Saskatchewan Canada Cameco Q2 results: strong financial performance reflecting positive momentum for nuclear power; uranium average realized price benefitting from long-term contracting strategy; Westinghouse opportunities driving improved 2025 outlook
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Saskatoon
Saskatchewan
Canada
Cameco Q2 results: strong financial performance reflecting positive momentum for nuclear
power; uranium average realized price benefitting from long-term contracting strategy;
Westinghouse opportunities driving improved 2025 outlook
July 31, 2025
Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the second quarter
ended June 30, 2025, in accordance with International Financial Reporting Standards (IFRS).
“The solid second quarter and first-half financial performance across our uranium, fuel services, and Westinghouse segments
demonstrates the resilience of our strategy and the constructive outlook for nuclear power, significantly improving our overall
2025 expectations,” said Tim Gitzel, Cameco’s president and CEO. “Despite the uncertainty-driven volatility throughout the
capital markets during the first half of the year, the need for clean electrons has remained on the critical path to addressing
global energy security, national security, and climate security concerns. As a result, we believe nuclear energy, and in turn
Cameco, with our tier-one assets in stable jurisdictions and strategic investments across the entire nuclear fuel cycle, is on the
critical path to global energy security.
“Our integrated strategy that aligns our marketing, operational, and financial decisions continues to serve us well in a market
that is shifting its focus toward security of supply. From a marketing perspective, we are capturing value with continued
patience and discipline as we layer-in long-term contracts for both uranium and conversion services – contracts that protect us
from weaker market conditions while retaining exposure to the price improvements needed to support investments in future
supply. That portfolio informs our operational plans, ensuring the timing of our supply is aligned with market demand because
history has shown us that the overhang created by unencumbered supply – or even an expectation of supply, credible or not –
hinders contracting momentum. So, in addition to having a contract book to underpin the coordinated marketing and
operational aspects of our strategy, we also maintain a strong balance sheet and the financial discipline that allows us to
confidently invest where required and be patient as the market evolves, ensuring our actions are deliberate and our decisions
add value.
“As expected, the second quarter timing of planned maintenance at the Key Lake mill this year resulted in lower uranium
production and higher unit cost of sales compared to the second quarter and first six months of last year. However, aside from
a slight increase in our expected annual average realized price thanks to a rise in market prices, the only other notable shift in
our full-year expectations is from our Westinghouse investment. We now expect our 49% share of Westinghouse’s adjusted
EBITDA to be between $525 million (US) and $580 million (US), driven by the $170 million (US) increase in our share of
Westinghouse’s second quarter revenue, tied to its participation in a construction project for two nuclear reactors at the
Dukovany power plant in the Czech Republic. We believe that the Czech project, which was announced in June, evidences the
growing support for nuclear power, support that is expected to have a positive impact on our uranium and fuel services
businesses while creating significant future growth opportunities for Westinghouse.
“We believe that supportive government policies, the tangible actions of energy-intensive industries, and positive public
conversations are all pointing to a global convergence: nuclear energy is a critical solution for providing clean, constant, secure
and reliable power to electrify global economies. As a proven and reliable supplier with decades of experience, Cameco, along
with Westinghouse, is uniquely positioned to power a safe, secure energy future.”
www.cameco.com NEWS RELEASE
All amounts in Canadian dollars
unless specified otherwise
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Second Quarter Highlights
Strong consolidated financial performance in Q2 and for the first six months of 2025: Net earnings of $321 million,
adjusted net earnings of $308 million, and adjusted EBITDA of $673 million were all significantly higher than in the second
quarter of 2024, largely due to increased equity earnings from our investment in Westinghouse and strong performance in
our uranium and fuel services segments. During the first half of the year, net earnings of $391 million, adjusted net earnings
of $378 million and adjusted EBITDA of $1.0 billion were also significantly higher than the first six months of 2024 for the
same reasons. Quarterly results are impacted by normal quarterly variations in the timing of contract deliveries in our
uranium and fuel services segments, and the timing of customer-driven reactor life cycle activities in the Westinghouse
segment.
