Terrestrial Energy Inc. · NASDAQ:IMSR
Terrestrial Energy — Investor Presentation (November 2025)
32 slides from Terrestrial Energy's investor presentation, November 2025
Slide 1: Delivering carbon-free thermal and electrical energy
Delivering carbon-free thermal and electrical energy NOVEMBER 2025
Slide 2: Disclaimer
Disclaimer This presentation (this “Presentation”) has been prepared by Terrestrial Energy Inc. (the “Company”) solely for informational purposes. This Presentation is intended to provide a general overview of the Company and its business. This Presentation should not be construed as a prospectus or
Slide 3: Investment Summary
Investment Summary Terrestrial Energy is a developer of small modular nuclear power plants using proprietary Integral Molten Salt Reactor (IMSR) technology, a Generation IV reactor technology. The IMSR delivers best-in-class capital efficiency and low-cost nuclear energy supply. Its pragmatic use of
Slide 4: Terrestrial Energy at-a-Glance
Terrestrial Energy $1.4 T at-a-Glance Current SAM 1 Directly addresses a $1.4 trillion SAM for industrial process heat and electricity in OECD markets and is expected to grow 35% to $1.9 T by 20501 65 years National laboratory proven and demonstrated technology Developer of the small and modular Int
Slide 5: IMSR Plant is Designed to Deliver Customized Energy Solutions to Industry
End-user heat / power (industry IMSR Plant is C / grid electric power) Designed to Deliver Co-located, IMSR Non-nuclear Thermal and Electric Facility (TEF) Customized Energy B Solutions to Industry A Dual IMSR Nuclear Separation of nuclear from thermal and Facility electrical systems allows: • Stand
Slide 6: IMSR Plant Innovation Reaches New Markets and Sectors
IMSR Plant Innovation Reaches New Markets and Sectors The IMSR Plant has the operational Industrial heat and power 1 Today, thermal energy (heat) for industrial processes is produced almost entirely from combustion of capability to supply three key, large oil, coal, and natural gas – forming a large
Slide 7: Terrestrial Energy's IMSR Plant Addresses the Weaknesses and Limitations of Legacy Nuclear Technology
Terrestrial Energy’s IMSR Plant Addresses the Weaknesses and Terrestrial Energy IMSR Legacy Nuclear Technology Limitations of Legacy Gen IV Advanced Modular Reactor LWR Gen II, III and III+ (including SMRs) Nuclear Technology While High capital efficiency due to: Low capital efficiency due to: Deliv
Slide 8: IMSR Uses Readily-Available and Inexpensive SALEU in its Fuel
IMSR Uses Readily-Available and Inexpensive Standard-Assay Low-Enriched Uranium (SALEU) in its Fuel Standard-Assay Low-Enriched Uranium High-Assay Low-Enriched Uranium SALEU HALEU (15-20) Uranium-235 <5% U-235 15-20% U-235 enrichment level $2,700 / kgU1 Cost $32,600 / kgU1 Terrestrial Energy IMSR (G
Slide 9: IMSR Plant Serves Two Vast and Linked Markets: Industrial Process Heat and Electricity
OECD OECD IMSR Plant Serves Two industrial heat market electricity market Vast and Linked Markets: ($800 B) ($600 B) Industrial Process Heat Industrials require clean firm low-cost thermal energy at high-temperatures for manufacturing processes. This is beyond ($0.8 T) and the capabilities of legacy
Slide 10: IMSR Plant at-a-Glance: High-temperature, Low-pressure Operation
IMSR Plant at-a-Glance: High-temperature, Low-pressure Operation with High Inherent Safety Delivers Superior Capital Efficiency Over Legacy Nuclear and other Gen IV Technologies 585 °C 44% vs 30% $8.6 $69 IMSR heat supply is best-in-class, vs Electricity is generated up to ~50% Exceptional levelized
Slide 11: Replaceable IMSR Core-unit Solves the Key Industrial Maintenance Challenge
Innovative and Patented Replaceable IMSR “Core-unit” Solves the Key Industrial Maintenance Challenge for the MSR, Releasing the technology’s commercial potential Cut-away reactor building, one of 01 IMSR Core-unit cut-away (illustrative) 02 two in the IMSR Plant (illustrative) All primary reactor co
Slide 12: IMSR is Built on 65 Years of National Lab Proven MSR Technology
IMSR is Built on 65 Years IMSR is a molten salt of National Lab Proven and Demonstrated MSR reactor that uses: Technology Fluoride salt chemistry 1958-1969 2010 Molten Salt Reactor (MSR) research • ORNL pre-conceptual design for SALEU-fueled once- program started in the 1950s1, 2 Small Modular Advan
Slide 13: Compared to Legacy Nuclear Technology, IMSR Offers Transformative Advantages
Compared to Legacy IMSR Plant Legacy Nuclear Plant Nuclear Technology, IMSR Coolant Molten Salt Water Temperature of Offers Transformative Thermal Supply Net Thermal Efficiency 585°C ~270°C Advantages on a Range of 44% ~30% of Electricity Generation Pressure Low: 1 bar (atmospheric) High: 55-150 bar
Slide 14: At Fleet Scales, IMSR Plant Offers Clean Firm Efficient Electricity Generation
At Fleet Scales, IMSR Plant Offers Clean Firm Efficient Electricity Generation at the Cost and Scale Required Unsubsidized high and low levelized cost of electricity (LCOE) across multiple power generation sources ($ / MWhe)1 Non- Dispatchable Baseload Non-Baseload Dispatchable Dispatchable $142 – $
Slide 15: IMSR Technology Fundamentals Drive Down the LCOE
IMSR Technology Fundamentals Drive Down the LCOE – Illustrative Inherent safety uses the natural Low pressure systems are more properties of the system itself and not complex robust and less complex than active mechanisms using control rods, pumps, high-pressure systems valves, and actuators $142 –
Slide 16: IMSR Plants can Uniquely Retrofit Existing Coal Plants
