Saskatchewan Canada Cameco announces third quarter results: financial performance on track for strong finish to the year; nuclear fundamentals strengthened by transformational partnership to deploy Westinghouse reactors in the US; annual dividend declared
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Saskatoon
Saskatchewan
Canada
Cameco announces third quarter results: financial performance on track for strong finish to the
year; nuclear fundamentals strengthened by transformational partnership to deploy
Westinghouse reactors in the US; annual dividend declared
November 5, 2025
Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the third quarter ended
September 30, 2025, in accordance with International Financial Reporting Standards (IFRS).
“Our year-to-date financial results demonstrate strong performance across our uranium, fuel services, and Westinghouse
segments, underscoring the resilience of our strategy in a dynamic market that is being continually reinforced by tremendous
positive momentum,” said Tim Gitzel, Cameco’s chief executive officer. “Driven by disciplined long-term contracting and
management of our supply sources, alongside strategic partnerships that can add significant future value, we are positioned at
the forefront of the global nuclear resurgence.
“As the global energy landscape evolves, nuclear continues on a path towards robust expansion and meaningful
transformation. We’re seeing significant attention across all areas of the nuclear fuel cycle, beyond uranium mining - but a
good narrative won’t turn a turbine. Cameco is in an exceptional position, with decades of experience operating unique and
complex assets that are critical to the long-term health of the nuclear industry, and a deep understanding of how to build value
across the nuclear fuel markets. That experience allows us to be selective in committing unencumbered productive capacity
under long-term contracts, while ensuring alignment with customer needs, maintaining downside protection, and preserving
exposure to future market price improvement.
“Our supply sourcing flexibility is a key advantage. We fulfill sales commitments through a mix of production, inventory, product
loans, and both market and long-term purchases, all planned years ahead of time to provide for flexibility in how we source the
supply we need. This quarter reflects that flexibility, as we adjusted a number of the supply levers we have at our disposal,
including our planned market purchases and product loans, to help offset the impact of expected changes in our 2025 uranium
production outlook. While the development delays at McArthur River and Key Lake that we announced in August have
reduced our consolidated production forecast, we expect to meet our delivery commitments - just as we always have - by
balancing all available sources with a focus on value creation, risk management, and sustainability.
“Beyond core operations, we were delighted to announce the transformative partnership with Brookfield Asset Management
and the US Government last week, which we expect to accelerate global Westinghouse reactor deployment. The partnership
provides for the US Government to arrange financing and facilitate the permitting and approvals of new Westinghouse nuclear
reactors with an aggregate investment value of at least $80 billion (US). This milestone is expected to strengthen energy
security, revitalize supply chains, and creates significant growth opportunities for both Westinghouse and for Cameco. It
reaffirms our position as a driving force behind nuclear expansion and leverages our integrated fuel cycle and downstream
investments to meet rising demand for carbon-free, reliable baseload power.
“Nuclear energy is gaining momentum worldwide with its reliability, scalability, and carbon-free attributes. That strength is
reflected in Cameco’s improving performance as we navigate challenges and seize opportunities. We remain focused on
strong partnerships and long-term value creation, enhancing energy and national security objectives, and advancing nuclear
as a cornerstone of the clean energy transition.”
www.cameco.com NEWS RELEASE
All amounts in Canadian dollars
unless specified otherwise
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Third Quarter Highlights
FINANCIAL HIGHLIGHTS
• Consolidated performance: Results in the third quarter were comparable to 2024 with a small net loss, adjusted net
earnings of $32 million, and adjusted EBITDA of $310 million. Although third quarter sales volumes were lower overall, our
average realized prices continue to improve in both uranium and fuel services segments, and equity earnings from our
investment in Westinghouse were stronger than in 2024. During the first nine months of the year, net earnings of $391
million, adjusted net earnings of $410 million and adjusted EBITDA of $1.3 billion were significantly higher than in 2024.
See Consolidated financial results in the third quarter MD&A for more information.
• Strong balance sheet: Thanks to our risk-managed financial discipline, our balance sheet remains strong. As of
September 30, 2025, we had $779 million in cash and cash equivalents, $1.0 billion in total debt and a $1.0 billion undrawn
revolving credit facility.
