Saskatchewan Canada Cameco announces 2025 results; solid fourth quarter and 2025 performance; increasing long- term uranium market activity reinforces constructive outlook; disciplined supply strategy expected to position company to unlock value from growing demand
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Saskatoon
Saskatchewan
Canada
Cameco announces 2025 results; solid fourth quarter and 2025 performance; increasing long-
term uranium market activity reinforces constructive outlook; disciplined supply strategy
expected to position company to unlock value from growing demand
February 13, 2026
Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter and
year ended December 31, 2025, in accordance with International Financial Reporting Standards (IFRS).
“Our fourth quarter and year-end results reflect another year of disciplined execution across our uranium, fuel services, and
Westinghouse segments, demonstrating the strength of our strategy in a market that continues to evolve in support of
long‑term value creation,” said Tim Gitzel, Cameco’s CEO. “We delivered solid performance with strong contributions from our
core assets and improved financial results tied to our disciplined long-term supply strategy in a constructive demand
environment. As anticipated, our fourth‑quarter results were strengthened by robust contributions from all segments of our
business, supporting a strong finish to the year. This outcome highlights our continued ability to navigate market developments
with a measured, deliberate approach that aligns with our long‑term objectives.
“Across the nuclear industry, 2025 marked another year of accelerating global momentum. We saw renewed commitments to
nuclear energy from governments, utilities, and industrial energy users around the world, including policies that continued to
reinforce nuclear’s critical role in delivering secure, reliable and carbon-free baseload power. That support was accompanied
by increasing long‑term contracting activity towards the end of the year, with a deepening focus on security of supply, and
rising interest from existing and emerging nuclear markets, including traditional utilities and new industrial energy users that
are considering nuclear. Utilities continue to seek dependable supply in an environment where finite secondary supplies are
thinning, and it is becoming more obvious each day that potential new production is expected to be challenged by longer-than-
advertised lead times, mounting inflationary pressures and geopolitical uncertainty. The underlying message is clear to us: the
fundamentals that have been steadily improving over the past several years gained further traction in 2025, and we expect
these trends to continue through 2026 and beyond.
“In this environment, our disciplined approach to supply in our uranium and fuel services segments remains a cornerstone of
our strategy. We continued to align our production with our long‑term contract portfolio, maintaining a deliberate and
conservative approach which, based on our decades of experience, we believe to be the prudent position. Combined with our
strong balance sheet, and about 230 million pounds of uranium committed under long‑term contracts, we believe we are well
positioned to unlock value in a strengthening market. We do not manage the business to satisfy short‑term themes in the
market, nor do we chase volume for volume’s sake, or plan to bring forward uncommitted supply that risks recreating the
overhangs that historically disrupted contracting cycles. Instead, we remain focused on protecting and extending the value of
our tier‑one assets and investments, leveraging our integrated capabilities, and preserving the flexibility that allows us to
respond to opportunities as the market continues its transition.
www.cameco.com
NEWS RELEASE
All amounts in Canadian dollars
unless specified otherwise
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“Additionally, the value‑accretive contributions from our Westinghouse investment continue to outperform the acquisition case
expectations. The segment continued to positively impact our overall results in 2025, including a 30% increase in adjusted
EBITDA over 2024, reflecting strong underlying performance across its core businesses. We also benefited from a cash
distribution from Westinghouse of US$350 million, with US$171.5 million representing our share, tied to its participation in the
Dukovany nuclear project. While we don’t expect a comparable additional distribution this year, the 2026 guidance for
Westinghouse remains strong and reinforces the value of our investment, highlighting Westinghouse’s role as a stable,
long‑term player within a strengthening global nuclear market.
“Looking forward, we believe we will continue to see a durable trend of growth across the nuclear fuel cycle supported by
electrification, energy security and decarbonization priorities, and the increasing recognition that nuclear must play a central
role in addressing the world’s long‑term energy challenges. Cameco is well positioned to benefit from this global shift, driving
long‑term value for our shareholders, our customers, and the communities where we operate.”
Consolidated financial performance
THREE MONTHS ENDED YEAR ENDED
CONSOLIDATED HIGHLIGHTS DECEMBER 31 DECEMBER 31
($ MILLIONS EXCEPT WHERE INDICATED) 2025 2024 2025 2024
Revenue 1,201 1,183 3,482 3,136
Gross profit 273 250 970 783
Net earnings attributable to equity holders 199 135 590 172
$ per common share (basic) 0.46 0.31 1.35 0.40
$ per common share (diluted) 0.46 0.31 1.35 0.39
Adjusted net earnings (non-IFRS)1 217 157 627 292
$ per common share (adjusted and diluted) 0.50 0.36 1.44 0.67
Adjusted EBITDA (non-IFRS) 591 524 1,929 1,531
Cash provided by operations 677 530 1,408 905
1 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.
