BWX Technologies Inc (BWXT) 2026 Q3 法說會逐字稿

Ladies and gentlemen, welcome to BWX Technologies third quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生，歡迎參加 BWX Technologies 2026 年第三季財報電話會議。(接線員指示)

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

我想把電話交給我們的主持人——BWXT 投資人關係副總裁 Chase Jacobson。請開始。

Thank you. 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。各位晚安，歡迎參加今天的電話會議。與我一同出席的有總裁兼執行長 Rex Geveden，以及資深副總裁兼財務長 Mike Fitzgerald。

On today's call, we will reference the third quarter 2026 earnings presentation that is available on the Investors section of the BWXT website. We will also discuss certain matters that constitute forward-looking statements.

在今天的電話會議中，我們將引用 2026 年第三季財報簡報，該簡報可於 BWXT 官網「投資人」專區取得。我們也將討論若干構成前瞻性陳述的事項。

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.

這些陳述涉及風險與不確定性，包括投資人資料中的安全港條款以及公司向 SEC 申報文件所述者。

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 財務衡量指標；其與 GAAP 指標之調節表載於財報簡報附錄，可於 BWXT 官網「投資人」專區查閱。

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

現在我想把電話交給 Rex。

Thank you, Chase, and good evening to all of you. Just over a month ago at Investor Day, we outlined our path to $5.5 billion to $6 billion of revenue and $1.1 billion to $1.2 billion of Adjusted EBITDA by 2030, supported by our predictable core, significant incremental organic growth opportunities, focus on operational excellence and disciplined capital allocation.

謝謝你，Chase，也向各位道晚安。就在一個多月前的投資人日，我們闡述了到 2030 年實現 55 億至 60 億美元營收、以及 11 億至 12 億美元調整後 EBITDA 的路徑；此目標由我們可預測的核心業務、可觀的額外內生成長機會、對營運卓越的聚焦，以及嚴謹的資本配置所支撐。

Our third quarter results reinforce that guidance with 10% revenue growth and 19% Adjusted EBITDA growth, including double-digit growth in both operating segments.

我們第三季的結果以營收成長 10%、調整後 EBITDA 成長 19% 來強化該指引，且兩大營運事業部皆呈現雙位數成長。

Our businesses continue to execute well. We are converting opportunities into meaningful new awards, and we are expanding the industrial capabilities needed to support the next phase of nuclear growth.

我們各項業務持續執行良好。我們正把機會轉化為具實質意義的新得標案，並擴充支援下一階段核能成長所需的工業能力。

The demand environment remains exceptionally strong. The need to address economic, national and energy security challenges globally is driving increased investment by our customers in nuclear national security and commercial power markets.

需求環境依然異常強勁。全球為因應經濟、國家安全與能源安全挑戰的需求，正推動客戶在核能國家安全與商用電力市場加大投資。

Our national security customers are investing to reconstitute strategic deterrence capabilities that diminished after the Cold War and to radically improve energy resilience.

我們的國家安全客戶正投資以重建冷戰後逐步削弱的戰略嚇阻能力，並大幅提升能源韌性。

Our commercial customers are investing in sustaining and growing their nuclear power generation fleets. Funding is coming from public and private sources, and there is solid bipartisan political support.

我們的商業客戶正投資於維持並擴大其核能發電機組群。資金來源涵蓋公部門與民間，且具備穩固的兩黨政治支持。

What differentiates BWXT is our ability to translate that demand into executable programs and sustained financial growth.

BWXT 的差異化優勢在於，我們能將這些需求轉化為可執行的專案計畫與持續的財務成長。

Our technical capabilities, industrial scale and position in the nuclear value chain enable us to deliver integrated solutions for our customers and capture opportunities across these markets. Turning to our segment results and outlook.

我們的技術能力、工業規模以及在核能價值鏈中的定位，使我們能為客戶提供整合式解決方案，並在這些市場中掌握機會。接下來談我們各事業部的表現與展望。

The Government Operations delivered a strong quarter with good operating performance across business lines, driving adjusted EBITDA margin of 22.6%, reflecting the continued benefit of improved efficiency, operational discipline and higher manufacturing volume.

政府營運事業部本季表現強勁，各業務線營運績效良好，帶動調整後 EBITDA 利潤率達 22.6%；反映效率提升、營運紀律強化以及製造量增加所帶來的持續效益。

In Naval Propulsion, we booked our annual fuel contract for $189 million and are actively negotiating the next multiyear pricing agreement.

在海軍推進業務方面，我們簽下年度燃料合約，金額為 1.89 億美元，並正積極洽談下一份多年期定價協議。

In Special Materials, our defense fuels enrichment and high-purity depleted uranium programs continue to ramp, driving the majority of Government Operations revenue growth in the quarter.

在特殊材料業務方面，我們的國防燃料濃縮與高純度貧化鈾計畫持續爬坡，推動本季政府營運事業部營收成長的主要部分。

For defense fuels, we are designing an HEU enrichment facility in Erwin, Tennessee, and industrializing centrifuge technology in our Oak Ridge facility. We remain on track to test a prototype centrifuge by the end of this year.

就國防燃料而言，我們正在田納西州 Erwin 設計一座高濃縮鈾（HEU）濃縮設施，並在橡樹嶺（Oak Ridge）廠區推動離心機技術的產業化。我們仍按計畫在今年底前測試一台原型離心機。

On HPDU, as part of our $1.6 billion contract to produce 300 metric tons of high-purity depleted uranium annually, we initiated construction of a new large-scale facility in Jonesborough, Tennessee, that will drive meaningful revenue growth in the fourth quarter and through 2027.

就高純度貧化鈾（HPDU）而言，作為我們每年生產 300 公噸高純度貧化鈾、總額 16 億美元合約的一部分，我們已在田納西州 Jonesborough 啟動新大型設施的建造，該設施將在第四季及 2027 年前帶來顯著的營收成長。

Our technical services teams once again boosted earnings in the quarter with outperformance on key programs, including Hanford and Savannah River, among others.

我們的技術服務團隊本季再度透過關鍵專案的超預期表現提升獲利，包括 Hanford 與 Savannah River 等專案。

From a business development standpoint, we were selected to provide a conceptual design for a lithium processing facility at the Y-12 National Security Complex in support of strategic deterrence. We expect the down selection for the next phase of this program in the first half of 2027.

在業務開發方面，我們獲選為 Y-12 國家安全園區的鋰處理設施提供概念設計，以支援戰略嚇阻。我們預期該計畫下一階段的篩選決選將在 2027 年上半年進行。

Further, our technical services team is rapidly adopting AI to drive site performance and generate operating efficiencies. This further differentiates TSG as we develop new growth opportunities in that business to augment our base of predictable core earnings. Moving to Advanced Nuclear.

此外，我們的技術服務團隊正快速導入 AI，以提升場址績效並創造營運效率。這進一步強化 TSG 的差異化優勢；我們也在該業務中開發新的成長機會，以補強我們可預測的核心獲利基礎。接著談先進核能。

It was a busy quarter for operations and business development. We completed the core barrel assembly for Project Pele.

本季在營運與業務開發方面都相當忙碌。我們完成了 Pele 計畫的爐心筒（core barrel）組裝。

And just a few weeks ago, we hosted Energy Secretary Chris Wright at the BWXT Innovation Campus to see our progress firsthand before we deliver the reactor to Idaho National Laboratory next year.

就在幾週前，我們在 BWXT 創新園區接待能源部長 Chris Wright，讓他在我們於明年將反應爐交付愛達荷國家實驗室之前，親自見證我們的進展。

We also secured new wins for the BWXT advanced nuclear reactor called BANR. We were selected for the US Army's Janus Program that aims to install more than 20 microreactors of various sizes across five military bases.

我們也為名為 BANR 的 BWXT 先進核反應爐取得新的得標案。我們獲選參與美國陸軍 Janus 計畫，該計畫目標是在五個軍事基地部署 20 多座不同規模的微型反應爐。

We are working through the first phase of the contract, including final site selection at Fort Campbell, initiating nuclear regulatory processes and TRISO fuel production. In parallel, we are working with our partners to fully define the program's costs, execution approach and operating plan.

我們正推進合約第一階段工作，包括在 Fort Campbell 完成最終場址選定、啟動核能監管流程，以及 TRISO 燃料生產。同時，我們也與合作夥伴共同完整界定該計畫的成本、執行方式與營運計畫。

In addition, BANR was selected by Prodigy Clean Energy for its transportable nuclear power plant project in Belledune, New Brunswick, Canada, our first international microreactor win.

此外，BANR 亦獲 Prodigy Clean Energy 選用於其位於加拿大新不倫瑞克省 Belledune 的可運輸核能電廠專案，這是我們首個國際微型反應爐得標案。

This is an excellent example of cross-segment collaboration as it brought together capabilities from our advanced nuclear teams from Lynchburg and commercial power and Kinectrics teams from Ontario, which will supply chain development and licensing services to Prodigy, highlighting the benefits of our broad capabilities across the nuclear value chain.

這是跨事業部協作的絕佳例子：該專案整合了我們位於 Lynchburg 的先進核能團隊能力，以及我們位於安大略省的商用電力與 Kinectrics 團隊能力；後者將為 Prodigy 提供供應鏈開發與取證（licensing）服務，凸顯我們在核能價值鏈各環節的廣泛能力所帶來的效益。

And lastly, we entered into a multiyear agreement to supply an initial allocation of 1 metric ton of TRISO fuel to Antares, our first large-scale commercial customer.