• Uranium: In our core uranium segment, third quarter earnings before taxes were $172 million and adjusted EBITDA was
$220 million compared to $171 million and $240 million in 2024, respectively, mainly as a result of lower sales volume than
in the third quarter of 2024. Earnings before income taxes for the first nine months of the year were $681 million while
adjusted EBITDA was $861 million, compared to $615 million and $788 million in 2024, respectively. Average realized price
continued to show improvements as prices from fixed price contracts increased. See Financial results by segment –
uranium in our third quarter MD&A for more information.
• Fuel Services: In our fuel services segment, third quarter earnings before taxes were $17 million and adjusted EBITDA
was $24 million compared to $17 million and $28 million in 2024, respectively, mainly as a result of a decrease in sales
volumes. Earnings before income taxes for the first nine months of the year were $129 million while adjusted EBITDA was
$156 million, compared to $71 million and $96 million in 2024. See Financial results by segment – Fuel services in our third
quarter MD&A for more information.
• Westinghouse: Westinghouse reported a net loss of $32 million (our share) for the third quarter, up from a loss of $57
million (our share) in the third quarter of 2024. Over the first nine months of the year, Westinghouse reported net earnings
of $32 million, in comparison to a loss of $227 million in the same period in 2024. To better reflect the underlying operating
performance, we use adjusted EBITDA as a performance measure for Westinghouse. In the third quarter of 2025, our share
of Westinghouse’s adjusted EBITDA was $124 million, compared to $122 million in the third quarter of 2024, while for the
first nine months adjusted EBITDA was $569 million, compared to $320 million in 2024. In October, Westinghouse received
the cash associated with its participation in the construction project for two nuclear reactors at the Dukovany power plant in
the Czech Republic, and a distribution was made to the partners in October. Cameco received $171.5 million (US)
representing our 49% share. See Our earnings from Westinghouse, in our third quarter MD&A for more information.
• Dividend: With improving financial performance and the receipt of the additional distribution from Westinghouse in October,
we are accelerating the increase of our dividend to $0.24 per common share, with our annual dividend to be paid on
December 16, 2025. See Dividend in our third quarter MD&A for more information.
Adjusted net earnings and adjusted EBITDA are non-IFRS measures, see page 5.
OPERATIONAL HIGHLIGHTS
• Uranium: As announced in August, we now expect to produce between 14 million and 15 million pounds of U3O8 (100%
basis; 9.8 million to 10.5 million pounds our share) in 2025 from McArthur River/Key Lake (previously 18 million pounds
U3O8 on 100% basis; 12.6 million pounds our share). Performance to date at Cigar Lake has been strong, creating an
opportunity to potentially produce 19 million pounds U3O8 (100% basis) which would offset up to 1 million pounds (100%
basis) of the shortfall at the McArthur River/Key Lake operation. See Our operations in our third quarter MD&A for more
information.
• JV Inkai: JV Inkai continues to target 2025 production of 8.3 million pounds (100% basis) of uranium of which our purchase
allocation is expected to be 3.7 million pounds. The first shipment from JV Inkai containing our remaining share of 2024
production (approximately 900,000 pounds) and approximately 2.0 million pounds of our share of Inkai’s 2025 production, is
currently in transit and expected to arrive at the Blind River refinery in early November. The majority of our remaining share
of 2025 production is expected to be delivered before the end of 2025. See Our operations- Uranium 2025 Q3 Updates in
our third quarter MD&A for more information.
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• Fuel Services: At our Fuel Services division, our annual production expectation, which includes UF6 conversion, UO2
conversion, and heavy water reactor fuel bundles, remains between 13 million and 14 million kgU. At Port Hope, we
continue to work towards achieving a UF6 production rate of 12,000 tonnes per year, closely aligned with our licensed
capacity, in order to satisfy our book of long-term commitments and demand for conversion services. See Our Operations -
Fuel Services 2025 Q3 Updates in our third quarter MD&A for more information.
