Centrus Energy : Investor Deck March 2024

Investor Presentation

March 2024

Forward-Looking Statements

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 war in Ukraine and geopolitical conflicts and the imposition of sanctions or other measures that could impact our ability to obtain or sell low-enriched uranium (LEU) under our existing supply contract with the Russian government-owned entity TENEX, Joint-Stock Company ("TENEX"); 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, risks related to trade barriers and contract terms that limit our ability to deliver LEU to customers, risks related to 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, including the imposition of sanctions, restrictions or other requirements, 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.

2

Proven Leadership

	Amir Vexler		Kevin Harrill, CPA		Larry Cutlip		John M.A. Donelson, PE
	President,		SVP,		SVP,		SVP,
	Chief Executive Officer		CFO and Treasurer		Field Operations		Chief Marketing Officer
	Education:		Education:		Education:		Education:
M.Eng. - University of Toronto	B.S. - Georgetown University		B.S. - Muskingum		M. Eng. - University of Virginia
M.B.A - Wilfred Laurier	M.A. - Georgetown		University		M.B.A. - Queens University of
University	University				Charlotte
	Prior Experience:		Prior Experience:		Prior Experience:		Prior Experience:
	Orano USA		Blackboard Inc.		American Centrifuge		Duke Energy Corporation
	CEO, President		VP, Chief Accounting Officer		Manufacturing		Engineer
	Global Nuclear Fuels		DXC Technology		President		Newport News Shipbuilding
	CEO, Chairman of the Board
		Senior Principal				Engineer
			Harris Corporation

Assistant Controller

3

Unique Opportunity to Invest in Nuclear Power Growth

Stable Cashflows with High- Growth Opportunity

Significant Existing Opportunity/ Energy Transition

Advantaged Position in LEU

Massive Future Opportunity / Energy Transition

First-mover Advantage in

HALEU

Growing Global Public Policy Support

Strong Financial Profile with Established Base for Growth

World-class Capabilities and Established Relationships

• De-riskedLEU Distribution Business with complementary High-Growth Technical Solutions Business
• Significant barriers-to-entry to both businesses
• Large existing addressable market for LEU with existing 438 global nuclear reactors
• Only Publicly Traded Company addressing fuel production in the world
• Favorable cost position with long-term order book of ~$1B through 2030
• One of two LEU-licensed companies in the U.S. that can produce commercial LEU
• Only company that could be able to supply U.S. government LEU for national security purposes
• Large future addressable market for HALEU with next generation nuclear reactors
• Only company with NRC license for HALEU production to supply commercial and national security needs
• Delivered 20 kilograms of HALEU to Department of Energy ahead of schedule and under budget
• Strong bipartisan support in both executive and legislative branches of U.S. federal government
• Established global support for nuclear power
• LEU Distribution Business produces strong cashflow
• Well-capitalized,de-risked Balance Sheet
• LEU supplier to blue-chip utilities in North America, Asia, and Europe
• World-classtechnical, engineering, and manufacturing capabilities

4

Centrus Overview

Key Facts

Ticker and Exchange: LEU (NYSE American)

Headquarters: Bethesda, MD Number of Employees: 292 Market Capitalization1: $814 million

2023 Revenue: $320 million

2023 Net Income: $84.4 million

Diverse Service Offering

Technical

Solutions 16%

Segment

$320M

2023 Revenue

84% LEU

Segment

1. As of December 31, 2023

Compelling Investment Opportunity

#1 American Uranium Enrichment Company

Facilitating the energy transition for a greener future

Leading Nuclear and Clean Technology Company

Forging the path towards U.S. energy independence

National Security and Commercial Nuclear Supply Chain Partner

Uniquely positioned to serve national security needs

Enriched Uranium Fuel (LEU)	High-AssayLow-Enriched Uranium (HALEU)

- LEU Customer

National Security

Technical Solutions

5

Financial Snapshot

Financial strength and flexibility, coupled with favorable industry tailwinds, positions Centrus for growth

$189M

38%

$7.5M

New 2023 LEU Sales

Contracts & Commitments

Annual Net Income Growth

2017-2023 CAGR

Reduction in Annual SG&A

Cost 2017-2023

$1B

$201M

$28.5M

Order Book

as of 12/31/2023

Cash

as of 12/31/2023

Deferred tax asset,

net of valuation allowance

as of 12/31/2023

6

The World Embracing Nuclear Energy

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
	Nuclear energy would have to more than
100% doubleto 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

3/3/24				1/22/24
				1/6/24

"We are re-establishing our leadership in the	"Nuclear is now, still, the largest single source of
zero-carbon-emitting technology. We want to
peaceful use of nuclear energy"
make sure we keep that on"

"[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"

1Pathways to Commercial Liftoff, U.S. Department of Energy (March 2023)	7
2Median scenario of International Panel on Climate Change study that evaluated 85 possible pathways to meeting global climate targets

Centrus Go-to-Market

Unique and diversified business model with both stable and high-growth opportunities

Low Enriched Uranium (LEU) Segment

• 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

Technical Solutions 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 exclusive holder of Nuclear Regulatory Commission (NRC) license
• Strong asset base with proven ability to produce LEU to support existing global commercial nuclear fleet of ~400 reactors

8

Central to the Nuclear Value Chain

An integral element of the nuclear supply chain, servicing both government and commercial customers

	Commercial Strategy								National Security
	Global	$1B Order			MISSIONS				Nuclear Forces
						Military Microreactors
									Tritium Production (LEU)
	Network	Book Through			DEFENSE				(HALEU)
	2030
	Enriched						Naval Reactors
	of	Utility
	Uranium	Customers:							(HEU)
	U.S., Asia,
Suppliers	Europe
		MISSIONS				Nonproliferation
								Space Missions
									Research Reactor Conversion (HALEU)
• Centrus' diverse base of enrichment supply includes inventory, medium- and			OTHER				(HALEU)
	long-term supply contracts, and spot purchases.
• Long-term supply contracts for SWU with Russian (TENEX) and French							Reactor Demonstrations
	(Orano) enrichment companies								(HALEU)
• U.S. utilities purchased ~3.4 million Russian-origin SWU in 2022		• Centrus' AC100M centrifuge is the only deployment-ready U.S. technology
	capable of meeting national security requirements.
	• 24% of U.S. demand in 2022
	Centrus has successfully demonstrated		LEU and HALEU production capabilities	9

Centrus Solving for the Supply Gap in LEU and HALEU

Meeting LEU Shortfall

Estimated Restricted Region LEU Demand Shortage1

Million SWU

30

HALEU Anticipated Demand

2021 NEI Survey of HALEU Requirements

(MTU/Year HALEU)

614

	7.2	5.1
20		2.1
21.7	23.9
10

0

2025	2030
LEU Supply		LEU Shortfall		Potential Centrus LEU Production

	One of two LEU-licensed companies in the U.S. supplying commercial LEU
	 Competitor is foreign owned
	Only Centrus would be able to supply U.S. government LEU for national security

131

72 79

26

527

454

375

252

215

152

purposes

 Nonproliferation agreements prohibit the use of foreign enrichment technology

for national security. A domestic technology is required

1World 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.

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

• 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.
• Successfully delivered 20 kilograms of HALEU to Department of Energy ahead

of schedule and under budget

10