Hello everyone, yesterday's company presentation seems to have inspired you with its triple-digit profit growth. There were even a few comments from users I didn't know. That made me happy, as did the many👍 of course.

Thank you, my dears.

So in the morning I thought about what would be an exciting company for the dear community. And suddenly I remembered the exciting post from dear @Anderle came to mind again.

And so I had already found a company with triple-digit profit growth. My dear @Anderle thanks for the inspiration.

I would like to start right at the beginning. The company is a little volatile due to its low market capitalization, as can be seen from the chart.

Therefore, it may not be the right choice for every investor. Due to the specialization in a very sensitive area, I see a moat here and therefore potential.

What is your opinion here?

I look forward to many comments

$PESI (-2,1%)

Perma-Fix links management remuneration for 2026 to performance targets

Perma-Fix Environmental Services, Inc. is a nuclear services company, which provides nuclear and mixed waste management services. The company operates in two segments: Treatment and Services. The Treatment segment includes the treatment, processing and disposal of nuclear, low-level radioactive, mixed, hazardous and non-hazardous waste, as well as research and development (R&D) activities to identify, develop and implement innovative waste processing techniques for problematic waste streams. The Services segment includes technical services, nuclear services and the company's own calibration and maintenance laboratory, which takes care of the maintenance, calibration and procurement of instruments for health physics, industrial hygiene (IH) and customized nuclear, environmental and occupational safety (NEOSH) instruments. The company's technical services provide professional radiological measurements and site surveys of large government and commercial facilities using advanced methods, technologies and techniques.

Number of employees: 299

Perma-Fix share: capacity tripled

Perma-Fix Environmental Services has been able to process three times more liquid mixed waste since the beginning of the year. The expanded permit strengthens its position for Hanford Site contracts and improves the market environment.

08.02.2026, 15:08

Briefly summarized:

• Permit triples processing capacity at Richland
• Focus on waste streams from the state-owned Hanford Site
• Portfolio expanded to include macroencapsulation
• Annual results expected for mid-March 2026

Perma-Fix Environmental Services is on the verge of an operational turnaround. Since January 2026, a new permit at the Richland, Washington, site has enabled the processing of three times more liquid mixed waste than before. This raises the question of how efficiently the company can use the existing infrastructure for these significantly higher volumes.

Focus on Richland and Hanford

The key growth driver is currently the cooperation with the US Department of Energy. The processing of waste from the Hanford Site forms the backbone of capacity utilization at Richland. Perma-Fix can now handle much larger volumes of waste thanks to the significant expansion of official approvals.

The company is also expanding its portfolio to include macro-encapsulation. This step improves its competitive position in future tenders, as a wider range of waste types is covered. How quickly can this new potential be translated into real margin growth?

Industry trends as catalysts

The market environment is currently playing into the company's hands. The renaissance of nuclear energy and stricter environmental regulations are increasing the need for specialized remediation. In particular, the destruction of "perpetual chemicals" (PFAS) using new, incineration-free technologies is becoming increasingly important. Proprietary processes, which have a lower environmental impact and could therefore secure the contract for new service agreements, are seen as a potential price driver.

Long-term contracts, for example with the US Navy, ensure a calculable base load in the radiological services business. The dismantling of old nuclear facilities also offers a steady pipeline of projects.

The publication of the annual results in mid-March 2026 marks the next important date for investors. The financial report will provide information on the extent to which the backlog of orders has been reduced and what operational benefits the extended Richland license has already left behind in the figures.

Perma-Fix Aktie: Kapazität verdreifacht - Stock World

Distribution of turnover by business division 2024

Treatment USD 34.95 million

Services USD 24.16 million

Geographical distribution of sales 2024

United States USD 56.66 million

Germany 734,000

United Kingdom 553,000

Canada 513,000

Mexico 394,000

Slovenia 181,000

Italy 77,000

International growth

Italy - Joint Research Center (JRC) contract

- 50 million euro contract over 7 years joint venture with 50/50 split

- Contract progressing rapidly, first waste delivery at the end of 2026

Other international initiatives

- Supply of resins from Slovenia for testing for a long-term agreement

- Ongoing customer discussions in Germany to establish a joint venture to increase deliveries up to 300 tons per year

- Recent orders from Mexico and Canada included over USD 7 million in revenue, which is expected to continue in 2026 through ongoing procurements

Perma-Fix exceeds profit forecasts for Q3 2025 - share price rises sharply

Published on 10.11.2025, 16:43

Perma-Fix berichtet die Finanzergebnisse und liefert Geschäftsupdates für das dritte Quartal 2025 :: Perma-Fix Environmental Services, Inc. (PESI)