MARKETING HIGHLIGHTS
• Deliveries and inventory: In the third quarter, we produced 4.4 million pounds of uranium (our share), purchased 1.4
million pounds (purchased at an average unit cost of $82.51 per pound ($60.13 (US) per pound)) and borrowed 2 million
pounds under product loan facilities. See Financial results by segment – Uranium in our third quarter MD&A for more
information. After delivering 6.1 million pounds in the third quarter, our uranium inventory was 10.0 million pounds on
September 30, 2025, with an average inventory cost of $47.56 per pound.
• Contracting: In our uranium segment, over the next five years, we have contracts in place for average annual deliveries of
over 28 million pounds of U3O8 per year, with commitments higher than the average in 2025 through 2027, and lower than
the average in the years 2028 and 2029. As the market continues to improve, we expect to continue layering in volumes
that capture greater future upside using market-related pricing mechanisms.
2025 OUTLOOK UPDATE
• Production: As a result of the changes in our production plans noted above, we now expect our share of production of
U3O8 to be up to 20 million pounds for 2025.
• Market purchases: We have reduced our outlook for market purchases to up to 1 million pounds (previous outlook up to 3
million pounds) as a result of our utilization of standby product loan facilities to offset the impact of the expected reduction in
our 2025 production on our inventory balance.
• Sales/delivery volumes: We have narrowed our guidance for the sales/deliveries volumes in our uranium segment to 32 to
34 million pounds (previously 31 to 34 million pounds) as we have greater confidence in the timing of potential uranium
deliveries as we approach the end of the year.
ADDITIONAL HIGHLIGHTS
• Strategic Partnership with US Government: Subsequent to the quarter, we, alongside Brookfield, entered into a strategic
partnership with the US Government expected to accelerate the deployment of Westinghouse nuclear reactors in the US.
This collaboration provides for the US Government to arrange financing and facilitate the permits and approvals for new
Westinghouse nuclear reactors to be built in the US, with an aggregate investment value of at least $80 billion (US). The
launch of a nuclear power plant construction program is expected to accelerate growth in Westinghouse’s energy systems
segment during the construction phase, along with its core fuel fabrication and reactor services business for the life of the
reactors, strengthening our integrated fuel cycle strategy, and supporting long-term growth through rising demand for
nuclear fuel products, services and technologies.
• Changes to the executive team: consistent with prudent succession planning and with Cameco’s ongoing commitment to
execution of its balanced and disciplined strategy, effective January 1, 2026, the following changes will be made to the
executive team:
• Lisa Aitken will be appointed senior vice-president and chief marketing officer
• David Doerksen will assume the role of senior advisor, marketing until March 31, 2026, at which time he is retiring
With these changes in the senior leadership team, we expect to continue to have the right people in the right positions, with
the appropriate experience to help the company achieve its vision of powering a secure energy future.
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Consolidated financial results
THREE MONTHS NINE MONTHS
HIGHLIGHTS ENDED SEPTEMBER 30 ENDED SEPTEMBER 30
($ MILLIONS EXCEPT WHERE INDICATED) 2025 2024 CHANGE 2025 2024 CHANGE
Revenue 615 721 (15)% 2,281 1,953 17%
Gross profit 170 171 (1)% 697 533 31%
Net earnings attributable to equity holders - 7 (100)% 391 36 >100%
$ per common share (basic) - 0.02 (100)% 0.90 0.08 >100%
$ per common share (diluted) - 0.02 (100)% 0.90 0.08 >100%
Adjusted net earnings (ANE) (non-IFRS, see page 5)1 32 24 33% 410 135 >100%
$ per common share (adjusted and diluted) 0.07 0.06 17% 0.94 0.31 >100%
Adjusted EBITDA (non-IFRS, see page 5)1 310 327 (5)% 1,338 1,007 33%
Cash provided by operations 156 52 >100% 731 376 94%
1 In the fourth quarter of 2024, we revised our calculation of adjusted net earnings and adjusted EBITDA 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.
The financial information presented for the three months and nine months ended September 30, 2024, and September 30,
2025, is unaudited.
