enCore Energy (EU) investor relations material

Executive summary

• Revenue for Q1 2026 was $18.3 million, nearly flat year-over-year, with a 7% decrease in sales volume offset by an 8% increase in realized uranium prices.

• Net income attributable to shareholders was $5.4 million, reversing a net loss of $24.2 million in Q1 2025, driven by a $34.4 million gain on the sale of mineral properties.

• Achieved net income per share of $0.03 in Q1 2026, reversing a loss of $(0.13) per share in Q1 2025, driven by improved operations and the sale of New Mexico assets.

• The company completed uranium sales of 270,000 pounds at an average price of $67.78/lb, with fourteen active sales agreements supporting future revenue.

• Liquidity as of May 8, 2026, was $84.7 million, including $41.6 million in cash and equivalents.

Financial highlights

• Gross profit was negative at $(64) thousand, compared to $(23) thousand in Q1 2025, due to higher costs of purchased uranium.

• Operating expenses decreased to $10.0 million from $15.6 million, primarily due to the gain on sale of mineral properties.

• Realized gain on marketable securities was $3.8 million; unrealized loss on securities was $10.0 million.

• Q1 2026 weighted average cost of delivered U3O8 was $68.02 per pound, up from $62.97 per pound in Q1 2025.

• Total cost of purchased U3O8 in Q1 2026 was $18.4 million for 270,000 pounds at $68.02 per pound.

Outlook and guidance

• Management expects to meet short-term and long-term cash requirements through existing working capital, operations, and potential future financings.

• The company anticipates further cost efficiencies as additional wellfields come online and economies of scale improve.

• Management expects continued operational improvements and cost control for the remainder of 2026.

• Focus areas include cost reduction, enhanced shareholder communication, timely permit approvals, and evaluating industry consolidation opportunities.

• Ongoing regulatory and permitting progress at Dewey Burdock and expansion of Texas operations are expected to support future growth.