I nvestor Presentation: December 2025

*PESI+New+Investor+Presentation+-+December+2025+-+FINAL.pdf

USD in millions

Estimates

Year Turnover Change

2024 59,12 -34,12 %

2025 63,7 7,75 %

2026 103,5 62,48 %

2027 156,9 51,59 %

Year EBIT Change

2024 -15,68 -2.174,34 %

2025 -10,3 34,32 %

2026 6 158,25 %

2027 21,8 263,33 %

Year Net result Change

2024 -19,98 -4.219,38 %

2025 -9,6 51,95 %

2026 6,4 166,67 %

2027 22,2 246,87 %

Year CAPEX Free cash flow change

2024 3,405 -17,55 -495,83 %

2025 4,6 -14 20,23 %

2026 4,5 4,9 135 %

2027 3,3 22,7 363,27 %

Year EBIT margin EBITDA margin

2024 -26,53 % -23,26 %

2025 -16,17 % -12,87 %

2026 5,8 % 9,08 %

2027 13,89 % 16,63 %

Year P/E ratio PEG earnings per share

2023 197x -2x 0.04

2024 -8.32X 0x -1.33

2025 -30.3x 0.5x -0.52

2026 47.8x -0x 0.33

2027 13.7x 0x 1.15

Market value 291.8

Number of shares (in thousands) 18,518

Date of publication 13.03.2025

My dears, I am thrilled by this almost tripling of the net result. Which is not only achieved by this very good increase in margins, but also by double-digit sales growth.

💰 3rd EV/EBITDA from 2026 suddenly becomes attractive

The picture changes from 2026:

• 2026: 11.2x EV/EBITDA
• 2027: 11.2x → 8-10x depending on estimate (starting from 26.1m EBITDA)

My dears, that would be cheap to fairly valued.

For a company in the nuclear waste sector, an EV/EBITDA of 10-12x would be would be absolutely fair to favorableif:

 margins become sustainable

 the order situation remains stable

 government spending in the nuclear sector continues to rise

🧨 4th P/E ratio is unusable - until 2027

The P/E ratio series is a prime example of why you shouldn't look at the P/E ratio in turnaround cases. should not look at the P/E ratio:

• 2024: -8.32x
• 2025: -30.3x
• 2026: 47.8x
• 2027: 13.7x

Only in 2027 does the P/E ratio of 13.7x make any sense at all - and that would then be attractiveif the estimates come true.

🧭 6. overall assessment: The multiples look favorable - if the turnaround is real

Positive

• EV/Sales falls sharply → Valuation becomes more favorable
• Realistic, attractive EV/EBITDA multiples emerge from 2026/27 onwards
• The sector has a structural tailwind (nuclear, DOE projects, infrastructure)

🧩 6. overall picture: what does this mean for the share?

Perma-Fix is not a normal small capbut a DOE contractor with nuclear specialization.

The order situation is very strong because:

• Sales estimates are exploding
• margins will increase massively from 2026
• the business model is clearly DOE-driven
• the website confirms the full nuclear/radiology focus

🏛️ What is the DOE?

DOE stands for the U.S. Department of Energywhich is the US Department of Energy.

It is one of the most powerful and well-funded authorities in the USA, responsible for:

• nuclear energy
• nuclear weapons programs
• decommissioning of old nuclear facilities
• radioactive waste disposal
• Research & development in the energy sector

Especially the area of Nuclear Cleanup is gigantic: The DOE manages the world's largest nuclear legacy - remnants from the Manhattan Project, the Cold War and various research programs.

My dears, DOE only allows a few specialized companies. It's a moat for perma-fix

@Klein-Anleger
@Get_Rich_or_Die_Tryin
@Dividendenopi

$PESI (-2,1%)

Dear Community,

Where the hunger for energy is being met by nuclear power and the new generation of Small Modular Reactors (SMRs), a massive growth market for downstream services is inevitably emerging.

This applies above all to nuclear waste disposal, the professional dismantling of old plants and the recycling of fuels and water.

Since there is currently no pure "nuclear waste ETF" (at least that I am aware of), we investors must focus on specialized individual stocks that are global leaders in the disposal of uranium and contaminated components (including water).

1. the operational heavyweights for dismantling and disposal

• Veolia ($VIE (-2,06%)
  ): Although Veolia is primarily perceived as a global environmental services provider, it also operates a nuclear power plant with Veolia Nuclear Solutions a highly specialized division. As the global market leader in robot-assisted cleaning and the dismantling of highly radioactive sites (such as Fukushima), they are indispensable. They offer technologies for the vitrification of waste ("vitrification", the transformation of liquid or solid nuclear waste into a solid glass body) and for water treatment in contaminated areas. Veolia thus bridges the gap to the traditional water business and covers two key areas in its portfolio at the same time.

• Fortum ($FORTUM (-2,77%)
  ): The Finnish energy group is a hidden champion of nuclear aftercare. In addition to operating power plants, Fortum offers specialized services for the purification of radioactive liquids (NUKEM technology) and final disposal. They are a key player in European waste management standards.

• Jacobs Solutions ($J (-2,39%)
  ): The US engineering services giant manages major government nuclear sites such as Sellafield (UK) and Hanford (USA). Its focus is on program management for the long-term storage of fuel elements. The SMR connection is particularly exciting: Jacobs is already advising numerous developers on planning the entire life cycle, including disposal.

