BWX Technologies Inc (BWXT) 2025 Q4 法說會逐字稿

Ladies and gentlemen, welcome to BWX Technologies fourth-quarter and full year 2025 earnings conference call. (Operator Instructions)

女士們、先生們，歡迎參加 BWX Technologies 2025 年第四季及全年業績電話會議。（操作說明）

I would now like to turn the call over to our host, Chase Jacobson, BWXT's Vice President of Investor Relations. Please go ahead.

現在，我將把電話交給我們的主持人，BWXT 投資者關係副總裁 Chase Jacobson。請繼續。

Thank you, operator. Good evening, and welcome to today's call. Joining me are Rex Geveden, President and CEO; and Mike Fitzgerald, Senior Vice President and CFO.

謝謝接線生。晚上好，歡迎參加今天的電話會議。與我一同出席的還有總裁兼執行長雷克斯·格維登，以及資深副總裁兼財務長麥克·菲茨傑拉德。

On today's call, we will reference the fourth quarter and full year 2025 earnings presentation that is available on the Investors section of the BWXT website.

在今天的電話會議上，我們將參考 BWXT 網站投資者關係部分提供的 2025 年第四季和全年收益簡報。

We will also discuss certain matters that constitute forward-looking statements. These statements involve risks and uncertainties, including those described in the safe harbor provision found in the investor materials and the company's SEC filings.

我們也將討論一些構成前瞻性陳述的事項。這些聲明涉及風險和不確定性，包括投資者資料和公司向美國證券交易委員會提交的文件中所包含的安全港條款中所述的風險和不確定性。

We will frequently discuss non-GAAP financial measures, which are reconciled to GAAP measures in the appendix of the earnings presentation that can be found on the Investors section of the BWXT website.

我們將經常討​​論非GAAP財務指標，這些指標與GAAP指標的調節表可在BWXT網站投資者關係部分的收益報告附錄中找到。

I would now like to turn the call over to Rex.

現在我想把電話交給雷克斯。

Thank you, Chase, and good evening to all of you. We closed out a record 2025 with another strong quarter of results that were ahead of our expectations.

謝謝你，蔡斯，各位晚上好。我們以另一個強勁的季度業績為創紀錄的 2025 年畫上了圓滿的句號，業績超出了我們的預期。

For the full year, revenue grew 18%, adjusted EBITDA grew 15%. Earnings per share grew 20% and free cash flow grew 16%, all exceeding the initial guidance we provided at the start of the year. These results reflect our ability to scale successfully in a context of robust demand in all of our nuclear end markets.

全年營收成長18%，調整後EBITDA成長15%。每股盈餘成長了 20%，自由現金流成長了 16%，都超過了我們年初給出的初步預期。這些結果反映了我們能夠在所有核能終端市場需求強勁的情況下成功擴大規模的能力。

We ended the year with backlog of $7.3 billion, up 50% year over year with meaningful growth in both segments and Government, we secured new pricing agreements for naval propulsion equipment and fuel and booked initial scopes on major awards to build out a US defense uranium enrichment capability and to expand production of high-purity depleted uranium and commercial backlog was boosted by CANDU life extensions, multiple SMR projects and our first engineering contract on an AP1000.

我們年底的積壓訂單為 73 億美元，年增 50%，兩個業務部門和政府部門均實現了顯著成長。我們獲得了海軍推進設備和燃料的新定價協議，並完成了美國國防鈾濃縮能力建設和高純度貧鈾生產擴大等重大項目的初步工作範圍。此外，CANDU 延壽專案、多個小型模組化反應器專案以及我們首個 AP1000 工程合約也推動了商業積壓訂單的成長。

Beyond financial performance, 2025 was a year of exceptional strategic success. We completed the acquisitions of AOT and Kinectrics enabling key wins such as the $1.6 billion high-purity depleted uranium contract and the owner's engineer role for Bulgaria's Kozloduy AP1000 project. Building on the significant capital we invested in our business earlier in the decade, we continue to invest in our facilities to support our customers and build capacity for future demand in 2025.

除了財務表現之外，2025 年也是策略上卓越成功的一年。我們完成了對 AOT 和 Kinectrics 的收購，從而贏得了一些關鍵項目，例如價值 16 億美元的高純度貧鈾合同，以及保加利亞 Kozloduy AP1000 項目的業主工程師角色。在本世紀初我們對業務進行了大量投資的基礎上，我們將繼續投資於我們的設施，以支持我們的客戶並為 2025 年的未來需求建立產能。

We held the grand opening for the BWXT Innovation Campus, the home of our advanced nuclear and microreactor businesses and continue the expansion project at our large nuclear component plant in Cambridge. We recently completed construction of the Centrifuge manufacturing development facility and are designing a new high-purity depleted uranium manufacturing facility, both to support the NNSA.

我們為 BWXT 創新園區舉行了盛大的開幕儀式，這裡是我們先進的核能和微型反應器業務的所在地，同時我們位於劍橋的大型核部件工廠也繼續推進擴建項目。我們最近完成了離心機製造開發設施的建設，並且正在設計一個新的高純度貧鈾製造設施，這兩個設施都是為了支持美國國家核安全管理局 (NNSA)。

And earlier this month, we opened the BWXT Digital Center in Melbourne, Florida, which is our hub for digital transformation and AI initiatives across the organization.

本月初，我們在佛羅裡達州墨爾本開設了 BWXT 數位中心，這是我們在整個組織內推行數位轉型和人工智慧計畫的中心。

Turning to segment results and market outlook. Government operations revenue was down 1% and adjusted EBITDA was down 5% in the quarter, slightly ahead of our expectations. In naval propulsion with two new pricing agreements in place. Our teams are focused on long lead materials, operational excellence and delivery.

接下來分析細分市場結果和市場展望。本季政府營運收入下降 1%，調整後 EBITDA 下降 5%，略高於我們的預期。在海軍推進領域，已達成兩項新的定價協議。我們的團隊專注於長週期物料、卓越營運和交付。

During the quarter, we shipped two large team generators for CVN-81, a Ford-class aircraft carrier, from our Mount Vernon, Indiana facility, highlighting our rhythm delivery for naval reactors. The Mount Vernon facility sits on the Ohio River and has a 1,000 metric ton crane capacity suitable for lifting the largest nuclear reactor components onto barges directly from the site.

本季度，我們從位於印第安納州弗農山的工廠向福特級航空母艦 CVN-81 交付了兩台大型團隊發電機，突顯了我們為海軍反應器提供的穩定交付能力。弗農山工廠位於俄亥俄河畔，擁有一台 1000 公噸的起重機，能夠將最大的核反應器部件直接從現場吊起到駁船上。

Accordingly, we are considering expansion there to supply the US commercial nuclear market and technical services, a team led by BWXT, including Connectrix assumed the management and operations contract for the Canadian vacula laboratories, our first international TSG project. We are tracking several other contract opportunities within the DOE complex as well as an (inaudible) domain.

因此，我們正在考慮擴大規模，為美國商業核能市場和技術服務提供產品。由 BWXT 領導的團隊，包括 Connectrix，承擔了加拿大真空實驗室的管理和營運合同，這是我們的第一個國際 TSG 專案。我們正在追蹤能源部內部的其他幾個合約機會，以及一個（聽不清楚）領域。

In fact, BWXT was an award on the Missile Defense Agency's $151 billion Chile contract or Golden Dome, which positions us to compete for infrastructure support and engineering and manufacturing technology development on this strategically important national security program.

