Centrus Energy Corp.

Greetings. Welcome to Centris Energy fourth quarter and full year 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Neil Nagarajan, Senior Vice President, Investor Relations. Thank you. You may begin.

Good morning. Welcome and thank you to all of our callers as well as those listening to our webcast. Today's call will cover the results for the fourth quarter and full year 2025, ended December 31st. Today we have Amir Bexler, President and Chief Executive Officer, and Todd Tonelli, Chief Financial Officer, Senior Vice President and Treasurer. This conference call follows our earnings news release issued yesterday. We filed our report for the fourth quarter and full year on Form 10-K earlier today. All of our news releases and SEC filings, including our 10-K, 10-Qs, and 8-Ks, are available on our website. A replay of this call will also be available later this morning on the Centris website. I would like to remind everyone that certain information we may include on this call today may be considered forward-looking information that involves risk uncertainty, including assumptions around the future performance of CentRIS. Our actual results may differ materially from those in our forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in our forward-looking statements is contained in our filings with the SEC. including our annual report on Form 10-K and quarterly reports on Form 10-Q. Finally, the forward-looking information provided today is time-sensitive and accurate only as of today, February 11, 2026, unless otherwise noted. This call is a property of Centris Energy. Any transcription, redistribution, retransmission, or rebroadcast of the call in any form without the express written consent of Centris is strictly prohibited. Thank you for your participation, and I'll now turn the call over to Amir.

Thank you, Neil, and thank you to everyone on today's call. 2025 was a milestone year for Centris, punctuated by a December announcement to begin commercial centrifuge manufacturing to address the commercial LEU market and our substantial backlog. Shortly thereafter, in January, the Department of Energy selected Centris for a $900 million HALU Enrichment Award. Our build-out officially ushers in America's return to domestic commercial uranium enrichment with a de-risked, deployment-ready technology that can service both commercial and national security needs. Our first new cascade of centrifuges is expected to come online in 2029, with subsequent cascades to come thereafter. We are continuing to identify and implement opportunities to reduce both our lead time and the unit cost. This effort is being implemented day one. But first, let me turn to our results. There can be a significant amount of quarterly variability in our results due to the nature of our business, and we therefore believe our annual results are more indicative of our progress. For the full year 2025, we achieved $448.7 million in revenue, a gross profit of $117.5 million, and a net income of $77.8 million. The majority of our current revenue is derived from our LEU business, and during the third quarter, Centris received waivers from the Department of Energy to continue to import LEU for all currently committed deliveries to U.S. customers in 2026 and 2027. This announcement provided greater clarity and helps de-risk that side of our business. Now turning to our future commercial enrichment business and our go-forward roadmap. Our base case build-out will address our substantial commercial LEU enrichment backlog of $2.3 billion and the requirements to the Department of Energy under the HALU Enrichment Award. Considering all factors, our base case will include 12 metric tons of HALU, Further capacity additions will be progressive and depend on both our off-stake demand and our capital resources. Importantly, I am pleased to announce that as we continue to pursue additional low-cost capital, our base case build-out is expected to be sufficient to reach our end-of-a-kind cost. We initially launched our commercial centrifuge manufacturing to address the growing demand for commercial LEU, where we have time-to-market advantages. Demand for LEU from existing and growing electrification needs will only continue to increase ahead of any AI, data center, advanced manufacturing, or hyperscaler demand, while LEU supply is rapidly becoming more constrained. Near-term domestic LEU demand alone is set to increase by approximately 6.5 million sous stemming from Russia's exiting the market and the additional demand from restarts, uprates, and new pledged reactors. The LAU pricing curve, which has experienced a 24% compound annual growth rate from 2019 to 2025, is an indicator of this increasingly constrained market and pent-up latent demand. National security is another potentially important market. We are currently the only production-ready option for the national security establishment, and in the fourth quarter, we were notified by the National Nuclear Security Administration of its intent to sole source certain uranium enrichment activities from Centris. This could represent another source of low-cost capital. Speaking of funding, the $900 million ALU Enrichment Award has the potential to exceed $1 billion and still needs to be finalized through negotiations. This potential funding, which comes through a procurement and involves neither debt nor equity would serve two important points. First, it would be another pool of low-cost capital, and we are grateful to our government for recognizing the importance of Centris to the market. And second, it is supporting the 12 metric tons of HALU capacity ahead of a commercially viable advanced reactor market. We are positioned to capitalize on these opportunities because we have been laying the groundwork over the previous 12-plus months. More specifically, these operational efforts include, first, our November 2024 supply chain readiness program. Second, successfully completing phase two of the HALU operations contract by contractually delivering 900 kilograms of HALU UF6 to the Department of Energy and producing well over one metric ton of HALU UF6 for the department as of end of 2025. Third, adding approximately $300 million to our $2.3 billion contingent LEU backlog and making strong progress towards removing these contingencies. Fourth, announcing that we are creating more than 300 new jobs at our Piketon facility and then hiring more than 50 of those new hires in Q4. In 2025, we added over 140 employees combined in Piketon and Oak Ridge. Fifth, initiating design work on our training, operations, and maintenance facility in Piketon, which will include the significant renovation and rehabilitation of existing facility, and six, continuing to identify and implementing opportunities to reduce our lead time and unit costs, a day one activity. Likewise, from a financial standpoint, these efforts include, first, uplisting to the New York Stock Exchange to attract a more diversified set of institutional investors. Second, validating foreign direct investment as another potential source of low-cost capital by signing an MOU with KHMP and POSCO International. And third, raising capital to support the build-out, ending the year with a cash balance of approximately $2 billion. Todd will discuss this in greater depth shortly. Moving forward, we will continue to capitalize on our time-to-market advantage in the domestic LEU market and our first-mover advantage in the global HALU market. Operational excellence is non-negotiable. Our first Cascades timeline includes a significant amount of time, effort, and investment at both our facilities to build on our operational momentum. And as part of this effort, it is with great pleasure that I am able to announce that we just recently entered into an agreement with a best-in-class partner, Floor, who will serve as our primary EPC at Biketon. In an effort to provide stakeholders with greater clarity, we are prepared to provide the following full-year 2026 guidance. From a financial perspective for the year, we are providing the following guidance. total company revenue of $425 million to $475 million, and total capital spend of $350 million to $500 million. And from an operational standpoint, we are providing the following guidance. First, finalizing contracts with our most critical partners, with a focus on those who will require long-leaf procurements, significant scale items, and complex parts. These will be suppliers for either parts or equipment at either facility. Second, workforce additions across both facilities to total at least 150 net new employees. At least 100 new employees in Oak Ridge or roughly 25% of the announced 400 and at least 50 new employees in Piketon. Jobs across both locations will include engineers, assembly technicians, maintenance technicians, enrichment operators, lab technicians, project management, and project controls. And finally, and this will be a big achievement from a design perspective, we will be releasing our first certified for construction work package in Piketon. This is where the design for a key plan system has completed necessary reviews and is formally signed and stamped for use by construction crews. We additionally expect to have the majority of our construction partners mobilization completed in Ohio by the end of the year. We expect to be able to provide more details as we continue to make progress, including a timeline to the completion of our first centrifuge produced by our commercial scale manufacturing process. This will be another groundbreaking milestone as it represents the supply chain coming together and its ability to produce a centrifuge. With that, I will turn the call over to Todd and then come back with some final thoughts. Todd?