Slides
Page 1
Investor Presentation November 2025
Page 2
Forward-Looking Statements 2 Disclaimer: Our commentary and responses to your questions may contain forward-looking statements, including our financial projections, within the meaning of Section 21E of the Securities Exchange Act of 1934. Centrus undertakes no obligation to update any such statement to reflect later developments. Factors that could cause actual results to vary materially from those discussed today include risks related to: the refusal or inability of Russian government-owned entity TENEX, Joint-Stock Company (“TENEX”) to deliver LEU to us for any reason including but not limited to TENEX’s inability to obtain licenses, in a timely manner or at all, pursuant to the November 2024 Russian Federation Decree 1544 which restricts the shipment of Russian LEU to the U.S. without a specific license for each shipment; laws, bills or tariffs to ban or restrict (i) import of Russian material into the U.S. including the Prohibiting Russian Uranium Imports Act (“Russian Imports Ban”) or (ii) transactions with Rosatom or its subsidiaries; the Company’s inability to secure additional waivers, modifications to waivers, or other exceptions from the Russian Imports Ban or other sanctions in a timely manner or at all; the war in Ukraine and geopolitical conflicts and the imposition of sanctions or other measures against TENEX or our other suppliers, or sanctions or other measures (including but not limited to tariffs) that could impact our ability to purchase, obtain, deliver, transport or sell low-enriched uranium (LEU) under our existing supply contract with TENEX or other suppliers; changes in the nuclear energy industry, pricing trends and demand in the uranium and enrichment markets and their impact on our profitability, timing of physical delivery to customers, the competitive environment for our products and services; the impact and potential extended duration of the current supply/demand imbalance in the market for LEU; trade barriers (including tariffs) and contract terms that limit our ability to deliver LEU to customers; actions that may be taken by the U.S. government or other governments that could affect our ability, or the ability of our sources of supply, to perform under contract obligations; the U.S. Department of Energy (“DOE”) not awarding contracts or task orders to the Company in response to any of the Company’s proposals; DOE not issuing task orders under any of the LEU, HALEU, or Deconversion contracts or any major task orders to the Company under those contracts; the Company not winning a task order under the LEU or HALEU contract to expand its respectively deploy its LEU or expand it’s HALEU plant; DOE not providing adequate share of the appropriated funding; as well as those provided in our most recent Annual Report on Form 10-K and subsequent reports as filed with the SEC. Industry / Market Data: Industry and market data used in this presentation has been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. We have not independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness.
Page 3
Proven Leadership 3 Amir Vexler Todd Tinelli Patrick Brown John M.A. Donelson, PE President, Chief Executive Officer SVP , CFO and Treasurer SVP , Field Operations SVP , Chief Marketing Officer Education: M.Eng. – University of Toronto M.B.A – Wilfred Laurier University Education: B.S. – Sacred Heart University M.B.A. – Western Connecticut State University Education: B.S. – Thomas Edison University M.B.A. – Tulane University MSc – University of Oxford Education: M. Eng. – University of Virginia M.B.A. – Queens University of Charlotte Prior Experience: Prior Experience: Prior Experience: Prior Experience: Sprague Resources LP CFO National Grid Vice President, Strategy and Operations Duke Energy Corporation Engineer Newport News Shipbuilding Engineer Sempra Energy Trading Corp. Senior Operation Analyst Global Nuclear Fuels CEO, Chairman of the Board Orano USA CEO, President Ernst & Young Senior Director, Strategy & Transformation Urenco Enrichment Operations Leader U.S. Navy Nuclear Power Operations Premcor Refining Senior Credit Analyst
Page 4
Ticker and Exchange: LEU (NYSE American) Headquarters: Bethesda, MD Number of Employees1: 372 Market Capitalization1: $5.4 billion 2024 Revenue: $442.0 million 2024 Net Income: $73.2 million Centrus Overview Compelling Investment Opportunity 4 National Security and Commercial Nuclear Supply Chain Partner Uniquely positioned to serve national security needs Leading Nuclear and Clean Technology Company Forging the path towards U.S. energy independence #1 American Uranium Enrichment Company Facilitating the energy transition for a greener future Key Facts National Security Technical Solutions Enriched Uranium Fuel (LEU) - LEU Customer High-Assay Low-Enriched Uranium (HALEU) 79% 21% Diverse Service Offering $442M 2024 Revenue Technical Solutions Segment LEU Segment 4 (1) As of September 30, 2025