事實上，BWXT 是美國飛彈防禦局價值 1510 億美元的智利合約（又稱「金穹頂」）的獲獎項目，這使我們有機會參與這項具有重要戰略意義的國家安全計劃的基礎設施支援、工程和製造技術開發方面的競爭。

In microreactor and advanced nuclear fuels, we delivered the first core of TRISO fuel for Project PELE to Idaho National Lab in November. We are also manufacturing TRISO for Antares which aims to achieve reactor criticality by July 4 of this year, in line with the administration's nuclear executive orders, while others are planning for deduced manufacture advancement for our fuel, we are delivering today.

在微型反應器和先進核燃料領域，我們於 11 月向愛達荷國家實驗室交付了 PELE 專案的第一個 TRISO 燃料核心。我們也正在為安塔瑞斯核電廠生產 TRISO 燃料，該電廠的目標是在今年 7 月 4 日實現反應爐臨界，這符合政府的核能行政命令。與此同時，其他公司正在計劃推進我們今天交付的燃料的生產。

Further, in space domain, we continue to develop the technology required for nuclear thermal propulsion with NASA and are seeing specific opportunities around (inaudible).

此外，在航太領域，我們正與NASA合作，繼續開發核熱推進所需的技術，並看到了一些具體的機會。（聽不清楚）

Lastly, as special materials, our team stood up the Centrifuge manufacturing development facility in just 7 months for the defense fuels program with NNSA, reestablishing a domestic uranium enrichment capability for national security purposes. We are also preparing for the construction of a new facility in Jonesborough, Tennessee for high-purity depleted uranium production.

最後，作為特殊材料，我們的團隊僅用了 7 個月就為美國國家核安全管理局 (NNSA) 的國防燃料計劃建立了離心機製造開發設施，重新建立了用於國家安全的國內鈾濃縮能力。我們也準備在田納西州瓊斯伯勒建造一座新的高純度貧鈾生產設施。

These programs support a robust revenue growth outlook in 2026 and are highly strategic for the future of our special materials portfolio.

這些項目支持 2026 年強勁的收入成長前景，並且對我們特種材料產品組合的未來具有高度戰略意義。

Turning now to commercial operations. We reported impressive organic revenue growth of 31% in the quarter and total revenue growth of 95%, strong growth in commercial nuclear power and medical and sales from Conectrix. Backlog ended 2025 at $1.7 billion, up 85% compared to last year and up 15% sequentially, driven by equipment per candy refurbishments in Canada and other international markets and design awards for SMR components to various reactor OEMs.

接下來談談商業營運。本季我們實現了令人矚目的有機收入成長 31%，總營收成長 95%，這主要得益於商業核電和醫療業務的強勁成長以及 Conectrix 的銷售成長。截至 2025 年底，積壓訂單達 17 億美元，比上年增長 85%，環比增長 15%，這主要得益於加拿大和其他國際市場的每台設備翻新以及向各反應器 OEM 授予的 SMR 組件設計合約。

This backlog growth, coupled with robust market demand reports our expectations for low double-digit organic revenue growth in the segment in 2026. BWXT Medical reached a milestone slightly more than $100 million of annual revenue up about 20% from last year with double-digit growth in diagnostic isotopes a meaningful increase in Actinium sales and steady growth in Terrier.

積壓訂單的成長，加上強勁的市場需求，使我們對 2026 年該細分市場有機收入成長的預期達到兩位數低段。BWXT Medical 的年收入略高於 1 億美元，比去年增長了約 20%，診斷同位素實現了兩位數的增長，錒系元素的銷售額顯著增長，而 Terrier 則實現了穩步增長。

We expect similar growth in 2026 as these factors continue to drive the business. We continue to make measured investments in our medical portfolio as we work through the industrialization of our tech 99 product, explore new modalities for producing actinium-225 and around other therapeutic isotopes such as LAN 212.

我們預計2026年將出現類似的成長，因為這些因素將繼續推動業務發展。我們正在推動 99 號技術產品的產業化，探索生產錒-225 和其他治療性同位素（如 LAN 212）的新方法，同時繼續對我們的醫療產品組合進行有控制的投資。

Turning now to commercial nuclear power. Demand is strong, and our opportunity (inaudible) is expanding. Commercial nuclear power book-to-bill was over 2% in the quarter, (inaudible) CANDU aftermarket services and components in Canada, Europe and Asia, a new long-term CANDU fuel contract and design and proponent manufacturer contracts with several SMR technology providers, underscoring our role as a super merchant supplier for critical nuclear technologies.

接下來我們來談談商業核能。需求強勁，我們的機會（聽不清楚）正在擴大。本季商業核電訂單出貨率超過 2%，（聽不清楚）加拿大、歐洲和亞洲的 CANDU 售後服務和組件，與多家 SMR 技術供應商簽訂了新的長期 CANDU 燃料合約和設計及發起製造商合同，凸顯了我們作為關鍵核技術超級供應商的地位。

Additionally, in December, a consortium of BWXT, Leventis Energy Partners and its subsidiary, Canadian Nuclear Partners, was selected to provide owner's engineer services or two proposed AP1000 nuclear reactors at the Caslavuisite in Bulgaria. This is BWXT's first meaningful AP1000 award, leveraging our large nuclear project experience and Kinectrics death and licensing, regulatory support and engineering. We are actively bidding component practices for multiple [8000] projects and expect additional awards this year.

此外，12 月，BWXT、Leventis Energy Partners 及其子公司 Canadian Nuclear Partners 組成的聯合體被選中為保加利亞 Caslavuisite 的兩座擬建 AP1000 核反應器提供業主工程師服務。這是 BWXT 獲得的第一個有意義的 AP1000 獎項，充分利用了我們在大型核子專案方面的經驗以及 Kinectrics 的死亡和許可、監管支援和工程技術。我們正在積極競標多個[8000]項目的組件實踐，並預計今年將獲得更多獎項。

With that, I will now turn the call over to Mike.

接下來，我將把電話交給麥克。

Thanks, Rex, and good evening, everyone. I'll begin with total company financial highlights on slide 4 of the earnings presentation.

謝謝你，雷克斯，大家晚上好。我將首先介紹公司整體財務亮點，內容在收益報告的第 4 頁。

Fourth-quarter revenue was $886 million up 19% year over year as strong growth in commercial operations was partially offset by a modest and expected decline in government operations. Organic revenue was up 4%. pAdjusted EBITDA was $148 million, up 13% year over year, attributable to robust double-digit growth in commercial operations and lower corporate expense which were partially offset by lower government operations.

第四季營收為 8.86 億美元，年增 19%，商業營運的強勁成長部分被政府營運的適度且預期的下滑所抵銷。有機收入成長 4%。調整後 EBITDA 為 1.48 億美元，年增 13%，這主要歸功於商業營運的強勁兩位數成長和公司支出的降低，但部分被政府營運的減少所抵消。

Adjusted earnings per share were $1.08, up 17% due to strong operating performance and a higher contribution from nonoperating items of approximately $0.05. Our adjusted effective tax rate in the quarter was 19.5%, and which was below our full year tax rate of 20.4% due to timing of R&D tax credits.

經調整後的每股盈餘為1.08美元，成長17%，主要得益於強勁的經營業績以及非經營項目貢獻的增加（約0.05美元）。本季經調整後的實際稅率為19.5%，低於全年20.4%的稅率，這主要是由於研發稅收抵免的到帳時間所致。

In 2026, we expect our tax rate to be slightly higher at approximately 22% and as growth in our commercial power and Kinectrics businesses will result in a greater percentage of international earnings. Fourth-quarter free cash flow was $57 million and full year free cash flow was $295 million, up 16% compared to last year, inclusive of 17% operating cash flow growth.

