Cameco announces 2024 results; strong performance across all segments; Westinghouse distribution; strategy centered on marketing, production, financial discipline expected to generate full-cycle value; positive outlook for nuclear energy
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TSX: CCO website: cameco.com
NYSE: CCJ currency: Cdn (unless noted)
2121 – 11th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada
Tel: 306-956-6200 Fax: 306-956-6201
Cameco announces 2024 results; strong performance across all segments; Westinghouse
distribution; strategy centered on marketing, production, financial discipline expected to
generate full-cycle value; positive outlook for nuclear energy
Saskatoon, Saskatchewan, Canada, February 20, 2025 . . . . . . . . . . . . . . . .
Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter and
year ended December 31, 2024, in accordance with International Financial Reporting Standards (IFRS).
“Our 2024 full-year financial performance benefitted from strong fourth quarter results delivered by our uranium and
Westinghouse segments,” said Tim Gitzel, Cameco’s president and CEO. “Although both net earnings and adjusted net
earnings in 2024 were lower than in 2023 primarily due to the impact of purchase accounting related to the Westinghouse
acquisition, our other key financial metrics improved significantly. We expect our strong financial performance to continue in
2025, driven by the supportive market conditions we are seeing throughout the fuel cycle and across the nuclear sector, and
through the continued benefits flowing from our investment in Westinghouse. Over the coming year, we expect to continue
investing to help ensure reliability and sustainability of our existing operations, while positioning ourselves for future production
flexibility and growth – growth that will be strategic, deliberate, disciplined, and with a focus on generating full-cycle value.
“It was another positive year for the nuclear industry, with support for both existing nuclear reactors and nuclear new build
continuing to grow. In fact, we believe the outlook for nuclear power and nuclear fuel fundamentals is more favourable than it
has been for decades. Continued global geopolitical uncertainty is bringing energy security and national security into focus,
which puts nuclear in what we believe is a durable growth mode, and as we see that growth translate into demand and a cycle
of replacement rate contracting, we too expect to be back in durable growth mode. We believe the risks to uranium and
nuclear fuel supplies and services are greater than the risks to demand, and we expect that will create a renewed focus on
ensuring long-term availability of nuclear fuel supplies.
“This past year in our uranium segment, despite relatively muted long-term contracting volumes as utilities focused first on
securing enrichment and conversion services, we continued to negotiate off-market contracts and selectively add to our long-
term portfolio, which now totals approximately 220 million pounds. That only represents about a quarter of our current reserve
and resource base, meaning we can be strategically patient in our contracting discussions, and we are retaining exposure to
the improving demand from our customers. We continue to have a large and growing pipeline of uranium business under
negotiation and our focus remains on obtaining market-related pricing mechanisms that benefit from a constructive price
environment, while also providing adequate downside protection. In addition, strong demand driving prices to historic highs in
the conversion market is being captured in additional long-term contracts in our fuel services segment, with total contracted
volumes of approximately 85 million kgU of UF6 supporting our fuel services operations for years to come.
“We have more than 35 years of experience operating across the fuel cycle, and we have designed our strategy of full-cycle
value capture to be resilient. Given the nature of nuclear fuel contracting and our long-term contract book, we have good
visibility into when and where we need to deliver material, allowing us to carefully plan and prudently invest in our existing and
potential supply sources, well into the future. When we consider the supply tools and flexibility we have in place to self-manage
risk and to work with our customers to satisfy their ongoing fuel requirements, we can be selective and opportunistic with our
sourcing of supply, including spot market purchases, and we can be disciplined when considering future investments in our
primary supply pipeline.
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“The positive market conditions that we expect to benefit our core uranium and fuel services businesses are also presenting
significant future growth opportunities for Westinghouse, which we own with our partner Brookfield. In 2024, we saw continued
interest in AP1000® new build opportunities in Poland, Bulgaria, Ukraine and Slovenia. In early 2025, Westinghouse
announced a settlement agreement in its technology and export dispute with Korea Electric Power Corporation and Korea
Hydro & Nuclear Power Co., Ltd., which resolves the dispute and establishes a framework for additional deployments outside
of South Korea, to the mutual and material benefit of Westinghouse, KEPCO and KHNP.
