Brian Lee

Widmar confirmed the Cypress Creek volume was already in backlog and sized three recently announced projects at about 5 gigawatts, half tied to Google.

Widmar declined to share the internal read on the likely 232 construct, saying only that the outcome should be constructive.

Mark explained Q2 margin headwind from lower Malaysia/Vietnam utilization offsetting freight and warehouse improvements. On pricing, 1.4 GW at $0.35 call-to-call includes 700 MW option tied to customer development acquisition. Half of volume sits in 2029 deliveries, encouraging outer-year momentum.

Mark quantified CuRe adder at 2.5-3 cents. Alex walked through margin bridge: $165M tariffs, $135M underutilization (~6 pts), $200M warehousing declining to $100M (~2 pts), plus $300M/yr of adjusters in 2027-2028 (~6 pts) to return to ~20% ex-IRA margin.

Mark confirmed $0.36+ entitlement and explained 3.7 GW balances with Perrysburg's 3+ GW domestic capacity for optimal domestic content blending. Will evaluate additional finishing capacity after 232 and FEOC clarity.

Mark acknowledged multiple pricing drivers but noted still in price discovery mode. Did not quantify specific contribution of each factor to the ASP uplift.

Mark detailed drivers including safe harbor activity through 2030, FEOC and AD/CVD catalysts, and a large customer whose Chinese supplier reneged. Another ~1 GW near term expected.

Alex confirmed guidance currently assumes First Solar absorbs 10% tariff costs but plans to negotiate with customers. Some pre-tariff inventory already in U.S. provides buffer.

Mark estimated 9-12 months for a finishing line given a building. Decision gated by IRA reconciliation outcome expected late Q3 or Q4 2025.

Alex provided specific quantification of 1.4 GW international book-and-bill dependency and detailed the back-end loading risk and warranty-related shipment delays.

Mark confirmed extensive safe harbor activity but noted customers and First Solar are pausing optimization until policy clarity emerges on tariffs and domestic content.

CEO conceded flat high-growth markets, split China into PQI strength versus water shrink, and flagged Latin America sales down year-over-year on project timing delays.

CFO confirmed Q2 2026 as the lapping point for tariff margin impact. Margin expansion to come from price-cost improvement, 30-35% volume fall-through, and some one-off tariff mitigation costs not repeating. Detailed February 2026 guidance will address specifics.

CEO attributed sequential PQI decline in Europe to equipment timing, not structural concern. Year-to-date European PQI growth remains at 6%. Steady consumables and CIJ growth continues.

CFO confirmed maintaining conservative flat-to-50bps full year margin guide given fluid tariff environment. Bigger improvement expected in Q4 but some investment spending built in for 2026 preparation, similar to Q4 2024 pattern.

CFO confirmed pricing will move from 1.3% toward higher end of 100-200bps historical range. No pull-forward seen in Q1. April order patterns normal. Pricing is one of three countermeasure levers alongside manufacturing footprint and supply chain.

CFO noted TraceGains dilution continues but cost optimization actions from Q4 don't repeat. R&D remains at elevated levels. Margin progression expected as TraceGains investment matures.

CFO broke down 350bps into four components: TraceGains dilution (~70bps), cost optimization actions ($7M sequential increase, ~120bps), R&D step-up, and higher equipment mix.

Stauch named awareness of WhisperFlo as a like-for-like replacement as the near-term fix, versus promoting IntelliFlo3 automation to customers who do not want it.

CEO noted combined residential businesses are on the lower side of Pentair's overall margin profile (teens), meaning they have the most ROS improvement potential. Historical segment data for 2023-2025 provided in earnings deck.

CEO noted large quantity of M&A opportunities emerging. Focus on quality and strategic fit (bolt-on/tuck-in). Slight adjacencies require high comfort with dynamics and return-generating multiples.

CFO broke down pool guide: ~2pts acquisition, ~5% price, volume slightly down from lower new pool demand, softer remodel, and bit softer aftermarket.

CFO confirmed Pool pricing at 1.5-2%, consistent with total company, not the higher 2-3% the analyst assumed.

CEO acknowledged the dynamic but declined to speculate, noting Pentair's own global manufacturing footprint provides flexibility.

Asked by Tyler Bisset on for Brian Lee. CEO cited broad discussions with hyperscalers, governments and international parties but kept the focus on getting TVA across the goal line.

CFO clarified the cash-flow-positive reference was to Milestone 3 under the PMA, with OEM first payments expected to net positive against PMA payouts.

CEO and CFO said the OEM contract follows PPA definitization and, using RoPower as a template, expect pre-FEED and licensing revenue plus staged OEM payments.

Hamady said payments roll into the next project if a term sheet does not convert to a PPA, so it is not money lost, a direct answer.

Hamady gave only a partial answer, orders come in stages, the OEM stage is net cash positive, and PMA payments eventually become self-funded.

Lee asked whether NuScale still targets its first US customer by year-end; management confirmed it is still forecasting hard contracts in place by the end of 2025, all US-based.

CFO attributed the higher CapEx to long-lead procurement and grid interconnection at Aurora INL (not an accelerated 2028 timeline) and the OpEx step-up to engineering headcount and first-of-a-kind expense classification.

Jake framed Part 57 as a culmination of over a decade of industry work, possibly usable later this year, though he flagged he did not know the exact rollout details.

CFO declined a project-by-project breakdown but said Idaho is a major piece, with spend expected to continue at similar levels into 2027.

Management said Meta anchors the pipeline and conversations with other potential customers have accelerated, without naming new binding deals.

Identified restructuring ($80M), build-on-operates CapEx, and system investments as main drags. Did not explicitly confirm conversion range.

Canada negligible, China reduced via post-COVID diversification, Mexico is largest exposure impacting MCS and Applied Water.