預計到 2026 年，我們的稅率將略微上升至約 22%，隨著商業電力和 Kinectrics 業務的成長，國際收益的比例將更高。第四季自由現金流為 5,700 萬美元，全年自由現金流為 2.95 億美元，比上年增長 16%，其中包括 17% 的營運現金流成長。

Capital expenditures in 2025 were $185 million, 5.8% of sales. In 2026, we expect CapEx to be about 6% of sales as we continue to invest in the business to meet our commitments with our government customers and to support the growing demand in our commercial markets. During the quarter, we also completed a $1.25 billion convertible debt offering with a 0% coupon.

2025 年資本支出為 1.85 億美元，佔銷售額的 5.8%。預計到 2026 年，資本支出將佔銷售額的 6% 左右，因為我們將繼續投資於業務，以履行我們對政府客戶的承諾，並支持我們商業市場不斷增長的需求。本季度，我們也完成了 12.5 億美元的可轉換債券發行，票面利率為 0%。

In connection with the offering, we entered into a cap call transaction, which essentially increased the conversion price to over $396. Funds from the transaction were used to repay balances on our credit facility and term loan which we, in turn, renegotiated with more favorable terms and increased capacity. This was a highly opportunistic transaction for BWXT.

為配合此次發行，我們進行了一項上限期權交易，該交易實際上將轉換價格提高到 396 美元以上。交易所得資金用於償還我們的信貸額度和定期貸款餘額，而我們隨後又與這些信貸機構重新談判，獲得了更有利的條款和更高的貸款額度。對BWXT來說，這是一筆極具機會主義意義的交易。

We reduced our cost of debt, lowered our interest expense enhance our financial flexibility and increase our liquidity, which stood at $1.7 billion at the end of the year.

我們降低了債務成本，減少了利息支出，增強了財務靈活性，提高了流動性，到年底流動性達到 17 億美元。

Moving to the segment results on slide 6. In government operations, fourth quarter revenue was down 1% as expected with growth in special materials and contribution from AOT being offset by lower microreactor volumes and long lead material procurement for enable propulsion equipment, the latter of which was the benefit to our results in the first three quarters of the year.

接下來查看第 6 張投影片上的細分市場結果。在政府運營方面，第四季度收入如預期般下降了 1%，特殊材料的增長和 AOT 的貢獻被微反應器產量的下降以及推進設備所需長週期材料的採購所抵消，後者是今年前三個季度業績的利好因素。

Adjusted EBITDA in the segment was $111 million, resulting in an adjusted EBITDA margin of 18.8%. Our quarterly adjusted EBITDA margin was slightly lower than the full year result of 20.4% due to mix as newer projects in this segment began to ramp.

該業務部門的調整後 EBITDA 為 1.11 億美元，調整後 EBITDA 利潤率為 18.8%。由於該領域較新的項目開始增產，導致產品組合發生變化，我們季度調整後的 EBITDA 利潤率略低於全年 20.4% 的業績。

Turning to commercial operations. Revenue was up a robust 95%, driven by 31% organic growth, with strong growth in both commercial power and medical and contribution from Kinectrics. This reflects both accelerating organic momentum and the strategic expansion of our commercial capabilities. Adjusted EBITDA in the segment was $44 million, up 87% from last year.

轉向商業營運。營收強勁成長 95%，其中有機成長 31%，商業電力和醫療業務均實現強勁成長，Kinectrics 也做出了貢獻。這不僅反映了我們自身業務成長動能的加速，也反映了我們商業能力的策略擴張。該業務部門的調整後 EBITDA 為 4,400 萬美元，比去年增長 87%。

Adjusted EBITDA margin was 14.9%, a notable improvement from last quarter. In 2026, we expect the Commercial Operations segment adjusted EBITDA margin to increase by roughly 100 basis points as higher revenue and more normalized mix is partially offset by continued growth investment as we scale the business for the future.

調整後 EBITDA 利潤率為 14.9%，較上一季有顯著改善。預計到 2026 年，隨著收入增加和產品組合更加正常化，商業營運部門的調整後 EBITDA 利潤率將提高約 100 個基點，但隨著我們為未來擴大業務規模而進行的持續增長投資將部分抵消這一增長。

Beyond 2026, we expect growth investment to be less of a margin headwind of continued investments are offset by additional revenue growth.

2026 年以後，我們預期成長投資對利潤率的不利影響將會減弱，持續投資帶來的不利影響將被額外的收入成長所抵銷。

Turning to our 2026 guidance on slide 10 and 11 of the earnings presentation. From an operational standpoint, our guidance is largely in line with the preliminary outlook we provided in November. We expect revenue of approximately $3.75 billion, up high teens compared to 2025. In Government operations, we expect approximately low to mid-teens growth with over half coming from the defense fuels and H PDU contracts.

請看收益報告第 10 和 11 頁我們對 2026 年的展望。從營運角度來看，我們的指導意見與我們在 11 月提供的初步展望基本一致。我們預計營收約 37.5 億美元，比 2025 年成長近 10%。在政府業務方面，我們預計成長率將達到十幾到二十幾，其中一半以上來自國防燃料和H PDU合約。

In commercial operations, we expect approximately 25% growth, driven by low double-digit growth in commercial power high-teens medical growth and a full year of contribution from Kinectrics. For adjusted EBITDA, we are guiding $645 million to $660 million up low to mid-teens compared to 2025. In Government operations, we expect margin to be slightly lower given the significant revenue contribution from new programs which begins at a lower initial profit recognition and expands over time as execution milestones are met and contract risk is reduced.

在商業營運方面，我們預計將成長約 25%，這主要得益於商業電力業務的低兩位數成長、醫療業務的接近兩位數成長以及 Kinectrics 全年的貢獻。對於調整後的 EBITDA，我們預計 2025 年將達到 6.45 億美元至 6.6 億美元，比 2025 年成長 10% 至 15%。在政府營運方面，我們預期利潤率會略低，因為新項目帶來的收入貢獻巨大，雖然初始利潤確認較低，但隨著執行里程碑的實現和合約風險的降低，利潤會隨著時間的推移而增長。

In commercial operations, we expect margin to trend back towards historical levels as I previously discussed. Regarding the cadence of operating earnings, we anticipate our results will be slightly more back half weighted than usual, with about 55% of full year EBITDA anticipated in the second half. This will largely be reflected in the first quarter results with a return to more normal seasonality in second quarter.

在商業營運方面，我們預計利潤率將如我之前所討論的那樣回落到歷史水平。關於經營收益的節奏，我們預計我們的業績將比往常更多地集中在下半年，預計全年 EBITDA 的約 55% 將在下半年實現。這將主要反映在第一季的業績中，第二季將恢復到更正常的季節性水平。

In the first quarter, while we expect solid year-over-year organic revenue growth, EBITDA is likely to be flat to slightly higher in both segments due to seasonality and short-term impacts of mix and ramping of new programs. In government operations, this will likely translate the first quarter EBITDA being roughly flat year over year, yielding a margin that is slightly below the full year guidance rate.

第一季度，雖然我們預計有機收入將實現穩健的同比增長，但由於季節性因素以及產品組合和新項目啟動的短期影響，兩個業務部門的 EBITDA 可能持平或略有增長。在政府營運方面，這可能會導致第一季 EBITDA 與去年同期基本持平，利潤率略低於全年預期水準。

And in commercial operations, margins are expected to start the year well below our full year guidance before improving sequentially each quarter throughout the remainder of the year, reflecting program timing and mix. These assumptions lead to non-GAAP earnings per share guidance of $4.55 to $4.70, up mid- to high teens, driven largely by growth in both segments with a modest contribution from nonoperational items as lower interest expense is partially offset by a slightly higher tax rate and share count and lower pension and other income.

