Saskatchewan Canada Cameco reports first quarter 2026 results: financial results and operational execution reflect disciplined strategy; annual guidance unchanged; nuclear energy on track for long‑term growth in support of global demand
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Saskatoon
Saskatchewan
Canada
Cameco reports first quarter 2026 results: financial results and operational execution reflect
disciplined strategy; annual guidance unchanged; nuclear energy on track for long‑term growth
in support of global demand
May 5, 2026
Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the first quarter ended
March 31, 2026, in accordance with International Financial Reporting Standards (IFRS).
“Our results for the first quarter of 2026 remained consistent with our annual expectations across the business,” said Tim
Gitzel, Cameco’s chief executive officer. “We are on track in our uranium, fuel services and Westinghouse segments,
reinforcing the value of our disciplined contracting and operating strategy that aligns marketing, production and capital
decisions with strengthening industry fundamentals.
“Operationally, we delivered solid performance in the quarter, with on-track production at our uranium mining operations in
Canada and Kazakhstan. We’re in a strong position ahead of the extended third quarter maintenance shutdown at the Key
Lake mill that we mentioned at the beginning of the year, during which we will tie in new infrastructure to enhance future supply
flexibility. And financially, our strong balance sheet, which allows us to be patient as the market evolves, remains a key
strength.
“Across the global energy space, ongoing geopolitical tensions and volatility in fossil fuel supply chains are reinforcing the
importance of secure, reliable and resilient baseload power. Governments, utilities and energy‑intensive industries are
recognizing that nuclear energy is uniquely positioned to meet these needs, providing long‑term energy security and
reinforcing national security, while advancing efforts to meet decarbonization targets. Against that backdrop, Cameco and
Westinghouse are seeing significant interest in the proven AP1000® reactor technology: it’s the modern reactor that stands out
as the most deployed Generation III+ technology in operation today, and we’re excited to see it being valued for its advanced
passive safety features, standardized and repeatable design, construction-ready certainty and proven world-class operating
performance.
“With tier‑one mining assets, a disciplined approach to supply, and an integrated fuel and reactor life cycle strategy, we believe
Cameco is uniquely positioned to take advantage of opportunities as the market evolves, while continuing to navigate market
uncertainty and create long‑term value as nuclear energy’s role expands.”
First Quarter Highlights:
FINANCIAL HIGHLIGHTS
• Consolidated performance: Results in the first quarter were higher compared to 2025 with net earnings of $131 million,
adjusted net earnings of $203 million, and adjusted EBITDA of $509 million. As expected, first quarter sales volumes were
higher in both uranium and fuel services, our average realized price continued to improve in the uranium segment, and
quarterly variability in equity earnings from our investment in Westinghouse resulted in improved first quarter performance
compared to 2025. See Consolidated financial results in the first quarter MD&A for more information.
• Strong balance sheet: Thanks to our risk-managed financial discipline, our balance sheet remains strong. As of March 31,
2026, we had $1.1 billion in cash, cash equivalents and short-term investments, $1.0 billion in total debt and a $1.0 billion
undrawn revolving credit facility. As previously disclosed, we received a distribution of US$49 million from Westinghouse
www.cameco.com NEWS RELEASE
All amounts in Canadian dollars
unless specified otherwise
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during the first quarter. In addition, following the end of the quarter, we received US$124 million, net of withholdings, from
JV Inkai as a dividend based on 2025 financial performance.
• Uranium: In our core uranium segment, the first quarter earnings before taxes were $358 million and adjusted EBITDA was
$423 million, compared to $227 million and $286 million, respectively, in the first quarter of 2025. As anticipated, sales
volumes were higher in the first quarter of 2026, than in the first quarter of 2025. In addition, the average realized price
continued to show improvements as prices under market-related contracts increased. See Financial results by segment –
uranium in our first quarter MD&A for more information.
• Fuel Services: In our fuel services segment, first quarter earnings before taxes were $44 million and adjusted EBITDA was
$54 million, compared to $68 million and $75 million, respectively, in the first quarter of 2025. In 2026, results were mainly
driven by a lower average realized price. See Financial results by segment – Fuel services in our first quarter MD&A for
more information.