Page 5
Nuclear Fuel Cycle Uranium ore mining Uranium ore milled into yellow cake Yellow cake converted into UF6 gas UF6 enriched to increase the concentration of U235 Enriched UF6 fabricated into fuel pelletsNuclear Reactor Legend 1 • LEU segment: Acting as a broker, Centrus provides the enrichment component of LEU primarily to utilities that operate commercial nuclear power plants. • The enrichment component of LEU is measured in Separative Work Units (SWU). • Centrus also sells natural uranium hexafluoride (UF6) and occasionally sells uranium concentrates, uranium conversion, or LEU with the natural uranium hexafluoride and SWU components combined into one sale. 2 • CTS Segment: Includes Centrus’ technical solutions and in-house enrichment operations, dedicated to the restoration of America's domestic uranium enrichment capabilities for LEU and HALEU. 1 2 5
Page 6
Current Operating Structure Centrus LEU Segment CTS Segment Engineering Services Business Unit Government Services Commercial Services Fuel Components Manufacturing Business Unit Commercial Production National Security Production Advanced Technology Production Consolidation Level Broker business supporting customers’ fuel needs Enrichment and technical services 21 73 654 Legend 1 Current and future HALEU production, future LEU production, and other uranium enrichment in the future for national security missions. 2 Leveraging Centrus’ technical capabilities to provide a range of other products and services for public and private customers. 3 Future LEU production for the existing reactor fleet. • TAM: ~$4.3B per year1 4 Future uranium enrichment for U.S. national security missions. • TAM: ~$3.1B to $4.8B overall1 5 Current and future HALEU production for next- generation small modular reactors and microreactors. • TAM: ~$6.2B per year by 20351 6 National Laboratories and other government entities. 7 Untapped market. Engineering, advanced manufacturing and other technical services for commercial entities. 1TAM = total addressable market; see slide 11 for more information 6
Page 7
Financial Snapshot 7 Contingent LEU Sales Commitments (included in Backlog) Annual Net Income Growth 2017-2024 CAGR Reduction in Annual SG&A Cost 2018-2024 Backlog as of 9/30/2025 (Including contract options and LOIs) Unrestricted Cash & Cash Equivalents as of 9/30/2025 Deferred tax asset, net of valuation allowance as of 9/30/2025 $2.3B 29% $3.7M $3.9B $1.6B $25.8M Financial strength and flexibility, coupled with favorable industry tailwinds, positions Centrus for growth
Page 8
The World Embracing Nuclear Energy 8 1/22/243/3/24 1/6/24 Achieving Global Targets Requires Nuclear 40% Expected growth in nuclear over next three decades without new climate policies x3 Achieving net zero emissions by 2050 would mean tripling U.S. nuclear generation1 100% Nuclear energy would have to more than double to meet global climate targets2 9/10 9 out of the 10 reactors selected by the Department of Energy’s Advanced Reactor Demonstration Program operate on HALEU 1Pathways to Commercial Liftoff, U.S. Department of Energy (March 2023) 2Median scenario of International Panel on Climate Change study that evaluated 85 possible pathways to meeting global climate targets “[We] have identified potential areas of collaboration on nuclear fuels to support the stable supply of fuels for the operating reactor fleets of today, enable the development and deployment of fuels for the advanced reactors of tomorrow, and achieve reduced dependence on Russian supply chains” “It’s a technology we developed, but yet we import most of it from abroad, and most that’s enriched in the U.S. is by companies that are not American companies…We need to build American infrastructure, on mining, on enrichment….It is very sad how dependent we have become on imported enriched uranium from Russia”
Page 9