在商業營運方面，預計年初利潤率將遠低於我們全年的預期，之後將逐季改善，以反映專案進度和組合情況。這些假設導致非GAAP每股收益預期為4.55美元至4.70美元，較上年同期增長15%至10%左右，主要得益於兩個業務部門的增長，非經營性項目貢獻較小，因為較低的利息支出部分被略高的稅率和股份數量以及較低的養老金和其他收入所抵消。

From a quarterly perspective, while we anticipate earnings per share to follow with similar pattern to our operating earnings with first quarter EPS relatively flat compared to last year, we are highly confident in delivering our full year earnings growth outlook.

從季度角度來看，雖然我們預計每股收益將與我們的營運收益呈現類似的趨勢，第一季每股收益與去年同期相比基本持平，但我們對實現全年盈利增長預期非常有信心。

Finally, we expect free cash flow of $305 million to $320 million inclusive of low to mid-teens operating cash flow growth, in line with our adjusted EBITDA growth outlook. Importantly, this level of cash generation supports both continued reinvestment and long-term shareholder value creation.

最後，我們預期自由現金流為 3.05 億美元至 3.2 億美元，其中包括兩位數左右的營運現金流成長，這與我們調整後的 EBITDA 成長預期一致。重要的是，這種現金流水準既能支持持續再投資，又能為股東創造長期價值。

Overall, we see 2026 as another year of meaningful operational growth for BWXT. We've strengthened our balance sheet, expanded our commercial platform and positioned the company for continued margin improvement and cash generation. Our focus remains on disciplined execution prudent investment and long-term shareholder value creation.

總體而言，我們認為 2026 年將是 BWXT 營運實現顯著成長的另一年。我們加強了資產負債表，擴大了商業平台，使公司能夠持續提高利潤率和創造現金流。我們始終專注於嚴謹的執行、審慎的投資和長期的股東價值創造。

With that, I will turn it back to Rex for closing remarks.

接下來，我將把發言權交還給雷克斯，請他作總結發言。

Thanks, Mike. 2025 was a monumental year for BWXT. We said at the intersection of the national security and commercial liquidity power markets in a market-leading position with unmatched scale, experiential qualifications and regulatory credentials. It's an exciting place to be, and the outlook is bright.

謝謝你，麥克。 2025年對BWXT來說是意義非凡的一年。我們表示，在國家安全和商業流動性電力市場的交匯點，我們擁有市場領先的地位、無可比擬的規模、豐富的經驗和監管資格。這裡是一個令人興奮的地方，前景一片光明。

This position demands that we execute to drive quality earnings growth and shareholder value. Our priorities are executing against our robust sample process optimization, new technology adoption throughout the organization and on disciplined growth investments, both organic and inorganic.

這個職位要求我們透過執行策略來推動高品質的獲利成長和股東價值。我們的首要任務是執行我們強大的樣品流程優化、在整個組織內採用新技術以及進行有紀律的成長投資，包括內生成長和外延成長。

And with that, we look forward to taking your questions.

接下來，我們期待回答各位的問題。

(Operator Instructions) Scott Deuschle, Deutsche Bank.

（操作員指示）Scott Deuschle，德意志銀行。

Mike, should we expect government operations margins to trough in 2026 on these mix headwinds? Or could there be incremental mix pressure in 2027 that we should be mindful of?

麥克，鑑於這些不利因素，我們是否應該預期政府營運利潤率在 2026 年觸底？或者，2027 年是否存在著我們應該注意的逐步混合壓力？

Thanks, Scott. No, I don't see any real incremental pressure as we look at 2027. I think as I've mentioned in the last call and maybe over the last couple of earnings calls, we feel really good about the current pricing agreement. If you look at our four naval propulsion business, we're actually performing really well. Efficiency and utilization are up at our best sites and our largest sites.

謝謝你，斯科特。不，展望 2027 年，我認為不會有任何真正的額外壓力。我認為正如我在上次電話會議以及最近幾次財報電話會議上提到的那樣，我們對目前的定價協議感到非常滿意。如果你看一下我們的四項海軍推進業務，我們實際上表現得非常好。我們最好的站點和最大的站點的效率和利用率都提高了。

And so we see a lot of opportunity as we move through the future. I think what you're seeing in 2026 is a little bit of this mix pressure as we discussed half of the growth is coming from these new programs where we're making infrastructure investments. And so you're seeing a little bit of a decline there, but we would expect a rebound in '27.

因此，我們看到未來有很多機會。我認為，正如我們討論的那樣，2026 年將面臨一些混合壓力，一半的成長將來自我們正在進行基礎設施投資的新項目。所以你會看到這方面略有下滑，但我們預計 2027 年會出現反彈。

Okay. And then, Rex, can you talk about how BWXT is using AI internally today? And then are there any business functions where you're particularly excited about the potential impact of AI over the medium term, whether that be from cost synergy opportunity or something else?

好的。那麼，Rex，可以談談BWXT目前在內部是如何使用人工智慧的嗎？那麼，在哪些業務職能方面，您對人工智慧在中期內的潛在影響感到特別興奮呢？無論是成本協同效應的機會還是其他方面？

Yes. Sure, Scott. Thanks for the question. I think there's an outside story for AI with BWXT and there's an inside story. I think you obviously know the outside story, which is there's an expectation that nuclear power will power the data centers of the future, and I think that's a reasonable expectation. But that's all in the windshield for us. Certainly, that's not part of the current business mix. The inside story shapes up like this. I think there -- I think over a kind of three phases.

是的。當然可以，斯科特。謝謝你的提問。我認為 BWXT 的人工智慧發展既有外部故事，也有內部故事。我想你顯然了解外界的看法，那就是人們普遍預期核能將為未來的資料中心提供動力，我認為這是合理的預期。但對我們來說，這一切都已成過眼雲煙。當然，這不屬於目前的業務組合。事情的來龍去脈是這樣的。我認為──我認為可以分為三個階段。

The first phase was BWXT using machine learning to improve certain internal functions, particularly manufacturing processes we, for example, put hyperspectral sensors on complex well processes and use the machine learning algorithm to figure out when those things were going out of spec, which saved us a ton of expensive rework. And we did it and there are other examples I can side. So I'd call that Phase 1.

第一階段是 BWXT 利用機器學習來改善某些內部功能，特別是製造流程。例如，我們在複雜的油井流程中安裝了高光譜感測器，並使用機器學習演算法來找出這些流程何時超出規格，這為我們節省了大量昂貴的返工。我們做到了，而且我還能舉出其他例子。所以我會稱之為第一階段。

Phase 2 is with the release of large language models, we're figuring out ways to use those in our business to improve functional efficiencies and like. And so in this phase now that we're basically democratizing access to the tools. And I mean, tools like Databricks and ChatGPT and the like. And then the third phase is going to be a factory automation. That's kind of our learning platform in the sense that we've got a lot of traditional plants that need to be automated and digitized.

第二階段是發布大型語言模型，我們正在研究如何在業務中使用這些模型來提高功能效率等等。因此，我們現在正處於一個基本實現工具獲取民主化的階段。我的意思是，像是 Databricks 和 ChatGPT 之類的工具。第三階段將是工廠自動化。從某種意義上說，這可以算是我們的學習平台，因為我們有許多傳統工廠需要自動化和數位化。

And so in the future, it's our expectation to have fully digitized quality records, automated inspection, digital twin representations of every component that we manufacture. So that's the phase that we're going into right now, and we're quite excited about that.