• Perma-Fix Environmental Services ($PESI (-2,1%)
  ): Perma-Fix is regarded as one of the few genuine "pure plays". The company operates its own facilities for the treatment of nuclear and mixed waste. Its core competence lies in massively reducing the volume of nuclear waste before it is transferred to a final repository.

2 The fuel cycle: Cameco and Westinghouse

Cameco ($CCO (-0,34%)
) is primarily known as a uranium producer, but together with Brookfield Asset Management holds a majority stake in Westinghouse Electric Corporation (electrical engineering). The company thus covers the entire cycle:

• Operations: Cameco produces uranium concentrate (yellowcake), while Westinghouse supplies the reactor technology and maintenance.

• Disposal expertise: Through Westinghouse, Cameco covers the lucrative "back end". This includes the decontamination of process water as well as the conditioning and volume reduction of of radioactive waste.

• Dismantling service: As a technological market leader, the team offers solutions for the dismantling (D&D) of old plants, using specialized filter systems to clean contaminated liquids.

• Market model: Sales are stable through long-term supply contracts. The service division makes the company less dependent on fluctuations in the uranium price, as maintenance and waste treatment are permanent tasks required by law.

Energy Fuels ($UUUU (-2,65%)
): This company occupies a strategic niche. In its White Mesa Mill they recover uranium from residual materials and waste from other industries. This positions Energy Fuels as a pioneer in "uranium recycling", which reduces dependence on primary extraction and makes waste streams economically viable.

3. specialty materials and water technology

In the nuclear industry, water is not only a coolant, but often also a transport medium for contaminants. This is where the technology leaders come into play:

• Xylem Inc. ($XYL (-0,24%)
  ): As a pure water technology company, Xylem supplies the heavy-duty pumping and filtration systems that are essential for the cooling circuits of modern reactors and subsequent wastewater treatment.

• Danaher Corporation ($DHR (-1,77%)
  ): Via the divested environmental division Veralto Danaher offers high-precision analytical instruments for monitoring water quality - a critical component for detecting leaks and contamination in real time.

• Umicore ($UMI (-4,99%)
  ): The materials technology group is pursuing a "closed-loop" model. In the long term, its expertise in recovering metals from complex industrial waste could play a role in the recycling of power plant components.

The new generation of reactors: SMR specialists in detail

When it comes to direct energy supply for the AI sector, two companies are in the spotlight:

• NuScale Power ($SMR
  ): The conservative pioneer relies on proven light water reactor technology (VOYGR™). As NuScale traditionally relies on water, the need for water technology (pumps, filters from suppliers such as Xylem) is extremely high. This makes NuScale an ideal partner for traditional infrastructure investors.

• Oklo Inc.$OKLO
  ): The radical innovator (supported by Sam Altman) develops "fast reactors". The key feature: these can be fueled with recycled nuclear waste (HALEU). Oklo transforms a disposal problem directly into an energy source and thus addresses the waste problem at its root.

Strategic conclusion

If you want to bridge the gap between water cooling and waste disposal, you will find in Veolia the most stable connection.

Jacobs Solutions and Perma-Fix are the most direct options for physical dismantling.

Energy Fuels offers an exciting bet on the recycling of uranium residues, while Xylem and Danaher provide the indispensable technological basis for water management in a nuclear renaissance.

However, the decisive strategic winner of the current nuclear renaissance could be the team of Cameco & Westinghouse ($CCO) (-0,34%) could be:

By merging uranium mining and reactor technology, they have created a vertically integrated business model. They not only profit from the sale of the fuel, but also control the entire downstream value chain via Westinghouse - from the purification of the process water to the final storage preparation.

As a result, Cameco has risen from a pure mining player to an indispensable infrastructure partner for the energy and AI economy.

In addition, the 80 billion dollar agreement with the US government agreed at the end of 2025 is likely to have cemented Cameco's long-term market leadership in the West (https://de.marketscreener.com/boerse-nachrichten/westinghouse-electric-cameco-und-brookfield-starten-80-milliarden-dollar-offensive-fuer-atomkraft-in-ce7d5ddcd88cf127).

Risk analysis

The nuclear renaissance is more real today than it was ten years ago, but as investors we need to look at two sides of the coin:

Opportunities through regulatory certainty: Waste disposal and dismantling are not "optional services", but permanent tasks prescribed by law. Financing is often already secured by existing provisions of the groups, which makes the service providers (Veolia, Jacobs, Perma-Fix) crisis-resistant.

Risks: Political risks remain. A change of government can delay approval processes for final storage facilities. In addition, the sector is highly emotional; ESG ratings often (still?!) determine how much capital actually flows into the shares.

Could water and waste management technology end up being the safer investment than the actual SMR builders, because it makes money from every technological outcome? How do you see the risk/reward ratio?

Best regards and thank you very much for the positive response and all the feedback on my previous and very first post ✌🏼

Anderlé