“Cameco will continue to align our production with our contract portfolio and market opportunities, demonstrating that we
continue to responsibly manage our supply in accordance with our customers’ needs. We will continue to look for opportunities
to improve operational effectiveness, improve our safety performance and reduce our impact on the environment, including
through the use of digital and automation technologies to allow us to operate our assets with more flexibility and efficiency.
Thanks to our disciplined strategy, our balance sheet is strong, and we expect it will enable us to continue executing our
strategy while self-managing risk, including risks related to global macro-economic uncertainty and volatility, and uncertain
trade policy decisions.
“We are a responsible, commercial supplier with long-lived, tier-one assets, and a proven operating track record. We are
invested across the nuclear fuel cycle and believe we have the right strategy to help achieve a secure energy future in a
manner that reflects our values. Embedded in our decisions is a commitment to address the risks and opportunities that we
believe will make our business sustainable over the long term.”
Summary of Q4 and 2024 results and developments:
• Annual net earnings of $172 million; adjusted net earnings of $292 million: Annual results reflected a return to our tier-
one production level, with higher sales volumes and an improvement in average realized prices as market conditions
continued to improve, catalyzed by security of supply concerns. In 2024, we generated $905 million in cash from operations
with full year adjusted EBITDA increasing by approximately 73% to over $1.5 billion compared to $884 million in 2023. Our
2024 annual results include $483 million in adjusted EBITDA from our investment in Westinghouse. Adjusted net earnings
and adjusted EBITDA are non-IFRS measures, see page 5.
• Fourth quarter net earnings of $135 million; adjusted net earnings of $157 million: Strong fourth quarter results in the
uranium and Westinghouse segments contributed to the strong annual results. As expected, quarterly results were
impacted by normal variations in contract deliveries and the timing of Westinghouse’s customer requirements, which were
heavily weighted to the fourth quarter in 2024. Adjusted net earnings is a non-IFRS measure, see page 5.
• Strong adjusted EBITDA from Westinghouse: Westinghouse reported a full-year net loss of $218 million (our share) as
expected, due to the impact of purchase accounting, which required the revaluation of its inventories based on market
prices at time of acquisition, and the expensing of some other non-operating acquisition-related transition costs. The impact
of these items was largely isolated to the first half of 2024 and are expected to have a smaller impact in future years,
although the increased depreciation and amortization charges related to purchase accounting, will impact Westinghouse’s
net earnings on an ongoing basis. Our share of adjusted EBITDA, which we view as a measure that better reflects
Westinghouse’s underlying performance, was $483 million for the year. Due to normal variability in the timing of its
customer requirements, and delivery and outage schedules, we saw stronger performance from the Westinghouse segment
in the fourth quarter, which we expect again in the fourth quarter of 2025. See Our earnings from Westinghouse in our
annual MD&A for more information.
• Westinghouse technology export: In January 2025, Westinghouse reached a resolution in its technology and export
dispute with Korea Electric Power Corporation and Korea Hydro & Nuclear Power Co., Ltd., which establishes a framework
for additional deployments to the mutual and material benefit of all parties.
• Westinghouse distribution: In February 2025 we received $49 million (US), which represents our share of a $100 million
(US) distribution paid by Westinghouse. This is the first distribution since the acquisition closed.
• Strong uranium and conversion segment performance: In our uranium segment, we delivered 33.6 million pounds of
uranium at an average realized price of $79.70 per pound. Our share of production was 23.4 million pounds in 2024, slightly
higher than our expectation of about 23.1 million pounds as a result of record annual production from the Key Lake mill. In
our fuel services segment, we delivered 12.1 million kgU under contract at an average realized price of $37.87 per kgU, and
produced 13.5 million kgU, which was within our guidance range for 2024.
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• Record production at McArthur River/Key Lake: 2024 packaged production of 20.3 million pounds sets both a new
annual production record for the Key Lake mill, as well as a world record for annual production from any uranium mill. The
increased run rate was made possible in part by our off-cycle investments during care and maintenance in automation,
digitization and optimization projects to improve the Key Lake mill. The mill also had access to sufficient ore feed material
that included the ore mined at McArthur River in 2024 (which was lower than its plan), supplemented by broken ore
inventory at McArthur River and Key Lake that was carried over from prior years and is now largely depleted. See Uranium
– Tier-one operations – McArthur River/Key Lake in our 2024 annual MD&A.
