Maire (AO) | Hold | Newcleo is becoming a listed company; implications for Maire

Research evidence excerpt

Maire (AO) | Hold | Newcleo is becoming a listed company; implications for Maire

Maire Hold | Target Price: EUR17.50

In October 2025, the Company announced the intention to form a strategic partnership with Oklo Inc. (NYSE: OKLO) to build advanced

nuclear fuel manufacturing infrastructure; combining newcleo's MOX expertise with Oklo's U.S. metal-fuel technology in support of U.S.

energy security.

In May 2026, it was selected by the U.S. Department of Energy (DOE) for advanced negotiations under the Surplus Plutonium Utilisation

Program. In partnership with Newcleo, Oklo would lead the utilisation of surplus plutonium, while Newcleo would bring relevant fuel-

cycle experience.

Implication for Maire

At end-2024, Maire announced a potentially important step into a new business area: the creation of a joint venture company held

by NextChem (60% ownership) and newcleo (40%) to develop a new-generation, commercial-scale power plant based on

newcleo’s 200 MWe AMR proprietary technology (advanced modular reactor; fourth-generation nuclear technology); NextCleo.

Maire’s E&C business unit, Tecnimont, will be assigned preferred status as an E&C solutions provider, and NextChem will also be granted

newly issued shares representing up to 5% of newcleo’s share capital at the pre-money valuation.

We published a Q&A on that topic in early 2025: link

The implications for Maire are on two sides in our view. On the financial side, first, up to now, Maire has already received 1.25% of shares,

based on a pre-money equity value of EUR1.3bn. The new equity value is said to be close to USD2.4bn: Maire’s financial stake in NewCleo

is therefore now valued at c.USD120m vs c.USD70m a year ago (assuming that all the shares will be granted). On the operational side,