Centrus Energy Positioned for Growth Amid Rising Uranium Demand and Strategic Financial MovesWe hosted a post 3Q25 results NDR with Centrus management on 7 November (today) and offer highlights from this briefing. SWU market demand and supply outlook. Centrus foresees US demand from SMR/microreactors likely to create an additional 2.5m SWU, along with opportunities from national security needs, such as Janus programme (see our Memo, 15 October), amid a Russia supply cut after the import waiver expires by end-2027 which would reduce c.25% (or c.4m SWU) of uranium enrichment supply in the US market. Hence, management forecasts at least a 6.5m SWU shortfall in the US from 2028 onward. Government grants & private financing. Centrus previously expected to receive the government grants in 2H25, but now anticipates delays due to government processing.