• Lower JV Inkai production: Production at Inkai continued to be impacted by the ongoing supply chain issues in
Kazakhstan, most notably, related to the stability of sulfuric acid deliveries. As a result, total 2024 production from Inkai on a
100% basis was 7.8 million pounds (3.6 million pounds our share), 0.6 million pounds lower than in 2023. Issues at Inkai
carried into 2025 when production was halted on January 1 at the direction of Kazatomprom, the controlling partner in the
JV, due to the delayed submission of certain regulatory documents to Kazakhstan’s Ministry of Energy. Production resumed
on January 23, 2025. Cameco and Kazatomprom continue to work with JV Inkai to determine the impact of the production
suspension on the operation’s 2025 production plans. If Inkai production and/or deliveries vary from our expectations,
committed purchases may vary and we will rely on our other sources of supply. See Uranium – Tier-one operations – Inkai
in our 2024 annual MD&A.
• Disciplined long-term contracting continues: As of December 31, 2024, in our uranium segment, we had commitments
to deliver an average of about 28 million pounds of uranium per year from 2025 through 2029, with commitment levels
higher than the average in 2025 through 2027, and lower than the average in 2028 and 2029. Our total portfolio of long-
term contracts includes commitments for approximately 220 million pounds of uranium. We continue to have a large and
growing pipeline of business under discussion. Our focus continues to be on obtaining market-related pricing mechanisms
that benefit from a constructive price environment, while also providing adequate downside protection. In addition, with
strong demand in the UF6 conversion market, we were successful in adding new long-term contracts that bring our total
contracted volumes to over 85 million kgU of UF6, underpinning our fuel services operations for years to come.
• Solid 2025 financial and operational outlook: In our uranium segment, we continued to execute our strategy in 2024,
ramping up our tier-one assets and continuing to optimize performance and reliability. With continuing improvement of
market conditions, the long-term contract book we have put in place, and an ongoing pipeline of both on and off-market
contracting discussions, our plan is to produce 18 million pounds (100% basis) at each of McArthur River/Key Lake and
Cigar Lake in 2025. We are also undertaking capital projects to help ensure reliability and sustainability of our existing
operations, including projects to address aging infrastructure and potential bottlenecks at the Key Lake mill and the
advancement of freezing at the McArthur River mine. While no decision on changes to future production levels has been
made, we will continue to position ourselves for future production flexibility. Following the halt of production in January 2025
at Inkai, production plans for 2025 and subsequent years remain uncertain, and we remain in discussions with JV Inkai and
our partner, Kazatomprom, to determine our purchase obligation for 2025. In our fuel services segment, we plan to produce
between 13 million and 14 million kgU in 2025 to satisfy our book of long-term business for conversion and fuel services. As
a result of these plans, we expect strong financial performance in 2025, including cash flow generation. See Outlook for
2025 and Uranium – Tier-one operations in our 2025 annual MD&A.
• Maintaining financial discipline and balanced liquidity to execute on strategy:
• Strong balance sheet: As of December 31, 2024, we had $600 million in cash and cash equivalents, and $1.3 billion in
total debt. We successfully refinanced $500 million senior unsecured debentures in 2024. The refinanced debt matures
in 2031 with credit spreads reflective of a higher credit rating than we have currently been assigned. In addition, we have
a $1.0 billion undrawn credit facility, which matures October 1, 2028. We expect strong cash flow generation in 2025.
• Focused debt reduction: Thanks to our risk-managed financial discipline and strong cash flow generation, in 2024 we
made repayments of $400 million (US) on the $600 million (US) floating-rate term loan that was used to finance the
acquisition of Westinghouse. In January 2025, we made the final repayment of $200 million (US), extinguishing the term
loan.
• JV Inkai dividend: In 2024, we received a cash dividend from JV Inkai totaling $129 million (US), net of withholdings. JV
Inkai distributes excess cash, net of working capital requirements, to the partners as dividends. See Uranium – Tier-one
operations – Inkai in our 2024 annual MD&A.