Uranium: In our core uranium segment, second quarter earnings before income taxes and adjusted EBITDA
increased by 46% and 43% respectively compared to the same period in 2024; earnings before income taxes and
adjusted EBITDA for the first half of the year increased by 14% and 17% respectively compared to the first six months
of 2024, all mainly as a result of higher sales volumes and average realized prices. Average realized price continued
to show improvements as prices from fixed price contracts increased and the US dollar was stronger than in the
second quarter of 2024. Total cost of sales (including depreciation and amortization (D&A)) increased due to an
increase in the average unit cost of sales and an increase in sales volume. In addition, cost of sales was higher than
in the second quarter of 2024 due to the costs of the planned annual maintenance shutdown at the Key Lake mill
which were expensed directly to cost of sales. The shutdown took place in the second quarter compared to the third
quarter in 2024. See Financial results by segment – Uranium in our second quarter MD&A for more information. Cash
cost per pound is a non-IFRS measure.
Fuel Services: In our fuel services segment, second quarter earnings before income taxes and adjusted EBITDA
increased by 33% and 36% respectively compared to the same period in 2024 mainly due to higher sales and a
decrease in cost of sales. Earnings before income taxes for the first half of the year increased by over 100% while
adjusted EBITDA increased 97% compared to the first six months of 2024 due to higher sales, a higher average
realized price and a decrease in cost of sales. See Financial results by segment – Fuel services in our second quarter
MD&A for more information.
Westinghouse: Westinghouse reported net earnings of $126 million (our share) for the second quarter and $64
million (our share) for the first six months, improving considerably from net losses in comparable periods in 2024. The
improvement over last year is primarily due to Westinghouse’s participation in the construction project for two nuclear
reactors at the Dukovany power plant in Czech Republic, which, as previously disclosed, resulted in a $170 million
(US) increase in our share of Westinghouse’s 2025 second quarter revenue. We use adjusted EBITDA as a
performance measure for Westinghouse and in the second quarter and first six months of 2025, adjusted EBITDA
increased to $352 million and $445 million respectively, compared to the same periods in 2024, which was mainly the
result of the increased revenue in the second quarter as noted above. Once Westinghouse receives the cash
associated with the increased revenue, it will be considered, by the partners, in determining distributions payable.
Westinghouse is expected to receive the cash in the fourth quarter of 2025. See Our outlook for 2025 and Our
earnings from Westinghouse in our first quarter MD&A for more information. Adjusted net earnings and adjusted
EBITDA are non-IFRS measures.
Improved 2025 financial outlook: Our annual expectations for consolidated financial metrics remain unchanged.
However, the outlook for our Westinghouse segment has improved significantly.
Uranium and Fuel Services production outlook: In our uranium segment, we continue to expect 18 million pounds
of production (100% basis) at each of McArthur River/Key Lake and Cigar Lake operations in 2025. However,
potential risks to our 2025 production outlook at McArthur River/Key Lake include the expected timing of ground
freezing and development schedules in new mining areas, access to adequate skilled labour, and the timing of new
equipment commissioning. We now expect our uranium average realized price to be approximately $87.00 per pound
(previously $84.00 per pound) due to the higher uranium spot price. In our Fuel Services segment, our annual
production expectation, which includes UF6 conversion, UO2 conversion, and heavy water reactor fuel bundles,
remains between 13 million and 14 million kgU of combined fuel services products.
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Westinghouse outlook: We now expect our share of adjusted EBITDA from our equity investment in Westinghouse
to be between $525 million and $580 million (US) (previously $355 million to 405 million (US)) due to the
approximately $170 million (US) increase in our share of Westinghouse’s 2025 second quarter revenue tied to
Westinghouse’s participation in the Dukovany construction project in the Czech Republic. Over the next five years,
we expect our share of adjusted EBITDA, excluding the impact of the $170 million (US) increase in the second
quarter of 2025, will grow at a compound annual growth rate of 6% to 10%. The 2025 outlook for our share of
Westinghouse’s net earnings is also impacted by the increased revenue net of income taxes and is now $30 million to
$80 million (US) (previously a net loss of $20 million to $70 million (US)). Adjusted EBITDA attributable to
Westinghouse is a non-IFRS measure.
Joint Venture Inkai (JV Inkai) production: JV Inkai continues to target 2025 production of 8.3 million pounds (100%
basis) of uranium of which our purchase allocation is 3.7 million pounds. We expect shipments of our remaining share of
2024 production (approximately 900,000 pounds) and the majority of our share of 2025 production from JV Inkai to begin in
the second half of 2025.