• Consolidated performance: Strong fourth quarter results in the uranium and Westinghouse segments provided a boost to
annual results, relative to 2024. Net earnings for the quarter and the year increased by $64 million and $418 million
respectively, compared to 2024, while adjusted net earnings increased by $60 million and $335 million, respectively for the
quarter and for the year compared to 2024. Full year adjusted EBITDA increased by approximately $398 million to $1.9
billion compared to 2024 mainly due to the contributions from the uranium segment, which reflects an improving price
environment, as well as the increase in our share of Westinghouse’s annual revenue tied to its participation in the Dukovany
construction project. See non-IFRS measures starting on page 6 for more information.
• Strong balance sheet: Thanks to our risk-mitigated financial discipline, our balance sheet remains strong.
• As of December 31, 2025, we had $1.2 billion in cash and cash equivalents and short-term investments, with $1.0
billion in total debt.
• During the year, we repaid the remaining US$200 million on our US term loan, extinguishing the term loan.
• In February, we received US$49 million from Westinghouse as our first distribution since the acquisition closed and
another US$171.5 million in October, related to Westinghouse’s participation in the Dukovany construction project. In
early 2026, we received another US$49 million as a distribution from Westinghouse.
• In April, we received a cash dividend of US$87 million, net of withholdings, from JV Inkai.
• Dividend: In November, to reflect the improvement in our financial performance and the additional distribution received
from Westinghouse, we advanced our dividend growth plan. We increased our annual dividend to $0.24 per common share
in 2025, advancing our plan to increase the dividend to $0.24 per common share by one year. See Return in our annual
MD&A for more information.
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Segmented financial performance
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31 DECEMBER 31
HIGHLIGHTS 2025 2024 CHANGE 2025 2024 CHANGE
Uranium Revenue ($ millions) 1,027 1,035 (1)% 2,874 2,677 7%
Gross profit ($ millions) 225 213 6% 803 681 18%
Earnings before income taxes 274 289 (5)% 954 904 6%
Adjusted EBITDA1 396 391 1% 1,255 1,179 6%
Fuel services Revenue ($ millions) 174 148 18% 562 459 22%
Earnings before income taxes 50 37 35% 179 108 66%
Adjusted EBITDA1 63 49 29% 219 145 51%
Westinghouse Revenue 958 841 14% 3,458 2,892 20%
(our share) Net earnings (loss) 26 9 >100% 58 (218) >100%
Adjusted EBITDA1 211 162 30% 780 483 61%
1 Non-IFRS measure
Of note in 2025:
• Uranium: Fourth quarter earnings before taxes decreased by $15 million and adjusted EBITDA increased by $5 million,
compared to 2024, mainly as a result of lower sales volume due to timing of sales. Annual earnings before income taxes
increased by $50 million and adjusted EBITDA increased by $76 million compared to 2024. See Financial results by
segment – Uranium in our annual MD&A for more information.
• Fuel services: Fourth quarter earnings before taxes increased by $13 million and adjusted EBITDA increased by $14
million compared to 2024, mainly as a result of deliveries under contracts that were entered into in an improved price
environment. Annual earnings before income taxes for the year increased by $71 million while adjusted EBITDA increased
by $74 million compared to 2024. See Financial results by segment – Fuel Services in our annual MD&A for more
information.
• Westinghouse: Westinghouse reported net earnings increased by $17 million (our share) for the fourth quarter, compared
to the same quarter last year. Over the year, Westinghouse reported a net earnings increase of $276 million in comparison
to 2024. To better reflect the underlying operating performance, we use adjusted EBITDA as a performance measure for
Westinghouse. In the fourth quarter of 2025, our share of Westinghouse’s adjusted EBITDA increased by $49 million,
compared to the fourth quarter of 2024, while over the year, adjusted EBITDA increased by $297 million compared to 2024.
In October 2025, Westinghouse made a second cash distribution of US$350 million (US$171.5 million our share) to its
owners associated with the cash received in 2025 for its participation in the construction project for two nuclear reactors at
the Dukovany power plant in the Czech Republic, led by Korea Hydro & Nuclear Power. See Financial results by segment -
Westinghouse in our annual MD&A for more information.