因此，我們期望未來能夠實現品質記錄的完全數位化、自動化檢測以及我們生產的每個組件的數位孿生表示。這就是我們目前正進入的階段，我們對此感到非常興奮。

That's really interesting. For Phase III, do you see any limitations from the security clearances required, things like that, that would prohibit your ability to deploy those types of systems, particularly for government operations? Or do you think you'd have the ability to use things like digital twins and some of those classified areas as well?

這真有意思。對於第三階段，您是否認為所需的安全許可等因素會限制您部署此類系統的能力，尤其是在政府行動中？或者您認為您是否有能力使用數位孿生等技術以及一些機密領域？

I'd say not much, Scott. I mean, certainly, we have to be concerned about using WiFi and Bluetooth kind of systems in a classified manufacturing environment. So there are things that we will have to work around, but I think we will work around them with support from our customers.

我覺得不多，史考特。我的意思是，當然，在保密製造環境中使用 WiFi 和藍牙之類的系統，我們必須保持警惕。所以有些事情我們需要想辦法解決，但我相信在客戶的支持下，我們一定能夠克服這些困難。

Matt Akers, BNP Paribas.

Matt Akers，法國巴黎銀行。

I wanted to ask, I think some of the commentary from the shipbuilders this quarter was relatively positive in terms of to some of the supply chain bottlenecks that had seen maybe starting to get a little better. Just curious if you're seeing any of that flow through to you in terms of maybe more pulling demand forward or anything like that? Or if you're seeing anything along those lines.

我想問一下，我認為本季造船商的一些評論相對積極，因為一些供應鏈瓶頸問題可能開始有所改善。我只是好奇，你是否也感受到了這種趨勢，例如需求提早出現成長或其他類似情況？或者如果你看到類似的事情。

Yes, we've seen that encouraging news, too. I'd say our reaction to it is that from the very beginning, I think we've held the view and I believe that's a Navy and the government help a view that instead of slowing down the supply chain, what you got to do is fix the bottleneck. And so I think we're seeing that now. I think we're seeing pretty encouraging progress at the shipyards.

是的，我們也看到了這些令人鼓舞的消息。我認為我們對此的反應是，從一開始，我們就一直堅持這種觀點，我相信海軍和政府也支持這種觀點，那就是與其放慢供應鏈的速度，不如解決瓶頸問題。所以我覺得我們現在正在看到這種情況。我認為造船廠方面取得了相當令人鼓舞的進展。

I think you'll know, and we announced this a couple of quarters ago at least that Admiral McCoy, who's been running our government operations business was seconded into the Department of Defense to support the Navy for that specific purpose, the express purpose of improving throughput at the shipyards. And that that's what -- certainly what the nation needs to do.

我想你們應該知道，而且我們至少在幾個季度前就宣布過，負責我們政府業務的麥考伊海軍上將已被借調到國防部，以支持海軍的這項特定任務，即提高造船廠的產能。而這正是──當然也是國家需要做的事。

That's what the Navy needs to have. So I'd say we're continuing at the pace we were delivering on our delivery schedules and very, very pleased to see the shipyards turning the corner and bouncing off the bottom in terms of delivery rate.

這正是海軍所需要的。所以我覺得我們正繼續按照之前的進度推進交付計劃，非常高興地看到造船廠的交付率已經觸底反彈。

Yes. And I guess as a follow-up, just I wanted to ask on capital deployment and sort of what your priorities now? And how big -- how big could M&A be as a part of that after AOT and Kinectrics?

是的。我想接著問一下，關於資金部署以及你們現在的優先事項是什麼？在 AOT 和 Kinectrics 之後，併購在其中能發揮多大的作用？

Yes. So we're -- look, we're really excited about some of the things that we've done to strengthen our balance sheet. We did the convertible in the fourth quarter, I think, which really give us a lot of flexibility. And so we feel well positioned for potential M&A as we come into 2026.

是的。所以，我們——你看，我們對加強資產負債表所做的一些事情感到非常興奮。我想，我們在第四季推出了可轉換債券，這確實給了我們很大的彈性。因此，我們感覺在進入 2026 年之際，我們已經為潛在的併購做好了充分準備。

I will say, as we look at a number of different targets that are out there, we're highly focused on continuing to drive something within our core and also highly focused on driving an increase in our overall capacity as we prepare to support our customer needs in the future. So those are the things that we're going to be looking for. We have a number of assets that we always look at that on a consistent basis.

我想說的是，當我們審視眾多不同的目標時，我們高度重視繼續推進我們的核心業務，同時也高度重視提高我們的整體產能，以便為未來滿足客戶需求做好準備。所以，這些就是我們要尋找的東西。我們有一些資產，我們會持續關注這些資產。

But I do think that we will continue to see M&A as a big part of our capital deployment strategy.

但我認為，併購仍將是我們資本部署策略的重要組成部分。

Jeffrey Campbell, Seaport Research Partners.

Jeffrey Campbell，Seaport Research Partners。

Congratulations on the quarter. I'll just stick with one. Rex, you mentioned your US commercial facility might be built at McDermott. I just wonder, are there any particular challenges in citing a commercial facility of to one that's dedicated to defense purposes.

恭喜你本季取得佳績。我就選一個吧。雷克斯，你提到你的美國商業設施可能會建在麥克德莫特。我只是想知道，將商業設施與專門用於國防目的的設施進行比較，是否有任何特殊的挑戰。

Yes. Thanks, Jeff, for the question. Good to hear you. No, I think it's the opposite, right? There's some synergies between our government business there and there would be a commercial facility there. For example, you can share radiography facilities. I did mention that we have a 1,000 metric ton crane capacity to Stevedore components right on to the Ohio River there.

是的。謝謝傑夫的提問。很高興聽到這個消息。不，我覺得正好相反，對吧？我們的政府業務和那裡的商業設施之間存在一些協同效應。例如，您可以共用放射成像設備。我之前提到過，我們有一台 1000 噸的起重機，可以直接將零件裝卸到俄亥俄河上。

So we would certainly jointly share those assets and be able to amortize the costs over those assets together. So I think there are certain advantages. We would segregate those businesses for certain reasons financially. But yes, no, very good reasons and very good synergies for putting those two things on the same side.

因此，我們肯定會共同擁有這些資產，並且能夠共同攤提這些資產的成本。所以我認為這有一定的優勢。基於某些財務原因，我們會將這些企業隔離。但是，是的，不，將這兩件事放在一起有非常好的理由和協同效應。

Robert Labick, CJS Securities.

Robert Labick，CJS Securities。

This is (inaudible) on for Bob. As a US company with obviously strong operations in Canada, what is the latest impact, if any, on the tariff situation? And in general, does the seemingly souring of US Canada relations have an impact on BWX?

這是（聽不清楚）給鮑伯的。作為一家在加拿大擁有強大業務的美國公司，關稅情勢對貴公司有何最新影響（如果有的話）？總的來說，美加關係的惡化是否會對BWX產生影響？

Knock on wood, it hasn't so far because we're still operating under the framework at the US MCA trade agreement, the US, Mexico, Canada trade agreement that was struck in the last Trump administration. And so it hasn't -- there are no tariffs in that framework on medical products or on nuclear components happily.