Disciplined long-term contracting: As of June 30, 2025, we had commitments requiring delivery of an average of about
28 million pounds per year, from 2025 through 2029, which includes deliveries made year to date in 2025, with commitment
levels higher than the average in 2025 through 2027, and lower than the average in 2028 through 2029. Long-term uranium
contracting slowed during the first half of the year due to global macro-economic uncertainty related to trade policy issues,
and customers’ focus on downstream services, driven by continuing geopolitical tensions. However, we continue to have a
large and growing pipeline of business under discussion, and as the pace of contracting improves, we expect to selectively
continue layering in long-term volumes that capture greater future upside and downside protection using market-related
pricing mechanisms.
Maintaining financial discipline and balanced liquidity to execute on strategy:
Strong balance sheet: As of June 30, 2025, we had $716 million in cash and cash equivalents and $1.0 billion in
total debt. In addition, we have a $1.0 billion undrawn revolving credit facility.
Additional financial flexibility: To broaden the ratings coverage on our debt and provide a tool for future flexibility,
we initiated a public rating with Moody’s, which has assigned an issuer rating of Baa2 with a stable outlook (effective
July 30, 2025). Obtaining a rating from Moody’s allows us to engage with an additional rating agency about the
dynamics in our market at a time when our industry is in the headlines on a regular basis, demonstrating the supply
and demand fundamentals that differ from others in the mining sector.
Dividend from JV Inkai: In April, we received a cash dividend of $87 million (US), net of withholdings, from JV Inkai
based on its 2024 financial performance. From a cash flow perspective, we expect to realize the benefit from JV
Inkai’s 2025 financial performance in 2026 once the dividend for 2025 is declared and paid.
Changes to the executive team: consistent with prudent succession planning and with Cameco’s ongoing commitment to
execution of its balanced and disciplined strategy, effective September 1, 2025, the following changes will be made to the
executive team:
Tim Gitzel will continue in his role as chief executive officer
Grant Isaac will be appointed president and chief operating officer
Heidi Shockey will be appointed senior vice-president and chief financial officer
Liam Mooney will be appointed senior vice-president and chief legal officer
Sean Quinn will assume the role of senior advisor, special projects until March 31, 2026, at which time he is retiring
Brian Reilly will assume the role of senior advisor, operations until March 31, 2026, at which time he is retiring
With these changes in the senior leadership team, we expect to continue to have the right people in the right positions,
with the appropriate experience to help the company achieve its vision of powering a secure energy future.
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Consolidated financial results
THREE MONTHS SIX MONTHS
HIGHLIGHTS ENDED JUNE 30 ENDED JUNE 30
($ MILLIONS EXCEPT WHERE INDICATED) 2025 2024 CHANGE 2025 2024 CHANGE
Revenue 877 598 47% 1,666 1,232 35%
Gross profit 257 175 47% 527 362 46%
Net earnings attributable to equity holders 321 36 >100% 391 29 >100%
$ per common share (basic) 0.74 0.08 >100% 0.90 0.07 >100%
$ per common share (diluted) 0.74 0.08 >100% 0.90 0.07 >100%
Adjusted net earnings (ANE) (non-IFRS) 308 65 >100% 378 111 >100%
$ per common share (adjusted and diluted) 0.71 0.15 >100% 0.87 0.25 >100%
Adjusted EBITDA (non-IFRS) 1 673 343 96% 1,029 677 52%
Cash provided by operations 465 260 79% 575 323 78%
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 six months ended June 30, 2024, and June 30, 2025, is
unaudited.
Selected segment highlights
THREE MONTHS SIX MONTHS
ENDED JUNE 30 ENDED JUNE 30
HIGHLIGHTS 2025 2024 CHANGE 2025 2024 CHANGE
Uranium Production volume (million lb) 4.6 7.1 (35)% 10.6 12.9 (18)%
Sales volume (million lb) 8.7 6.2 40% 15.6 13.5 16%
Average realized price 1 ($US/lb) 57.35 56.43 2% 59.66 57.04 5%
($Cdn/lb) 81.03 76.93 5% 84.62 77.15 10%
Revenue 705 481 47% 1,324 1,042 27%
Gross profit 217 144 51% 420 313 34%
Earnings before income taxes 281 192 46% 509 445 14%
Adjusted EBITDA 2 352 246 43% 641 548 17%
Fuel services Production volume (million kgU) 3.2 2.9 10% 7.1 6.7 6%
Sales volume (million kgU) 4.4 2.9 52% 6.8 4.4 55%
Average realized price 3 ($Cdn/kgU) 36.79 39.98 (8)% 43.75 42.80 2%
Revenue 162 118 37% 297 190 56%
Earnings before income taxes 44 33 33% 112 53 >100%
Adjusted EBITDA 2 57 42 36% 132 67 97%
Adjusted EBITDA margin (%) 2 35 36 (3)% 44 35 26%
Westinghouse Adjusted free cash flow 2 306 89 >100% 356 132 >100%
(our share) Net earnings (loss) 126 (47) >(100)% 64 (170) >(100)%
Adjusted EBITDA 2 352 121 >100% 445 197 >100%
1 Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fees divided by the volume of uranium
concentrates sold.
