Centrus Energy : Investor Deck May 2026

Investor Presentation

May 2026

Centrus Overview

Fueling America's Energy Independence and Nuclear Dominance

#1 American Uranium Enrichment Company

Immediate growing electrification needs and future AI / Datacenter energy growth

Key Facts1

Ticker and Exchange: LEU (NYSE)

Forging the path towards U.S. Energy Independence

Only de-risked, deployment-ready U.S. technology

Headquarters: Bethesda, MD

National Security and Commercial Nuclear Supply Chain Partner

Uniquely positioned to serve national security needs

Market Capitalization: $3.3bn

2025 Revenue: $448.7mm

High-Assay Low-Enriched Uranium (HALEU)

Enriched Uranium Fuel (LEU)

- LEU Customer

2025 Net Income: $77.3mm

Diverse Service Offering

Technical

Solutions Segment

23%

National Security

Technical Solutions

$449M

2025 Revenue

77%

LEU

Segment

1. As of March 31, 2026.

3

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

Prior Experience:

CEO, President

(Global Nuclear Fuels)

CEO, Chairman of the Board

Education:

M.Eng. - University of Toronto

SVP, CFO & Treasurer

Prior Experience:

CFO

Senior Operations Analyst

Senior Credit Analyst

Education:

B.S. - Sacred Heart University

SVP, Field Operations

Prior Experience:

VP, Strategy & Operations Senior Director

Enrichment Operations Leader

Nuclear Power Operations

Education:

B.S. - Thomas Edison University

SVP, CMO

Prior Experience:

Engineer

Engineer

Education:

M. Eng. - University of Virginia

M.B.A - Wilfred Laurier University

M.B.A. - Western Connecticut State

University

M.B.A. - Tulane University

M.Sc - University of Oxford

M.B.A. - Queens University of

Charlotte

4

Key Investment Highlights

Uniquely positioned to benefit from long term nuclear tailwinds, baseload power scarcity, and supportive U.S. energy policy

1

ONLY publicly traded, deployment-ready enricher positioned to meet the existing growing and existing commercial LEU and National Security markets as well as future high-growth commercial HALEU markets

2

Clear time-to-market advantage for U.S. deployment to capitalize on accelerating baseload power demand from electrification and a tightening global LEU supply

3

Robust order book of $3.9bn, including contingent sales, with contracts extending through 2040, providing strong long-term cash flow visibility along with complementary immediate LEU distribution cash flows

4

ONLY HALEU enricher in the Western World with entrenched first-mover advantages to address growing commercial HALEU market to address future Advanced Reactor market

5

Selected for award1 of Department of Energy's multibillion dollar domestic enrichment funding and beneficiary of bipartisan support to repatriate the nuclear supply cycle

6

Proven, de-risked, deployment-ready technology in high barrier-to-entry, bottlenecked portion of supply chain provides access to multiple low cost-of-capital financing alternatives

5

1. In negotiations with Department of Energy. Total task order contract value with all options included is $1.07 billion.

Financial Snapshot

Fortified liquidity profile and a disciplined capital allocation strategy positions Centrus to enable commercial-scale ramp up:

$1.9bn

Cash on Balance Sheet1

$2.4bn

Growing Backlog of Contingent LEU Sales Commitments

$900mm2

DOE Award

5.6%

Annual Net Income Growth

13%

Revenue CAGR3 2020-2025

$31.3mm

2025 Free Cash Flow

Source: Company filings.

1. Company 10-Q filing showing balance as of March 31, 2026.

2. In negotiations with Department of Energy. Total task order contract value with all options included is $1.07 billion.

3. Compound annual growth rate.

6

1• 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

2• LEU segment: Acting as a broker, Centrus provides the enrichment component of LEU primarily to utilities that operate commercial nuclear power plants

• Comprised of supply contracts with Russian enricher TENEX (through December 31, 2027) and French enricher Orano (through December 31, 2030)

• 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

Legend

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 mining and downstream deployment

Uranium ore mining

Uranium ore milled into yellow cake

Yellow cake converted into UF6 gas

1

UF6 enriched to increase the concentration of U235

Enriched UF6 fabricated into fuel pellets

2

Nuclear Reactor

Nuclear Fuel Cycle

7

Roadmap to Commercial Enrichment

Primarily Broker Dealer

Majority Broker Dealer + Growing Enrichment Capacity

Primarily Enrichment with Rapidly Growing Capacity

TENEX Supply Contract1

Orano Supply Contract1

+ Complementary Broker Dealer

Centrus Commercial Enrichment

Centrus Centrifuge Build Out

December 2025

Dec 31, 2027

2029

Dec 31, 2030

Build-Out Begins

TENEX Supply contract expires

First full cascade of centrifuges expected to come online in 2029 in Piketon. Ohio

Orano Supply contract expires

Source: Company filings information.