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• Increased annual dividend: In November, the board of directors approved an increase to the annual dividend from $0.12
per common share in 2023, to $0.16 per common share in 2024. In addition, to recognize the return to our tier-one run rate,
and in line with the principles of our capital allocation framework, we have recommended to our board of directors a
dividend growth plan for consideration. Based on this plan, we expect an annual increase of at least $0.04 per common
share in each of 2025 and 2026 to achieve a doubling of the 2023 dividend from $0.12 per common share, to $0.24, per
common share.
Consolidated financial results
THREE MONTHS ENDED YEAR ENDED
CONSOLIDATED HIGHLIGHTS DECEMBER 31 DECEMBER 31
($ MILLIONS EXCEPT WHERE INDICATED) 2024 2023 2024 2023
Revenue 1,183 844 3,136 2,588
Gross profit 250 133 783 562
Net earnings attributable to equity holders 135 80 172 361
$ per common share (basic) 0.31 0.18 0.40 0.83
$ per common share (diluted) 0.31 0.18 0.39 0.83
Adjusted net earnings (non-IFRS, see page 5)1 157 108 292 383
$ per common share (adjusted and diluted) 0.36 0.25 0.67 0.88
Adjusted EBITDA (non-IFRS, see page 5) 524 336 1,531 884
Cash provided by operations 530 201 905 688
1In 2024, we revised our calculation of adjusted net earnings to adjust for unrealized foreign exchange gains and losses as well as for share -based compensation
because it better reflects how we assess our operational performance. We restated comparative periods to reflect this change .
The 2024 annual financial statements have been audited; however, the 2023 fourth quarter and 2024 fourth quarter financial
information presented is unaudited. You can find a copy of our 2024 annual MD&A and our 2024 audited financial statements
on our website at cameco.com.
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NET EARNINGS
The following table shows what contributed to the change in net earnings and adjusted net earnings (non-IFRS measure, see
page 5) in the three months and year ended December 31, 2024, compared to the same period in 2023.
CHANGES IN EARNINGS THREE MONTHS ENDED YEAR ENDED
($ MILLIONS) DECEMBER 31 DECEMBER 31
IFRS ADJUSTED IFRS ADJUSTED
Net earnings - 2023 80 108 361 383
Change in gross profit by segment
(we calculate gross profit by deducting from revenue the cost of products and services sold, and depreciation and amortizatio n (D&A), net of hedging benefits)
Uranium Impact from sales volume changes 29 29 22 22
Higher realized prices ($US) 107 107 390 390
Foreign exchange impact on realized prices 11 11 26 26
Higher costs (30) (30) (203) (203)
change – uranium 117 117 235 235
Fuel services Impact from sales volume changes - - 2 2
Higher realized prices ($Cdn) 13 13 27 27
Higher costs (16) (16) (47) (47)
change – fuel services (3) (3) (18) (18)
Other changes
Higher administration expenditures (18) (18) (7) (7)
Higher exploration expenditures (7) (7) (17) (17)
Change in reclamation provisions 70 7 30 (3)
Change in gains on derivatives (198) (6) (221) (10)
Change in unrealized foreign exchange gains or losses 50 (5) 50 (6)
Change in earnings from equity-accounted investees 10 (32) (165) (122)
Change in share-based compensation - 5 - (19)
Lower finance income (16) (16) (91) (91)
Higher finance costs 16 16 (31) (31)
Change in income tax recovery or expense 29 (14) 41 (7)
Other 5 5 5 5
Net earnings - 2024 135 157 172 292
Non-IFRS measures
The non-IFRS measures referenced in this document are supplemental measures, which are used as indicators of our
financial performance. Management believes that these non-IFRS measures provide useful supplemental information to
investors, securities analysts, lenders and other interested parties in assessing our operational performance and our ability to
generate cash flows to meet our cash requirements. These measures are not recognized measures under IFRS, do not have
standardized meanings, and are therefore unlikely to be comparable to similarly-titled measures presented by other
companies. Accordingly, these measures should not be considered in isolation or as a substitute for the financial information
reported under IFRS. We are not able to reconcile our forward-looking non-IFRS guidance because we cannot predict the
timing and amounts of discrete items, which could significantly impact our IFRS results. The following are the non-IFRS
measures used in this document.
