SOLS: Nuclear Webinar Highlights DD% AES EBITDA CAGR; Raise PT

研报英文原文证据摘录

SOLS: Nuclear Webinar Highlights DD% AES EBITDA CAGR; Raise PT

RBC Capital Markets, LLC

Arun Viswanathan, CFA (Analyst)

(212) 301-1611, arun.viswanathan@rbccm.com

Adam Hamilton (AVP)

(212) 266-4099, adam.hamilton@rbccm.com

Brian Dong (Senior Associate)

(929) 491-9665, brian.dong@rbccm.com

June 4, 2026

Solstice Advanced Materials Inc. Outperform

NASDAQ: SOLS; USD 86.60RESEARCH Nuclear Webinar Highlights DD% AES EBITDA Price Target USD 100.00 ↑ 94.00

CAGR; Raise PT Scenario Analysis*

Our view: SOLS hosted a webinar on its AES (nuclear) business, highlighting

a tight US market, favorable pricing, and growth opportunities for the DownsideScenario CurrentPrice TargetPrice ScenarioUpside

business in both capacity and ancillary revenues. We remain positive on

the AES segment outlook, especially given the rising demand for nuclear 70.0019% 86.60 100.0016% 118.0037%

fuel, and SOLS's unique sole US converting asset. Backlogs in UF6 demand

*Implied Total ReturnsEQUITY (~$2.2B), firm off-take agreements, and contract price upgrading are Key Statistics

underpinning dd% EBITDA CAGR through 2030. As such, we think the UF6 Shares O/S (MM): 0.0 Market Cap (MM): 0

component of our ~$1.35B+ 2029E total company EBITDA bridge remains Dividend: 0.30 Yield: 0.3%

intact and raise our PT to $100 from $94 on greater confidence. Avg. Daily Volume: 2,127,122

RBC Estimates Key points: FY Dec 2024A 2025A 2026E 2027E

Supply Tightness and Pricing Dynamics. The UF6 conversion market Revenue 3,770.0 3,886.0 4,017.8 4,238.3

has tightened materially, driven by limited new primary supply, and a EBITDA, Adj 1,098.0 957.0 999.8 1,100.4

contraction in secondary supply (from ~34M kgU in 2018 to ~13M kgU in EPS, Adj Diluted 2.29 0.85 2.58 3.07

2025), and accelerating demand.