National SecurityCommercial Strategy • Centrus’ diverse base of enrichment supply includes inventory, medium- and long-term supply contracts, and spot purchases. • Long-term supply contracts for SWU with Russian (TENEX) and French (Orano) enrichment companies • U.S. utilities purchased ~3.9 million Russian-origin SWU from Centrus and Russia in 2023 • 24% of U.S. demand in 2023 $3.0B LEU Revenue Backlog Through 2040 Utility Customers: U.S., Asia, Europe Global Network of Enriched Uranium Suppliers 9 • Centrus’ AC100M centrifuge is the only deployment-ready U.S. technology capable of meeting national security requirements. An integral element of the nuclear supply chain, servicing both government and commercial customers Centrus has successfully demonstrated LEU and HALEU production capabilities Nuclear Forces Tritium Production (LEU) Naval Reactors (HEU) Space Missions (HALEU) Military Microreactors (HALEU) Nonproliferation Research Reactor Conversion (HALEU) Reactor Demonstrations (HALEU) DEFENSE MISSIONSOTHER MISSIONS Central to the Nuclear Value Chain
Page 10
Centrus Solving for the Supply Gap in LEU and HALEU 10 26 72 79 131 152 215 252 375 454 527 614 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 HALEU Anticipated Demand ▪ One of two companies in the U.S. NRC licensed to produce commercial LEU ▪ Competitor is foreign owned ▪ Only Centrus would be able to supply U.S. government LEU for national security purposes ▪ Nonproliferation agreements prohibit the use of foreign enrichment technology for national security. A domestic technology is required 2021 NEI Survey of HALEU Requirements (MTU/Year HALEU) 21.7 23.9 7.2 5.1 0 10 20 30 2025 2030 LEU Supply LEU Shortfall Meeting LEU Shortfall Estimated Restricted Region LEU Demand Shortage1 Million SWU Potential Centrus LEU Production ▪ Only company with NRC license for HALEU production to supply commercial and national security needs. ▪ This estimate suggests a total market value of $2.2B/year by 2030 and $6.2B/year by 2035. ▪ Delivered 900 kilograms of HALEU to Department of Energy1World Nuclear Association, The Nuclear Fuel Report, Global Scenarios for Demand and Supply 2023-2024. Restricted Region is the U.S., Western and Central Europe, and Ukraine adjusted for underfeeding by Enrichers. 2.1
Page 11
Strong and Growing Total Addressable Market 11 Global Utilities Advanced Reactors U.S. Reactors National Security Positioned to Capitalize on Significant and Growing TAM Opportunity • LEU opportunity • $2.4 Billion per year • HALEU opportunity • $2.2 Billion per year by 2030 • $6.2 Billion per year by 2035 • LEU opportunity • $1.9 Billion per year Catalyst: ~$3.4B federal investment in HALEU and LEU ~$700M for HALEU in the Inflation Reduction Act + $2.7B for LEU and HALEU signed into law as part of the Consolidated Appropr iations Act of 2024. Based on the World Nuclear Association’s estimated U.S. annual demand (~15M SWU/yr) at current market price of ~$160/SWU. Based on the NEI survey of reactor developers for HALEU demand, assuming average 17% U235. Enrichment of LEU feedstock at market price of $160/SWU. HALEU enrichment is based on the Nuclear Innovation Alliance Dec. 2023 estimate of $1,000 per HALEU SWU. This results in a blended SWU price of $262/SWU. Actual quantities and prices will vary based on market conditions. Based on the U.S. Department of Energy’s estimate of the cost of building a national security uranium enrichment capability as part of its 2015 Tritium and Enriched Uranium Management Plan. Accessible market size is based on a market enrichment price of $160/SWU times the total annual SWU requirements of Japan, Korea, Ukraine, South Africa, Brazil, Mexico, and the UAE, plus 20% of the annual SWU requirements of Western European and Central European nations, as identified in the World Nuclear Association’s 2023 Fuel Market Report. Excludes cost of natural uranium, conversion or fuel fabrication. Current FutureMarket Opportunity • LEU, HALEU & HEU opportunity • $3.1-$4.8 Billion
Page 12
Centrus Go-to-Market 12 • Stable cashflow generation with market-leading cost position • Distribution business with leading position connected to the full value chain and years of experience developing relationships • Well-entrenched player across the entire global nuclear supply chain from beginning through to customer delivery • Conversion • Enrichment • Fabrication • Deconversion • De-risked technology and capabilities LEU Segment • High-growth segment with tremendous opportunity across commercial and government customers • National security • Advanced nuclear reactor market • Existing nuclear reactor fleet • Only deployment-ready U.S. technology capable of meeting national security requirements • Demonstrated success in producing high-assay, low enriched uranium (HALEU) and only holder of Nuclear Regulatory Commission (NRC) license to produce HALEU • Strong asset base with proven ability to produce LEU to support existing global commercial nuclear fleet of reactors CTS Segment Unique and diversified business model with both stable and high-growth opportunities
