Centrus Energy Corp. (LEU): PESTLE Analysis [Nov-2025 Updated]

You're looking for a clear, no-nonsense breakdown of Centrus Energy Corp. (LEU) to map out its strategic landscape, and honestly, the PESTLE analysis hits the nail right on the head. The direct takeaway is this: Centrus is a critical, government-backed strategic asset, but its near-term financial growth, while strong, is heavily reliant on the timing of massive government funding decisions and the execution of its unique High-Assay Low-Enriched Uranium (HALEU) technology.

Here's the quick math on their current momentum: Centrus is projecting full-year 2025 revenue of around $448.6 million, with a consensus earnings per share (EPS) estimate of $4.58, showing that the market is defintely pricing in this strategic value. They also hold a massive $3.9 billion revenue backlog extending to 2040. Still, the long-term story is all about the PESTLE factors below, especially how they navigate the political tailwinds and the environmental realities of nuclear fuel production.

Political Factors: Government Urgency and Scrutiny

The political environment is Centrus's biggest tailwind, but it's not without turbulence. The US government's ban on Russian uranium imports, set to fully phase in by 2028, creates an urgent need for domestic supply. This urgency is why Centrus received a Department of Energy (DOE) waiver for Russian Low-Enriched Uranium (LEU) imports for its 2025 contracted deliveries-a temporary lifeline while the US ramps up. Plus, there's strong bipartisan support for domestic nuclear fuel, backed by over $2.72 billion in federal appropriations. That's a huge capital injection. But, to be fair, the DOE Inspector General audit in July 2025 criticized the sole-source contract process for the High-Assay Low-Enriched Uranium (HALEU) program, so expect continued scrutiny.

Economic Factors: Secured Revenue and High Prices

Economically, Centrus is sitting pretty with solid visibility. The full-year 2025 revenue consensus estimate is strong at $448.6 million, reflecting their current market positioning. More importantly, they have a $3.9 billion revenue backlog that stretches all the way through 2040. That's fifteen years of secured cash flow. Global Separative Work Unit (SWU) prices-the measure of the effort needed to enrich uranium-are high right now because of geopolitical supply chain disruptions. Also, demand for nuclear power is surging, especially from industrial users like data centers that need stable, carbon-free electricity. It's a seller's market for fuel.

Sociological Factors: Public Support and Workforce Challenge

Public perception is shifting dramatically in Centrus's favor. Sociologically, support for nuclear energy is high, with 72% of Americans favoring its use in 2025. This goodwill helps smooth expansion plans. The expansion of the Piketon, Ohio facility is a massive local benefit, expected to create 1,000 construction jobs and 300 new operations jobs in a region that really needs them. Still, ramping up a nuclear-qualified workforce is tough. Hiring requires extensive, specialized training and top-level security clearances, posing a real challenge for rapid scale-up.

Technological Factors: HALEU Monopoly and SMR Enablement

Centrus has a unique technological edge. They are the only U.S. company currently licensed to produce High-Assay Low-Enriched Uranium (HALEU)-a fuel that's enriched up to 20% U-235, compared to the standard 5%. In June 2025, they completed Phase 2 of the DOE HALEU contract, delivering 900 kilograms of fuel. The DOE immediately exercised a Phase 3 option for HALEU production valued at approximately $110.0 million through June 30, 2026. This HALEU technology is crucial because it enables smaller, safer advanced Small Modular Reactors (SMRs) and helps reduce the overall volume of nuclear waste.

Legal Factors: Strict NRC Oversight and Compliance

The legal landscape is defined by strict regulatory oversight. Centrus's operations fall under the rigorous Nuclear Regulatory Commission (NRC) license SNM-2011 for the American Centrifuge Plant. They must continuously secure waivers to comply with the Prohibiting Russian Uranium Imports Act until the 2028 ban is fully phased in. Plus, any new operations, like the HALEU cascade, require continuous NRC approval for nuclear materials handling and security plans. It's a slow, deliberate process, but necessary for public trust and safety.

Environmental Factors: Carbon-Free Goal vs. Waste Reality

The environmental story is a bit of a mixed bag, but mostly positive for the long-term. HALEU production directly supports the global push for carbon-free electricity generation-a huge selling point for investors and utilities. However, the process itself generates low-level radioactive, mixed, and hazardous waste that requires strict offsite disposal protocols. That's the cost of doing business. The good news is that the advanced reactor designs that use HALEU can inherently reduce the overall volume of spent nuclear fuel waste compared to current reactors.

