瑞银-全球可持续性：核聚变能源：行业龙头近况盘点-Global Sustainability：Fusion power：check-in with industry leaders-20260420

a§

GlobalResearch

20April2026

GlobalSustainability

Fusionpower:check-inwithindustryleaders

Wehostedadinnerwithprominentfiguresinthefusionindustryandattendedalargeindustryconference.Seeourkeytakeawaysanddiscussionpointsfromtheevent(plusour

fusionprimer

).

●Ourtake:Playersinthefusionindustryaimtomovebeyondasciencechallengetocommercialisinganewpowersourceandsolvingengineeringchallengestobuildcost-competitivecommercialfusionpowerplants.Atthesametimegovernments(incl.inChina,Europe,theUS,Japan)areincreasingpublicfinancingforfusion.Wewaittoseeifthefusionindustrycanachievecommercialscalegiventhetechnologyisyetunproven.Webelieveacombinationof1)risinggovernmentsupport2)effortstoscaleupthefusionsupplychainand

3)potentialspilloverapplicationsinotherindustries(seebelow)makesfusionanindustryworthwatchingforemerginginvestingopportunities.

Tailwindsinclude:

1.Geopoliticalfactors("whogetstherefirst")thatcanbeanimportant

driver

offundingandpolicysupport(e.g.givenChina'sambitious

plans

infusionpower).Publicfundingisgrowing:e.g.UKSTEP(SphericalTokamakforEnergyProduction)with£

2.5

blnfundingfor5years,andGermanypledgingaround€2blninpublicfundingby2029,theUS

milestone-based

program,etc.SpeakersalsocommentedthatthecurrentconflictintheMiddleEastfurtherpushestheneedforenergysecurityandnewpowertechnologies.

2.Demandforpower(especiallyclean,"

abundant

"andbaseload),withAIasanimportantdriver(e.g.

Google

signedapowerpurchaseagreementwithCommonwealthFusionSystems).

Supplychainsneedtobescaledup:

●Dependenciesremain,

e.g.in

criticalmaterialsandmanufacturingcapabilities,suchasHTS(high-temperaturesuperconducting)

tapes,

primarilyproducedinJapanandChina.Speakersagreedthatgovernmentsupportandcollaborationbetweenfusioncompaniesmaybeneededtoestablishsecureandcost-competitivesupplychains.

●Whilethemajorityoffusioncompaniesarestillprivate,wenoteonewayforequityinvestorstogetexposuretofusionmaybethroughthesupplychain.Thiscouldincludeindustriesthatproduceequipmentsimilartothatrequiredinfusion(e.g.vacuumvessels,pipingandrefrigeratingequipment)aswellasfusion-specificproducts(e.g.HTSmagnets).

Equities

Global

GlobalSustainability

AlisaDudchak

Analyst

alisa.dudchak@

+44-20-75670844

VictoriaKalb

Analyst

vicki.kalb@

+65-64954584

CharlesFruitiere

Analyst

charles.fruitiere@

+44-20-75674123

MarkFreshney

Analyst

mark.freshney@

+44-20-75683989

KenLiu

Analyst

ken.liu@

+852-29717516

JonWindham,CFA

Analyst

jon.windham@

+1-617-478-4711

LeighaMiyata

Analyst

leigha.miyata@

+81-3-52087101

ESG

Environmental

Social

Governance

●Speakersalsohighlightedtheneedtoaddresstalentandtradelabourchallengesforfusiontobecomecommercial.ThisisarecurringprobleminotherindustriesintheESGteam'sfocus,e.g.nuclear,

criticalmaterials,

defence,etc.

●Deuterium-tritium,seenasthemostcrediblefuelforfusion,remainsabottleneckgiventritiumisveryexpensiveandlimitedinquantityglobally(seemoreinour

fusionprimer

;note:otherfueloptionsareexploredtoo).Initialquantitiesoftritiumwouldneedtobeprocured(mainlyavailableasaby-productofheavywaterfissionreactors).Afterthat(intheabsenceofothersolutions)thefusionmachineswouldneedtoproducetritiuminthefusionprocesswith'tritium-breedingblankets'suchasliquidlithium.Therefore,thepotentialoffusiontoscalecommerciallyreliesontheyetuntestedabilityoffusionmachinestobreedtritium,thoughcompaniesstatethephysicsofthisprocessarewell

ThisreporthasbeenpreparedbyUBSAGLondonBranch.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURES,iNcLuDiNGiNFoRmAtioNoNtHEQuANtitAtivEREsEARcHREviEwpuBLisHEDByUBS,BEGiNoNpAGE4.

GlobalSustainability20April2026婚§2

understood.

●Thescientificandengineeringachievementsoffusionresearchcouldbenefitotherindustries.Examplesincludemilitarysector(e.g.anti-dronesoranti-missilesusecases),medicalsector,andthepotentialuseofHTStechnologyforefficientdeliveryofpower.HTSletselectricityflow(virtually)withoutresistance,unlikecopper-basedcables,meaningmoreefficientpowerdeliveryandlessheating.Oneofthe

uses

ofthistechnologycouldbeforAIdatacenters.

●InvestorswereinterestedinLCOE(levelisedcostofelectricity)offusiontounderstanditscompetitivenesswithotherpowersources.Companiesstressedthatgiventheveryearlystageoftheindustry,LCOEcalculationsrelyonarangeofassumptionsthatmayvarysignificantlywithtime.Speakersexpressedaviewthatunderanoptimisticscenario,fusioncouldeventuallybecompetitive.Separately,GeneralFusion

disclosed

theirLCOEestimatesforannth-of-a-kindfusionplantof64-73USD/MWh.OnespeakerreiteratedthatLCOEinisolationdoesnotreflectafullvalueoffusionasbaseloadcleanpowerthatisoftenconsidered

inherently

safe

.