IMSR Plants can Uniquely “Retrofit” Existing Coal Plants for Carbon-free and Air Pollution-free Electricity Generation Nuclear in general and IMSR Retrofitting coal-to-nuclear results 1,2 Coal is dirty yet essential in particular are an ideal in significant primary and “hand-in-glove” solution3 seco
Slide 17: Milestone Progress
Milestone Progress Systematic development program for IMSR Plant with a 10-year track record of milestones achieved ✓ Initiated regulatory ✓ IMSR Plant selected by ✓ BWXT, Siemens, ✓ Entered an MOU with Zachry ✓ Construction of first commercial engagement with the USNRC and CNSC for Orano, Aecon, Gr
Slide 18: A Market Leader in Regulatory Engagement for Gen IV Reactors
Terrestrial Energy — AC TIVE ENG AGE ME N T – UNITED STATE S A Market Leader in • U.S. NRC engagement since 2017, with technical reviews, White Papers, and Topical Reports Regulatory Engagement • • First Gen IV reactor chosen for joint U.S. NRC/CNSC review (2021) U.S. NRC issued its Safety Evaluatio
Slide 19: Contracts Entered with Leading Group of Suppliers for Services and Components
Contracts Entered with Plant & Leading Group of Suppliers Infrastructure for Services and Components * Nuclear fuel * Blue-chip service and major component suppliers support deployment readiness R&D Awards to top-tier suppliers of engineering and operations services inspire nuclear market confidence
Slide 20: Terrestrial Energy is Scaling Up its IMSR Plant Project Pipeline
Terrestrial Energy is Scaling Up its IMSR Plant Project Pipeline Industrials Capital Utilities Data goods Market demand and policy Ammonia and centers Mining hydrogen developments are driving deployment in major markets H2 50+ 10+ Projects 15+ Portfolio of 50+ consortium relationships with the • Off
Slide 21: Business Model
Business Model Revenues start well before construction at site development project stage and last for the entire operation of the plant Terrestrial Energy’s Full project lifecycle business is to: Site and Project Development IMSR Plant Operations Supply engineering services for Development Scope and
Slide 22: Low-Capex Business Model Taps Four Revenue Streams
Cumulative Total Gross margin Segment Description revenue $M % % Site selection, site and use-specific Pre-construction services engineering studies for construction and licensing planning preparation $75 4% 31% Terrestrial Energy’s Construction Supply of services and components services & as set ou
Slide 23: Demand tailwinds for clean, firm power
Compelling demand tailwinds for clean, firm power for grid robustness, national and energy security requirements, and from AI datacenter construction growth Innovative, proven IMSR technology with transformative potential for nuclear energy supply Strategic market opportunity with early mover advant
Slide 24: Appendix
APPENDIX All rights reserved © 2025 Terrestrial Energy Inc. 24
Slide 25: IMSR Plant's Technology and Design Choices Drive Large Economic Advantages
IMSR Plant’s Technology and M O LT E N S A LT C O O L A N T Design Choices Drive Superior reactor coolant • High thermal stability Large Economic Advantages • High radiation stability • High heat capacity High thermal stability of molten salt enables safe high- temperature and low-pressure operation
Slide 26: IMSR has the Potential to Transform Nuclear Energy Supply
IMSR has the Potential to Transform Nuclear Energy Supply Generation I Generation II Generation III Generation III+ Generation IV Gen III with evolutionary Next-gen advanced Prototype reactors Large commercial reactors Evolutionary commercial reactors modular reactors (AMRs) improvements (inc. SMRs)
Slide 27: IMSR Captures Inherent Nuclear Safety, Unlike Legacy Nuclear Technologies
IMSR Captures Control Inherent Nuclear IMSR fission heat generation is inherently load-following. Fission power immediately drops to zero when heat demand ceases without operator Safety, Unlike intervention Legacy Nuclear Technologies Cool IMSR Plant technology and design incorporates inherent nucle
Slide 28: Illustrative IMSR Plant Unit Economics (USD M)
Illustrative IMSR Plant Unit Economics (USD M) ($ in M USD) Construction and Commissioning to T=0 Operating life Total plant life Revenue breakdown by phase <T-4 T-4 T-3 T-2 T-1 56 years 60+ years Revenues $774 $1,324 $2,098 Preconstruction services 75 - - - - - 75 $69 (10%) $389 Construction servic
Slide 29: Terrestrial Energy Leadership
A proven leadership team Terrestrial Energy Leadership A leadership team with extensive experience across scientific, commercial, and policy realms Simon Irish David LeBlanc, PhD William Smith, P. Eng. CEO, Director CTO, Director COO • Extensive investment banking • Globally recognized expert • Over
Slide 30: Terrestrial Energy Leadership
A proven leadership team Terrestrial Energy Leadership A leadership team with extensive experience across scientific, commercial, and policy realms Iftikhar Haque David O’Keefe Dara Harrison VP Nuclear Supply Chain VP, Business Development & Project VP Human Resources Management • Over 35 years of s
Slide 31: Glossary
Glossary Term Definition Base load The minimum amount of electric power delivered or required over a given time period at a steady rate. Core-unit The term to denote the vessel that contains the primary components of the IMSR, the reactor core, heat exchangers, pumps, etc. DOE and LPO The United Sta
Slide 32: Making transformative nuclear energy a commercial reality
Making transformative nuclear energy a commercial reality Join us. www.terrestrialenergy.com All rights reserved © 2025 Terrestrial Energy Inc. 32
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