Centrus Energy Corp. (LEU) - PESTLE Analysis: Political factors

The political environment for Centrus Energy Corp. is defined by a hard pivot toward energy security, creating both a massive market opportunity and significant regulatory scrutiny. The US government's push to end reliance on Russian nuclear fuel is the single most important political driver, but the company must navigate the compliance risks associated with its current contracts and past government awards.

US government ban on Russian uranium imports by 2028 creates a domestic supply urgency

The Prohibiting Russian Uranium Imports Act, signed into law in May 2024, mandates a full phase-out of Russian-sourced low-enriched uranium (LEU) by January 1, 2028. This is a clear, non-negotiable deadline for the nuclear industry. The urgency is real because Russia currently supplies about 25% of the enriched uranium used by the US fleet of 94 commercial reactors. Centrus Energy, which operates as a key reseller, is positioned to capitalize on this supply gap, but it must rapidly transition to domestic production or alternative non-Russian sources. The ban is a defintely a game-changer for domestic enrichment capacity.

• Urgency: Replace approximately 25% of US enriched uranium supply by 2028.
• Legislation: Prohibiting Russian Uranium Imports Act (signed May 2024).
• End Date: Full prohibition takes effect January 1, 2028.

Centrus Energy received a DOE waiver for Russian Low-Enriched Uranium (LEU) imports for 2025 contracted deliveries

To avoid immediate disruption to US nuclear power plants, the Department of Energy (DOE) created a waiver process. Centrus Energy has successfully secured authorization to continue importing Russian-sourced LEU to fulfill its pre-existing delivery commitments. The initial waiver covered 2024 and 2025 deliveries, but the DOE granted a critical extension on August 4, 2025, which authorizes the company to import LEU for all currently committed deliveries to US customers through the end of 2027. This gives Centrus a crucial buffer period to build out its own domestic capacity, specifically at its Piketon, Ohio, facility, before the ban becomes absolute.

Here's the quick math: The waiver buys Centrus nearly 30 months of operational flexibility from the August 2025 extension date, which is essential since the company still relies on external sourcing for the bulk of its LEU segment revenue.

Bipartisan support for domestic nuclear fuel is strong, backed by over $2.72 billion in federal appropriations

The political will to rebuild the US nuclear fuel supply chain is robust and bipartisan. Congress allocated up to $2.72 billion in the final appropriations legislation for fiscal year 2024 (FY2024) to support domestic production of both conventional LEU and High-Assay Low-Enriched Uranium (HALEU). This funding, channeled through the Nuclear Fuel Security Act, is designed to create a guaranteed government buyer for American-made fuel, spurring private investment. This is a direct, tangible subsidy for the domestic enrichment industry, which Centrus, as the only US company currently producing HALEU, is uniquely positioned to benefit from.

What this estimate hides is that the funding is contingent on the Russian import restrictions being in place, which they are. This massive federal commitment signals long-term government support, reducing the political risk for private capital looking to invest in Centrus's expansion plans.

DOE Inspector General audit criticized the sole-source HALEU contract award process in July 2025

Despite the strong political tailwinds, Centrus faces political risk from past contracting practices. A Department of Energy Office of Inspector General (OIG) report, DOE-OIG-25-25, released on July 2, 2025, criticized the Office of Nuclear Energy for its 2019 sole-source contract award to American Centrifuge Operating, LLC, a Centrus subsidiary, for the HALEU Demonstration Project. The OIG found that the Office of Nuclear Energy circumvented the Federal Acquisition Regulation (FAR) rules, constraining competition and using a pre-award Memorandum of Understanding to lock in Centrus as the provider.

The audit specifically noted that the contract was awarded to a contractor with known financial risks at the time of the award. While the OIG did not make formal recommendations due to the age of the 2019 decision, the report serves as a political warning. Future government contracts, especially for the massive HALEU supply chain build-out, will likely face heightened scrutiny and demand full and open competition. This means Centrus cannot rely on sole-source awards for its future growth; it must win competitive bids.

