Core Insights - France has shifted its energy strategy to support nuclear power, reversing previous plans to shut down 14 reactors and instead extending the life of existing reactors and constructing at least six new EPR2 reactors [1] - EDF has raised the preliminary cost estimate for the initial six reactors to €72.8 billion, indicating the scale of the EPR2 program [1] - The Range Nuclear Renaissance Index ETF (NUKZ) is positioned to benefit from this shift, holding companies with direct exposure to EDF's expansion [1] Company Developments - Mirion Technologies (MIR) and Flowserve (FLS) have secured contracts for the EPR2 program to provide radiological detection chains and pumps and sealing systems [1] - Amentum (AMTM) has contracts with EDF worth up to $730 million to support existing reactors and ongoing construction at Hinkley Point in the UK [1] - Jacobs (J) has started a new Project Management Resources (PMR) framework contract with EDF in 2024, valued at over $53 million [1] Market Performance - Multi-year service contracts provide revenue visibility, with construction and services making up 39.0% of NUKZ's underlying index as of February 19 [1] - NUKZ has outperformed the broader S&P 500, climbing 50% over the past year compared to the S&P 500's 13% increase [1] - The shift in European energy policy is expected to favor nuclear players for years to come, providing sustained growth for the sector [1]

Core Viewpoint - EDF has forecasted the cost estimate for its EPR2 programme at €72.8 billion, with a budget of €2.7 billion approved for 2026, reflecting a commitment to controlling schedules and costs in the nuclear sector [1][3]. Group 1: Cost and Budget - The forecasted cost estimate for the EPR2 programme is €72.8 billion, to be audited in Q1 2026 [1] - A budget of €2.7 billion has been approved for the programme in 2026 [1] Group 2: Project Timeline - The first reactor at Penly is targeted for commissioning in 2038, with subsequent reactors scheduled at intervals of 12 to 18 months [2] Group 3: Government Support and Measures - The EPR2 programme will be supported by state measures, with general principles approved in June 2025 and submitted to the European Commission for approval on November 17, 2025 [3] - A final investment decision is expected in late 2026 [3] - Key measures include a subsidised loan covering at least 50% of construction costs, a 40-year contract for difference, and risk sharing between the French State and EDF [6] Group 4: EDF Overview - EDF is a key player in the energy transition, focusing on power generation, distribution, trading, and energy services, with a significant output of 520 TWh, 94% of which is decarbonised [4] - The company aims to build a net zero energy future and serves approximately 41.5 million customers, generating consolidated sales of €118.7 billion in 2024 [4]