Page 13
Segment Summary LEU Segment Overview – Broker/Trader Business Supplying components of nuclear fuel to utilities from a global network of suppliers • Stable cashflow positive business involved in the sale of nuclear fuel components to commercial nuclear power plants. ➢ The majority of these sales are for the enrichment component of LEU, measured in separative work units (“SWU”) ➢ Centrus also sells natural uranium hexafluoride (the raw material needed to produce LEU) and occasionally sells uranium concentrates, uranium conversion, or LEU with the natural uranium hexafluoride and SWU components combined into one sale. • Global LEU Backlog includes long-term sales contracts with major utilities through 2040 • Diverse base of firm and prospective supply that includes: ✓ Existing inventory of LEU ✓ Mid-and long-term contracts with enrichment producers ✓ Purchases and loans from secondary sources ✓ Spot purchases of SWU, uranium and LEU Differentiators $3.9B Revenue Backlog with contracts through 2040; LEU segment Backlog of ~$3.0B World’s most diversified supplier of enriched uranium Business relationships with 35+ nuclear utilities Leading customers include Fortune 500 utilities 13
Page 14
CTS Segment Overview Segment Summary • Deploying advanced uranium enrichment capabilities to meet the evolving needs of the global nuclear industry and the U.S. government • Demonstrated ability to produce HALEU, used to fuel most major advanced reactors in development • Opportunity to resume production of LEU for existing reactors as utilities transition away from Russian imports • Technical, manufacturing, engineering and operations services offered to public and private sector customers Differentiators Built the only U.S. facility licensed to produce HALEU. Already licensed for LEU production Capacity is scalable to meet any level of demand Only deployment-ready U.S. technology capable of meeting national security requirements for enriched uranium Manufacturing facility in Oak Ridge, Tennessee and production facility in Piketon, Ohio 14 Advanced Manufacturing (Services and Capabilities): • Sustained volume production at ultra-high precision at our 440,000 square ft. climate- controlled manufacturing facility • The ability to manufacture using almost any metal or composite • High precision composites fabrication for parts with on-site testing of finished product • Robust engineering and project management functions with a full suite of software platforms to support government and other projects
Page 15
Strong Relationships with Key Nuclear Players 15 Signed several agreements with key nuclear players to further spur development of next-generation nuclear capabilities Oklo Oklo is a developer of advanced fission power plants seeking to provide clean, reliable and affordable energy at scale through its HALEU Aurora reactor TerraPower Nuclear innovation company developing multiple classes of advanced reactors including a Molten Chloride design, Traveling Wave Design and HALEU SMR X-Energy X-energy is a developer of an advanced Small Modular Reactor and fuel technology seeking to redefine the nuclear industry through its flagship HALEU SMR, the Xe-100 Subsidiary of the Korea Electric Power Corporation. It operates large nuclear and hydroelectric plants in South Korea, which are responsible for about 27 percent of the country's electric power KHNP
Page 16
Abundant Room for Expansion 16 Operational footprint exceeds requirements to meet full range of commercial and national security requirements for LEU and HA LEU • Existing process buildings can host approximately 3.5 million SWU per year ✓ Ability to expand to 7 million SWU per year • Began HALEU enrichment operations on October 11, 2023, under Department of Energy Operations Contract ✓ Completed Phase I of Operations Contract and successfully delivered 20 kilograms of HALEU ahead of schedule and under budget ✓ Completed Phase II with 900 kilograms of HALEU contractually delivered to the DOE Investing in the FutureProven Infrastructure • 11/20/24: Announced it is resuming centrifuge manufacturing activities and expanding its manufacturing capacity at Oak Ridge, Tennessee, facility ✓ Investing additional $60 million over next 18 months ✓ Investment lays groundwork to support potential large-scale expansion of uranium enrichment in Centrus’ Piketon, Ohio, facility • Technology exclusively manufactured in Oak Ridge and supported by nationwide supply chain of 14 major suppliers ✓ All suppliers are American companies ✓ Operations in at least 13 states plus dozens of other smaller suppliers