Centrus Energy Corp. (LEU) - PESTLE Analysis: Economic factors

The economic outlook for Centrus Energy Corp. is exceptionally strong in 2025, driven by a structural supply deficit in the nuclear fuel market and a new, massive demand catalyst from the technology sector. The company's financial stability is underpinned by a substantial, long-term revenue backlog, giving them clear visibility in a volatile commodity environment.

Full-year 2025 Revenue Consensus and Long-Term Backlog

Centrus has a solid financial foundation heading into the end of 2025. The full-year 2025 revenue consensus estimate stands at $448.6 million, reflecting a strong market position despite some quarterly revenue volatility due to contract mix. This near-term revenue is just a small part of the story, though.

The real economic strength lies in the company's long-term revenue visibility, secured by a $3.9 billion backlog extending through 2040. This backlog, which includes long-term sales contracts for low-enriched uranium (LEU) and High-Assay, Low-Enriched Uranium (HALEU), is a defintely a key differentiator in the nuclear fuel space, insulating Centrus from immediate spot market swings.

Here's a quick snapshot of the financial visibility:

Global Separative Work Unit (SWU) Prices are High

The global Separative Work Unit (SWU) market-the measure of effort required to enrich uranium-is experiencing a dramatic price surge due to geopolitical supply chain disruption. Russia controls roughly 40% of global enrichment capacity, and the conflict in Ukraine, combined with U.S. import restrictions, has created a major supply bottleneck in the West.

The spot LEU SWU price has soared, reaching as high as $220 per SWU in November 2025, a massive increase from approximately $56 just three years prior. What this estimate hides, however, is that Centrus's reported SWU revenue in Q3 2025 showed a 69% decrease in the average price of SWU sold compared to the prior year. This simply means their existing long-term contracts are rolling off at lower, pre-surge prices. This lag is actually an opportunity, as those contracts will be reset at much higher market-linked prices in the coming years, positioning Centrus for significant revenue growth in 2026 and beyond.

Increasing Nuclear Demand from Industrial Users

The most compelling new economic tailwind is the surging demand for stable, carbon-free electricity from industrial users, particularly hyperscale data centers. The proliferation of Artificial Intelligence (AI) has made reliable baseload power a strategic asset, and nuclear is the only source that can deliver it 24/7 at the necessary scale. U.S. data center electricity consumption is projected to grow 133% to 426 TWh by 2030, accounting for nearly half of the country's demand growth this decade.

Big tech companies are moving fast to secure supply, which directly drives demand for Centrus's enriched uranium (LEU) and HALEU (High-Assay, Low-Enriched Uranium) for advanced reactors:

• Meta Platforms signed a 20-year Power Purchase Agreement (PPA) for nuclear power from the Clinton Clean Energy Center in Illinois.
• Amazon expanded a PPA for conventional nuclear plants by 1.9 GW through 2042 and is collaborating on Small Modular Reactors (SMRs) capable of producing 960 MW.
• Alphabet (Google) is partnering with Kairos Power for up to 500 MW of nuclear capacity to power its data centers.

This industrial-scale demand, plus the government's push to restore domestic enrichment capacity, creates a powerful economic incentive for Centrus to execute its planned expansion of enrichment capacity in Piketon, Ohio.

Centrus Energy Corp. (LEU) - PESTLE Analysis: Social factors

Sociological

You're looking at Centrus Energy Corp. (LEU) at a time when the social tide is defintely turning in favor of nuclear power, which is a massive tailwind for the company's domestic enrichment plans. Public opinion is a critical, often-overlooked factor in long-term infrastructure projects, and right now, the public is on board.

The latest data from the 2025 National Nuclear Energy Public Opinion Survey confirms this shift. A significant majority-72% of Americans-favor the use of nuclear energy as a source of electricity. This is a strong mandate that lowers the political and social friction Centrus faces when planning major expansions.

The public is increasingly recognizing nuclear power's role in energy security and climate goals. It's a clean energy source that is also reliable.

Public Support for Nuclear Energy is High, with 72% of Americans Favoring its Use in 2025

The high level of public support in 2025 is not just a passive preference; it translates into a more favorable operating environment for Centrus. This widespread acceptance is crucial for the company, especially as it seeks federal funding and local community support for its multi-billion-dollar expansion.

The Bisconti Research survey from June 2025 also highlighted that 64% of respondents agreed that the U.S. should defintely build more nuclear power plants in the future. This is a direct endorsement of Centrus's core business model of restoring U.S. enrichment capacity.