但願如此，到目前為止還沒有發生這種情況，因為我們仍然在美國、墨西哥和加拿大三國貿易協定（即川普上屆政府時期達成的貿易協定）的框架下運作。所以，令人欣慰的是，該框架下並沒有對醫療產品或核子部件徵收關稅。

And this last announcement around 10% and 15% tariffs across the board does not apply to the US MCA agreement. So we're still operating in that framework. And that's being renegotiated right now. So we'll see how that comes out. But I'm certainly hopeful that trade relations between the US and Canada and Mexico remain normal and continue to not have a negative influence on our business.

而最近宣布的全面加徵 10% 和 15% 關稅的措施並不適用於美國與美國簽署的 MCA 協議。所以，我們仍然在這個框架內運作。目前雙方正在重新談判。所以，我們拭目以待。但我真心希望美國與加拿大和墨西哥之間的貿易關係保持正常，並且不會繼續對我們的業務產生負面影響。

And one more. As we look over the next several years, we have DUECE and HVDU incremental growth this year in naval growth coming in 2027. Beyond that, can you discuss the timing of Canadian newbuilds, micro reactors and other long-term layers to your growth map?

還有一個。展望未來幾年，今年海軍將迎來 DUECE 和 HVDU 的增量成長，到 2027 年將實現成長。除此之外，您能否談談加拿大新建核電廠、微型反應爐以及其他長期發展計畫在您的成長規劃中的時間安排？

Yes, I'd say a variety of different time frames for all of that stuff. But now we mentioned on the script that we now have business with AP1000 in Europe with that Kozloduy owners engineer contracts, we certainly have an SMR. We have SMR contracts at hand right now, we're certainly making the reactive pressure vessel for GE, and we're doing a number of other components for different small module reactors suppliers.

是的，我認為所有這些事情都有不同的時間框架。但現在我們在劇本中提到，我們現在與歐洲的 AP1000 有業務往來，Kozloduy 的所有者簽訂了工程師合同，我們當然擁有 SMR。我們目前手頭上有小型模組化反應器 (SMR) 的合同，我們正在為通用電氣 (GE) 生產反應器壓力容器，並且我們也正在為不同的小型模組化反應器供應商生產許多其他組件。

So I think you just see that building over the years. It's my expectation that we'll have additional orders for the X 300 this year. It's also my expectation that we'll have orders for the AP1000 this year. We'll see those aren't in hand yet, but I think we're starting to see the commercial side of our business build very nicely, and we have forecasted pretty aggressive organic growth there, but most of that is in hand.

所以我覺得你會看到那棟建築隨著時間的推移而逐漸建成。我預計今年我們將收到更多 X 300 的訂單。我也預計今年我們會收到 AP1000 的訂單。我們也會看到這些目標尚未實現，但我認為我們開始看到公司商業方面發展得非常順利，我們預測這方面會有相當強勁的自然成長，但大部分目標都已實現。

And so I think you can see small modular reactors ramping up, starting now essentially micro reactors, of course, we've had a good program going for seven years now, but we now have the Janus program as sort of a follow-on program to PELE, and we're in a good competitive position for that, and we're hoping for a good outcome.

因此，我認為你可以看到小型模組化反應器正在加速發展，現在基本上是從微型反應器開始。當然，我們已經有一個運行了七年的良好項目，但現在我們有了 Janus 項目，作為 PELE 的後續項目，我們在這方面處於良好的競爭地位，我們希望取得好的結果。

And so you can see that building over the next few years. And then medical has been growing at this sort of 20% compound in clip. So we're seeing generally very good demand in all of our markets, and we expect it to build at various timings over the years.

所以未來幾年你就能看到它的建設了。然後，醫療產業一直以大約 20% 的複合年增長率快速成長。因此，我們看到所有市場的需求總體上都非常好，我們預計這種需求將在未來幾年內分階段增長。

Jeff Grampp, Northland Securities.

Jeff Grampp，北地證券。

Rex, to go back on the AP1000 comments that you had in your prepared remarks, can you give us a sense for BWXT's revenue content per project you're competing on or any generalities there just to kind of get a sense of materiality for some of these projects for the company.

Rex，回到你之前在準備好的發言稿中提到的 AP1000 的問題，你能否大致介紹一下 BWXT 參與的每個項目的收入佔比，或者提供一些概括性的信息，以便我們了解這些項目對公司的重要性。

Yes. I think we've characterized it historically for the large reactors, I think, on a CANDU new build, which was not your question, but on that one, it's $500 million to $1 billion perhaps particularly in Canadian with our -- with the Kinectrics contribution, maybe pushing to the high end of that.

是的。我認為我們已經從歷史角度對大型反應器進行了描述，就新建的 CANDU 反應器而言，雖然這不是你的問題，但就那座反應器而言，造價可能在 5 億到 10 億美元之間，尤其是在加拿大，加上 Kinectrics 的貢獻，可能接近這個數字的上限。

I'd say on an AP1000 depending on the components that we win, steam generators and whatnot, you could think of in the hundreds of millions, maybe in the low 100s, but that's a bit of guesswork, right. We don't know what content we're going to win yet, bidding on a lot of different things, and we'll just have to wait and see how that comes out.

我認為，AP1000 的價格取決於我們贏得的組件，例如蒸汽發生器等等，可能會達到數億美元，也可能在幾億左右，但這只是猜測，對吧。我們還不知道會贏得哪些內容，因為我們競標了很多不同的東西，我們只能拭目以待了。

Understood. That's helpful. And for my follow-up on some of the recent government contracts you guys alluded to having some lower margins at the front end. I'm just wondering, structurally, as these ramp over time, did we expect just a kind of linear progression in margin over time as these mature? Or is it kind of more of a stair-step function as milestones are reached.

明白了。那很有幫助。至於你們之前提到的一些最近的政府合同，你們提到這些合約的前期利潤率較低，我想跟進一下。我只是在想，從結構上看，隨著這些產品逐漸成熟，我們是否預期利潤率會隨著時間的推移呈線性增長？或者說，它更像是一種階梯式函數，隨著里程碑的達成而逐步前進。

Just kind of wondering to level set expectations as those contracts kind of roll through the results here.

我只是想了解一下，在這些合約陸續生效並最終影響結果之前，如何調整大家的預期。

Yes. So I would say that the contracts are structured slightly differently. We are in the first phase of negotiating under the Defense fuels program. And then for HVDU that's a longer kind of upfront negotiated program. I think in both cases, what we would typically do along with our processes, it's kind of evaluate the overall margin performance. And usually, as we meet various milestones and reduce risk into those programs is when we would incrementally adjust margin.

是的。所以我認為這些合約的結構略有不同。我們目前正處於國防燃料計畫談判的第一階段。而對 HVDU 來說，那則是一個需要更長時間預先協商的方案。我認為在這兩種情況下，我們通常會按照我們的流程來評估整體利潤率表現。通常情況下，當我們達到各種里程碑並降低這些專案的風險時，我們才會逐步調整利潤率。

So those programs, we feel like we have a great opportunity to perform well, but it's a little early days. And we talked a little bit about how we're doing some infrastructure build out, and so we have some lower margin components associated with those initial costs. But we do expect that as we start to get into full ramp of processing of the materials and production that ultimately will have an opportunity to outperform.

所以，我們覺得在這些項目中，我們有很大的機會取得好成績，但現在下結論還為時過早。我們也稍微談了一下我們正在進行的基礎設施建設，因此，與這些初始成本相關的部分利潤率較低。但我們預計，隨著材料加工和生產的全面展開，最終將有機會超越競爭對手。

Jed Dorsheimer, William Blair.