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Operational and marketing performance
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31 DECEMBER 31
HIGHLIGHTS 2025 2024 CHANGE 2025 2024 CHANGE
Uranium Production volume (million lb) 6.0 6.1 (2)% 21.0 23.4 (10)%
Sales volume (million lb) 11.2 12.8 (12)% 33.0 33.6 (2)%
Average realized price1 (US$/lb) 65.53 58.45 12% 62.11 58.34 6%
($/lb) 91.30 80.90 13% 87.00 79.70 9%
Fuel services Production volume (million kgU) 3.8 3.6 6% 14.0 13.5 4%
Sales volume (million kgU) 4.4 4.2 6% 13.1 12.1 8%
Average realized price 2 ($/kgU) 39.39 35.41 11% 43.04 37.87 14%
1 Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fees divided by
the volume of uranium concentrates sold.
2 Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and
reactor components, transportation and storage fees divided by the volumes sold.
Of note in 2025:
• Uranium: We produced 21.0 million pounds of uranium (our share), exceeding our revised consolidated annual production
guidance of up to 20 million pounds, announced on August 28, 2025. At Cigar Lake, we produced 19.1 million pounds
(100% basis), exceeding our annual expectations by 1.1 million pounds. At McArthur River/Key Lake, we produced 15.1
million pounds (100% basis), meeting our revised annual production guidance. See Uranium production overview in our
annual MD&A for more information. Our average realized price in our Uranium segment continued to show improvements
as prices under base-escalated and market-related contracts increased. See Financial results by segment – Uranium in our
annual MD&A for more information.
• JV Inkai: Total production from JV Inkai in 2025 was 8.4 million pounds (3.7 million pounds our share) compared to 7.8
million pounds (3.6 million pounds our share) in 2024. During 2025 we received shipments containing the remainder of our
share of 2024 production, about 0.9 million pounds, and the entire 3.7 million pounds of our share of Inkai’s 2025
production. See Uranium – production overview in our annual MD&A for more information.
• Fuel services: At our Fuel Services division, we produced 14.0 million kgU, including 11.2 million kgU of UF6, a production
record for our Port Hope conversion facility. The improvement of the average realized price in our Fuel Services segment
was driven primarily by deliveries under contracts that were entered into in an improved price environment. See Financial
results by segment – Fuel Services in our annual MD&A for more information.
• Deliveries and Inventory: In addition to our uranium production, we purchased a total of 9.6 million pounds of uranium
(including JV Inkai purchases). We delivered 33.0 million pounds of uranium in alignment with the commitments under our
contract portfolio, and finished 2025 with a uranium inventory of 9.7 million pounds, with an average inventory cost of
$61.85 per pound. At fuel services, we delivered 13.1 million kgU of combined fuel services product under contract.
• Contracting: In our uranium segment, we continued contract negotiations, successfully adding to our long-term portfolio.
After meeting our 2025 delivery commitments, we have long-term commitments to deliver about 230 million pounds of
uranium, including an annual average delivery volume of about 28 million pounds over the next five years, that retain
exposure to the improving fundamentals as our customers look to secure their long-term needs. In Fuel Services, with
strong demand and historically high pricing in the UF6 conversion market, we were successful in adding new long-term
conversion contracts that bring our total contracted volumes to about 83 million kgU of UF6 that will underpin our fuel
services operations for years to come.
See Operations, projects and investments in our annual MD&A for more information.
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Additional highlights
• Westinghouse participation in construction of Dukovany power plant: In the second quarter of 2025, we announced
the benefits expected for Westinghouse and Cameco as a result of Westinghouse’s participation in the construction of two
nuclear reactors at the Dukovany power plant in the Czech Republic, which include:
• An increase of approximately US$170 million to our share of Westinghouse’s 2025 second quarter revenue.
• Significant expected financial benefits for Westinghouse, as a subcontractor, over the term of the Dukovany construction
project and related to the provision of the fuel fabrication services required for both reactors for a specified period.