Here's a quick look at the national sentiment on nuclear energy as of mid-2025:

• 72% favor the use of nuclear energy.
• 28% oppose its use.
• 29% strongly favor nuclear energy.
• 6% strongly oppose it.

The Piketon, Ohio Expansion is Expected to Create 1,000 Construction and 300 New Operations Jobs in a High-Unemployment Region

Centrus Energy's planned expansion of its Piketon, Ohio, facility-the only current U.S. site producing High-Assay Low-Enriched Uranium (HALEU)-is a major economic boon for Southern Ohio. This investment is projected to inject substantial employment into a region that needs it.

The project is expected to generate a total of 1,300 new jobs: 1,000 construction jobs for the multi-billion-dollar expansion and at least 300 new permanent operations jobs. Plus, Centrus will retain its 127 current positions at the site. This is a significant local impact.

The Piketon area is located in Pike County, which is classified as a high-unemployment region. In August 2025, Pike County's unemployment rate was 7.2%, which was nearly double the national rate of 4.3% and well above the Ohio state average of 4.9% for the same period.

This economic revitalization aspect provides Centrus with strong community and political backing, positioning the company as a key driver of regional economic stability.

Hiring Requires Extensive, Specialized Training and Security Clearances, Posing a Challenge for Rapid Workforce Ramp-Up

While the job creation is a huge positive, the specialized nature of uranium enrichment presents a substantial human capital challenge. The Piketon facility uses American Centrifuge technology to produce HALEU, a process not currently being performed at scale anywhere else in the U.S.

This means the talent pool for the 300 new operations jobs is extremely limited. Centrus must invest heavily in creating a new, highly-skilled workforce, which requires:

• Developing specialized training programs from the ground up.
• Securing U.S. Nuclear Regulatory Commission (NRC) licensing for all key personnel.
• Obtaining stringent federal security clearances for employees handling enriched uranium.

The company is addressing this by partnering with state entities like JobsOhio for talent acquisition and training services, but the ramp-up will still be slower than a typical manufacturing expansion. Centrus is leveraging the existing industrial, manufacturing-versed workforce in Southern Ohio, which is a good starting point, but the specialized nuclear training is the bottleneck.

Centrus Energy Corp. (LEU) - PESTLE Analysis: Technological factors

The technological landscape for Centrus Energy Corp. is defintely dominated by its unique position in the High-Assay Low-Enriched Uranium (HALEU) supply chain. This isn't just a niche product; it's the critical fuel for the next generation of nuclear power, giving Centrus a significant first-mover advantage and a direct technological moat.

Centrus is the only U.S. company licensed to produce High-Assay Low-Enriched Uranium (HALEU)

Centrus Energy is currently the only entity in the Western world licensed to produce HALEU, which is uranium enriched to between 5% and 20% in the fissile isotope Uranium-235. This is a massive technological advantage and a critical national security asset for the U.S. government, which is focused on re-establishing a domestic nuclear fuel supply chain to reduce reliance on foreign, state-owned enterprises. The company's Piketon, Ohio, plant is the only facility in the United States licensed to enrich uranium up to 19.75 percent.

This sole-source status means Centrus is the bottleneck for dozens of advanced reactor designs under development by U.S. companies. That's a powerful position to be in.

Completed Phase 2 of the DOE HALEU contract in June 2025, delivering 900 kilograms of fuel

The successful execution of the Department of Energy (DOE) HALEU demonstration project is the clearest validation of Centrus's technology. In June 2025, the company completed Phase 2 of the contract, achieving the production target by delivering 900 kilograms of HALEU to the DOE. In fact, Centrus had produced and delivered over 920 kilograms of HALEU to the Department under the contract by that time. This milestone proves their advanced centrifuge technology, the AC100M, is commercially viable and capable of predictable, large-scale production, which is exactly what the market needed to see.

DOE exercised a Phase 3 option for HALEU production valued at approximately $110.0 million through June 30, 2026

Following the successful Phase 2 completion, the DOE exercised an option to extend the HALEU production contract, initiating Phase 3. This extension is valued at approximately $110.0 million and runs through June 30, 2026. This provides immediate, high-visibility revenue and demonstrates sustained government commitment to Centrus's technology. Here's the quick math: this Phase 3 extension is for an additional year of production, maintaining the annual production rate of 900 kilograms of HALEU UF6, which is crucial for federal reactor demonstration programs.

