NuScale Power Corporation Class A

Good afternoon and welcome to NuScale's 4th Quarter and Full Year 2025 Earnings Results Conference Call. Today's call is being recorded. A replay of today's conference call will be available and accessible on NuScale's Investor Relations website. The web replay will be available for 30 days following the earnings call. At this time, for opening remarks, I would like to turn the call over to Rodney McMahon, Senior Director of Investor Relations. Please go ahead.

Thank you, operator. With us today are John Hopkins, Newskill President and Chief Executive Officer, Ramsey Homedy, Chief Financial Officer, and Clayton Scott, Chief Commercial Officer. We will begin by providing an update on our business, followed by a discussion of our financial results. We will then open the phone lines for questions. This afternoon, We posted supplemental slides on our investor relations website. As reflected in the safe harbor statements on slide two, the information set forth in the presentation and discussed during the course of our remarks and the subsequent Q&A session includes forward-looking statements which reflect our current views of existing trends and are subject to a variety of risks and uncertainties. For a detailed discussion of our risk factors that could contribute to differences in our expectations, please refer to our Form 10-K for the year ended December 31st, 2025, and our subsequent SEC filings. I'll now turn the call over to John Hopkins.

Thank you, Rodney, and good afternoon, everyone. I'll start with some key highlights from 2025. a year marked by significant progress for NuScale. The U.S. Nuclear Regulatory Commission, or NRC, approved our 77 megawatt electric standard design ahead of schedule, allowing us to support a wider range of off-takers and consumers seeking clean baseload energy. NuScale remains the only SMR technology to achieve NRC design certification. And with 12 modules introduction, we retain our position as the industry's first mover. Furthermore, our exclusive global commercialization partner, InterOne Energy, reached an agreement with the Tennessee Valley Authority, or TVA, to supply six gigawatts of power by deploying the largest nuclear power program in U.S. history. And InfraOne will use NuScale SMR technology inside its power plants. Both are incredibly important milestones in our commercialization journey and gives us strong momentum going into 2026 to pioneer the SMR space as the only NRC-certified SMR under 10 CFR Part 52 versus other technologies pursuing 10 CFR Part 50. We believe this approach provides new-scale SMR power plants with a much different risk profile. Now, turning to slide three, we list new skills, fourth quarter, and recent highlights, which we will discuss in more detail in a moment. They include significant progress made by InterOne in TVA on a power purchase agreement, or PPA, as well as the completion of our work on floor space two, front end engineering and design, or FEEQ study. for the proposed willpower door chest power plant in Romania. In the continued strengthening of our task position to ensure NuScale is well-funded to pursue its activities. Turning to slide four, in September of last year, TVA announced an agreement in connection with the purchase of power from InterOne for six gigawatts. which would represent a total deployment of 72 new-scale power modules, or NPMs, and six InterOne energy plants, providing power to support TVA's seven-state service region. In the five to six months since the program was announced, we understand that InterOne and TVA have advanced discussions. maintaining strong momentum in collaboration in their efforts. Our understanding is that the following recent steps have been taken to move the program forward. First, InterOne is assembling an infrastructure experience team that includes design engineers, a construction contractor, owner's engineers, investors, legal advisors. Second, on project financing, several major financial institutions are working with IntraOne and discussions are underway. And one major institution has already signed a multi-billion dollar term sheet with IntraOne. Third, on the project execution side, site visits have been conducted in and site evaluations are underway by teams of qualified professional engineers and heavy infrastructure experienced individuals. Four sites identified that could each support InterOne plants powered by new scale SMR technology with respect to the six gigawatt program. The prospective site for the first plant deployed has been identified. Fifth, drafting of a definitive PPA is underway with robust engagement from legal teams and progress is being made on transaction documentation in structure. Finally, please note that TVA announced the deal last September and the new TVA Board was confirmed just this January. Considering all of this, we believe that significant progress has been made relative to time. Separately, we'd like to touch on the U.S.-Japan Investment Initiative, which was discussed in our last earnings call. As noted in recent government announcements, Under the U.S.-Japan Framework Agreement, several American and Japanese companies were named as potential recipients of financing for Japan's groundbreaking commitment of $550 billion towards investments in the United States. Two points here. First, we understand, and as publicly known, InterOne Energy was one of the several companies named on the fact sheet chosen by the Japanese government. It is the only American SMR power plant developer on the list. Others included engineering and construction firms, OEM companies, investment holding groups, and industrial players. Second, Japan has been NuScale's second largest investor since 2022, and their selection of IntraOne would validate their continued interest to support NuScale and our SMR deployment via IntraOne energy power plants. While we are still on the subject of IntraOne energy, and in the spirit of being helpful to our listeners, I'd like to reiterate a few key points with respect to our IntraOne partnership. One, Intraline is an American-owned, in-control development and investment platform that is focused on supporting the commercialization of next-generation baseload energy technologies, which includes the NuScale SMR technology. Two, their mission is to support American and global energy security and economic growth by deploying baseload power infrastructure to generate power. Three, the company is led by an American energy and technology investor and brings together experienced professionals with backgrounds in energy and infrastructure project management, finance, development, and asset management. Four, In our partnership, IntraOne, as the project developer, is responsible for financing project development and deal execution management. To build the infrastructure, IntraOne works with seasoned engineering and construction firms. Five, IntraOne