2 Non-IFRS measure.
3 Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor
components, transportation and storage fees divided by the volumes sold.
The table on the following page shows the costs of produced and purchased uranium incurred in the reporting periods. These
costs do not include care and maintenance costs, selling costs such as royalties, transportation and commissions, nor do they
reflect the impact of opening inventories on our reported cost of sales.
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THREE MONTHS SIX MONTHS
ENDED JUNE 30 ENDED JUNE 30
($CDN/LB) 2025 2024 CHANGE 2025 2024 CHANGE
Produced
Cash cost 26.19 16.96 54% 24.05 18.11 33%
Non-cash cost 11.66 9.10 28% 10.90 9.41 16%
Total production cost 1 37.85 26.06 45% 34.95 27.52 27%
Quantity produced (million lb) 1 4.6 7.1 (35)% 10.6 12.9 (18)%
Purchased
Cash cost 97.00 109.11 (11)% 102.74 96.25 7%
Quantity purchased (million lb) 1 0.7 1.7 (59)% 1.9 4.4 (57)%
Totals
Produced and purchased costs 45.66 42.10 8% 45.25 45.00 1%
Quantities produced and purchased (million lb) 5.3 8.8 (40)% 12.5 17.3 (28)%
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. There were no purchases during the second quarter or in the first six months of 2025.
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 may not 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 and adjustments to reclamation provisions flowing through other operating expenses, that we
believe do not reflect the underlying financial performance for the reporting period. 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.
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
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investee information (see note 6 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 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 second quarter and first six months of 2025 and compares it to the same periods in 2024.
THREE MONTHS SIX MONTHS
ENDED JUNE 30 ENDED JUNE 30
($ MILLIONS) 2025 2024 2025 2024
Adjustments
Adjustments on derivatives (163) 14 (175) 47
Unrealized foreign exchange losses (gains) 71 (7) 67 (25)
Share-based compensation 39 15 37 23
Adjustments on other operating expense (income) (8) (2) (7) (17)
Income taxes on adjustments 35 (7) 39 (16)
Adjustments on equity investees (net of tax):
Inventory purchase accounting 4 12 4 50
Acquisition-related transition costs - 5 - 19
Unrealized foreign exchange losses (gains) (2) (2) 5 (2)
Other expenses 1 11 1 17 3
Adjusted net earnings 308 65 378 111
1 Other expenses includes Westinghouse’s unrealized foreign exchange losses (gains) and costs related to long-term incentive plans.
The following table shows what contributed to the change in adjusted net earnings (non-IFRS measure, see above) for the
second quarter and first six months of 2025 compared to the same periods in 2024.
THREE MONTHS SIX MONTHS
ENDED JUNE 30 ENDED JUNE 30
($ MILLIONS) IFRS ADJUSTED IFRS ADJUSTED
Net earnings - 2024 36 65 29 111
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 57 57 50 50
Higher realized prices ($US) 11 11 55 55
Foreign exchange impact on realized prices 24 24 61 61
Higher costs (19) (19) (59) (58)
Change – uranium 73 73 107 108
Fuel services Impact from sales volume changes 16 16 27 27
Higher (lower) realized prices ($Cdn) (14) (14) 6 6
Lower costs 7 7 26 26
Change – fuel services 9 9 59 59
Other changes
Higher administration expenditures (30) (6) (29) (16)
Lower exploration and research and development expenditures 6 6 - -
Change in reclamation provisions 8 2 (11) (1)
Higher earnings from equity-accounted investees 187 184 207 163
Change in gains or losses on derivatives 167 (10) 199 (23)
Change in foreign exchange gains or losses (94) (16) (112) (20)
Lower finance income (3) (3) (5) (5)
Lower finance costs 16 16 25 25
Change in income tax recovery or expense (53) (11) (75) (20)
Other (1) (1) (3) (3)
Net earnings - 2025 321 308 391 378
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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. Included in EBITDA is our share of equity-accounted investees.