The original contract also includes options for up to eight additional years of production beyond June 30, 2026, which, if fully exercised, would provide revenue visibility of up to $1.1 billion.

HALEU enables smaller, safer advanced Small Modular Reactors (SMRs) and reduces nuclear waste volume

The core technological opportunity for Centrus is tied to the adoption of advanced nuclear reactor designs, particularly Small Modular Reactors (SMRs). HALEU is the key enabler here because its higher enrichment level-up to 20% U-235 compared to the standard 3% to 5% Low-Enriched Uranium (LEU)-allows for significantly higher power density.

This higher density translates directly into better reactor economics and performance:

• Enables smaller, more compact reactor cores for SMRs.
• Allows for longer operating cycles, sometimes up to ten years, reducing downtime and refueling frequency.
• Facilitates advanced reactor designs that incorporate enhanced passive safety features.
• Supports designs that can potentially reduce the volume and radiotoxicity of nuclear waste through more efficient fuel burn-up or by consuming long-lived isotopes.

The technology is the future of nuclear power, and Centrus is the only domestic supplier right now. That's a huge competitive moat.

Centrus Energy Corp. (LEU) - PESTLE Analysis: Legal factors

Operations are under strict Nuclear Regulatory Commission (NRC) license SNM-2011 for the American Centrifuge Plant.

Centrus Energy Corp.'s core operations at the Piketon, Ohio site are governed by the U.S. Nuclear Regulatory Commission (NRC) Special Nuclear Material (SNM) License No. SNM-2011, which was originally issued in 2007 and runs for a 30-year period. This license is the bedrock of their domestic enrichment capability, but it requires continuous amendment and review for new activities. The company's focus has shifted from commercial Low-Enriched Uranium (LEU) production to High-Assay Low-Enriched Uranium (HALEU) production, which necessitated a significant license amendment.

The NRC has been actively reviewing and granting extensions for the HALEU demonstration program. For instance, the NRC approved a license amendment in December 2024 to allow HALEU operations to continue until June 30, 2025. Following this, in February 2025, Centrus Energy Corp. submitted a license amendment application for the continuation of HALEU operations (Phase III), which covers three, 3-year optional periods starting on July 1, 2025. The NRC staff anticipated completing its detailed review of this application by June 23, 2025. This constant cycle of regulatory review is a permanent cost of doing business in nuclear fuel.

The NRC is also considering an amendment to extend the HALEU demonstration program operations through June 30, 2034, which aligns with the potential multi-year government contracts.

Compliance with the Prohibiting Russian Uranium Imports Act requires securing waivers until the ban is fully phased in by 2028.

The Prohibiting Russian Uranium Imports Act, signed into law in May 2024, immediately created a legal risk for Centrus Energy Corp.'s LEU segment, which relies on sourcing enriched uranium from Russia under existing contracts. The ban on Russian-enriched uranium imports became effective on August 11, 2024, and is set to remain in place until the end of 2040.

To manage this near-term supply chain risk, the Act allows for waivers to be granted by the Department of Energy (DOE) until January 1, 2028, provided there is no viable alternative source or the import is in the national interest. Centrus Energy Corp. successfully secured a DOE waiver in July 2024 for already-committed deliveries to U.S. customers in 2024 and 2025. Critically, as of August 4, 2025, the DOE granted a further waiver to cover all currently committed contracts through 2027.

This waiver process is a temporary fix, but it buys time for domestic production to scale.

The company has also filed, or plans to file, additional waiver requests:

• A second waiver for importing Russian LEU for processing and re-export to foreign customers.
• A third waiver for uncommitted imports in 2026 and 2027 for use in the USA.

This dependence on waivers highlights the legal vulnerability of Centrus Energy Corp.'s LEU segment until its domestic enrichment capacity can replace the Russian supply.

Nuclear materials handling and security plans require continuous NRC approval for new operations, like the HALEU cascade.

The operation of the HALEU cascade, which is the only NRC-licensed HALEU production facility in the U.S., is a constant regulatory undertaking. The company must maintain strict compliance with nuclear materials handling and security plans, which are subject to continuous NRC oversight and operational readiness reviews. The successful completion of these reviews led to the NRC authorization to introduce uranium hexafluoride into the 16-machine centrifuge cascade.

