Solstice Advanced Materials (SOLS) Investor update summary

Business overview and strategic positioning

• Sole U.S. provider of UF6 conversion services, operating the Metropolis Works facility with a license through 2060 and a 10+ kt/year capacity, serving North America, Europe, and Asia.

• Holds a 50/50 joint venture (ConverDyn) with General Atomics, acting as exclusive marketer for UF6 output and representing ~30% of global supply (excluding Russia and China).

• Over $100 million invested in modernization and efficiency since 2022, supporting a modernized, reliable production base.

• Deep industry relationships and blue-chip utility customers, with a 60+ year legacy and proven reliability.

• Integrated supply chain with internal HF production and proprietary UF6 process, providing cost and technical advantages.

Market dynamics and growth drivers

• Global nuclear conversion markets have tightened due to limited new supply, reduced secondary supply, and growing demand.

• U.S. and global policy support is driving nuclear expansion, with 78 reactors under construction, over 70 SMRs in development, and major tech companies investing in nuclear power.

• U.S. government targets quadrupling domestic nuclear capacity from ~100 GW in 2024 to 400 GW by 2050, reinforcing long-term sector growth.

• SMRs and advanced reactors are accelerating demand, with initial and recurring UF6 needs creating durable growth.

• U.S. ban on Russian imports by end of 2027 will further shift market share to domestic and allied producers.

Financial performance and outlook

• Nuclear net sales grew from $177M in 2022 to $356M in 2025, with a 26.2% CAGR.

• Maintains a 90/10 split between long-term contracts and spot market sales, ensuring revenue stability.

• Backlog of $2.2 billion with firm volume commitments and clear pricing, largely contracted through the 2030s.

• Double-digit adjusted EBITDA CAGR expected through 2030, with margin profile in line with segment averages (~35%).

• Additional revenue streams from storage, deconversion, and ancillary services, generating $40–$80 million annually.