最後，我們簽訂一份多年期協議，將向 Antares 供應初始配額 1 公噸的 TRISO 燃料；Antares 是我們第一家大型商業客戶。

This fuel will be manufactured in Lynchburg on the same TRISO production line used for Project Pele, the Antares Mark-0 criticality demonstration reactor and others. We will also manufacture TRISO for the Janus Program on that line.

該燃料將在 Lynchburg 製造，使用與 Pele 計畫、Antares Mark-0 臨界示範反應爐及其他專案相同的 TRISO 生產線。我們也將在該生產線上為 Janus 計畫製造 TRISO。

These awards are tangible proof of BWXT's leading position in the advanced nuclear market as we uniquely combine microreactor technology, TRISO fuel manufacturing and life cycle services into a differentiated integrated offering. Turning now to Commercial Operations.

這些得標案具體證明 BWXT 在先進核能市場的領先地位：我們以獨特方式將微型反應爐技術、TRISO 燃料製造與全生命週期服務結合，形成具差異化的整合式方案。接下來談商業營運事業部。

Organic revenue increased 15% and total revenue grew 25%, driven by double-digit growth in commercial power, Kinectrics and medical, along with contribution from the PCG acquisition.

有機營收成長 15%，總營收成長 25%；主要由商用電力、Kinectrics 與醫療業務的雙位數成長所帶動，並加上 PCG 併購案的貢獻。

During the quarter, we completed the expansion of our Cambridge facility and began utilizing new sections of the plant.

本季我們完成了 Cambridge 廠區的擴建，並開始使用廠房的新區域。

The expansion increases our heavy component manufacturing capacity by about 50% and will improve operating efficiency and throughput as we execute on our deep backlog associated with CANDU life extensions and SMR projects and other new awards.

此次擴建使我們的重型組件製造產能提升約 50%，並將在我們執行與 CANDU 延役、SMR 專案及其他新得標案相關的龐大在手訂單（backlog）時，改善營運效率與產出周轉（throughput）。

In the United States, we are finalizing design details for a new commercial manufacturing facility for large steam generators and reactor pressure vessels. The expansion will complement our existing operations and amplify our role as a super merchant supplier of critical, highly engineered nuclear components.

在美國，我們正敲定一座新的商用製造設施之設計細節，用於大型蒸汽產生器與反應爐壓力容器。該擴建將與我們既有營運相輔相成，並強化我們作為關鍵且高度工程化核能組件「超級商用供應商」（super merchant supplier）的角色。

We intend to make a final investment decision by the end of the year. In Europe, we are also seeing high interest in nuclear power, particularly in markets where energy security is a national priority.

我們計畫在今年底前做出最終投資決策。在歐洲，我們也看到核能發電的高度興趣，特別是在能源安全被視為國家優先事項的市場。

I recently met with government officials and business leaders in Poland, where there is a strong appetite for nuclear power to address their energy security and decarbonization goals.

我最近在波蘭與政府官員及企業領袖會面；當地對核能發電有強烈需求，以達成其能源安全與去碳化目標。

Specific to BWXT, there is a meaningful opportunity to deploy microreactors there and participate in the SMR supply chain. Any decision to invest in manufacturing capacity in Poland would be backed by firm orders and appropriate government partnerships.

就 BWXT 而言，在當地部署微型反應爐並參與 SMR 供應鏈存在相當可觀的機會。任何在波蘭投資製造產能的決策，都將以確定訂單與適當的政府合作夥伴關係作為後盾。

Commercial nuclear demand is precipitating rapidly on a global scale now, and we continue to expect to convert that demand into firm orders in 2027 and in the years to come as the trickle becomes a flood.

商用核能需求目前正在全球範圍內迅速加速，我們仍預期在 2027 年及往後幾年，隨著需求由涓滴轉為洪流，能將該需求轉化為確定訂單。

With that, I will turn the call over to Mike

接下來，我把電話會議交給 Mike。

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

謝謝你，Rex，各位晚上好。我將先從財報簡報第 4 頁的公司整體財務重點開始。

Third quarter revenue was $953 million, up 10% year-over-year, including 7% organic growth. Strong Commercial Operations performance was complemented by steady growth in Government Operations.

第三季營收為 9.53 億美元，年增 10%，其中包含 7% 的有機成長。商業營運的強勁表現，並由政府營運的穩健成長相輔相成。

Adjusted EBITDA increased 19% to $180 million, driven by double-digit growth in both operating segments, partially offset by higher corporate expense as we continue to invest for the future.

調整後 EBITDA 成長 19% 至 1.80 億美元，主要由兩大營運部門的雙位數成長所帶動，但部分被較高的公司費用所抵銷，因我們持續為未來投資。

Adjusted earnings per share increased 26% to $1.26, driven largely by higher operating income as nonoperating benefits from lower interest expense and a lower tax rate were partially offset by lower other income.

調整後每股盈餘成長 26% 至 1.26 美元，主要由較高的營業利益所帶動；非營運面方面，較低的利息費用與較低的稅率帶來的效益，部分被其他收入下降所抵銷。

Third quarter free cash flow was $151 million, reflecting strong earnings, favorable advanced billings and disciplined working capital management.

第三季自由現金流為 1.51 億美元，反映強勁獲利、有利的預收款項，以及嚴謹的營運資金管理。

Given our year-to-date performance, we raised the low end of our 2026 free cash flow guidance, resulting in a revised range of $350 million to $360 million.

鑑於我們年初至今的表現，我們上調了 2026 年自由現金流指引的下限，修正後區間為 3.50 億至 3.60 億美元。

We continue to expect capital expenditures of approximately 6% of revenue in both 2026 and 2027. These investments are focused on expanding our manufacturing capacity, scaling fuel capabilities and supporting programs where we see significant long-term demand.

我們仍預期 2026 年與 2027 年的資本支出約為營收的 6%。這些投資聚焦於擴充製造產能、擴大燃料能力，以及支援我們看見具顯著長期需求的計畫。

Our improving credit profile, including Fitch's inaugural investment-grade rating and Moody's positive outlook revision reinforces the strength of our financial position and provides flexibility as we execute on our disciplined capital allocation strategy.

我們信用體質的改善，包括惠譽首次給予投資等級評等，以及穆迪上調展望至正向，進一步強化我們財務狀況的穩健性，並在我們執行嚴謹的資本配置策略時提供彈性。

As we discussed at Investor Day, our top capital allocation priority is investing in attractive organic growth opportunities, maintaining the capacity to pursue disciplined acquisitions and return capital to shareholders when appropriate.

如同我們在投資人日所討論的，我們資本配置的首要優先事項是投資具吸引力的有機成長機會，維持進行嚴謹併購的能力，並在適當時機回饋資本給股東。

We continue to view balance sheet flexibility as an important competitive advantage as BWXT executes on its next phase of growth. Moving to the segment results on Slide 6.

我們持續將資產負債表的彈性視為 BWXT 進入下一階段成長時的重要競爭優勢。接著看第 6 頁的部門表現。

Government Operations revenue increased 4%, driven by growth in Special Materials and Advanced Nuclear, partially offset by modestly lower Naval Propulsion revenue from reduced materials procurement compared with a strong prior year quarter.

政府營運營收成長 4%，主要由特殊材料與先進核能的成長帶動，但部分被海軍推進業務營收小幅下降所抵銷，原因是相較於去年同期強勁表現，本季材料採購減少。

Adjusted EBITDA was $144 million, representing a margin of 22.6% and up 22% from last year, supported by strong operational performance, productivity improvements and higher technical services equity income.

調整後 EBITDA 為 1.44 億美元，利潤率 22.6%，較去年成長 22%，主要受惠於強勁的營運表現、生產力提升，以及較高的技術服務權益法收益。

As we look ahead, we remain focused on sustaining productivity improvements in our established businesses while scaling special material programs, supporting our expectation for Adjusted EBITDA growth broadly in line with revenue in 2027. Turning to Commercial Operations.

展望未來，我們仍專注於在既有業務中維持生產力提升，同時擴大特殊材料計畫的規模，支持我們對 2027 年調整後 EBITDA 成長大致與營收同步的預期。接著談商業營運。

Revenue increased 25%, including 15% organic growth, driven by increases in commercial power, Kinectrics and medical plus the contribution from the PCG acquisition, which closed in early July.

營收成長 25%，其中包含 15% 的有機成長，主要由商用電力、Kinectrics 與醫療業務的成長，以及 7 月初完成交割的 PCG 併購貢獻所帶動。

Growth in commercial power and Kinectrics reflected the continued strength of our Canadian components manufacturing and services businesses as well as increased engineering services revenue in the United States.

商用電力與 Kinectrics 的成長，反映我們加拿大零組件製造與服務業務的持續強勁，以及美國工程服務營收的增加。

Adjusted EBITDA in the segment grew 17% to $41 million. Adjusted EBITDA margin in the quarter was 13.2% as higher volume and good execution more than offset mix and continued investments to scale the business for future growth.

該部門調整後 EBITDA 成長 17% 至 4,100 萬美元。本季調整後 EBITDA 利潤率為 13.2%，較高的出貨量與良好的執行表現，足以抵銷產品組合影響以及為未來成長擴大業務規模所持續投入的投資。

Turning to our consolidated guidance for the remainder of 2026 and our preliminary outlook for 2027.

接著說明我們 2026 年剩餘期間的合併指引，以及 2027 年的初步展望。

In 2026, the assumptions in our operating guidance are unchanged. We anticipate Adjusted EBITDA of approximately $667 million and adjusted earnings per share to be $4.72 to $4.77, both at the midpoint of the previous guidance ranges.

在 2026 年，我們營運指引中的假設維持不變。我們預期調整後 EBITDA 約為 6.67 億美元，調整後每股盈餘為 4.72 至 4.77 美元，兩者皆位於先前指引區間的中點。

Looking ahead to 2027, our preliminary outlook reinforces the financial trajectory outlined at Investor Day. We expect high single-digit to low double-digit growth in Adjusted EBITDA and adjusted earnings per share.