1. TENEX and Orano Supply contracts comprise LEU Segment.

8

Strong and Growing Total Addressable Market

Positioned to Capitalize on Significant and Growing TAM

Opportunity

Current

U.S.

LEU opportunity

$3.0 Billion per year

Reactors

Market Opportunity

National Security

LEU, HALEU & HEU opportunity

$2.4 Billion

LEU and HALEU opportunity

$3.9-$6.0 Billion

Global Utilities

HALEU opportunity

$2.8 Billion per year by 2030

$8.0 Billion per year by 2035

Future

Advanced Reactors

Source: U.S. Department of Energy (HALEU Availability Program) and Nuclear Innovation Alliance, "Advanced Reactor Fuels & HALEU Demand". Figures represent estimated annual enrichment demand based on operating nuclear

reactor capacity from IAEA PRIS, "Nuclear Power Reactors & Capacity by Country". Annual enrichment demand estimated using World Nuclear Association guidance of 140,000 SWU per year.

9

Global LEU SWU Market

Existing Capacity is Controlled by State-Owned Entities1

Historical SWU Prices2 Centrus is Positioned to Close this Gap

Orano

7.5mm SWU

~12% Global

Capacity CNNC 11mm SWU

~17% Global Capacity

Urenco

17mm SWU

~27% Global Capacity

TENEX3

27mm SWU

~43% Global Capacity

Other

Russian / Ukraine

War Begins

$55

Prohibiting Russian

Uranium Imports Act Signed into Law

$225

$175

$125

$75

$25

$200

Centrus Capacity

14

7

3.5

16

14

12

SWU (mm)

10

8

6

4

2

0

1 2 3

1. Existing facility for potential 3.5mm SWU plant

2. Environmental impact statement-evaluated land for additional 3.5mm SWU expansion

~24% CAGR

3. Un-licensed land for additional 7mm SWU

expansion

Source: World Nuclear Association.

1. Capacity figures sourced from The World Nuclear Association, "World Nuclear Fuel Report", September 2025.

2. "Nuclear Market Review", a TradeTech publication.

3. Vacating U.S. market beginning 1/1/2028

10

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

Large existing and growing Gen II+III fleet

National Security

Known and growing demand

Advanced Reactors

First-Mover advantage for large future TAM

ONLY commercially viable option

• U.S. law mandates national security needs can only be met by a U.S. technology and an unobligated supply chain

Existing and Growing Need

Reactor Demonstrations

(HALEU)

Military Microreactors

(HALEU)

Space Missions

(HALEU)

Nuclear Forces

Tritium Production (LEU)

Nonproliferation Research Reactor Conversion (HALEU)

ONLY HALEU enricher in the Western World

Enriched >1MT HALEU UF6 to date

Centrus is the ONLY HALEU-licensed facility in the U.S.

~200 MT2

Estimated initial HALEU load requirements associated with announced reactor partners

Large Future Quantities

11

Evolution of Centrus' Commercial Opportunities

Source: World Nuclear Association. Wall Street Research.

1. Figures represent estimated annual enrichment demand based on operating nuclear reactor capacity from IAEA PRIS, "Nuclear Power Reactors & Capacity by Country". Annual enrichment demand estimated using World Nuclear Association guidance of 140,000 SWU per year per reactor.

2. Based on 17, 16 and 5 reactor count for Oklo, X-energy and TerraPower, respectively, multiplied by initial fuel requirements for Oklo (7MT), X-Energy (1.5 MT) and TerraPower (15 MT) respectively.

>11.9mm SWU/year of Incremental Demand

~5.2mm SWU/year

Asia (Korea and Japan)

Potential Market

Western Europe Demand

~4mm SWU/year

Russia vacating U.S. market on 1/1/28

~2.7mm SWU/year

Additional 8 GWe of power

+ 10 new AP1000's

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
Global Utilities	LEU & HALEU	Signed a 10-year enriched uranium supply agreement
Advanced Reactors	HALEU Initial Load: 7 MT	Agreement to sell HALEU for Oklo's Aurora microreactor and for Oklo to provide carbon-free power to Centrus
Advanced Reactors	HALEU Initial Load: 15 MT1	MOU to support HALEU availability for the Natrium-cooled fast reactor Planned deployment in 2030
Advanced Reactor	HALEU Initial Load: 1.5 MT2	Supported design work for X-energy's TRISO-X fuel facility Project is under development

Source: Company filings and press releases. Note: Initial load is on an individual reactor basis. Note: Initial Load Amounts are shown for a single reactor.