was established to address a need for a strategic developer and investor in a first-of-a-kind industry and to be the first mover to bridge the gap between financing and execution of such first-of-a-kind technologies. Sixth, over the course of several years, Interwine conducted due diligence and analysis on the various nuclear technologies that have been under research and development. And we believe they recognize the value creation opportunity that they could capture around the need of a strategic partner and investor to support nuclear SMR commercialization. Seven, NuScale was selected among several of the reactor technologies analyzed by Interline along with their financial institutional partners. A inter one has professionals with backgrounds in project finance, investment management, engineering, construction management, legal, and infrastructure development. And they work with specialized technical partners, contractors, engineering firms, financial institutions, and legal advisors for each project phase. It is important to note that TVA and NuScale have had a relationship for almost a decade. And Japan has been an investor in NuScale since 2022. We view these as longstanding follow-on relationships now supporting our commercialization along with our strategic partner, InterOne. NuScale has chosen to be a technology provider with our NRC-approved small-module reactors. We chose to pursue an asset-light business model, relying on outsourcing responsibilities outside our scope to reliable third parties. Currently, Doosan Interability is our primary manufacturing arm. We chose not to be a manufacturer of the reactors, nor are we the developer of power plant infrastructure that houses the reactor equipment. EnterOne is the development arm that helps NuScale commercialize its reactor technology by installing our SMR technology and equipment into their new power plant infrastructure assets. I'd like to remind everyone that the SMR space is a first-of-a-kind within the U.S. nuclear industry, and there are no commercially operating SMR power plants in the United States. All stakeholders and participants in the SMR space are pursuing a first-of-a-kind activity. EnterOne and NuScale work closely together to advance the deployment of the new skills SMRs in the United States and in global markets. Both teams work in an integrated fashion and in close collaboration while maintaining a common professional work environment. In summary, we are very excited about the TVA InterOne opportunity, which we hope will empower the local economy across TDA's seven-state region, support the fast-growing energy demand for AI data centers, advanced manufacturing, and national defense, all while creating thousands of high-quality American jobs, reinforcing America's energy independence, and strengthening our country's energy security. Moving to slide five. Regarding Romania, by the end of 2025, NuScale completed the C2 work for Flora Corporation to further Row Power's goal of developing and deploying their six-module SMR power plant in Romania. In total, 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. Earlier this month, shareholders of Romania's SM Ecoelectrica overwhelmingly voted in favor of progressing the road power project. We understand that this vote allows the project to seek secured financing to further feasibility studies and site-specific design work, and to advance the licensing and geotechnical work, finalize a pre-engineering procurement and construction or EPC contract, and begin negotiating contracts for long lead items. Therefore, we anticipate that they will have pre-EPC activities begin in the second quarter of this year and have an estimated duration of up to 15 months and will include, among other things, the development of a Class 2 cost estimate. We look forward to continuing supporting FLOR on their DOCHEST project. Turning to slide six, you'll find a list of our plant services broken out by pre and post commercial operations date. While the sale of NPMs to IntraOne will make up the largest percentage of these skills' future revenues, those revenues will be complemented by the many different plant services we offer. These plant-related services cover licensing, installation, Commissioning in post-COD services. We have already seen services generate revenue for NuScale from the Row Power project. And we expect that once the PPA between Intra-1 and PPA is executed, we will begin generating service revenues related to those projects as well. Specifically, from the combined operating license application or COLA process, plus services related to feed work for HL1 power plants. Now on slide seven, we would like to provide an update with respect to an exciting use case for NuScale's SMR technology, producing processed steam and electricity for chemical plants. Just last month, in collaboration with Oak Ridge National Laboratory in Tennessee, NuScale released the results of a techno-economic assessment examining the performance and profitability of coupling NuScale power modules with a U.S. chemical facility to provide nuclear generated steam and electric power. The findings showcase that nuclear power Specifically, nuclear power generated by NuScale's SMR technology can help industries that use processed steam and electricity in a reliable and profitable manner. A recent second study conducted by Idaho National Labs demonstrated that NuScale's high temperature processed steam is on par with high temperature gas reactors. To further validate this use case, NuScale and Ibarra Elliott Energy, a major Japanese industrial player, established a collaborative program to fabricate and field test a high temperature steam compression system at their plant in Pennsylvania. It is further intended that the compressor will be later deployed at a domestic industrial petrochemical site. Newscale and Ibarra-Elliot are actively in discussions seeking a petrochemical industrial player for this effort. The results of the Oak Ridge Lab study and plans for high temperature steam compression demonstrator will be presented to the World Petrochemical Conference next month in Houston. In other news, NuScale has also launched a project at the Oak Ridge National Laboratory in Tennessee to use AI to enhance fuel efficiencies for multi-module nuclear plants beyond what is achievable in nuclear plants with a single reactor, be it small or large. Next month, NuScale will be speaking at the National Academy of Engineering Sponsored Conference on Closing Strategy Gaps for the Future of AI, hosted by the University of Maryland in College Park. NuScale SMRs are the only nuclear technology, large or small, that has been certified by the NRC for off-grid behind-the-meter application. At that event in Maryland, Newscale will be discussing the advantages of off-grid behind the meter, small mod reactors to power data centers. Now over to Ramsey for the financial update.