展望 2027 年，我們的初步展望再次確認投資人日所勾勒的財務軌跡。我們預期調整後 EBITDA 與調整後每股盈餘將呈現高個位數至低雙位數的成長。

Importantly, we expect this growth to be driven by continued expansion in our core businesses, increased contributions from Special Materials and ongoing improvements in operational execution and productivity. 2026 has been an exceptionally strong year, and we have a solid foundation for continued earnings growth in 2027, primarily supported by our existing businesses and programs with additional opportunities as new programs and commercial awards progress. Within Government Operations, we expect high single-digit to low double-digit revenue and Adjusted EBITDA growth.

重要的是，我們預期此成長將由核心業務的持續擴張、特殊材料貢獻增加，以及營運執行與生產力的持續改善所驅動。2026 年是表現格外強勁的一年，我們已具備穩固基礎，讓 2027 年獲利可持續成長，主要由既有業務與計畫支撐；隨著新計畫與商業得標推進，亦將帶來額外機會。在政府營運方面，我們預期營收與調整後 EBITDA 將有高個位數至低雙位數的成長。

Special Materials will remain a significant growth driver, complemented by increased Naval Propulsion and Advanced Nuclear activity. We expect continued productivity improvements and operational execution to help offset the margin mix effects associated with scaling new programs.

特殊材料仍將是重要的成長動能，並由海軍推進與先進核能活動增加所補強。我們預期持續的生產力提升與營運執行，有助於抵銷擴大新計畫規模所帶來的利潤率組合影響。

In Commercial Operations, we expect high single-digit organic revenue growth and low single-digit total revenue growth due to the planned medical divestiture, which is on track to close later this year. Organic revenue growth will be supported by our components manufacturing and services businesses.

在商業營運方面，我們預期有機營收將呈高個位數成長；由於規劃中的醫療事業處分（預計於今年稍晚完成交割）影響，總營收成長預期為低個位數。有機營收成長將由我們的零組件製造與服務業務所支撐。

We also expect Commercial Operations Adjusted EBITDA margins to improve by 50 basis points to 100 basis points, reflecting higher volume, continued operational improvements and better absorption of growth investments, resulting in high single-digit Adjusted EBITDA growth.

我們也預期商業營運的調整後 EBITDA 利潤率將改善 50 至 100 個基點，反映更高的出貨量、持續的營運改善，以及對成長投資更佳的吸收，進而帶動調整後 EBITDA 呈高個位數成長。

From a cash perspective, we expect another year of solid generation in 2027 with free cash flow anticipated to be flat to slightly higher compared to 2026.

就現金面而言，我們預期 2027 年仍將是穩健產生現金的一年，自由現金流預計與 2026 年持平至略為增加。

While earnings growth should support increased operating cash flow, we expect continued investments in working capital and capital expenditures to support the significant growth opportunities across our business. We remain focused on disciplined cash conversion and capital deployment as we execute our long-term growth strategy.

雖然獲利成長應可支撐營運現金流增加，但我們預期仍將持續投入營運資金與資本支出，以支援我們全公司範圍內顯著的成長機會。在執行長期成長策略的同時，我們仍專注於嚴謹的現金轉換與資本運用。

Importantly, our preliminary 2027 outlook remains consistent with the longer-term financial framework presented at Investor Day and reinforces our confidence in achieving our 2030 targets. Overall, we had a solid quarter.

重要的是，我們對 2027 年的初步展望仍與投資人日所提出的長期財務架構一致，並強化我們達成 2030 年目標的信心。整體而言，我們本季表現穩健。

Our focus on operational excellence, converting our bid pipeline into firm awards and driving profitable growth, combined with our strong balance sheet and disciplined capital allocation strategy positions us well to deliver another strong year in 2027.

我們專注於卓越營運、將投標管線轉化為確定得標並推動獲利成長，再加上強健的資產負債表與嚴謹的資本配置策略，使我們具備良好條件在 2027 年再交出強勁的一年。

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

接下來，我把電話會議交回 Rex，請他做結語。

Thanks, Mike. To date, 2026 has been an excellent year for BWXT, and I'm excited about what lies ahead. As we close, I will leave you with 3 thoughts. First, our core businesses continue to deliver strong predictable performance, providing the foundation for our long-term growth. Second, the opportunities we discussed at Investor Day are blossoming.

謝謝你，Mike。到目前為止，2026 年對 BWXT 來說是非常出色的一年，我也對未來感到振奮。在結束前，我想留下 3 點想法。第一，我們的核心業務持續提供強勁且可預期的表現，為長期成長奠定基礎。第二，我們在投資人日所談到的機會正在開花結果。

We are securing new contracts, executing on strategically important programs and investing in the industrial capacity needed to grow the business.

我們正在取得新合約、執行具策略重要性的計畫，並投資於推動業務成長所需的工業產能。

And third, our focus remains on execution. We recognize the significant opportunities ahead of us and know that long-term value creation depends on converting those opportunities into profitable growth and strong cash generation.

第三，我們的重點仍在執行。我們認知到眼前龐大的機會，也明白長期價值創造取決於將這些機會轉化為獲利成長與強勁的現金創造能力。

BWXT is exceptionally well positioned to do that, and our performance this quarter underscores our confidence in the 2030 financial targets we established at Investor Day.

BWXT 在這方面具備極佳的有利位置，而我們本季的表現也凸顯了我們對投資人日所訂定 2030 年財務目標的信心。

With that, we look forward to your questions.

接下來，我們期待各位的提問。

(Operator Instructions) Matt Akers, BNP Paribas.

(接線員指示) Matt Akers，法國巴黎銀行。

Hey guys, good afternoon. Thanks for the question. I wonder if you could touch on a little bit more on the Government Operations margins. It was a really good quarter. And I know you guys -- you called out the equity income, I think even excluding that was pretty good. So if you could just kind of talk through kind of the big drivers there.

各位好，下午好。謝謝讓我提問。我想請你們再多談一點政府營運的利潤率。這一季表現非常好。我知道你們提到了權益法收益，我想即使不含那部分也相當不錯。所以想請你們說明一下主要的驅動因素是什麼。

Yeah. So thanks, Matt. Look, we're really, really proud of kind of the execution that we're performing within Government Operations. We've seen a significant increase in our overall margin from our expectations at the beginning of 2026. I think when you get down to it and really what's happening is we're seeing a substantial increase in the efficiency of the volume of the work that we performed specifically in our naval nuclear business.

是的。所以謝謝你，Matt。你看，我們對於在政府營運（Government Operations）內部所展現的執行力感到非常、非常自豪。相較於我們在2026年初的預期，我們看到整體利潤率顯著提升。我想歸根結底，真正發生的是：我們看到在海軍核能業務中，特別是我們所執行的工作量，其效率大幅提升。

So those contracts are performing very well. We're very focused on managing our volume so that it's highly efficient work. And we're seeing the results of that. So excited to see that. I think if you look at some of the newer programs that we've talked about, no major changes there.

所以那些合約的表現非常好。我們非常專注於管理我們的工作量，確保它是高效率的工作。而我們也看到了這樣做的成果。所以很高興看到這點。我想如果你看我們談到的一些較新的專案，沒有任何重大變化。

I think that the growth on those programs, they're performing well, but they're in early stages. And as we've discussed before, we don't take large margin adjustments on those until we get further along from a progress standpoint. So what you're seeing is really excellence in the efficiencies of our core business. And certainly, it's great to see.

我認為那些專案的成長、表現都不錯，但仍處於早期階段。而且如同我們之前討論過的，在進度更往前推進之前，我們不會對那些專案做大幅的利潤率調整。所以你現在看到的，主要是我們核心業務在效率上的卓越表現。當然，看到這樣的結果非常好。

Yeah, thank you. And then -- was there backlog acquired as part of the PCG deal? It looks like your commercial backlog is up a bit. And if so, can you talk about what that is, sort of how that runs off and how that fits in with your plan to kind of use that capacity for BWXT work?

好的，謝謝。那麼——PCG 交易是否帶來了併入的在手訂單（backlog）？看起來你們的商業在手訂單有小幅上升。如果是的話，你能談談那是什麼、它如何逐步消化（run off），以及它如何與你們計畫將產能用於 BWXT 工作的規劃相契合嗎？

Yeah, that's right. I mean, so when we announced the PCG deal, what we had said at the time was that there was still -- most of that business, I think, 75% to 80% of that business was still in the kind of naval work and ultimately, the rest is commercial. We had close to $500 million in backlog associated with that transaction. So that came on to the books associated with that. That will burn off over a period of time.

是的，沒錯。我的意思是，當我們宣布 PCG 交易時，我們當時說的是——那項業務中大部分，我想約75%到80%，仍屬於海軍相關工作，最終其餘部分才是商業業務。與該交易相關的在手訂單接近5億美元。所以那部分就隨著交易併入帳上。這些會在一段時間內逐步消化。

I mean the thing that's encouraging is we're seeing growth in the PCG business. But as we stated before, a lot of the -- if you look at the capacity, we thought that the factories were about 50% unutilized and that we could, with some modest maybe CapEx investments, be able to get another 50% of that.

我的意思是，令人鼓舞的是，我們看到 PCG 業務正在成長。但如同我們之前所說，如果你看產能，我們認為工廠大約有50%未被利用，而我們可以透過一些適度、可能是資本支出（CapEx）投資，讓另外50%的產能也能被釋放出來。

So we still want to continue to see that government work continue to be performed, and we'll see some growth in that, probably at a low single digit. But where we're able to do the commercial work is going to be in tapping into that unutilized capacity that currently exists at the site.