ADJUSTED NET EARNINGS
Adjusted net earnings (ANE) is our net earnings attributable to equity holders, adjusted for non-operating or non-cash items
such as gains and losses on derivatives, unrealized foreign exchange gains and losses, share-based compensation, and
adjustments to reclamation provisions flowing through other operating expenses, that we believe do not reflect the underlying
financial performance for the reporting period. In 2024, we revised our calculation of adjusted net earnings to adjust for
unrealized foreign exchange gains and losses as well as for share-based compensation because it better reflects how we
assess our operational performance. We have restated comparative periods to reflect this change. Other items may also be
adjusted from time to time. We adjust this measure for certain of the items that our equity-accounted investees make in
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arriving at other non-IFRS measures. Adjusted net earnings is one of the targets that we measure to form the basis for a
portion of annual employee and executive compensation (see Measuring our results in our 2024 annual MD&A).
In calculating ANE we adjust for derivatives. We do not use hedge accounting under IFRS and, therefore, we are required to
report gains and losses on all hedging activity, both for contracts that close in the period and those that remain outstanding at
the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of
the reporting period (mark-to-market). However, we do not believe the gains and losses that we are required to report under
IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect
the impact of our hedging program in the applicable reporting period. See Foreign exchange in our 2024 annual MD&A for
more information.
We also adjust for changes to our reclamation provisions that flow directly through earnings. Every quarter we are required to
update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This
normally results in an adjustment to our asset retirement obligation asset in addition to the provision balance. When the assets
of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the
adjustment is recorded directly to the statement of earnings as “other operating expense (income)”. See note 16 of our annual
financial statements for more information. This amount has been excluded from our ANE measure.
As a result of the change in ownership of Westinghouse when it was acquired by Cameco and Brookfield, Westinghouse’s
inventories at the acquisition date were revalued based on the market price at that date. As these quantities are sold,
Westinghouse’s cost of products and services sold reflect these market values, regardless of their historic costs. Our share of
these costs is included in earnings from equity-accounted investees and recorded in cost of products and services sold in the
investee information (see note 12 to the financial statements). Since this expense is non-cash, outside of the normal course of
business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.
Westinghouse has also expensed some non-operating acquisition-related transition costs that the acquiring parties agreed to
pay for, which resulted in a reduction in the purchase price paid. Our share of these costs is included in earnings from equity
accounted investees and recorded in other expenses in the investee information (see note 12 to the financial statements).
Since this expense is outside of the normal course of business and only occurred due to the change in ownership, we have
excluded our share from our ANE measure.
The following table reconciles adjusted net earnings with our net earnings for the three months and years ended December 31,
2024, and 2023.
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31 DECEMBER 31
($ MILLIONS) 2024 2023 2024 2023
Net earnings attributable to equity holders 135 80 172 361
Adjustments
Adjustments on derivatives 133 (59) 152 (59)
Unrealized foreign exchange gains (56) (1) (66) (10)
Share-based compensation 17 12 44 63
Adjustments on other operating expense (income) (23) 40 (35) (2)
Income taxes on adjustments (37) 6 (46) 2
Adjustments on equity investees (net of tax):
Inventory purchase accounting 3 20 53 20
Acquisition-related transition costs - - 22 -
Unrealized foreign exchange losses (gains) (16) 10 (7) 8
Long-term incentive plan 1 - 3 -
Adjusted net earnings 157 108 292 383
EBITDA
EBITDA is defined as net earnings attributable to equity holders, adjusted for the costs related to the impact of the company’s
capital and tax structure including depreciation and amortization, finance income, finance costs (including accretion) and
income taxes.
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ADJUSTED EBITDA
Adjusted EBITDA is defined as EBITDA, as further adjusted for the impact of certain costs or benefits incurred in the period
which are either not indicative of the underlying business performance or that impact the ability to assess the operating
performance of the business. These adjustments include the amounts noted in the adjusted net earnings definition.
In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees. These items
are reported as part of marketing, administrative and general expenses within the investee financial information and are not
representative of the underlying operations. These include gain/loss on undesignated hedges, transaction costs related to
acquisitions and gain/loss on disposition of a business.