傑德·多爾斯海默，威廉·布萊爾。

Congrats on the quarter. Rex, I guess, first question, Pentagon just released $29.2 billion spending added a new sub. I'm just wondering how that compares to your expectations? Was that ahead in line behind your expectations? Any surprises as you look through the budget allocation, then I have a follow-up.

恭喜你本季取得佳績。Rex，我想，第一個問題是，五角大廈剛剛公佈了一項292億美元的支出計劃，用於建造一艘新的潛艇。我只是想知道這和你的預期相比如何？這是否超出了您的預期？如果您在查看預算分配時發現任何意外情況，我還有後續問題。

Yes, sure, Jeff. So that appropriation of funding really doesn't influence our business, right? our programs are funded through different lines. And so it was neutral for us. We are still on the shipbuilding schedule at two Virginias a year, one Columbia year and four is more or less on five-year intervals. So it was -- we were indifferent to that news.

當然可以，傑夫。所以，這筆資金的分配其實不會對我們的業務產生影響，對嗎？我們的專案資金來源多元。所以對我們來說，這件事是中立的。我們目前仍按計畫建造兩艘維吉尼亞級巡洋艦，每年建造一艘哥倫比亞級巡洋艦，其餘四艘大致上每五年建造一艘。確實如此──我們對這個消息漠不關心。

Got it. And then maybe for both you and Mike, as you think about capital allocation on the commercial side of things. You're in the CANDUs in Canada and abroad. Your -- you've just gotten into AP1000 and you're in a variety of SMRs between GE, Rolls-Royce and also some of the new players. And so I'm just curious how -- with that level of visibility, are you -- how are you thinking about the business? Are you seeing -- is it sort of growth at a steady pace, but in different regions that you're able to support?

知道了。然後，也許對你和麥克來說，在考慮商業方面的資本配置時，也需要考慮這一點。你在加拿大和國外的 CANDU 系統中。你——你剛剛進入AP1000，並且你參與了GE、勞斯萊斯以及一些新玩家之間的各種SMR計畫。所以我很好奇，在這種知名度下，您是如何看待這項業務的？您是否看到—這是一種穩定成長，但成長發生在您能夠支持的不同地區？

Or do you see any particular technology that's advancing at a faster pace? How are you thinking about adding resources to supply those markets.

或者您認為有哪些技術發展速度較快？您打算如何增加資源以滿足這些市場的需求？

Yes, I'd say when you look at our capacity in Cambridge, Jed, it's not -- you could see a couple of years into the future where we start to look capacity constrained. And so we're looking for assets, in particular, in the US. We've got things in the interesting targets in the acquisition pipeline, and I mentioned explicitly on the call the thought of building a plant at Mt Vernon.

是的，傑德，如果你看看我們在劍橋的容量，你會發現——你可以預見未來幾年，我們的容量可能會開始捉襟見肘。因此，我們正在尋找資產，尤其是在美國。我們在收購計畫中有一些有趣的收購目標，我在電話會議上明確提到了在弗農山建廠的想法。

So we think we need US capacity first and soonest and we put a high emphasis on that. I think the second interesting opportunities around Europe that there's an appetite for small modular reactors there. And I think whether we would invest there, I think it depends somewhat on localization demands. But yes, we need capacity, we need it pretty soon because we see a lot of demand coming in the future, and we'll start in the US with it.

所以我們認為我們需要優先且盡快獲得美國的產能，我們高度重視這一點。我認為第二個有趣的機會是，歐洲各地對小型模組化反應器的需求很大。至於我們是否會在那裡投資，我認為這在一定程度上取決於本地化需求。是的，我們需要產能，而且需要盡快實現，因為我們預見到未來會有很多需求，我們將首先從美國開始。

Jeff, the only thing to add is -- I would say that in addition to expanding footprint, we are also investing in technologies to drive throughput within the factory. So it's not just a -- let's go get as much footprint as we can because we're trying to drive throughput through our operational excellence initiatives which really supports the overall workforce as well.

傑夫，我唯一要補充的是──除了擴大生產規模外，我們還在投資技術以提高工廠的生產效率。所以，這不僅僅是——讓我們盡可能擴大影響力，因為我們正在努力透過卓越營運計劃來提高吞吐量，這實際上也支持了整個員工隊伍。

So that's an important aspect as we look to capital deployment and where we want to spend money on additional machinery and technology.

因此，在考慮資本部署以及我們希望將資金用於額外機械和技術時，這是一個重要的方面。

Sam Struhsaker, Truist Securities.

Sam Struhsaker，Truist Securities。

On for Mike (inaudible). I think just to start kind of a two-part building off of the conversation around SMRs and micro reactors. I was curious if you guys could just put a little more detail on kind of where you are with the NASA and military microreactor programs?

麥克上場（聽不清楚）我認為可以先圍繞小型模組化反應器和微型反應器展開兩部分的討論。我想請教一下各位，能否詳細介紹一下你們在NASA和軍方微型反應器計畫的進展？

And then also with the growth that you're seeing in small modular reactors, how are you guys looking at the trisofuel market overall in terms of where it's at now and potential opportunities moving forward?

此外，隨著小型模組化反應器的成長，你們如何看待三元燃料市場的整體現狀以及未來的潛在機會？

Yes, sure. A few questions embedded there. On micro reactors, we're in the (inaudible), we deliver that to Idaho National Laboratory next year. We announced the delivery of the fuel for that reactor at the end of last year. So we're proceeding a pace, and that reactor will start undergoing testing in '27, '28 time frame. Think of that as a precursor to the Genus program, which is in procurement right now. their soliciting offers from various technology providers, including us.

當然可以。這裡面隱含著幾個問題。關於微型反應器，我們目前處於（聽不清楚）階段，明年我們將把它交付給愛達荷國家實驗室。我們在去年年底宣布了該反應爐燃料的交付情況。所以我們正在按計劃推進，該反應器將於 2027 年、2028 年開始進行測試。可以把這看作是 Genus 專案的前奏，目前正在採購階段，他們正在向包括我們在內的各種技術供應商徵集報價。

We see that one as a super interesting opportunity. On the NASA side, we're still doing some work on nuclear thermal propulsion although it's not within the context of the Draka program, we still have some level of effort with NASA. I think the bigger opportunity in the space market is around fish and surface power. It looks like Nassentends to procure an efficient reactor for a lunar base.

我們認為這是一個非常有趣的機會。在 NASA 方面，我們仍在進行一些核熱推進方面的工作，雖然這不在 Draka 計畫的框架內，但我們仍然與 NASA 保持著一定程度的合作。我認為太空市場更大的機會在於漁業和水面動力領域。看來納森特公司打算為月球基地購買一台高效能反應器。

And certainly, we have got the right credentials to compete for that. In terms of Trico fuel, I think there are two interesting things going on here. One is demand on the government side that's related to programs like Janus, where the microreactor technologies generally are calling for trial fuel or designed around trio fuel.

當然，我們具備參與競爭的資格。就 Trico 燃料而言，我認為這裡有兩個有趣的事情正在發生。一方面是政府方面的需求，這與 Janus 等項目有關，這些微型反應器技術通常需要試驗燃料或圍繞三元燃料進行設計。

But I think there's also an interesting commercial play there, and we're certainly evaluating that either sub-grid or below-grid capacity power output and certainly remote applications for high-density powder. So a very interesting opportunity around Tri-Soand we're looking pretty hard at whether we make an investment there, a large-scale investment.