所以我們仍希望政府工作能持續執行，我們也會看到那部分有一些成長，可能是低個位數成長。但我們能夠承接商業工作的地方，將會是利用目前場址既有的未使用產能。

Great, thank you.

很好，謝謝。

Bob Labick, CJS Securities.

Bob Labick，CJS Securities。

Great. Thanks. Congratulations on another strong execution and continued great outlook. I wanted to dig into your capital allocation comments between today a little bit and then some from the Analyst Day or Investor Day as well. I think to maintain the 2x to 3x leverage by 2030, you'll be spending, I think, somewhere between $3 billion and $4 billion going forward. And you just reiterated, you want to spend this on attractive organic opportunities as kind of first thing you want to spend it on.

很好。謝謝。恭喜你們再次展現強勁的執行力，並持續給出很好的展望。我想更深入了解一下你們今天提到的資本配置評論，以及分析師日或投資人日的一些內容。我認為，為了在2030年前維持2倍到3倍的槓桿比，你們未來將投入大約30億到40億美元。而你們剛剛也重申，你們希望首先把這些資金用在具吸引力的有機成長機會上。

So could you maybe tell us the top priorities, maybe three, four, five opportunities out there? And then how much of that $3 billion plus spending is necessary to reach your revenue and EBITDA numbers? Or how much is upside? How should we think about that capital allocation?

所以你能否告訴我們最優先的項目，也許三、四、五個機會？然後，在這30億美元以上的支出中，有多少是達成你們營收與 EBITDA 數字所必需的？或者有多少是上行空間？我們應該如何看待這個資本配置？

So one of the things that we laid out is that we had -- if you looked at kind of the slide from our Investor Day, it actually showed that amount of kind of additional capital.

所以我們提出的一點是——如果你看我們投資人日的那張投影片，它其實顯示了那一部分的額外資本規模。

So the way I would think about it is the 2030 targets are really anchored to the 5% to 6% core CapEx spending that we've discussed from a target standpoint. We also stated that we didn't need any specific M&A per se to be able to hit those 2030 targets.

所以我會這樣看：2030年的目標其實是以我們所討論的、目標為核心資本支出占比5%到6%作為錨定基礎。我們也表示，為了達成2030目標，我們本身並不需要任何特定的併購（M&A）。

So I would think of that as additional deployment opportunities above and beyond the core business and what we laid out there from a 2030 target standpoint. With that said, I think we're seeing opportunities out there.

所以我會把那視為超出核心業務、以及我們就2030目標所規劃內容之外的額外資金部署機會。話雖如此，我認為我們確實在市場上看到一些機會。

However, we've made it very clear that when there's not organic opportunities or when there's not additional M&A targets that we would return that capital to shareholders as appropriate. So I still think there's a real possibility for that.

不過，我們也非常清楚地說過：當沒有有機機會、或沒有額外的併購標的時，我們會在適當情況下把資本回饋給股東。所以我仍認為這確實有很大的可能性。

If you look in our 2027 guidance, we'll do some modest share repurchases, consistent with our prior practice of offsetting dilution. But we are focused on kind of the -- those capital allocation priorities as stated. When you look at from a priority standpoint, we want to continue to build off the momentum that we've been seeing.

如果你看我們2027年的指引，我們會進行一些適度的庫藏股回購，與我們過去用以抵銷稀釋的做法一致。但我們仍聚焦於——如同所述——那些資本配置優先順序。從優先順序來看，我們希望持續延續我們目前看到的動能。

So we've talked about capacity investments that we've made across the business. We certainly have talked about Special Materials, and that's been a great part of our growth story.

所以我們談過在整個業務中所做的產能投資。我們當然也談過特殊材料（Special Materials），那一直是我們成長故事中很重要的一部分。

And then I think you'll hear more around we're seeing a lot of some traction happening with our microreactor business with the program Janus win and BANR being selected in Canada as well. And so excited to see that market. And hopefully, there's some additional opportunities there.

然後我想你們也會聽到更多：我們的微型反應爐（microreactor）業務正獲得不少進展，例如贏得 Janus 專案，以及 BANR 在加拿大也被選中。所以很高興看到那個市場的發展。並希望那裡還有一些額外機會。

Okay, super exciting. I'll jump back in queue. I know there's a lot of questions to follow. Thank you.

好的，真的很令人振奮。我會回到提問隊列。我知道後面還有很多問題。謝謝。

Tomo Sano, JPMorgan.

Tomo Sano，摩根大通（JPMorgan）。

Hi, good evening everyone.

各位晚上好。

Hey Tomo, thank you.

嗨 Tomo，謝謝你。

Maybe just on Commercial Operations. Your full year guidance calls for roughly 45% growth in this business. Given where you are through Q3, that implies a pretty big step-up in Q4. Is there something specific a large order or revenue recognition event driving that acceleration, please?

也許先談商業營運（Commercial Operations）。你們的全年指引顯示這項業務大約成長45%。以你們截至第三季（Q3）的進度來看，這意味著第四季（Q4）需要相當大幅度的跳升。請問是否有什麼特定因素——例如一筆大訂單或營收認列事件——在推動這個加速？

Nothing unusual to call out. We've always experienced some ramp in the fourth quarter as we look at just kind of the timing of that overall from an execution standpoint. You are -- we are also seeing there will be contribution from PCG as well. So if you look at that on over a year-over-year basis, you're going to see some additional growth there. But I don't think anything unusual from a fourth quarter perspective.

沒有什麼特別或異常需要指出。我們一向在第四季會看到一些爬坡，主要是從整體執行時點的角度來看。你也——我們也會看到 PCG 的貢獻。所以如果你用年對年（YoY）的角度來看，會看到一些額外成長。但我不認為就第四季而言有任何不尋常之處。

Thank you, Mike. And just a follow-up on PCG acquisition. It's been a few months since you closed the acquisition. How is integration tracking? Are you seeing the synergies and cost benefits you expected on schedule?

謝謝你，Mike。再追問一個關於 PCG 併購的問題。距離你們完成交割已經幾個月了。整合進度如何？你們是否如期看到預期的綜效與成本效益？

Yeah, absolutely. Actually, the integration is going very, very well. We did not -- if you remember, the thesis around this transaction was not necessarily revenue synergies. We did see some opportunities on the cost side, but we didn't put out any specific targets related to that.

是的，絕對如此。其實整合進行得非常、非常順利。如果你記得，這筆交易的投資論點不一定是營收綜效。我們確實看到一些成本端的機會，但我們沒有對外提出任何與此相關的具體目標。

However, I would say we're finding a lot of opportunities and the team has been getting very involved in how we can really address this from a US commercial market standpoint. So I'm very pleased with the progress that we've made, and they've been a great addition to the overall company.

不過，我會說我們正在發現很多機會，而團隊也非常投入，思考我們如何能從美國商業市場的角度真正推進這件事。所以我對我們取得的進展非常滿意，他們也為整體公司帶來了很好的補強。

Great, thank you very much.

太好了，非常感謝。

Jeffrey Campbell, Seaport Research.

Jeffrey Campbell，Seaport Research。

Good afternoon and thanks for taking my questions. Your recent press release concerning rumors of Poland investment was explicit in saying that such a decision would require firm orders of sufficient size to transact. Should we assume the same structure applies to beginning construction of a new US commercial heavy component facility?

下午好，感謝讓我提問。你們近期針對波蘭投資傳聞的新聞稿，明確表示此類決策需要有足夠規模的確定訂單才能進行交易。我們是否可以假設，同樣的架構也適用於開始興建新的美國商用重型組件設施？

No, Jeff. I don't know, that US facility does not depend on firm orders. That said, there's so many things in the pipeline that we're certainly compelled to go ahead with that US plant.

不，Jeff。我不這麼認為；那座美國設施不取決於確定訂單。話雖如此，管線裡有太多事情在推進，我們確實被驅動要繼續推進那座美國工廠。

The Poland situation had to do with some discussions around how much demand we think will precipitate for microreactors and small modular reactors in Poland. And there were certainly gigawatt scales of demand that we discussed. But no, we're going ahead with the US plant regardless.

波蘭的情況是因為我們在討論：我們認為在波蘭，微型反應爐與小型模組化反應爐的需求會在多大程度上被引爆。我們確實討論過以GW（吉瓦）規模計的需求。但不，我們會不論如何都推進美國工廠。

Okay. Great. One of the things that impressed me in the Investor Day was the potential remuneration from your exposure to CANDU. Recently, I read that AtkinsRealis, the state of Indiana and Hoosier Energy had partnered to evaluate up to 6 gigawatts of CANDU reactors for that state. So high level, what do you think about CANDU potentially finally making inroads into the US? And is it reasonable to assume BWXT could potentially be a component supplier to this project if it ever materializes?

好的。太好了。投資人日讓我印象深刻的一點，是你們因曝險於CANDU而可能獲得的報酬。最近我讀到，AtkinsRealis、印第安納州以及Hoosier Energy已合作評估在該州部署最多6吉瓦的CANDU反應爐。所以從高層次來看，你怎麼看CANDU可能終於在美國取得進展？如果這個專案最終成形，合理的假設是BWXT可能成為該專案的組件供應商嗎？

Yes. Maybe to put some things in context, Jeff, if you look back at the history of CANDU and there were about 30 CANDU units delivered globally, 20 in Canada itself. And so 10 or so that went to other places, South Korea, China, India, Romania and Argentina. So -- and that's with -- that's 30 large plants compared to a total global installed base of about 600. So let's say it captured 5% of the international market over the course of those years.

