Centrus Energy Corp. · NYSE:LEU
Centrus Energy — Q4 2025 Earnings Presentation
23 slides from Centrus Energy's earnings presentation, Feb 11, 2026
Slide 1: Investor Presentation
Investor Presentation February 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Disclaimer: This presentation of Centrus (the “Company,” “we” or “us”) contains “forward-looking statements” within the meaning of Section 21E of the Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements
Slide 3: Centrus Overview
Centrus Overview Key Facts1 Fueling America’s Energy Independence and Nuclear Dominance #1 American Uranium Enrichment Company Ticker and Exchange: LEU (NYSE) Immediate growing electrification needs and future AI / Datacenter energy growth Headquarters: Bethesda, MD Forging the path towards U.S. Ene
Slide 4: Proven Leadership
Proven Leadership Nearly a century of combined experience and expertise across Energy and Nuclear Fields Amir Vexler Todd Tinelli Patrick Brown John M.A. Donelson, PE President, CEO SVP, CFO & Treasurer SVP, Field Operations SVP, CMO Prior Experience: Prior Experience: Prior Experience: Prior Experi
Slide 5: Key Investment Highlights
Key Investment Highlights Uniquely positioned to benefit from long term nuclear tailwinds, baseload power scarcity, and supportive U.S. energy policy ONLY publicly traded, deployment-ready enricher positioned to meet the existing growing and existing commercial LEU and 1 National Security markets as
Slide 6: Financial Snapshot
Financial Snapshot Fortified liquidity profile and a disciplined capital allocation strategy positions Centrus to enable commercial-scale ramp up: $2.0bn $2.3bn $900mm2 Cash on Balance Sheet1 Growing Backlog of Contingent DOE Award LEU Sales Commitments 5.6% 13% $31.3mm Annual Net Income Growth Reve
Slide 7: Nuclear Fuel Cycle
Nuclear Fuel Cycle Centrus controls the nuclear fuel cycle’s highest barrier-to-entry stage: uranium enrichment. By converting feedstock into specialized fuel via de-risked, deployment-ready, proprietary technology, Centrus serves as the indispensable bridge between upstream Legend mining and downst
Slide 8: Operating Structure
Operating Structure Legend 1 Current and future HALEU production, future LEU and LEU+ production, and other uranium enrichment in the Consolidation Level future for national security missions 2 Leveraging Centrus’ technical capabilities to provide a range of other products and services for public an
Slide 9: Key Differentiators
LEU and CTS Segment Overviews Established LEU Segment Scaling CTS Segment Built the only U.S. facility licensed to produce HALEU and one of two U.S. $2.9bn Revenue Backlog1 with contracts through 2040 facilities licensed to produce LEU Key Differentiators World’s most diversified supplier of enriche
Slide 10: Roadmap to Commercial Enrichment
Roadmap to Commercial Enrichment Primarily Enrichment with Rapidly Majority Broker Dealer + Growing Primarily Broker Dealer Growing Capacity Enrichment Capacity + Complementary Broker Dealer Centrus Commercial Enrichment Centrus Centrifuge Build Out Orano Supply Contract1 TENEX Supply Contract1 Dece
Slide 11: Strong and Growing Total Addressable Market
Strong and Growing Total Addressable Market Positioned to Capitalize on Significant and Growing TAM Opportunity Current LEU opportunity U.S. $3.0 Billion per year Reactors LEU and HALEU opportunity National Security $3.9-$6.0 Billion Market Opportunity LEU, HALEU & HEU opportunity Global Utilities $
Slide 12: Global LEU SWU Market
Global LEU SWU Market Existing Capacity is Controlled by State-Owned Entities1 Historical SWU Prices2 Centrus is Positioned to Close this Gap Centrus Capacity Other $225 16 $200 14 Orano 14 7.5mm SWU Un ~12% Global 12 av Capacity $175 CNNC Russian / Ukraine ail SWU (mm) 11mm SWU 10 abl War Begins ~1
Slide 13: Go-To-Market Strategy Focused on Large, Existing Markets
Go-To-Market Strategy Focused on Large, Existing Markets Large existing demand from Commercial LEU + National Security Needs BEFORE AI, Datacenter and HALEU Demand Develops Commercial LEU1 National Security Advanced Reactors Large existing and growing Gen II+III fleet Known and growing demand First-
Slide 14: Strong Partnerships with Key Nuclear Players
Strong Partnerships with Key Nuclear Players Several agreements with key nuclear players to further spur development of next-generation nuclear capabilities Company Overview Opportunity Partnership • Signed a 10-year enriched Global Utilities LEU & HALEU uranium supply agreement • Agreement to sell
Slide 15: Abundant Room for Expansion
Abundant Room for Expansion Operational footprint exceeds requirements to meet full range of commercial and national security requirements for LEU, LEU+ & HALEU Proven Infrastructure Investing in the Future • Existing process buildings can host approximately 3.5mm SWU1 per year American Centrifuge P
Slide 16: Growing Pools of Capital to Support Multi-Billion Dollar Build-out
Growing Pools of Capital to Support Multi-Billion Dollar Build-out Profitability Achieved Before Full Buildout of 96 Cascades Growing Number of Low-Cost-of-Capital Pools Cascade Build-Out Cadence1 National Security Cascade # 1 2 3 4 … 96 NNSA recently announced intent to sole source certain EUP3 fro
Slide 17: Timeline to first Cascade
Timeline to first Cascade June 20th, 2025 November 6th, 2025 January 5th, 2026 2026 DOE extended Centrus’s HALEU DOE selects Centrus for a $900mm1 Operational and Financial Targets Centrus announced a quarter end production contract by $110mm task order to expand uranium Financial cash balance of $1
Slide 18: 2026 Guidance
2026 Guidance1 Financials $425mm - $475mm $350mm - $500mm Total Company Revenue Total Capital Deployed1 Operational 100% Complete 50+ 100+ Finalize Contract with Partners CfC2 Package Workforce Additions Workforce Additions identified as Critical in Piketon, OH in Oak Ridge, TN 1. See Assumptions sl
Slide 19: Investor Relations Contact
Section Text Goes Here Investor Relations Contact: Neal Nagarajan NagarajanNK@CentrusEnergy.com
Slide 20: Appendix: Department of Energy HALEU Operations Contract Award
Appendix: Department of Energy HALEU Operations Contract Award HALEU Operations Contract: Proof-point of Centrus' technology commercial potential Project Timeline Phase 1 Phase 2 Phase 3 • Complete construction of cascade • Full year1 of production and • DOE exercised First Option Contract Benefits
Slide 21: 2026 Guidance Assumptions
2026 Guidance Assumptions The Company’s 2026 guidance is subject to a number of assumptions and uncertainties that could affect results either positively or negatively. Variations from these expectations could cause differences between this guidance and the ultimate results. This includes the assump
Slide 22: Appendix: Terminology
Appendix: Terminology 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 E
Slide 23: Appendix: TAM Methodology
Appendix: TAM Methodology Sector Size Methodology Based on the World Nuclear Association’s estimated U.S. annual demand (~15M SWU/yr) at current market price of ~$200/SWU. US Reactors $3.0 Billion Per Year Reflects annual reload fuel requirements for existing U.S. Gen II & III reactor fleet Accessib