但我認為這裡也蘊藏著有趣的商業潛力，我們當然正在評估電網以下或低於電網容量的電力輸出，以及高密度粉末的遠端應用。所以，Tri-Soand 週邊存在著一個非常有趣的機會，我們正在認真考慮是否在那裡進行大規模投資。

(Operator Instructions) Jan Engelbrecht, Baird.

（操作員說明）Jan Engelbrecht，Baird。

Congrats on a strong quarter. I think just wanted to return to the AP1000 and the CANDU market. As we think about the AP1000 that owner's engineer contract you won and just in terms of components, is it -- do you consider your bid on sort of the component were to be more competitive if it's a North American project that gets announced versus something in Europe? Because on AP1000 in Poland, they've announced sort of the steam generator supplier on that one.

恭喜本季業績出色。我想我只是想重返AP1000和CANDU市場。當我們考慮您贏得的 AP1000 業主工程師合同，以及就組件而言，您是否認為，如果這是一個北美項目，您的組件投標會比歐洲項目更具競爭力？因為在波蘭的 AP1000 上，他們已經公佈了該設備的蒸汽發生器供應商。

And I know you guys didn't bid on that. But how should we think about as the new AP1000 contract or a project gets announced do you see that you have a sort of a better probability on which continent it's on? Or just as we think about that.

我知道你們沒有參與競標。但是，當新的 AP1000 合約或專案宣佈時，我們應該如何考慮它更有可能發生在哪個大​​洲？或者就像我們思考這個問題時一樣。

I don't think we're thinking of it that way, Jay. The owner's engineer contract with Bulgaria was a unique opportunity for us to team up with a component of Ontario power generation. So we have there in promoter, and we have our deep engineering capability, which is augmented by Konetrics. So that was a very particular opportunity there.

傑伊，我覺得我們不是那樣想的。與保加利亞簽訂的業主工程師合約為我們提供了一個獨特的機會，讓我們能夠與安大略省發電部門的一個組成部分合作。所以我們在推廣方面有優勢，而且我們擁有強大的工程能力，這得益於 Konetrics 的增強。所以那是一個非常難得的機會。

I think we're sort of geographic agnostic when it comes to component supply. We hope to be able to compete reasonably well in all these markets. But I would also say that as the market really starts to warm up and we start to see real capacity constraint, I think we'll be more competitive, and we'll have more pricing power. So I'm optimistic about all of it.

我認為我們在零件供應方面並沒有地域限制。我們希望能夠在所有這些市場中都具備相當的競爭力。但我也認為，隨著市場真正開始升溫，我們開始看到真正的產能限制，我認為我們將更具競爭力，並將擁有更大的定價權。所以我對這一切都持樂觀態度。

Perfect. And then just a quick follow-up on the Naval Nuclear business. A lot of shipbuilding reconciliation funding for shipbuilding. And then you just got the news from Australia, they're going to invest, I think, close to $3 billion in their own shipyard.

完美的。最後，再簡單跟進一下海軍核能業務的狀況。大量的造船業補償資金用於造船業。然後你剛從澳洲得到消息，他們將投資近 30 億美元來建造自己的造船廠。

And in terms of second source opportunities, can you just sort of how are you thinking about long-term all this new funding that's going on? It seems that there's really a lot of attention being placed into sort of reducing the bottlenecks. But how does that set you up beyond 2030 for long-term growth in that segment?

至於第二輪融資機會，您能否談談您對目前正在進行的所有這些新融資的長期看法？看來各方確實非常重視減少瓶頸問題。但這對於您在 2030 年以後在該領域的長期成長有何幫助呢？

Yes, maybe a little hard to say. I mean, right now, we're sort of building on our guidance and our internal forecast around the shipbuilding plan. We do have some business on the August side related to production capacity that's giving us a bit of growth here at 2026. And of course, there's the sort of the wildcard of South Korea out there, and we would hope to be involved in, say, fuel manufacturing at least, if not reactor cores. So there are interesting possibilities out there.

是的，或許有點難說。我的意思是，目前我們正在根據我們的指導方針和內部預測來製定造船計劃。我們在八月有一些與產能相關的業務，這將使我們在 2026 年實現一些成長。當然，還有韓國這個變數，我們希望至少能參與它的燃料製造中，即使不能參與反應爐核心的製造。所以，未來有很多有趣的可能。

I would say that if you think about reconciliation and just a broader defense budget, I think you can see more opportunities around micro reactors, fuel and other such things that were sort of not prescriptively mapped into the shipbuilding schedule. So a bit of a TBD for us, but certainly exciting on the national security side of our business.

我認為，如果你考慮和解以及更廣泛的國防預算，你會發現微型反應器、燃料和其他類似的東西有更多機會，而這些東西並沒有被明確地納入造船計劃中。所以這對我們來說還有待確定，但就我們業務的國家安全方面而言，這無疑令人興奮。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

This is Ned Morgan on for Andre. I just want to ask and get the latest on the Canadian Competition Bureau's investigation into the Kinectrics acquisition.

這是內德·摩根替安德烈解說。我只是想了解一下加拿大競爭局對 Kinectrics 收購案的調查進度。

It's been pretty quiet on our front. No news on that one.

我們這邊一直很平靜。那件事還沒有消息。

All right. And then a follow-up. Is there any update on when we could see approval of Tech-99.

好的。然後還有後續報道。Tech-99何時能獲得批准，目前有任何最新消息嗎？

Yes. Not much new there. I've said the last couple of quarters that we are in the sort of the growing last mile of that around some issues with product quality, filtration concentration, things that we've been working on. We do have new leadership in that medical business in the person of Jason Bad Ward is showing a lot of strong leadership in that business and has Jason has some compelling new ideas around our commercial product strategy, including tech 99, early days on that, but we'll see how that forms up.

是的。沒什麼新內容。在過去的幾個季度裡，我一直強調，我們正處於產品品質、過濾濃度等一些問題的最後階段，這些都是我們一直在努力解決的問題。我們在醫療業務方面迎來了新的領導層——Jason Bad Ward，他展現出了強大的領導能力。 Jason 對我們的商業產品策略有一些引人注目的新想法，包括 Tech 99，目前還處於早期階段，但我們會看看它最終會如何發展。

So I find myself encouraged about that business broadly. We have not submitted to the FDA yet, and I have, frankly, imperfect clarity around that because of these product quality issues that we're having to sort through. I will say that we did not contemplate Tech-99 revenue in 2026 in our guidance that we just published. And so it's not in our numbers. It would be an upside for us if it did occur.

因此，我對這個行業的整體發展感到鼓舞。我們尚未向 FDA 提交申請，坦白說，由於我們正在處理這些產品品質問題，我對這方面的情況還不太清楚。我要說明的是，在我們剛發布的業績指引中，我們並沒有考慮 Tech-99 在 2026 年的收入。所以，這不在我們的統計範圍內。如果真發生了，對我們來說將是一件好事。

There are no further questions at this time. I would like to turn the call back over to Chase Jacobson for closing remarks.

目前沒有其他問題了。我謹將電話交還給蔡斯·雅各布森，請他作總結發言。

Yes. Thanks, Bedore. Thanks, everybody, for joining us today. We look forward to speaking with many of you and seeing you at upcoming investor events are on calls. If you have any questions, please feel free to reach out to me at investors at bwxt.com. Have a great night. Thank you.

是的。謝謝你，貝多爾。謝謝大家今天收看我們的節目。我們期待與各位交流，並期待在即將舉行的投資者活動或電話會議上見到你們。如有任何疑問，請隨時聯絡我，電子郵件地址是 investors@bwxt.com。祝您晚安。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining in. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線了。