是的。也許先把一些背景放進來，Jeff：如果回顧CANDU的歷史，全球大約交付了30座CANDU機組，其中20座在加拿大本土。另外大約10座出口到其他地方：南韓、中國、印度、羅馬尼亞與阿根廷。也就是說，這30座大型電廠，相較於全球約600座的已裝置基礎。所以可以說，在那些年裡它大概拿下了國際市場的5%。

And maybe that's a reasonable assumption going forward. I certainly would hope and certainly, the Canadians hope that they can build some -- can build an international market from CANDU and have a real export capability. And I think that's feasible.

而這或許是對未來的一個合理假設。我當然希望如此，加拿大人也希望他們能以CANDU建立一些——能建立一個國際市場，並具備真正的出口能力。我認為這是可行的。

And I certainly do hope that they can export into the US. And if they do, we will certainly be in that supply chain, probably supplying fuel, major components, feeders, all the things that we normally do, we would do for that.

我也確實希望他們能出口到美國。如果他們做到，我們一定會在那條供應鏈裡，可能供應燃料、主要組件、給水管（feeders），以及我們平常做的所有事情，我們都會為此去做。

And that's the purpose of Canada's investment in the CANDU industrial supply base is to be able to create an industry there that's durable and has export qualities to it.

而加拿大投資CANDU工業供應基礎的目的，就是要在當地建立一個可長可久、並具備出口特質的產業。

Thanks very much for that answer. I appreciate it.

非常感謝你的回答。我很感激。

Thanks, Jeff.

謝謝你，Jeff。

Marc Bianchi, TD Cowen.

Marc Bianchi，TD Cowen。

Hey, thanks. I want to ask first on the '27 outlook. It looks like you upgraded the EBITDA growth expectation a little bit from the Investor Day. Could you talk a little bit about that?

嗨，謝謝。我想先問一下你們對2027年的展望。看起來你們相較於投資人日，稍微上調了EBITDA成長的預期。可以談談這點嗎？

Yeah. I think, look, we're seeing some -- we've had really strong performance in the underlying margin for this year. We're seeing some continued momentum as we go into 2027. So I would think of it as kind of a refinement of our expectations, nothing material, but we feel confident in ultimately getting to high single to low double digit, both on adjusted EBITDA as well as EPS.

可以。我想你看，我們今年在基礎利潤率方面表現非常強勁。展望到2027年，我們也看到一些持續的動能。所以我會把它視為對我們預期的微調，沒有什麼重大的變化，但我們有信心最終能達到高個位數到低雙位數的成長，無論是在調整後EBITDA或EPS上都是如此。

Okay. Is that more coming from government side of the business, just given the beat in 3Q here?

好的。這更多是來自政府業務端嗎？畢竟第三季表現超預期。

I think we look at this from different scenarios. So we'll run multiple scenarios. I think it's fair to assume that our government business will continue to perform very well. As mentioned, we're kind of coming off of that -- some of those older pricing arrangements. And so we're starting to see that come into the financials as we execute successfully on those programs. But I would say we're also seeing continued momentum in commercial. So it's positive across the board.

我想我們會從不同情境來看這件事。所以我們會跑多種情境。我認為可以合理假設，我們的政府業務會持續表現得非常好。如同提到的，我們正逐步走出——一些較舊的定價安排。因此，當我們在那些專案上成功執行時，我們開始看到這些反映在財務數字上。但我也會說，我們在商用端也看到持續的動能。所以整體而言都是正面的。

Okay. And then if I could just ask one more. On the potential orders for commercial, there's -- I think everybody sort of read the news around we've got this DOE long lead up program for large reactors and then there's a Department of Commerce track for eight reactors, and there was an announcement, I guess, it's several weeks ago about the Korean program there.

好的。然後如果我可以再問一個。關於商用端的潛在訂單——我想大家都看到新聞：我們有DOE針對大型反應爐的長交期（long lead）前期計畫，另外商務部也有一個針對八座反應爐的路徑，而且幾週前也有關於韓國計畫的公告。

Like which one of those feels like we could get a quicker hit? And maybe do you think that BWXT is equally positioned for both of those programs or maybe more weighted to one than the other? Just curious for any color you can provide.

這幾個之中，哪一個感覺會比較快帶來訂單落地？另外你認為BWXT在這兩個計畫上的布局是否同樣有利，或是相對更偏向其中一個？想請你提供一些看法。

Yeah, Marc, I'll add some color there. I think in my opinion is that the SMR opportunity is a bit ahead of large reactor opportunity. That's just my feel for it. We're certainly in active discussions with Westinghouse and GE on all of that. So I think you'd see -- we'd see more activity in our order book.

好的，Marc，我補充一些看法。以我個人觀點，SMR（小型模組化反應爐）的機會比大型反應爐的機會稍微領先一些。這只是我的感覺。我們當然也正與Westinghouse和GE就這些議題進行積極討論。所以我認為你會看到——我們會在訂單簿上看到更多活動。

I think first from the Darlington project, units two, three and four up there. I think closely following that would be the TVA opportunities, the 10 reactors there, five at Clinch River and then five at Bellefonte, I think. And then with the APs to follow that would be my guess.

我認為首先會來自Darlington專案，那邊的第2、3、4號機組。緊接著我認為會是TVA的機會，也就是那10座反應爐：Clinch River五座，然後我記得是Bellefonte五座。再之後才會是AP（機型/專案）跟進——這是我的猜測。

Now all those discussions are active, and I think all of that represents opportunity for us, but that's how I see the sequencing. And I said at the beginning of this year that I expected us to have new orders for US reactor plant builds in -- by the end of this year. And I still think that's a possibility for us, but certainly no later than about the first half of the next year.

目前所有這些討論都在進行中，我認為這些對我們而言都是機會，但我看到的先後順序大致如此。而且我在今年年初就說過，我預期我們會在——今年年底前拿到美國反應爐電廠新建案的新訂單。我仍然認為這對我們來說是有可能的，但肯定不會晚於明年上半年左右。

Yeah. All right, Rex, thanks very much. We'll turn it back.

好的。好吧，Rex，非常感謝。我們把時間交回去。

Sure, Marc. Thank you.

好的，Marc。謝謝。

Scott Deuschle, Deutsche Bank.

Scott Deuschle，德意志銀行。

Hi, good evening, Mike, can you walk through what's been driving the relatively slow organic growth at Government Operations year-to-date? And maybe just kind of what the headwinds have been? And has the revenue cadence surprised you at all? Or is it consistent with how you thought the year would play out?

嗨，晚安，Mike。你能說明一下，今年迄今政府營運（Government Operations）相對偏慢的有機成長，是由哪些因素造成的嗎？以及大概有哪些逆風？收入的節奏有讓你感到意外嗎？還是它與你原先預期今年的發展一致？

No, I would say it's consistent. One of the things as we came into 2026 we were going to see a larger ramp on the -- on the newer programs, but specifically on the HPDU program as we get on to the third and the fourth quarter. And so we're continuing to see that.

不，我會說是一致的。我們進入2026年時，其中一件事是：我們會看到新專案的爬坡幅度更大，尤其是HPDU專案，會在第三季與第四季逐步拉升。所以我們持續看到這個趨勢。

We did discuss, I think, a little bit last quarter how we were performing actually really well on that program. And because of that, it was lower revenue just because we had really strong margin performance, which under a percent complete model actually results in lower revenue.

我想我們上季也稍微討論過：我們在那個專案上的執行其實非常好。而正因如此，收入反而較低，因為我們的利潤率表現非常強；在完工百分比（percent complete）模型下，這其實會導致較低的收入認列。

So no surprises. I think those programs are performing well, and we'll continue to see them into '27 as well.

所以沒有意外。我認為那些專案表現良好，我們在2027年也會持續看到它們。

Okay. And then, Rex, if the first US AP1000 builds ultimately get funded by South Korea as opposed to another funding source, is that a negative as it relates to your content opportunity on those initial builds? Or is the funding source not expected to influence supplier content allocations? Thank you.

好的。接著，Rex，如果美國第一批 AP1000 新建案最終是由南韓而非其他資金來源出資，這對於你們在這些初始建案上的供應內容（content）機會而言，是否是負面因素？還是說，資金來源預期不會影響供應商內容分配？謝謝。

I think it's hard for me to say on that one, Scott. I would say that it's our expectation that we will have to go and compete with Doosan and IHI and all the usual suspects when those opportunities come up. That said, I think there's going to be plenty of opportunity for all the players there because there's actually still not that much capacity globally for these kind of components. So we'll compete and hopefully get our share and make a great business out of it.

Scott，這題我很難下定論。我會說，我們的預期是，當那些機會出現時，我們必須去和斗山（Doosan）、IHI 以及所有常見的競爭者同場競爭。不過，我認為那裡會有足夠的機會給所有參與者，因為全球在這類零組件上的產能其實仍然不算多。所以我們會去競爭，並希望拿到我們應得的份額，把它做成一門很好的生意。

Is Westinghouse typically the one deciding who gets the content or someone else?

通常是西屋（Westinghouse）在決定由誰取得供應內容，還是其他人？

No. I mean it's my expectation that Westinghouse will be making those decisions.

不是。我的預期是，西屋會做出那些決策。

Okay, thank you.

好的，謝謝。

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，Northland Capital Markets。

Hey, guys. Rex, sticking on the new build topic. From your guys' perspective, what are kind of the main gating item or items keeping new build projects from reaching an FID? Is it predominantly finance and kind of structuring things related to that? Or are there other particular items that you guys see that kind of holding things up from getting a couple of projects across the finish line here?