Page 17
Department of Energy HALEU Contract Award 17 November 2022: Won HALEU Operations Contract, providing for years of continuous cascade operations Project Timeline Contract Benefits • First U.S.-owned, U.S.-technology enrichment plant to begin production in 70 years • Critical step toward restoring domestic enrichment capabilities • ~$230 million base contract value for 1st two phases through June 2025, subject to further negotiation • Capacity for Centrus to scale up Piketon facility for additional HALEU production outside the DOE contract Phase 1 Phase 2 Phase 3 Objective • Complete construction of cascade • Demonstrate production of 20kg of HALEU • Full year1 of production and operations and a production target of 900kg of HALEU • DOE exercised First Option period of Phase 3 Timing • Completed ahead of schedule and under budget • Phase 2 production Completed • Through June 30, 2026 Financial Impact • $30 million cost share contribution by Centrus • $30 million contribution by DOE • Cost-plus-incentive-fee basis • ~$170 million Fully funded value2 • Cost-plus-incentive-fee basis • DOE option to exercise additional option periods • First Option: •Target Cost: $99.3 million •Target Fee: $8.7 million 9 of 10 advanced nuclear reactor designs selected for funding under DOE Advanced Reactor Demonstration Program will rely on HALEU 1Period of performance was extended by 8 months through contract modification 2Extension period subject to further negotiation
Page 18
Russian Uranium Imports Ban Law as Potential Tailwind 76% 24% U.S. Utility Enrichment Purchases (2023) Russia Other Foreign, State-Owned Corporations Imports Ban LawCurrent Status Quo Global enrichment deficit absent Russian supply ~13M SWU/yr Equivalent to entire annual requirements of either U.S. or Europe Russian-origin SWU purchased by U.S. utilities in 2023 ~3.9M The Prohibiting Russian Uranium Imports Act ✓ Signed by President on May 13, 2024 – effectively eliminates Russia as a competitor for enriched uranium in U.S. post 2027 ✓ Released $2.7 Billion in funding to promote the development of domestic uranium enrichment *November 2024 Russian Federation Decree puts immediate restrictions on exporting Russian LEU from Russia to the U.S. ✓Centrus continues to receive shipments of enriched uranium* 20% U.S. electricity from nuclear energy 18 DOE Waivers Granted ✓ Waivers granted to Centrus for Russian supply for 2024 and 2025 ✓ Received DOE waivers for committed 2026 and 2027 deliveries ✓ Centrus has waiver request pending for uncommitted 2026 and 2027 deliveries Waivers issued to Centrus by Department of Energy * TENEX has informed Centrus of its plan to seek additional export licenses to meet its delivery obligations under the TENEX Supply Contract for our other pending and future orders.
Page 20
Glossary of Terms and Abbreviations 20 Abbreviation Definition LEU Low-Enriched Uranium: used in majority of existing commercial reactors with a U-235 enrichment level just below 5% HALEU High-Assay, Low-Enriched Uranium: required by majority of next generation reactors, U-235 enriched as high as 19.75% HEU Highly Enriched Uranium: 20% or higher concentration of U-235 SWU Separative Work Unit: unit by which LEU uranium enrichment is bought and sold Piketon Production facility in Piketon, Ohio, where LEU and HALEU production has been licensed and successfully proven NRC U.S. Nuclear Regulatory Commission NRC License Centrus currently is the only company with an NRC license to enrich uranium up to the 20% U-235 concentration that is contained in HALEU and is the only company known to Centrus to produce HALEU outside of Russia. Separately, Centrus was an LEU enricher until 2013 and its Piketon facility is already licensed for LEU production. TAM Total addressable market TENEX Russian government-owned entity TENEX, Joint-Stock Company Russian Uranium Import Ban H.R. 1042 - Prohibiting Russian Uranium Imports Act - signed into law by President Biden on May 13, 2024, prohibits importation of Russian material with potential waivers to 2028. The Department of Energy may waive the ban if DOE determines that: (1) no alternative viable source of low-enriched uranium is available to sustain the continued operation of a nuclear reactor or a U.S. nuclear energy company, or (2) importation of the uranium is in the national interest. Any waiver issued must terminate by January 1, 2028. The ban terminates on December 31, 2040.