1. Initial HALEU requirement estimated using Natrium's ~840 MWth thermal output and typical fast-reactor power density of ~50-70 kW/kg, implying ~15 MT.

2. X-energy announced 5 MT of fuel production capacity enough to power 11 Xe-100 reactors, assuming 3 annual passes due to retention of high-temperature pebble beds: 5 MT / 11 reactors / 3 = ~1.5 MT.

12

Abundant Room for Expansion

Operational footprint exceeds requirements to meet full range of commercial and national security requirements for LEU, LEU+ & HALEU

Proven Infrastructure

• Existing process buildings can host approximately 3.5mm SWU1 per year

  • Current facility capable of holding 96 cascades

  • Licensing available to expand to 7mm SWU per year

  • Land available to expand to 14mm SWU per year

• Began HALEU enrichment operations on 10/11/2023 under DOE HALEU Operations Contract

  • Completed Phase I of Operations Contract and successfully delivered 20 kg of HALEU UF6 ahead of schedule and under budget

  • Completed Phase II in 2025 with 900 kg of HALEU UF6 contractually delivered to the DOE

    ~14mm SWU

    Existing Buildings (~3.5mm SWU)

    Environmental Impact evaluated for ~7mm SWU

• Produced over 1.6MT of HALEU UF6 for the DOE

Investing in the Future

American Centrifuge Plant

• Piketon houses the DOE's HALEU demonstration program, operating Centrus AC-100M centrifuges

• Demonstration cascade: ~16 AC-100M centrifuges

• Program output to date: >1MT HALEU UF6

• Only U.S. facility licensed to enrich HALEU, and one of two facilities licensed to enrich LEU

Piketon, OH

Bethesda, MD

(Corporate Headquarters)

Oak Ridge, TN

Centrus is the only NRC-licensed HALEU enricher

Source: U.S. Department of Energy, U.S. Nuclear Regulatory Commission, "American Centrifuge Plant Facility License" and Press Releases.

1. Any combination of LEU, LEU+ or HALEU.

13

Oak Ridge Facility

• Manufactures and tests AC100M centrifuge machines at its Oak Ridge manufacturing facility

• A cascade is a series of interconnected centrifuges that work to enrich uranium from natural or low-enriched feed to higher assays

• Machines shipped to American Centrifuge Plant in Piketon for assembly into cascades to enrich uranium

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

National Security

NNSA recently announced intent to sole source certain EUP3 from Centrus

1

2

3

4

96

Cascade Build-Out Cadence1

Cascade # …

Direct Foreign Investment

Conversations with foreign nations (ex. Korea - KHNP and POSCO)

3,500

144

108

72

36

…

Total SWU2

(in thousands)

Capable of LEU, LEU+, or HALEU production

Third Party Investment

Growing interest for future pre-payments or offtake-like agreements

Abundant Private Capital Options to Strengthen B/S

Existing $1.9bn cash position

Customer Contracts

Backlog of $2.4bn in contingent LEU commercial sales

2

2

2

6

421

Number of Months

…

Time Until Nth-of-a-Kind

Base-Case Build-Out4 Expected to be Sufficient to Reach Nth-of-a-Kind Costs

1. In process as of December 2025.

2. For illustrative purposes. 3.5mm SWU / 96 cascades = ~36,000 SWU per cascade. 14

3. Enriched uranium product.

4. Base-case build-out to address existing $2.4 billion LEU backlog and 12 MT of HALEU.

Notable Upside Opportunities to Drive Down Costs and Bring in Lead Times

Building Ecosystem of Best-in-Class Partnerships

Fluor

February 11, 2026

• Served as key construction partner on previous 2013 LEU demonstration cascade

• Domain expertise overseeing engineering, design, project management, supply chain activities, and procurement of key materials and services

421

Number of Months

Day One Focus: Costs and Lead Times Growing Partnership Network

1. In process as of December 2025.

Geiger Brothers

April 20, 2026

• Served as key construction partner in deployment of existing HALEU cascade and 2013 LEU demonstration cascade

  15

  Palantir

  March 12, 2026

  • Identified ~$300M in potential cost savings and efficiencies since partnership began in late Jan.