Selected segment highlights
THREE MONTHS NINE MONTHS
HIGHLIGHTS ENDED SEPTEMBER 30 ENDED SEPTEMBER 30
($ MILLIONS EXCEPT WHERE INDICATED) 2025 2024 CHANGE 2025 2024 CHANGE
Uranium Production volume (million lb) 4.4 4.3 2% 15.0 17.3 (13)%
Sales volume (million lb) 6.1 7.3 (16)% 21.8 20.8 5%
Average realized price 1 ($US/lb) 62.12 60.18 3% 60.35 58.28 4%
($Cdn/lb) 85.22 82.33 4% 84.79 78.97 7%
Revenue 523 600 (13)% 1,847 1,642 12%
Gross profit 158 154 3% 578 467 24%
Earnings before income taxes 172 171 1% 681 615 11%
Adjusted EBITDA 2 220 240 (8)% 861 788 9%
Fuel services Production volume (million kgU) 3.1 3.2 (3)% 10.2 9.9 3%
Sales volume (million kgU) 1.9 3.5 (46)% 8.6 7.9 9%
Average realized price 3 ($Cdn/kgU) 49.11 34.54 42% 44.91 39.17 15%
Revenue 91 120 (24)% 388 311 25%
Earnings before income taxes 17 17 - 129 71 82%
Adjusted EBITDA 2 24 28 (14)% 156 96 63%
Adjusted EBITDA margin (%) 2 26 23 13% 40 31 29%
Westinghouse Adjusted free cash flow 2 77 89 (13)% 433 222 95%
(our share) Net earnings (loss) (32) (57) 44% 32 (227) >100%
Adjusted EBITDA 2 124 122 2% 569 320 78%
1 Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fees divided by the volume of uranium
concentrates sold.
2 Non-IFRS measure, see page 5.
3 Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor
components, transportation and storage fees divided by the volumes sold.
The table on the following page shows the costs of produced and purchased uranium incurred in the reporting periods (see
non-IFRS measures starting on page 5). These costs do not include care and maintenance costs, selling costs such as
royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales.
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THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30 ENDED SEPTEMBER 30
($CDN/LB) 2025 2024 CHANGE 2025 2024 CHANGE
Produced
Cash cost 25.20 24.31 4% 24.39 19.66 24%
Non-cash cost 11.16 9.42 18% 10.98 9.42 17%
Total production cost 1 36.36 33.73 8% 35.37 29.08 22%
Quantity produced (million lb) 1 4.4 4.3 2% 15.0 17.3 (13)%
Purchased
Cash cost 82.51 109.59 (25)% 94.04 100.13 (6)%
Quantity purchased (million lb) 1 1.4 1.8 (22)% 3.3 6.2 (47)%
Totals
Produced and purchased costs 47.50 56.11 (15)% 45.95 47.83 (4)%
Quantities produced and purchased (million lb) 5.8 6.1 (5)% 18.3 23.5 (22)%
1 Due to equity accounting, our share of production from JV Inkai is shown as a purchase at the time of delivery. These purchases will fluctuate during the quarters
and timing of purchases will not match production. During the quarter and in the first nine months of 2025 we purchased 0.1 million pounds at a purchase price
per pound of $100.81 ($73.05 (US)). During the third quarter of 2024 we did not make any purchases from JV Inkai; in the first nine months of 2024, we
purchased 1.2 million pounds at a purchase price per pound of $128.42 ($95.63 (US)).
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 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 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 an 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 9 of our interim
financial statements for more information. This amount has been excluded from our ANE measure.
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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 6 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.
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 6 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.
To facilitate a better understanding of these measures, the table below reconciles adjusted net earnings with our net earnings
for the third quarter and first nine months of 2025 and compares it to the same periods in 2024.
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30 ENDED SEPTEMBER 30
($ MILLIONS) 2025 2024 2025 2024
Net earnings attributable to equity holders - 7 391 36
Adjustments
Adjustments on derivatives 66 (28) (109) 19
Unrealized foreign exchange losses (gains) (28) 15 39 (10)
Share-based compensation 22 4 59 27
Adjustments on other operating expense (income) (6) 5 (13) (12)
Income taxes on adjustments (22) 7 17 (9)
Adjustments on equity investees (net of tax):
Inventory purchase accounting - - 4 50
Acquisition-related transition costs - 4 - 23
Unrealized foreign exchange losses (gains) (1) - 4 (2)
Other expenses 1 1 10 18 13
Adjusted net earnings 32 24 410 135
1 Other expenses includes Westinghouse’s unrealized foreign exchange losses (gains) and costs related to long-term incentive plans.