GlobalSustainability20April2026婚§3

ValuationMethodandRiskStatement

TheimmediateriskinrelationtothesubjectmattercoveredbyUBS'sGlobalSustainabilityTeamarisesfromalackofdefinitioninthefield,reflectedinthemanynamesandacronymsinusebypractitioners:sustainability;responsibleinvestment(RI);sociallyresponsibleinvestment(SRI);ESG(environmental,socialandgovernance)investment;ethicalinvesting,impactinvesting,etc.Thefieldcoversanenormousrangeofpotentialissuesand,overtime,theirimportancefluctuates.Atthetimeofwriting,webelievetheissuesraisedinthisresearchtoberelevanttoinvestors,butthismaychange.Additionally,thisresearchshouldnotbereadasacompleteordefinitiveaccountofallrelevantissuesforfirms.Althoughweattempttoaddressallsignificantornascentissues,thesemaynotalwaysbeapparent,andthesemaychangeovertime.

GlobalSustainability20April2026婚§4

RequiredDisclosures

ThisdocumenthasbeenpreparedbyUBSAGLondonBranch,anaffiliateofUBSAG.UBSAG,itssubsidiaries,branchesandaffiliates,includingformerCreditSuisseAGanditssubsidiaries,branchesandaffiliatesarereferredtohereinas"UBS".

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/

quantitative

,orcontactyourUBSsalesrepresentativeforaccesstothereportortheQuantitativeResearchTeamon

ubs-quant-

answers@

.AconsolidatedreportwhichcontainsallresponsesisalsoavailableandagainyoushouldcontactyourUBSsalesrepresentativefordetailsandpricingortheQuantitativeResearchteamontheemailabove.

AnalystCertification:

Eachresearchanalystprimarilyresponsibleforthecontentofthisresearchreport,inwholeorinpart,certifiesthatwithrespecttoeachsecurityorissuerthattheanalystcoveredinthisreport:(1)alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthosesecuritiesorissuersandwerepreparedinanindependentmanner,includingwithrespecttoUBS,and(2)nopartofhisorhercompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedbythatresearchanalystintheresearchreport.

UBSGlobalResearch:GlobalEquityRatingDefinitions

12-MonthRating

Definition

Coverage1

IBServices2

Buy

FSRis>6%abovetheMRA.

54%

24%

Neutral

FSRisbetween-6%and6%oftheMRA.

40%

21%

Sell

FSRis>6%belowtheMRA.

6%

21%

Source:UBS.Ratingallocationsareasof31March2026.

1:Percentageofcompaniesundercoveragegloballywithinthe12-monthratingcategory.

2:Percentageofcompanieswithinthe12-monthratingcategoryforwhichinvestmentbanking(IB)serviceswereprovidedwithinthepast12months.

KEYDEFINITIONS:ForecastStockReturn(FSR)isdefinedasexpectedpercentagepriceappreciationplusgrossdividendyieldoverthenext12months.Insomecases,thisyieldmaybebasedonaccrueddividends.MarketReturnAssumption(MRA)isdefinedastheone-yearlocalmarketinterestrateplus5%(aproxyfor,andnotaforecastof,theequityriskpremium).UnderReview(UR)StocksmaybeflaggedasURbytheanalyst,indicatingthatthestock'spricetargetand/orratingaresubjecttopossiblechangeinthenearterm,usuallyinresponsetoaneventthatmayaffecttheinvestmentcaseorvaluation.EquityPriceTargetshaveaninvestmenthorizonof12months.

EXCEPTIONSANDSPECIALCASES:UKandEuropeanInvestmentFundratingsanddefinitionsare:Buy:Positiveonfactorssuchasstructure,management,performancerecord,discount;Neutral:Neutralonfactorssuchasstructure,management,performancerecord,discount;Sell:Negativeonfactorssuchasstructure,management,performancerecord,discount.CoreBandingExceptions(CBE):Exceptionstothestandard+/-6%bandsmaybegrantedbytheInvestmentReviewConsultation(IRC).FactorsconsideredbytheIRCincludethestock'svolatilityandthecreditspreadoftherespectivecompany'sdebt.Asaresult,stocksdeemedtobeveryhighorlowriskmaybesubjecttohigherorlowerbandsastheyrelatetotherating.Whensuchexceptionsapply,theywillbeidentifiedintheCompanyDisclosurestableintherelevantresearchpiece.

GlobalSustainability20April2026婚§5

Researchanalystscontributingtothisreportwhoareemployedbyanynon-USaffiliateofUBSSecuritiesLLCarenotregistered/qualifiedasresearchanalystswithFINRA.SuchanalystsmaynotbeassociatedpersonsofUBSSecuritiesLLCandthereforearenotsubjecttotheFINRArestrictionsoncommunicationswithasubjectcompany,publicappearances,andtradingsecuritiesheldbyaresearchanalystaccount.Thenameofeachaffiliateandanalystemployedbythataffiliatecontributingtothisreport,ifany,follows.

UBSAG,SingaporeBranch:VictoriaKalb.UBSAGHongKongBranch:KenLiu.UBSAGLondonBranch:AlisaDudchak,CharlesFruitiere,MarkFreshney.UBSSecuritiesJapanCo.,Ltd.:LeighaMiyata.UBSSecuritiesLLC:JonWindham,CFA.

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GlobalSustainability20April2026婚§6

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GlobalSustainability20April2026婚§7

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