We also adjust for the unwinding of the effect of purchase accounting on the sale of inventories which is included in our share
of earnings from equity-accounted investee and recorded in the cost of products and services sold in the investee information
(see note 12 to the financial statements).
The company may realize similar gains or incur similar expenditures in the future.
ADJUSTED EBITDA MARGIN
Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period.
EBITDA, adjusted EBITDA, and adjusted EBITDA margin are measures which allow us and other users to assess results of
operations from a management perspective without regard for our capital structure. To facilitate a better understanding of
these measures, the table below reconciles earnings before income taxes with EBITDA and adjusted EBITDA for the fourth
quarters and years ended 2024 and 2023.
For the year ended December 31, 2024:
FUEL
($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL
Net earnings (loss) attributable to equity holders 904 108 (218) (622) 172
Depreciation and amortization 239 37 - 5 281
Finance income - - - (21) (21)
Finance costs - - - 147 147
Income taxes - - - 85 85
1,143 145 (218) (406) 664
Adjustments on equity investees
Depreciation and amortization 23 - 357 - 380
Finance income (1) - (4) - (5)
Finance expense - - 225 - 225
Income taxes 58 - (61) - (3)
Net adjustments on equity investees 80 - 517 - 597
EBITDA 1,223 145 299 (406) 1,261
Gain on derivatives - - - 152 152
Other operating income (35) - - - (35)
Share-based compensation - - - 44 44
Unrealized foreign exchange gains - - - (66) (66)
(35) - - 130 95
Adjustments on equity investees
Inventory purchase accounting - - 71 - 71
Acquisition-related transition costs - - 29 - 29
Other expenses - - 78 - 78
Foreign exchange gains (9) - 2 - (7)
Net adjustments on equity investees (9) - 184 - 175
Adjusted EBITDA 1,179 145 483 (276) 1,531
1JV Inkai EBITDA is included in the uranium segment. See Financial results by segment – Uranium in our 2024 annual MD&A.
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For the year ended December 31, 2023:
FUEL
($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL
Net earnings (loss) attributable to equity holders 606 129 (24) (350) 361
Depreciation and amortization 175 35 - 10 220
Finance income - - - (112) (112)
Finance costs - - - 116 116
Income taxes - - - 126 126
781 164 (24) (210) 711
Adjustments on equity investees
Depreciation and amortization 14 - 61 - 75
Finance income - - (2) - (2)
Finance expense - - 30 - 30
Income taxes 42 - (7) - 35
Net adjustments on equity investees 56 - 82 - 138
EBITDA 837 164 58 (210) 849
Loss on derivatives - - - (59) (59)
Other operating income (2) - - - (2)
Share-based compensation - - - 63 63
Unrealized foreign exchange gains - - - (10) (10)
(2) - - (6) (8)
Adjustments on equity investees
Inventory purchase accounting - - 27 - 27
Other expenses - - 8 - 8
Foreign exchange gains - - 8 - 8
Net adjustments on equity investees - - 43 - 43
Adjusted EBITDA 835 164 101 (216) 884
1JV Inkai EBITDA is included in the uranium segment. See Financial results by segment - Uranium in our 2024 annual MD&A.
The following Westinghouse financial outlook for 2025 is reported in Canadian dollars and prepared in accordance with IFRS
and reflects Cameco’s 49% ownership share. It reconciles the Westinghouse outlook for net earnings with EBITDA and
adjusted EBITDA.
$USD
CAMECO SHARE (49%) MILLIONS
Net loss (20-70)
Depreciation and amortization 260-275
Finance income (1-2)
Finance costs 120-135
Income tax expense (recovery) 5-(10)
EBITDA 320-370
Inventory purchase accounting 1-5
Restructuring costs 15-30
Other expenses 10-25
Adjusted EBITDA 355-405
The outlook for adjusted EBITDA from Westinghouse for 2025 and its growth over the next five years are based on the
following assumptions:
• A compound annual growth rate in revenue from its core business of 6% to 8%, which is slightly higher than the anticipated
average growth rate of the nuclear industry based on the World Nuclear Association’s Reference Case. In addition to orders
for PWR reactor fuel and services, this includes orders for VVER, BWR fuel and services, and a phase out of AGR fuel. The