嗨，各位。Rex，延續新建案的話題。從你們的角度來看，主要的關卡因素（gating item）是什麼，導致新建案專案無法達成 FID（最終投資決策）？主要是融資以及相關架構設計嗎？還是你們看到還有其他特定事項，讓一些專案遲遲無法跨過終點線？

Yeah, I'm not in those discussions, but what I'm hearing about is it has to do with the allocation of risk. How much are the hyperscalers going to take, how much of the utility is going to take, if that applies, how much is the government going to take?

是的，我沒有參與那些討論，但我聽到的說法是，這與風險分配有關。超大規模雲端業者（hyperscalers）要承擔多少、公用事業單位要承擔多少（若適用）、政府要承擔多少？

Are there any backstops and how much will the technology provider itself take? And so I think it's about -- we've been hearing this concept that everyone bleeds, but no one bleeds to death as it relates to any overruns or risks in the project. So I think it's about the distribution of risk.

是否有任何背書／保底機制（backstops），以及技術供應商本身要承擔多少？因此我認為重點在於——我們一直聽到這個概念：每個人都會流血，但沒有人會流血致死，用來形容專案任何超支或風險。所以我認為這在於風險的分配。

I don't think it's so much about financing because in the case of the 10 X-300s and certainly those 10 AP1000s and then that second tranche, those are going to be funded through the sovereign investments from South Korea and Japan, as I understand it. So I think it's less about financing. It's more about allocation of risk.

我不認為主要是融資問題，因為就 10 座 X-300 而言，當然也包括那 10 座 AP1000 以及第二批（tranche），據我了解，將透過南韓與日本的主權投資來出資。所以我認為比較不是融資。而是風險分配。

Got it. I appreciate those details. And for my follow-up, can you touch on BWXT's capabilities to handle multiple awards of projects for larger nuclear new builds if this accelerates into the coming years, how does your ability to scale compare to the business opportunities you guys are seeing? And maybe where does that rank in terms of, I guess, the list of worries on a given day for you guys in terms of just capacity to meet the demand that's out there?

了解。謝謝這些細節。我的追問是，如果未來幾年大型核能新建案加速推進，BWXT 在同時承接多個大型新建案專案獎項方面的能力如何？你們的擴產能力與你們看到的商機相比如何？以及就你們每天的擔憂清單而言，產能是否足以滿足外部需求，這件事大概排在什麼位置？

Yeah. Well, good problem to have. I would say we've been trying to anticipate all that. We, of course, just increased our production capacity by about 50% at Cambridge, Ontario. We literally just completed that expansion under budget, slightly under budget and about on the original schedule.

是的。嗯，這算是個好問題。我會說我們一直在試著預先因應這些需求。當然，我們剛把加拿大安大略省劍橋（Cambridge, Ontario）的產能提高了大約 50%。我們確實剛完成那項擴建，成本低於預算、略低於預算，而且時程大致符合原先規劃。

So we're prepared there. Of course, the PCG acquisition was around that thesis. That, as Mike said in an earlier question, we think that, that asset is about 50% underutilized, and we can build some capacity there for medium reactor components. And then the US plant that we've been talking about for the past couple of quarters is intended to deal with that demand.

所以那邊我們已經準備好了。當然，收購 PCG 的邏輯也是基於這個論點。如同 Mike 在先前的問題中提到的，我們認為那項資產目前約有 50% 的產能未被利用，我們可以在那裡為中型反應爐零組件建立一些產能。此外，我們過去幾季一直在談的美國工廠，也是為了因應那樣的需求。

So I mean, we're stacking them up we're stacking up our capacity. We're certainly one of the largest players in the world, and I think we'll be prepared for it.

所以我的意思是，我們正在把產能一層一層堆疊起來。我們當然是全球最大的玩家之一，我認為我們會做好準備。

All right. I appreciate the detail. Thank you.

好。謝謝你提供的細節。謝謝。

Mark Shooter, William Blair.

Mark Shooter，William Blair。

Hey, thanks guys. Congrats on the quarter. And Rex, I heard you mention that you'll have a prototype test of the DUECE centrifuge by end of the year. I was wondering if you can give us some color on the metrics you'll be judging it by. And speaking of the NNSA program, I know we also talked about the potential of widening that scope to include unobligated LEU and HALEU enrichment. So I was wondering if you could tell us how you're thinking about that now.

嗨，謝謝各位。恭喜本季表現。Rex，我聽到你提到你們會在年底前對 DUECE 離心機做原型測試。我想請你多談一些，你們會用哪些指標來評估它。另外談到 NNSA 計畫，我知道我們也討論過，可能把範疇擴大到包含未受約束（unobligated）的 LEU 與 HALEU 濃縮。所以我想請你談談你們目前對此的思考。

Yeah. Sure thing, Mark. What we're doing, of course, in that program is taking technology developed at Oak Ridge National Laboratory and taking it into industrializing that technology and building production capacity and ultimately, a demonstration cascade at our plant in Oak Ridge. And so I certainly can't cite the particular success criteria for that demonstration. It is just a demo.

好的，Mark。當然，在那個計畫中，我們是在把橡樹嶺國家實驗室（Oak Ridge National Laboratory）開發的技術，推進到工業化（industrializing）階段，建立生產產能，並最終在我們位於橡樹嶺的工廠建置一套示範級聯（demonstration cascade）。因此我當然不能引用那項示範的具體成功標準。它就是一個示範。

And what we're doing, of course, is trying to reduce the complexity, exercise the supply chain and be able to build an unobligated system. So I think sort of just spinning that thing will be the proof that we're looking for, and we'll be building certainly many more units in the future.

而我們正在做的，當然是試著降低複雜度、演練供應鏈，並能夠建置一套未受約束（unobligated）的系統。所以我認為，某種程度上只要讓那套設備轉起來，就是我們要的驗證，我們未來也肯定會再建置更多單元。

As it relates to the opportunity in between the technology transfer and the high enriched uranium scope that we have at our Erwin, Tennessee plant, we are certainly pursuing adding low-enriched uranium and high-assay, low-enriched uranium to the scope. Those discussions are ongoing. I can't offer any details on that, but it's certainly in our sights, and we hope to add it.

至於在技術移轉與我們田納西州 Erwin 工廠所承擔的高濃縮鈾範疇之間的機會，我們確實正在推動把低濃縮鈾（LEU）以及高豐度低濃縮鈾（HALEU）納入範疇。相關討論仍在進行中。我無法提供任何細節，但這確實在我們的視野之內，我們也希望能把它加進來。

That's great. Switching gears on to the other fuel, TRISO. Congrats on the Antares win. And so you'll be supporting Antares, Project Pele, Project Janus and also from the Lynchburg facility. So can you remind us what capacity increases are needed today to meet those commitments? And what level of fuel contracting do you need to see to require an expansion past Lynchburg?

太好了。把話題轉到另一種燃料 TRISO。恭喜拿下 Antares。因此你們將在 Lynchburg 廠支援 Antares、Project Pele、Project Janus 等。你能否提醒我們，為了履行這些承諾，目前需要做哪些產能提升？以及你們需要看到多大程度的燃料合約簽訂，才會需要把擴產規模擴大到超出 Lynchburg？

Yes, I'll offer some details there, Mark. We were able to produce a couple of hundred kilograms a year on that Lynchburg line, and that's enough capacity for fully fueling the core of the Pele reactor and some other things that we did, the Antares demo and a couple of other customers that we actually haven't -- that we haven't disclosed.

好的，Mark，我可以提供一些細節。我們在 Lynchburg 那條產線每年可生產數百公斤，這樣的產能足以為 Pele 反應爐的爐心完成全爐裝料，以及我們做的一些其他事情，包括 Antares 的示範，還有幾個我們其實尚未——尚未對外揭露的客戶。

Through some technology changes and some capacity we can add and from some operational improvements, we can at least quadruple the output of that facility. That's our Lynchburg plant that I'm talking about, not the greenfield. So that gives us quite some capacity for the near term.

透過一些技術變更、增加部分產能，以及一些營運改善，我們至少可以把該設施的產出提高到四倍。我指的是 Lynchburg 既有工廠，不是綠地（greenfield）新建廠。因此，這讓我們在短期內具備相當充足的產能。

I think in terms of making the larger investment decision and getting to multiple megatons of -- sorry, multiple metric tons of capacity, say, at a Wyoming plant, we're going to need to see two things. We need to see larger demand precipitate first with our partner, Kairos, for the Hermes reactor.

我認為，就做出更大規模的投資決策、把產能提升到多個百萬噸的——抱歉，是多個公噸（metric tons）的產能，例如在懷俄明州的工廠而言，我們需要先看到兩件事。我們需要先看到更大的需求出現，並與我們的合作夥伴 Kairos 針對 Hermes 反應爐推進。

That one as an anchor tenant will consume a lot of TRISO and then others, right, multiple BANR orders, for example. So we need the precipitation of concrete, significant demand in the future. And we also need to see HALEU become available commercially. And those are two important gates, and we'll get those -- we'll get to that decision as that becomes clearer.

那個作為錨定租戶（anchor tenant）會消耗大量 TRISO，然後還有其他的，對吧，例如多筆 BANR 訂單。所以我們需要具體、明確的落地，也就是未來實質需求的沉澱。而且我們也需要看到 HALEU 能夠以商業方式供應。這兩點是重要的關卡；等情況更明朗時，我們就會——我們會做出那個決策。

Appreciate the details. Thanks, Rex.

感謝你提供這些細節。謝謝，Rex。

Laurence Alexander, Jefferies.

Laurence Alexander，Jefferies。

Good morning. Just a simple one on Commercial Operations. The margin improvement expected for '27, how important is that? I mean, given the range of the growth opportunities you're evaluating and the incremental investments to support that, do you need that kind of -- is that sort of a flexible part of your bridge for next year?

