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- **Revenue & Profit Growth**: Q3 2025 revenue up 9% YoY to $869 million, operating margin expands to 19.6%, EPS guidance raised to $12.95-13.20 (19-21% YoY growth).
- **Free Cash Flow Strength**: $520-535 million free cash flow (105% conversion), with $450+ million share buybacks in 2025.
- **Strategic Growth Drivers**: 
  - **Defense Electronics**: 29.2% operating margin, 4% sales growth driven by embedded computing and tactical communications.
  - **Nuclear Expansion**: $3.9 billion backlog, 14% YoY order growth, targeting >$1.5 billion annual nuclear revenue by mid-2030s.
  - **AI & Automation**: Continued investment in AI-driven solutions for aerospace, defense, and industrial markets.
- **AP1000 Opportunity**: Potential $100-200 million+ per plant content in Poland, Bulgaria, and U.S., with first orders expected in 2026.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $869 million, up 9% YoY, driven by 6% organic growth across all segments. Operating income increased 14% YoY, with operating margin expanding 90 basis points to 19.6%.
- **Free Cash Flow**: $176 million for the quarter, up 8% YoY, with full-year guidance of $520-535 million (105% conversion rate). Capital expenditures increased 40% YoY to support growth.
- **2025 Guidance Update**: Sales growth raised to 10-11%, operating income growth to 16-19%, and EPS to $12.95-13.20 (19-21% YoY growth). Free cash flow conversion expected to exceed 105%.
- **Strategic Focus**: Continued investment in AI, nuclear technologies, and defense electronics to capitalize on long-term growth vectors in aerospace, defense, and energy markets.

**【CFO Financial Commentary】**
- **Segment Performance**: 
  - **Aerospace & Industrial**: 8% sales growth, 17% operating income growth, and 140 basis points margin expansion to 18.6%, driven by naval defense programs (Columbia/Virginia-class submarines) and commercial nuclear orders.
  - **Defense Electronics**: 4% sales growth, 19% operating income growth, and 270 basis points margin expansion to 29.2%, supported by embedded computing for UAVs and tactical communications.
  - **Naval & Power**: 12% sales growth, 14% operating income growth, and 20 basis points margin expansion to 16.6%, fueled by submarine programs and I&C Solutions' SMR development.
- **Liquidity & Capital Allocation**: $450 million+ share buybacks in 2025, maintaining strong balance sheet with $1.2 billion in available liquidity.

**【Q&A Key Highlights】**
- **AP1000 Reactor Content**: Potential for $100-200 million+ per plant (vs. historical $28 million/RCP), with Poland and Bulgaria orders expected in 2026. Free cash flow conversion to remain >105% despite elevated CapEx for nuclear capacity.
- **Government Shutdown Impact**: $50 million+ Defense Electronics orders delayed in Q3, but pipeline remains healthy with 1.1x book-to-bill and 3.9 billion backlog. Resolution expected to restore normal order flow within 30-45 days.
- **M&A Strategy**: Prioritizing acquisitions in defense electronics, nuclear, and aerospace with strategic fit and financial discipline. No major deals announced in 2025, but pipeline remains active.
- **Commercial Nuclear Momentum**: Record $3.9 billion backlog, 14% YoY order growth, and 16%+ sales guidance for 2025. Poland, Bulgaria, and U.S. AP1000 orders could drive >$1.5 billion annual revenue by mid-2030s.

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