with 2025 contracting likely around 100 million pounds, still below the theoretical replacement rate of 150 million pounds per year. The next wave of contracting is anticipated to see higher prices due to supply constraints [5] - The supply of uranium is characterized by high geographical concentration, with 75% of global production coming from Kazakhstan, Canada, and Namibia. The industry is facing challenges such as permitting delays and supply chain frictions, which could prolong project lead times [12][56] Strategic Initiatives and Policy Support - The U.S. government is building a strategic uranium reserve, with $75 million allocated for purchasing legacy U.S. production at prices above spot rates. This initiative is part of a broader strategy to secure domestic uranium supply amid geopolitical tensions [4] - The Biden Administration's ongoing Section 232 review could incentivize domestic production and establish price floors for uranium offtake [4] Financial Demand and Trust Buying - Financial demand from physical trusts, such as Sprott Physical Uranium Trust, has significantly influenced uranium prices, with holdings increasing from 35 million pounds in 2020 to 80 million pounds in 2023. However, a collapse in trust buying in 2023/24 has contributed to weaker uranium prices [52][53] - The role of financial demand is crucial as it removes volumes from tradeable inventories, tightening the spot market and potentially altering contracting behavior [54] Future Outlook - The uranium market is expected to face a growing deficit driven by supply discipline from major producers like Cameco and Kazatomprom. Legislative changes in Kazakhstan are tightening access to uranium contracts, which could further impact supply dynamics [11] - The anticipated growth in nuclear power generation is likely to lead operators to add to uranium inventories, with two-thirds of utilities' demand over the next two decades currently uncovered [31] Additional Important Insights - The construction of new nuclear reactors has slowed significantly compared to historical rates, with political will diminishing in the West. However, there is a push for faster and cheaper nuclear rollout through consolidation of reactor models and improved regulatory frameworks [32][35] - Small modular reactors (SMRs) are emerging as a potential solution for reliable electricity, with significant investments from both government and private sectors, although their deployment is not expected until the 2030s [42][43] This comprehensive overview highlights the key dynamics and future outlook of the uranium industry, emphasizing the interplay between demand, supply, policy, and financial factors that will shape the market in the coming years.

Summary of Key Points from the Global Reactor Tracker - January Edition Industry Overview - The report focuses on the nuclear energy sector, highlighting developments in North America, Europe, and Asia, along with year-end trends in uranium prices and new reactor constructions in China [1] North America - **New Nuclear Capacity Exploration**: The Great Plains New Nuclear Consortium in the United States is exploring the feasibility of deploying 1,000 to 2,000 MW of new nuclear capacity, including small modular reactors, in Nebraska [2] - **License Extensions**: The US Nuclear Regulatory Commission granted 20-year license extensions for Constellation's Clinton unit 1 and Dresden units 2 and 3, supported by over $370 million in upgrades, ensuring continued carbon-free electricity generation [3] Europe - **Nuclear Phase-Out in Belgium**: Unit 2 of Belgium's Doel nuclear power plant has been permanently taken offline after 50 years, aligning with the country's nuclear phase-out policy. However, Doel 4 and Tihange 3 have had their operations extended to 2035 [4] - **New Reactor Developments**: A consortium has secured a contract to oversee the development of two new Westinghouse AP1000 units at Bulgaria's Kozloduy Nuclear Power Plant, aiming for operation by 2035 and 2037 [5] - **State Aid Approval in Poland**: The European Union approved state aid for a Polish nuclear station estimated at ~$16.5 billion, which will feature three Westinghouse AP1000 reactors, with construction expected to start in 2028 [8] Asia - **India-Russia Cooperation**: India and Russia are advancing their nuclear energy cooperation, focusing on a second Russian nuclear power plant and exploring small modular reactors and localized fuel supply [9] - **New Reactor Construction in China**: - Xudabao Nuclear Power Plant's unit 3 has completed cold functional testing, with commissioning scheduled for 2027 [10] - Construction has begun for Ningde Nuclear Power Plant's unit 6, expected to enter operation in 2030 [11] - China has also commenced construction on two new CAP1000 nuclear power units, with an estimated cost of ~$5.6 billion [13] Africa - **Ethiopia-Russia Nuclear Negotiations**: Ethiopia and Russia are negotiating a gigawatt-scale nuclear power plant project, driven by Ethiopia's growing electricity demand [14] Uranium Market Insights - **Spot Price Trends**: Uranium spot prices have shown strength, climbing above $80/lb and reaching close to $82/lb by the end of December, with a $5 increase in December alone [31] - **Term Pricing Stability**: Term uranium pricing remained stable at $86/lb throughout December, with year-to-date term volume for 2025 reaching over 104.0 million lbs across 78 contract awards [32] - **Section 232 Investigation**: An update on the Section 232 investigation regarding uranium imports is anticipated by the end of January [33] Additional Insights - **Investment Considerations**: The report includes disclosures regarding potential conflicts of interest and emphasizes that investors should consider this report as one factor in their investment decisions [6][46] This summary encapsulates the key developments and insights from the Global Reactor Tracker, providing a comprehensive overview of the nuclear energy sector's current landscape and market dynamics.

Core Insights - A Bulgarian energy company, Blue Bird Energy AD, and European project developer SGE S.A. have signed a letter of intent for a joint venture to build up to six small modular reactors (SMRs) in Bulgaria, specifically deploying BWRX-300 SMRs from GE Vernova Hitachi [1][2] Group 1: Joint Venture Details - The joint venture aims to provide power for Bulgaria's industrial sector, including data centers, and facilitate the decarbonization of district heating [1] - The BWRX-300 units are 300-MW reactors currently under construction in Ontario, Canada [1] Group 2: Company Profiles - SGE, founded in 2018, is a leading European developer of SMR projects and is co-investing in the BWRX-300 standard design [2] - Blue Bird Energy is established to ensure the successful deployment of an SMR fleet in Bulgaria, with major shareholders including Glavbolgarstroy (GBS) and Asarel-Medet JSC [2] Group 3: Project Objectives - The joint venture will focus on selecting and preparing deployment sites in Bulgaria, facilitating site and design licensing, managing construction and project development, coordinating project funding, and ensuring safe, reliable, and efficient commercial operation [3]