早安。關於商業營運（Commercial Operations）我有個簡單問題。你們預期 2027 年的毛利率改善，有多重要？我的意思是，考量你們正在評估的成長機會範圍，以及為支援這些機會所需的增量投資，你們是否需要那種——也就是說，這是否是你們明年銜接（bridge）中的一個可彈性調整的部分？

Yeah. Sorry, I'm not sure I follow. So from a -- we are seeing some margin improvement as we look into 2027. That's -- there's a large mix. If you kind of remember what commercial, we have kind of a services business component that we have ultimately the components margin.

是的。抱歉，我不太確定我有跟上你的意思。就——我們在展望 2027 年時，確實看到一些毛利率改善。那——其中有很大的組合（mix）因素。如果你回想一下商業業務，我們有一部分是服務型業務，最終也有零組件的毛利率。

So that's just on the components manufacturing. And then we also will have the kind of the contribution of PCG that would continue. So different margin mix profiles. I think we're seeing some substantial growth in the underlying revenue base for the components business. That will -- that is offsetting some of the headwinds that were associated with the divestiture of Medical, which was a higher growth -- higher kind of margin business as well.

所以那只是針對零組件製造。然後我們也會有 PCG 持續貢獻的部分。因此會有不同的毛利率組合輪廓。我認為我們看到零組件業務的底層營收基礎有相當可觀的成長。這將——用來抵銷與出售 Medical（醫療）業務相關的一些逆風；Medical 本來也是成長較快——毛利率也較高的一塊業務。

So I think when you blend all that together, I mean, we're not seeing anything unusual. The margin continues to perform well, and we're seeing a slight uptick primarily as a result of just kind of overall mix and growth in different aspects of the business.

所以我認為把這些都綜合起來看，我是說，我們沒有看到任何不尋常的情況。毛利率持續表現良好，而我們看到小幅上升，主要是因為整體組合以及業務不同面向的成長所致。

Andre Madrid, BTIG.

Andre Madrid，BTIG。

Yes, thanks for squeezing me in. Good afternoon. You had mentioned it before that maybe the gating factor in seeing more commercial orders convert was kind of the allocation of risk. Do you expect tomorrow's midterm elections to potentially, I guess, complicate those conversations any further? Or is that not really a concern?

是的，謝謝你讓我插個問題。午安。你之前提到，可能讓更多商業訂單轉換（convert）的關鍵限制因素，是風險的分配。你是否預期明天的期中選舉可能——我想——會讓這些對話變得更複雜？還是其實不太需要擔心？

I don't think it's a big concern, Andre, because those deals are constructed outside the framework of congressional appropriations and authorization and they don't come through the President's budget request. So in some ways, it's outside that whole system. It obviously relates to the tariff deals that were done and the sovereign investments that were made to offset the threat of tariffs.

我不認為這是很大的疑慮，Andre，因為那些交易的架構是在國會撥款與授權的框架之外建立的，而且也不會透過總統的預算提案流程。所以在某些方面，它是在整個體系之外。當然它也與先前達成的關稅協議，以及為抵銷關稅威脅而進行的主權投資有關。

So I think those deals go forward regardless. And all that said, and I've said this often, I've been in the seat for 10 years and through multiple administrations and support for nuclear has only gotten stronger and stronger.

所以我認為那些交易不論如何都會推進。另外我也常說，我坐在這個位置 10 年了，歷經多個政府，而對核能的支持只會越來越強。

It's bicameral, it's bipartisan. It makes sense for so many different reasons. And so just about everyone lines up behind nuclear now. So I don't expect a lot of impedance here.

它是兩院一致（bicameral）、跨黨派（bipartisan）的。基於很多不同原因，它都很合理。所以現在幾乎所有人都站在核能這邊。因此我不預期這裡會有太多阻力。

Got it, Rex. That's helpful. And staying on that point of commercial order flow, I mean, you said that you were expecting something to start -- some of these to start picking up in the latter part of this year, but definitely no later than the first half of next year.

了解，Rex。這很有幫助。延續商業訂單流（order flow）這點，我是說，你提到你原本預期今年下半年會開始——其中一些會開始加速，但最晚不會晚於明年上半年。

I mean, given the back-end weighted nature of your 2030 targets, I mean, at what point does the pace of commercial order flow start to become a concern? If we don't see, I guess, a specific number of awards come in, in the first half of next year, does that kind of put risk on the long-term guidance that you guys outlined?

我的意思是，考量你們 2030 年目標偏向後段加權（back-end weighted）的特性，商業訂單流的速度在什麼時間點會開始讓人擔心？如果我們在明年上半年沒有看到——我想——一定數量的得標案進來，這是否會讓你們所提出的長期指引（long-term guidance）面臨風險？

I don't think so, Andre. I think we've got multiple ways of achieving that guidance, as we said, and we've mapped in some modest success in commercial orders for new builds. And yes, we've got multiple ways to win, and we intend to do so.

我不這麼認為，Andre。我認為我們有多種方式可以達成那個指引，正如我們所說，而且我們在規劃中也納入了在新建案（new builds）方面取得一些溫和的商業訂單成功。是的，我們有多種取勝方式，而且我們也打算做到。

Awesome. Appreciate it, gentlemen. I'll leave it there. Thanks.

太好了。感謝各位。我就先到這裡。謝謝。

Thanks, Andre.

謝謝你，Andre。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Hey, good afternoon, guys. Hey, Rex, I'd love to get a sense for the revenue opportunity with this New Brunswick Prodigy win, I guess, we can call it. It looks like my simplistic math, it looks like it could be maybe two or three BANR reactors. But can you give us a sense maybe for what a contract will be signed and maybe if there's a way you could size it or put a framework around it?

嘿，午安，各位。嘿，Rex，我想了解一下這次新不倫瑞克（New Brunswick）Prodigy 的勝出——我們可以這麼稱呼——所帶來的營收機會。以我很粗略的算法，看起來可能是兩到三座 BANR 反應爐。但你能否讓我們了解一下合約大概何時會簽，或者是否有辦法估算規模、提供一個框架？

Yeah. Maybe I'll be a little bit coy here, Pete, because if you look at the way -- so just backing up a little bit, if you look at the way that Janus program is structured by the Army and DIU, what they're intending to do is create a commercial opportunity for microreactors, even though in that case, you're selling into the government market.

是的。Pete，我可能會稍微保留一點，因為如果你看——先稍微退一步說，如果你看 Army 和 DIU 對 Janus 計畫的架構設計，他們的意圖是為微型反應爐創造一個商業機會，即使在那個案例中，你是賣給政府市場。

And this one in Canada, of course, is a purely commercial endeavor. And we've got multiple other commercial opportunities around BANR. So we're not being -- we're certainly not intending to disclose any pricing details because of competitive sensitivities.

而加拿大這個案子，當然是純粹的商業項目。而且我們在 BANR 周邊還有多個其他商業機會。因此，出於競爭敏感性，我們當然不打算披露任何定價細節。

But yes, I mean, if you think about selling 3 microreactors and it is a significant revenue opportunity for us and has the potential to be an exciting business for us. But it's super early days on that one, right? We've been selected for technology. The financing has got a line up behind it. New Brunswick has committed to an MOU for a power purchase agreement.

不過是的，我的意思是，如果你想像銷售 3 座微型反應爐，對我們而言確實是相當可觀的營收機會，也有潛力成為一項令人振奮的業務。但這個案子還非常早期，對吧？我們是被選為技術方案。融資方面也已經有一批支持者排隊到位。新不倫瑞克已承諾簽署一份關於購電協議（power purchase agreement）的 MOU（合作備忘錄）。

So there's some government strength behind it, but there's a long road ahead on this one. And I'd like to offer you more details, but I just can't right now.

所以背後有一些政府力道支持，但這案子前面還有很長的路要走。我很想提供你更多細節，但我現在真的沒辦法。

Understood. So time lines, so you do Fort Campbell first and then would Tata be the first kind of commercial deployment and maybe then New Brunswick?

了解。那時間線呢？也就是你們先做 Fort Campbell，然後 Tata 會是第一個商業部署，接著可能才是新不倫瑞克？

I mean, certainly, Fort Campbell's first in line. But yes, opportunities in Wyoming, opportunities in Poland, Canada, those are all kind of to me sort of running in parallel for second place.

我的意思是，Fort Campbell 肯定是排第一。但沒錯，懷俄明的機會、波蘭的機會、加拿大的機會，對我來說這些都算是並行推進、在爭第二名的位置。

Okay. Okay. Got it. If I can ask one last one just because it just popped up. Obviously, Army and Janus is together, but now the Navy is talking about microreactors. I was wondering if you guys are going to do the reactor for the Navy at NSWC Crane in Indiana.

好。好。了解。我最後再問一個，因為剛剛突然想到。顯然 Army 和 Janus 是一起的，但現在 Navy 也在談微型反應爐。我想問你們是否會為位於印第安納州的 NSWC Crane 的 Navy 做那座反應爐？

No. That's a smaller microreactor and being done by one of our competitors.

不會。那是一種更小型的微型反應爐，是由我們的一家競爭對手在做。

Okay. Okay. Okay. Thanks for all the color.

好。好。好。謝謝你提供這麼多資訊。

And by the way, Pete, if I could just add a footnote to this whole discussion. A lot of these microreactors are out there in the sort of megawatt range, let's call it. There is one 5-megawatt reactor.

順帶一提，Pete，如果我可以就整個討論補充一個註腳。很多這類微型反應爐大概都在所謂的兆瓦等級（megawatt range），我們先這麼說。其中有一座是 5 兆瓦反應爐。

And what we have, of course, with our product, the BANR reactor on the Janus program and elsewhere is a 20-megawatt electrical output, 22-megawatt actually, 75 megawatts thermal. So -- and it's a very high temperature reactor.