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 primarily include transaction, integration and
restructuring costs related to acquisitions.
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 non-IFRS 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 tables below reconcile net earnings with EBITDA and adjusted
EBITDA for the second quarter and first six months of 2025 and 2024.
For the quarter ended June 30, 2025:
FUEL
($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL
Net earnings (loss) before income taxes2 281 44 126 (130) 321
Depreciation and amortization 71 13 - 2 86
Finance income - - - (5) (5)
Finance costs - - - 27 27
Income taxes - - - 71 71
352 57 126 (35) 500
Adjustments on equity investees
Depreciation and amortization 4 - 95 - 99
Finance income (1) - (1) - (2)
Finance expense - - 51 - 51
Income taxes 7 - 46 - 53
Net adjustments on equity investees 10 - 191 - 201
EBITDA 362 57 317 (35) 701
Loss on derivatives - - - (163) (163)
Other operating income (8) - - - (8)
Share-based compensation - - - 39 39
Unrealized foreign exchange losses - - - 71 71
354 57 317 (88) 640
Adjustments on equity investees
Inventory purchase accounting - - 5 - 5
Restructuring costs - - 14 - 14
Other expenses - - 16 - 16
Unrealized foreign exchange gains (2) - - - (2)
Net adjustments on equity investees (2) - 35 - 33
Adjusted EBITDA 352 57 352 (88) 673
1 JV Inkai adjusted EBITDA of $70 million is included in the uranium segment.
2 Westinghouse earnings are after income taxes.
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For the quarter ended June 30, 2024:
FUEL
($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL
Net earnings (loss) before income taxes2 192 33 (47) (142) 36
Depreciation and amortization 52 9 - 1 62
Finance income - - - (8) (8)
Finance costs - - - 43 43
Income taxes - - - 18 18
244 42 (47) (88) 151
Adjustments on equity investees
Depreciation and amortization 2 - 89 - 91
Finance income - - (1) - (1)
Finance expense - - 54 - 54
Income taxes 4 - (11) - (7)
Net adjustments on equity investees 6 - 131 - 137
EBITDA 250 42 84 (88) 288
Gain on derivatives - - - 14 14
Other operating income (2) - - - (2)
Share-based compensation - - - 15 15
Unrealized foreign exchange gains - - - (7) (7)
248 42 84 (66) 308
Adjustments on equity investees
Acquisition-related transition costs - - 6 - 6
Inventory purchase accounting - - 17 - 17
Restructuring costs - - 11 - 11
Other expenses - - 3 - 3
Unrealized foreign exchange gains (2) - - - (2)
Net adjustments on equity investees (2) - 37 - 35
Adjusted EBITDA 246 42 121 (66) 343
1 JV Inkai adjusted EBITDA of $52 million is included in the uranium segment.
2 Westinghouse earnings are after income taxes.
For the six months ended June 30, 2025:
FUEL
($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL
Net earnings (loss) before income taxes2 509 112 64 (294) 391
Depreciation and amortization 123 20 - 4 147
Finance income - - - (9) (9)
Finance costs - - - 57 57
Income taxes - - - 124 124
632 132 64 (118) 710
Adjustments on equity investees
Depreciation and amortization 4 - 192 - 196
Finance income (1) - (1) - (2)
Finance expense - - 100 - 100
Income taxes 8 - 29 - 37
Net adjustments on equity investees 11 - 320 - 331
EBITDA 643 132 384 (118) 1,041
Loss on derivatives - - - (175) (175)
Other operating income (7) - - - (7)
Share-based compensation - - - 37 37
Unrealized foreign exchange losses - - - 67 67
636 132 384 (189) 963
Adjustments on equity investees
Inventory purchase accounting - - 5 - 5
Restructuring costs - - 26 - 26
Other expenses - - 30 - 30
Unrealized foreign exchange losses 5 - - - 5
Net adjustments on equity investees 5 - 61 - 66
Adjusted EBITDA 641 132 445 (189) 1,029
1 JV Inkai adjusted EBITDA of $114 million is included in the uranium segment.
2 Westinghouse earnings are after income taxes.