BWX Technologies, Inc. Investor Day 2026

All right. Let's see if we get the deck up here. All right. Good morning, everybody. Thank you for coming. I'm Chase Jacobson. I'm the Vice President of Investor Relations and Strategic Finance here at BWXT. We're excited to have our 2026 Investor Day here at the NYSE. Thank you to those participating virtually as well. For those of you here in attendance, I think most of you have it, but you can access the presentation using the QR codes on the tables. You can take the little phone stand home as well to remember BWXT. It's also posted on the investor relations website. Quick safety note, for those in person, in the event of an emergency, please follow NYSE personnel to the exits. There's a staircase by the elevator banks from which you arrived.

During today's presentation, we'll discuss certain matters that constitute forward-looking statements that involve risks and uncertainties. Those are described here in the Safe Harbor slide. We'll also make reference to non-GAAP financial metrics, which are reconciled to GAAP measures in the appendix of the Investor Day presentation. Okay, for the agenda. The goal today is to give you an in-depth look at each of our businesses and insight into our many growth opportunities and how we're going to execute on that growth. We'll also be updating our medium-term financial targets. We'll start with a presentation from Rex Geveden, our CEO. He will provide an overview of BWXT and our strategy.

Then we'll move into commercial operations, where John MacQuarrie, President of that business, will talk about our super merchant supplier role in the commercial nuclear power market and the large growth potential that we see there. We'll then hear from Joe Miller, President of Government Operations, who will talk about our role providing nuclear solutions to some of our government's most critical missions. Then Mike Fitzgerald, our CFO, will discuss our financial strategy and our updated medium-term targets. Then Rex will come back with some closing remarks. We'll take a break at around 10:30 A.M. for about 10 minutes and then come back for a Q&A session, so please hold your questions until then. If you are participating online, you can submit a question at any time through the portal.

In addition to our presenters, we have a few other members of our executive team in attendance. A couple of them will come up for the Q&A session with the speakers. Before we begin, we're going to play a short video highlighting BWXT's role in delivering nuclear solutions to our customers' most important missions.

Driving progress, strengthening national security, shaping a cleaner, safer future. BWXT has stood at the center of nuclear technology for 70 years. From advanced reactor components and critical defense systems to complex site operations and advanced fuels, we deliver one of the industry's most comprehensive nuclear portfolios. Powered by more than 11,000 talented employees, we operate with the velocity and agility our customers need without compromising safety or quality. At BWXT, innovation isn't a goal. It's our driving force. With advanced digital tools, automated factories, and next-generation technologies, we're defining what's next in nuclear innovation, and we deliver at speed for our customers, for our communities, for a world that depends on clean energy, secure defenses, and solutions that launch the future. BWXT, excellence in nuclear innovation. Deliver- All right. The delivered got cut off a little bit, but that's the key point here.

With that, it's my pleasure to introduce Rex Geveden, our President and CEO.

Thank you, Chase, and welcome to everyone who joined us here at the historic New York Stock Exchange this morning and to everyone who's listening online. This is unequivocally one of the most exciting times in the history of this business as a standalone public company. I said probably similar words when I stood on this stage 32 months ago, and it was true then, and it's also true now. It's an increasingly exciting story. Throughout the morning, what we will do is give you an update on the state of the business.

We're going to talk about the incredibly robust demand environment that we see on both sides of the business, the commercial and the government side of the business, how we're positioned across the value chain to capture those opportunities and convert them into business, and then how we intend to execute on that business from the standpoint of operations and capital allocation. I'll start with this. We consider ourselves to be a global nuclear industrial champion. That may sound a little provocative or a little bit bold, but I think we'll make that case today when you think about it from a number of different dimensions, we'll validate that claim. If you look at it from the standpoint of revenue scale, we'll do $3.8 billion in sales this year. That's up 19% year-over-year. That's also up from $2.7 billion when I last stood on this stage at the beginning of 2024.

We've grown impressively. I think from the standpoint of sheer industrial scale, it's inarguable what a nuclear industrial champion we are, 5 million sq ft of nuclear-qualified manufacturing space, and that's growing organically and inorganically. Our geographic footprint, certainly heavy in North America, now extending into Europe, and we have aspirations to do more there. Our exposure across the value chain, I think, is like no other company you will see, and we will talk to that. Also, our 70-year history, which was mentioned in the video. No one can make a similar claim. Then we have these 11,400 employees as it stands today, with incredible experiential qualifications, doing work that no one does across the nuclear space.

I'll also mention that we have, I think, a very compelling corporate vision, corporate purpose, which is deliver innovative nuclear solutions to create a better world. That's from the perspectives of delivering clean energy, providing for the nation's security, enabling the exploration and settlement of space, nuclear environmental restoration, great missions that our employees wake up to every day. So in reference to scale and geographic exposure, we have, at BWXT, 16 major manufacturing sites across North America and Europe. That compares, by the way, to six manufacturing sites when I came into this job over a decade ago. I mentioned the 5 million sq ft of nuclear manufacturing space, and that's increasing by the day. We're completing a major expansion at our Cambridge plant under John MacQuarrie's leadership. We'll cut the ribbon on that one in about a month from now. Major capability. It will lead to having the world's largest nuclear clean room.

We also acquired a business called Precision Components Group, closed that acquisition a couple of months ago. That added about 10% to our capacity, 500,000 sq ft. Also, by the way, 500 nuclear-qualified employees. We've invested, since I came into this business, about $1.8 billion in CapEx in these facilities. That's probably a sliver compared to what we've invested historically. So the point there is from the standpoint of scale, we have capabilities, and from the standpoint of depth and unique capabilities in those facilities, it would be virtually impossible for a competitor to try to replicate what we have.

Now, looking at it from the standpoint, slicing at a different angle and looking at it from the standpoint of revenue by segment and product category, as the business stands today, it's about a 70% national security government business and about a 30% commercial business. That compares to about 80/20 five years ago, 80 government, 20 commercial. The commercial business is the fastest-growing. In fact, that business has grown from about $115 million at the time we spun this company out to about $1.1 billion today. Growing very fast organically and through acquisition. But the government business is also growing very impressively with new product categories, new domains of application, like in special materials, advanced reactors that we'll be talking about more today.

Now, slicing it by product category, the revenue by product category, a little bit less than half of our business is in naval nuclear propulsion, which has always been the heart of this business. The commercial power business, as I noted, is about 30% of it. Special materials is somewhere between 15% or 20%, but that one's super interesting because we've got some programs there in special materials that are becoming franchises for BWXT, things like high-purity depleted uranium, defense fuels, uranium metal, uranium oxides. We're doing things there that we're uniquely capable of doing by virtue of our licenses and credentials. We expect that to be a larger slice of the pie going forward. Of course, we're exposed to advanced nuclear. That's Kate Kelly's business. Kate's in the audience here today in the front.

That's the home for projects like Pele, the BWXT Advanced Nuclear Reactor, which is under the Janus program. That's where we manufacture TRISO fuel and do other national security programs. A very exciting business that's been growing. We expect to continue to grow. Then there's a little sliver of business there that you see called technical services. That's deceivingly small. I think most people in the room know that we don't consolidate revenue in that business because it's executed under joint venture limited liability companies with our partners. But we are operating at 14 major sites across North America, including now the Canadian Nuclear Laboratories. But we do defense work, we do environmental restoration in that business. But it moves the bottom line a lot.