Centrus Energy (LEU) Investor presentation summary

Strategic positioning and market opportunity

• Holds the only deployment-ready, publicly traded uranium enrichment technology in the U.S., uniquely positioned for both commercial and national security markets, including the growing HALEU segment.

• Robust $3.8bn order book with contracts extending through 2040, ensuring long-term cash flow visibility.

• Selected for a multibillion-dollar Department of Energy enrichment contract, benefiting from bipartisan support to repatriate the nuclear supply chain.

• Controls the highest barrier-to-entry stage in the nuclear fuel cycle, with proprietary, de-risked technology.

• Only HALEU enricher in the Western world, with first-mover advantages for advanced reactor markets.

Financial performance and outlook

• 2025 revenue projected at $448.7mm with net income of $77.3mm and free cash flow of $31.3mm.

• 13% revenue CAGR from 2020-2025 and 5.6% annual net income growth.

• Cash on balance sheet of $2.0bn as of December 31, 2025, supporting commercial-scale ramp-up.

• 2026 revenue guidance of $425mm–$475mm and capital deployment of $350mm–$500mm.

• Financial flexibility enhanced by $805mm convertible notes and $1.0bn ATM, supporting expansion and technology investments.

Operations, infrastructure, and expansion

• Only U.S. facility licensed to produce HALEU and one of two licensed for LEU, with scalable capacity for future growth.

• Existing infrastructure can support up to 3.5mm SWU/year, with licensing and land available for expansion to 14mm SWU/year.

• Began HALEU enrichment operations in October 2023, delivering 20kg ahead of schedule and 900kg in 2025.

• Manufacturing and assembly in Oak Ridge, TN, and Piketon, OH, with significant workforce expansion underway.

• First full cascade of centrifuges expected online in 2029, transitioning from broker to enrichment-led business.