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The following table shows what contributed to the change in adjusted net earnings (non-IFRS measure, see above) for the
third quarter and first nine months of 2025 compared to the same periods in 2024.
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30 ENDED SEPTEMBER 30
($ MILLIONS) IFRS ADJUSTED IFRS ADJUSTED
Net earnings - 2024 7 24 36 135
Change in gross profit by segment
(We calculate gross profit by deducting from revenue the cost of products and services sold, and depreciation and amortization (D&A), net of hedging benefits)
Uranium Impact from sales volume changes (24) (24) 23 23
Higher realized prices ($US) 16 16 61 61
Foreign exchange impact on realized prices 1 1 65 65
Lower (higher) costs 10 10 (38) (37)
Change – uranium 3 3 111 112
Fuel services Impact from sales volume changes (8) (8) 6 6
Higher realized prices ($Cdn) 27 27 50 50
Higher costs (22) (22) - -
Change – fuel services (3) (3) 56 56
Other changes
Lower (higher) administration expenditures (16) 2 (47) (16)
Higher exploration and research and development expenditures (4) (4) (5) (5)
Change in reclamation provisions 13 2 3 2
Higher earnings from equity-accounted investees 15 1 221 163
Change in gains or losses on derivatives (91) 3 108 (20)
Change in foreign exchange gains or losses 44 1 (67) (18)
Higher (lower) finance income 3 3 (2) (2)
Lower finance costs 7 7 32 32
Change in income tax recovery or expense 22 (7) (53) (27)
Other - - (2) (2)
Net earnings - 2025 - 32 391 410
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 ANE definition.
In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees that are not
adjustments to arrive at our ANE measure. These items are reported as part of other expenses within the investee financial
information and are not representative of the underlying operations. These include gains/losses on undesignated hedges,
transaction, integration and restructuring costs related to acquisitions and gains/losses on disposition of business.
The company may realize similar gains or incur similar expenditures in the future.
ADJUSTED FREE CASH FLOW
Adjusted free cash flow is defined as adjusted EBITDA less capital expenditures for the period.
ADJUSTED EBITDA MARGIN
Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period.
EBITDA, adjusted EBITDA, adjusted cash flow, and adjusted EBITDA margin are non-IFRS measures which allow us and
other users to assess results of operations from a management perspective without regard for our capital structure.
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To facilitate a better understanding of these measures, the tables below reconcile net earnings with EBITDA and adjusted
EBITDA for the third quarter and first nine months of 2025 and 2024.
For the quarter ended September 30, 2025:
FUEL
($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL
Net earnings (loss) before income taxes2 172 17 (32) (157) -
Depreciation and amortization 51 7 - 2 60
Finance income - - - (7) (7)
Finance costs - - - 28 28
Income taxes - - - 16 16
223 24 (32) (118) 97
Adjustments on equity investees
Depreciation and amortization 2 - 94 - 96
Finance income (1) - (1) - (2)
Finance expense - - 49 - 49
Income taxes 3 - (4) - (1)
Net adjustments on equity investees 4 - 138 - 142
EBITDA 227 24 106 (118) 239
Gain on derivatives - - - 66 66
Other operating income (6) - - - (6)
Share-based compensation - - - 22 22
Unrealized foreign exchange gains - - - (28) (28)
221 24 106 (58) 293
Adjustments on equity investees
Restructuring costs - - 8 - 8
Other expenses - - 10 - 10
Unrealized foreign exchange gains (1) - - - (1)
Net adjustments on equity investees (1) - 18 - 17
Adjusted EBITDA 220 24 124 (58) 310
1 JV Inkai adjusted EBITDA of $19 million is included in the uranium segment. See Financial results by segment – Uranium in our third quarter MD&A for
reconciliation.
2 Westinghouse earnings are after income taxes.