The financial impact of these regulatory requirements is visible in the Technical Solutions segment, which manages the HALEU contract. Costs incurred under the HALEU Operation Contract increased by $9.7 million in the second quarter of 2025 and $8.5 million in the third quarter of 2025 compared to the same periods in 2024, reflecting the ramp-up of operations and associated regulatory compliance costs.

The DOE's commitment to the HALEU project, which requires NRC sign-off, is substantial. The DOE exercised Option 1a of the HALEU Operation Contract, extending the period of performance to June 30, 2026. This option has a target cost of approximately $99.3 million and a target fee of $8.7 million. The regulatory framework is directly tied to the company's revenue stream.

Here's the quick math on the near-term HALEU contract value under the DOE agreement:

The company successfully delivered 900 kilograms of HALEU UF6 to the DOE on June 25, 2025, meeting the Phase 2 production target. This achievement is a key regulatory and operational milestone that supports the continued NRC authorization for the facility.

Centrus Energy Corp. (LEU) - PESTLE Analysis: Environmental factors

The environmental profile for Centrus Energy Corp. is a double-edged sword: the company is a critical enabler of the US clean energy transition, but its operations still involve managing highly regulated radioactive and hazardous materials. The core opportunity lies in the fact that High-Assay Low-Enriched Uranium (HALEU) is the fuel that makes next-generation, low-carbon nuclear power possible.

HALEU production supports the global push for carbon-free electricity generation.

Centrus Energy's primary environmental opportunity is its role in decarbonization. HALEU, enriched to between 5% and 20% uranium-235, is essential for advanced reactor designs like Small Modular Reactors (SMRs) and microreactors, which are key to meeting net-zero emissions goals. The market opportunity reflects this importance; the HALEU market value is projected to grow from an estimated $0.26 billion in 2025 to $6.2 billion by 2035. Centrus is the only company in the U.S. licensed to produce this fuel, giving it a unique position in the clean energy supply chain.

By June 2025, Centrus had successfully produced and delivered 900 kilograms of HALEU UF6 to the Department of Energy (DOE), completing Phase 2 of its contract. This material is now being used to qualify fuel for advanced reactor demonstration programs. For context, Centrus has provided its utility customers with over 1,850 reactor years of fuel since 1998, which is equivalent to displacing more than 7 billion tons of coal from the energy mix. That's a powerful environmental metric.

The HALEU process generates low-level radioactive, mixed, and hazardous waste requiring strict offsite disposal protocols.

While the centrifuge technology used at the Piketon, Ohio, American Centrifuge Plant is far cleaner than the old gaseous diffusion process, it still generates regulated waste streams. The production of HALEU from uranium hexafluoride (UF6) creates 'tails,' which is depleted uranium (DU). This material is not classified as waste but is a byproduct that Centrus stores on-site, with the expectation that the DOE will eventually take ownership for beneficial reuse or conversion.

For actual waste, the volumes are small but require stringent management under Nuclear Regulatory Commission (NRC) and Environmental Protection Agency (EPA) protocols. Honestly, the biggest risk here is public perception, not volume, given the site's historical contamination issues.

Advanced reactor designs using HALEU can inherently reduce the overall volume of spent nuclear fuel waste.

This is where the environmental opportunity truly shines for Centrus and the advanced nuclear sector. HALEU enables advanced reactor designs to operate with a much higher fuel burnup, meaning the fuel stays in the reactor longer and extracts more energy. This directly reduces the mass of the spent nuclear fuel (SNF) that needs to be stored long-term.

Here's the quick math on waste reduction potential:

• Higher burnup in Advanced Reactor Demonstration Program (ARDP) reactors reduces the total mass of SNF.
• Advanced fuel concepts using HALEU, such as the HALEU-Thorium ANEEL fuel Centrus is collaborating on, are projected to reduce the waste volume in certain existing reactors by more than 80 percent.
• Future fuel recycling capabilities, which HALEU-fueled reactors are designed to support, could recover up to 95% of usable material from SNF, effectively turning a waste problem into a fuel source.

The entire advanced reactor ecosystem is built on the promise of a more sustainable fuel cycle, and Centrus is defintely the gatekeeper to that cycle in the US.