當然，就我們的產品而言，在 Janus 計畫以及其他地方的 BANR 反應器具備 20 兆瓦的電力輸出，實際上是 22 兆瓦，熱功率為 75 兆瓦。所以——而且這是一座非常高溫的反應器。

So it's suitable for some large-scale applications, even though it's a microreactor. You can run large military bases with that. You could provide industrial heat at a large chemical plant, for example.

因此，儘管它是微型反應器，但仍適用於一些大規模應用。你可以用它來供應大型軍事基地的用電。例如，你也可以在大型化工廠提供工業用熱。

And so we have -- we're seeing a range of opportunities that are completely unavailable to our competitors in that space because of the scale of that reactor. That said, it still fits on a train. This is a rail shippable actually modular reactor. When we talk about small modular reactors, those are not small. And frankly, they're not modular.

因此我們——我們看到一系列機會，因為該反應器的規模，這些機會對於該領域的競爭對手而言是完全無法觸及的。話雖如此，它仍然可以放在火車上運輸。這其實是一種可用鐵路運輸、真正模組化的反應器。當我們談到小型模組化反應器時，那些其實並不小。而且坦白說，它們也不模組化。

They're built in the field. These things are actually literally built in the factory just as our naval reactors are. And so we've got the largest scale microreactor that's capable of addressing some very big problems, and that's one of the reasons why we're bullish on it.

它們是在現場建造的。而這些設備實際上就像我們的海軍反應器一樣，確實是在工廠裡建造完成。因此，我們擁有規模最大的微型反應器，能夠解決一些非常重大的問題，這也是我們看好它的原因之一。

That's great. Thanks so much.

太好了。非常感謝。

Thanks, Pete.

謝謝，Pete。

David Strauss, Wells Fargo.

Wells Fargo 的 David Strauss。

Good afternoon. It's Josh Korn on for [David]. I wanted to ask about the free cash flow guidance. I guess, what's weighing on cash in the fourth quarter? And then you seem to be implying a pretty big working capital headwind into next year. Just kind of anything you could provide there? Thanks.

午安。我是 Josh Korn，代替 [David] 發問。我想問一下自由現金流指引。我想，第四季是什麼因素在拖累現金？另外你們似乎暗示明年會有相當大的營運資金逆風。能否提供一些相關說明？謝謝。

Yes. I think -- so fourth quarter is just the timing. We had a really strong third quarter. So you're seeing some of that just on overall timing coming into the third quarter. But we feel good about where we're guiding for the year.

是的。我想——第四季主要就是時點因素。我們第三季表現非常強勁。所以你看到其中一部分只是整體時點在第三季的反映。但我們對全年指引的落點感到樂觀。

And I think we have a great opportunity to execute on that. When you look at 2027, there's a couple of things that are going on.

而且我認為我們有很好的機會把它執行到位。當你看 2027 年時，有幾件事情正在發生。

One, we got about a $10 million headwind to pension contributions. This is normal course, primarily associated with the Kinectrics acquisition. We have a little bit of working capital investment for some of the growth opportunities, and there is some timing of just overall milestones, specifically on the HPDU and kind of our newer enrichment programs.

第一，我們在退休金提撥上大約有 1,000 萬美元的逆風。這是正常流程，主要與 Kinectrics 併購案相關。我們也會為一些成長機會投入少量營運資金，另外在整體里程碑時點上也有些影響，特別是在 HPDU 以及我們較新的濃縮計畫方面。

But I think at the end of the day, we're seeing -- if you look at kind of the underlying true performance from an OCF perspective, we're still seeing good conversion on our core businesses.

但我認為歸根結底，我們看到——如果你從營運現金流（OCF）的角度看底層的真實表現，我們仍看到核心業務有良好的轉換率。

So a little bit of headwind as we invest for growth and some other kind of unique items, but we still ultimately feel good about where we're going to land for the year.

所以在我們為成長投資以及一些其他較特殊項目之下，會有些許逆風，但整體而言，我們仍對全年最終落點感到樂觀。

Okay, thank you. I'll stick to one.

好的，謝謝。我就問一題。

Peter Arment, Baird.

Baird 的 Peter Arment。

Yeah, good afternoon, Rex, Mike, Chase. A lot of questions asked. But Rex, maybe just a quick one on the budgets. If we don't have any budgets resolved post midterms here and things linger into next year, does that have any impact on your thoughts on '27? Or is that not really an issue regarding for you guys?

是的，午安，Rex、Mike、Chase。大家問了很多問題。不過 Rex，我可能快速問一個關於預算的問題。如果期中選舉後預算仍未解決，並且拖到明年，這會不會影響你們對 2027 年的看法？還是說這對你們不太是個問題？

Peter, historically, we've been able to work through those continuing resolutions in pretty good shape because almost everything in our portfolio is program of record and those get funded at 95% of the prior year or whatever. And we typically have some uncosted carryover that's able to sustain us. We sort of got to the end of our rope on some TSG programs last year when that one ran extra long. But broadly speaking, we've been a little bit immune to CRs. And so I don't think it certainly doesn't influence how we think about the forecast right now.

Peter，從歷史經驗來看，我們在持續決議（CR）期間通常都能相當順利地運作，因為我們投資組合中幾乎所有項目都是既定計畫（program of record），這些通常會以前年預算的 95% 或類似水準獲得撥款。而且我們通常也有一些尚未支用的結轉金可以支撐。去年有一個 CR 拖得特別久，我們在某些 TSG 計畫上確實有點撐到極限。但整體而言，我們對 CR 的影響相對不敏感。所以我認為這當然不會影響我們目前對預測的看法。

Got it. I'll leave it at one. Thanks, guys. Appreciate it.

了解。我就問到這裡。謝謝各位。感謝。

Yeah. See you next week, Peter.

好的。下週見，Peter。

Michael Ciarmoli, Guggenheim Securities.

Guggenheim Securities 的 Michael Ciarmoli。

Sorry about that. Can you hear me guys? Good evening. Thanks for taking the question. Rex, we get this question a lot from investors on the AP1000, the Westinghouse. And you guys have, I guess, sized it already as a couple of hundred million dollars of content.

抱歉剛剛那樣。各位聽得到我嗎？晚安。謝謝讓我提問。Rex，投資人常常問我們關於 AP1000、Westinghouse 的問題。而你們我想已經把它的內容規模估算為數億美元等級。

But just given the comments you made, I mean, how much blood are you willing to lose on that content if risk is going to be spread around? And I guess I think about it from a margin standpoint, are there any terms or any potential content or undertaking that would be too risky for you guys?

但就你剛才的評論來看，我的意思是，如果風險要被分攤，你們願意在這些內容上「流多少血」？我想從毛利率的角度來看，是否有任何條款、任何潛在的內容或承諾，會讓你們覺得風險過高而不願意承接？

I think -- so Mike, component manufacturing is something that we understand very, very well, right? And the opportunities we'll go after would be things like RPVs and steam generators and those kind of components that we understand how to make.

我想——所以 Mike，零組件製造是我們非常、非常熟悉的領域，對吧？我們會去爭取的機會會是像反應器壓力容器（RPV）、蒸汽產生器，以及這類我們知道如何製造的零組件。

I think that's a very, very different category of risk than delivery risk. Project delivery risk is what it's all about. And I've been saying of late that, that we need more innovation on the delivery side because these final investment decisions ultimately in the commercial sense are driven by the capital cost and the cost of capital.

我認為那是一種與交付風險非常、非常不同的風險類別。專案交付風險才是關鍵所在。而我最近一直在說，我們需要在交付端有更多創新，因為這些最終投資決策在商業層面上，最終是由資本成本與資金成本所驅動。

So we, the industry, have to deliver these reactors more quickly and more reliably. So it's not -- yes, I don't see that component manufacturing bears the same kind of risk as delivery.

所以我們——整個產業——必須更快、更可靠地交付這些反應器。因此並不是——是的，我不認為零組件製造承擔的風險會和交付風險一樣。

Now we'll certainly have -- we'll certainly experience price pressure. We always do that. But we know how to make steam generators, heat exchangers, control rod drive mechanisms, reactor pressure vessels, just bring it on, right? We can accept that risk, and we do every day.

當然，我們一定會——一定會面臨價格壓力。我們一直都是如此。但我們知道如何製造蒸汽產生器、熱交換器、控制棒驅動機構、反應器壓力容器——儘管放馬過來，對吧？我們可以承擔這種風險，而且我們每天都在承擔。

Got it. And presumably, that's all contemplated in your 2030 forecast in terms of a margin profile?

了解。那推測這些都已經納入你們 2030 年的預測之中，包括毛利率結構？

Absolutely.

完全是。

Okay, perfect. I'll keep it there, guys. Thanks a lot.

好的，完美。我就問到這裡，各位。非常感謝。

Thanks, Mike.

謝謝，Mike。

And with no further questions in queue, I will now hand the call back to Chase Jacobson for closing remarks.

由於目前佇列中沒有其他問題，我現在把電話交回給 Chase Jacobson 進行結語。

Thank you to everyone for joining us today. We look forward to seeing and speaking with many of you at upcoming investor events. You can all feel free to reach out to us at investors@bwxt.com, and we look forward to talking to you and seeing you soon. Thanks for the support.

感謝各位今天加入我們。我們期待在接下來的投資人活動中見到並與各位交流。各位也歡迎透過 investors@bwxt.com 與我們聯繫，我們期待很快與各位交談並見面。感謝各位的支持。

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

再次感謝各位今天加入我們。今天的電話會議到此結束。各位現在可以掛線。