Centrus Energy (LEU) JP Morgan Energy, Power and Renewables Conference summary

Industry trends and market outlook

• Fukushima in 2011 led to global plant shutdowns and a downturn, but the sector has since rebounded.

• Russia's invasion of Ukraine highlighted the need for energy independence, boosting nuclear investment.

• Carbon-free energy goals have increased interest in nuclear as a baseload solution.

• Nuclear enrichment remains a highly restricted, technology-intensive segment with few global players.

• Barriers to entry in enrichment are high, limiting new competitors for years.

Business positioning and differentiation

• Operates in the most constrained part of the nuclear fuel cycle: uranium enrichment.

• Only publicly traded enrichment provider, with a licensed HALEU facility in Ohio.

• Only U.S. enrichment technology currently operating, with unique dual-use (civilian and defense) capabilities.

• First-mover advantage in HALEU production for advanced reactors.

Segment breakdown and growth strategy

• Two segments: LEU (84% of revenue, broker-trader model) and CTS (16%, focused on HALEU and growth).

• CTS is expected to outpace LEU in growth, potentially flipping the revenue mix within five years.

• Addressable market across commercial, advanced reactors, and national security could reach $10 billion by 2035.

• LEU segment has long-term supply/offtake agreements, with $1 billion backlog and $900 million in conditional LOIs through 2040.