• Strategic Partnership with US Government: In the fourth quarter of 2025, we, alongside Brookfield and Westinghouse,
entered into a strategic partnership with the US Government, which is expected to accelerate the deployment of
Westinghouse nuclear reactors in the US and globally. This collaboration provides for the US Government to arrange
financing and facilitate the permitting and approvals for new Westinghouse nuclear reactors to be built in the US, with an
aggregate investment value of at least US$80 billion. The launch of a nuclear power plant construction program is expected
to accelerate growth in Westinghouse’s energy systems segment during the construction phase, along with its core fuel
fabrication and reactor services business for the life of the reactors, strengthening our integrated fuel cycle strategy, and
supporting long-term growth through rising demand for nuclear fuel products, services and technologies. See Westinghouse
in our annual MD&A for more information.
Consolidated financial results
The 2025 annual financial statements have been audited; however, the 2024 fourth quarter and 2025 fourth quarter financial
information presented is unaudited. You can find a copy of our 2025 annual MD&A and our 2025 audited financial statements
on our website at cameco.com.
NET EARNINGS
The following table shows what contributed to the change in net earnings and adjusted net earnings (non-IFRS measure) in
the three months and year ended December 31, 2025, compared to the same period in 2024.
CHANGES IN EARNINGS THREE MONTHS ENDED YEAR ENDED
($ MILLIONS) DECEMBER 31 DECEMBER 31
IFRS ADJUSTED IFRS ADJUSTED
Net earnings - 2024 135 157 172 292
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 (26) (26) (11) (11)
Higher realized prices 110 110 170 170
Foreign exchange impact on realized prices 7 7 71 71
Higher costs (79) (79) (108) (107)
Change – uranium 12 12 122 123
Fuel services Impact from sales volume changes 2 2 8 8
Higher realized prices 18 18 68 68
Higher costs (8) (8) (8) (8)
Change – fuel services 12 12 68 68
Other changes
Higher administration expenditures (11) (8) (58) (24)
Higher exploration expenditures (7) (7) (10) (10)
Change in reclamation provisions (12) 2 (10) 3
Change in losses (gains) on derivatives 170 2 278 (18)
Change in foreign exchange gains or losses (60) 11 (127) (7)
Higher (lower) earnings from equity-accounted investee 6 40 227 204
Higher finance income 4 4 2 2
Lower (higher) finance costs 1 1 32 32
Change in income tax recovery or expense (49) (7) (103) (35)
Other (2) (2) (3) (3)
Net earnings - 2025 199 217 590 627
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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 ANE 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 arriving at other non-IFRS
measures. ANE 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 2025 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 2025 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 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.
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The following table reconciles adjusted net earnings with our net earnings for the three months and years ended December 31,
2025, and 2024.
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31 DECEMBER 31
($ MILLIONS) 2025 2024 2025 2024
Net earnings attributable to equity holders 199 135 590 172
Adjustments
Adjustments on derivatives (35) 133 (144) 152
Unrealized foreign exchange losses (gains) 15 (56) 54 (66)
Share-based compensation 20 17 79 44
Adjustments on other operating expense (income) (9) (23) (22) (35)
Income taxes on adjustments 5 (37) 22 (46)
Adjustments on equity investees (net of tax):
Inventory purchase accounting 4 3 8 53
Acquisition-related transition costs - - - 22
Unrealized foreign exchange losses (gains) 13 (16) 18 (7)
Long-term incentive plan 5 1 22 3
Adjusted net earnings 217 157 627 292
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.
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 11 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 2025 and 2024.
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For the year ended December 31, 2025:
FUEL
($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL
Net earnings (loss) attributable to equity holders 954 179 58 (601) 590
Depreciation and amortization 246 40 - 7 293
Finance income - - - (23) (23)
Finance costs - - - 115 115
Income taxes - - - 188 188
1,200 219 58 (314) 1,163
Adjustments on equity investees
Depreciation and amortization 23 - 383 - 406
Finance income (2) - (3) - (5)
Finance expense - - 213 - 213
Income taxes 47 - (4) - 43
Net adjustments on equity investees 68 - 589 - 657
EBITDA 1,268 219 647 (314) 1,820
Gain on derivatives - - - (144) (144)
Other operating income (22) - - - (22)
Share-based compensation - - - 79 79
Unrealized foreign exchange losses - - - 54 54
(22) - - (11) (33)
Adjustments on equity investees
Inventory purchase accounting - - 11 - 11
Other expenses - - 53 - 53
Foreign exchange gains 9 - 9 - 18
Net adjustments on equity investees 9 - 133 - 142
Adjusted EBITDA 1,255 219 780 (325) 1,929
1JV Inkai EBITDA is included in the uranium segment. See Financial results by segment – Uranium in our 2025 annual MD&A.