  • Additional identified opportunities expected to reduce manufacturing lead times & accelerate timetable for new enrichment capacity

  2

2

2

6

• Experience provides avenues for potential cost mitigation

Cascade #

1

2

3

4

…

96

…

Focus: Bring in Lead Times & Reduce Costs

• Centrus maintains design, engineering, and manufacturing know-how

• Partners bring operating excellence and best-in-class abilities to positively impact projected costs and lead times

Timeline to first Cascade

DOE extended Centrus's HALEU production contract by $110mm through June 2026, supporting up to 900 kg/year of output. The extension follows Phase I's successful delivery of 20 kg of HALEU UF6 in late 2023 and ensures continued production

June 20th, 2025

Centrus announced a quarter end

cash balance of $1.6bn, driven by

$805mm upsized convertible notes offering and $1.0bn ATM. This financial flexibility supports strategic initiatives like capacity expansion and technology investments, signaling strong investor confidence

November 6th, 2025

DOE selects Centrus for a $900mm1 task order to expand uranium enrichment at Piketon for HALEU and LEU. The project is slated to begin operations by 2029, reinforcing U.S. energy security

January 5th, 2026

Operational and Financial Targets Financial

1. Total Capital Spend

2. Total Company Revenue

Operational

1. Partners deemed most critical

2. Engineering Progress

3. Workforce Additions

2026

First full cascade of centrifuges expected to come online in 2029 in Piketon. Ohio

2029

December 19th, 2025
Domestic manufacturing of AC-100M centrifuge units for commercial enriched uranium began at Oak Ridge; centrifuge manufacturing is to meet growing backlog of $2.3bn in contingent LEU sales and targets future commercial-scale production of HALEU as well

September 25th, 2025
Centrus announced a major workforce expansion at Piketon, adding 300 jobs and identifying ~1,000 more. The growth boosts centrifuge manufacturing capacity and further establishes Piketon as a key hub for advanced nuclear fuel production

2023 2025 2026 2029

October 11th, 2023

Centrus began enrichment operations at Piketon, OH facility, the first new U.S.-owned, U.S technology uranium enrichment plant to enter

production since 1954

Source: Press Releases.

1. In negotiations with Department of Energy. Total task order contract value with all options included is $1.07 billion.

16

Q1 Operational Progress

Certified-for-Construction (CFC)

Q1

Q2

Q3

Q4

Q4

5%

Sign Partners Engineering Partner Onboarded

15%

Engineering Plan Conceptual Scope Locked at High Level

30%

1st System Design Design Checkpoint

90% 100%

1st System

Design Design Checkpoint

Completed

Package Released for Construction

Finalized Contracts1

Critical Partner Contracts

~33%

1. With partners identified as critical.

17

Updated 2026 Guidance1

Financials

Updated: $450mm - $500mm

(Previous: $425mm - $475mm)

Total Company Revenue

$350mm - $500mm

Total Capital Deployed2

Operational

100%

Finalize Contract with Partners identified as Critical

Complete

CfC3 Package

Updated:100+

(Previous: 50+)

Workforce Additions in Piketon, OH

100+

Workforce Additions in Oak Ridge, TN

1. See Assumptions slide in appendix.

2. Includes pre-paid expenses. 18

3. Certified for Construction package: critical engineering plan required ahead of a build out.

Investor Relations Contact:

Neal Nagarajan

[e-mail]

Appendix: Operating Structure

1. Future LEU production for the existing reactor fleet

   • TAM: ~$5.2bn per year1

2. Future uranium enrichment for U.S. national security missions

   • TAM: ~$3.9bn to $6.0bn overall2

3. Current and future HALEU production for next-generation small modular reactors and microreactors

   • TAM: ~$8.0bn per year by 20351

2 Leveraging Centrus' technical capabilities to provide a range of other products and services for public and private customers

1 Current and future HALEU production, future LEU and LEU+ production, and other uranium enrichment in the future for national security missions

Legend

Consolidation Level

LEU Segment CTS Segment

Broker business supporting customers' fuel needs Enrichment and technical services

1

Fuel Components Manufacturing

Business Unit

2 Engineering Services

7 Untapped market. Engineering, advanced manufacturing

and other technical services for commercial entities

Business Unit

6 National Laboratories and other government entities

3 4

Commercial

Production

National Security Production

5 Advanced Technology Production

6 7

Government

Services

Commercial Services

1. TAM: Total Addressable Market. Figures represent estimated annual enrichment demand based on operating nuclear reactor capacity from IAEA PRIS, "Nuclear Power Reactors & Capacity by Country". Annual enrichment demand estimated using World Nuclear Association guidance of 140,000 SWU per year for reload fuel.

2. TAM: Total Addressable Market. 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."

20