• Westinghouse: Westinghouse reported a net loss of $46 million (our share) for the first quarter, an improvement from a
loss of $62 million (our share) in the first quarter of 2025. To better reflect the underlying operating performance, we use
adjusted EBITDA as a performance measure for Westinghouse. In the first quarter of 2026, our share of Westinghouse’s
adjusted EBITDA was $122 million, compared to $92 million in the first quarter of 2025. See Financial results by segment -
Westinghouse, in our first quarter MD&A for more information.
Adjusted net earnings and adjusted EBITDA are non-IFRS measures, see page 4.
OPERATIONAL HIGHLIGHTS
• Uranium: Total packaged production from McArthur River and Key Lake was 5.0 million pounds of U3O8 (3.5 million
pounds our share) and 4.9 million pounds of U3O8 (2.7 million pounds our share) from Cigar Lake for the quarter. We
continue to expect to produce between 19.5 to 21.5 million pounds of U3O8 (our share) in 2026 in our uranium segment. In
April, a new collective agreement with the United Steelworkers Local 8914 was reached at Key Lake and McArthur River,
which expires in December 2028. See Our operations - Uranium 2026 Q1 Updates in our first quarter MD&A for more
information.
• JV Inkai: Production on a 100% basis was 2.5 million pounds of U3O8 for the quarter. JV Inkai continues to target 2026
production of 10.4 million pounds of U3O8 (100% basis) of which our purchase allocation is expected to be 4.2 million
pounds. The majority of our share of 2026 production is expected to be delivered before the end of 2026. See Our
operations - Uranium 2026 Q1 Updates in our first quarter MD&A for more information.
• Fuel Services: In the first quarter of 2026, our Fuel Services segment produced 3.3 million kgU. We continue to expect our
annual production, which includes UF6 conversion, UO2 conversion and heavy water reactor fuel bundles, to be between 13
million and 14 million kgU. See Our Operations - Fuel Services 2026 Q1 Updates in our first quarter MD&A for more
information.
MARKETING HIGHLIGHTS
• Deliveries and inventory: In the first quarter, we produced 6.2 million pounds of U3O8 (our share), purchased 0.2 million
pounds of U3O8 at an average unit cost of $110.42 per pound (US$80.50 per pound) and borrowed 750,000 pounds under
product loan facilities. See Financial results by segment – Uranium in our first quarter MD&A for more information. After
delivering 7.8 million pounds in the first quarter, our uranium inventory was 9.1 million pounds on March 31, 2026, with an
average inventory cost of $50.24 per pound.
• Contracting: In our uranium segment, over the next five years we have contracts in place for average annual deliveries of
over 28 million pounds of U3O8 per year, with commitments higher than the average in 2026 through 2028, and lower than
the average in the years 2029 and 2030. As the market continues to improve, we expect to continue layering in volumes
that capture greater future upside using market-related pricing mechanisms.
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Consolidated financial results
THREE MONTHS
HIGHLIGHTS ENDED MARCH 31
($ MILLIONS EXCEPT WHERE INDICATED) 2026 2025 CHANGE
Revenue 845 789 7%
Gross profit 302 270 12%
Net earnings attributable to equity holders 131 70 87%
$ per common share (basic) 0.30 0.16 88%
$ per common share (diluted) 0.30 0.16 88%
Adjusted net earnings (ANE) (non-IFRS, see page 4) 203 70 >100%
$ per common share (adjusted and diluted) 0.47 0.16 >100%
Adjusted EBITDA (non-IFRS, see page 4) 509 353 44%
Cash provided by (used in) operations (22) 110 >(100)%
The financial information presented for the three months ended March 31, 2025, and March 31, 2026, is unaudited.
Selected segment highlights
THREE MONTHS
HIGHLIGHTS ENDED MARCH 31
($ MILLIONS EXCEPT WHERE INDICATED) 2026 2025 CHANGE
Uranium Production volume (million lb) 6.2 6.0 3%
Sales volume (million lb) 7.8 6.9 13%
Average realized price1 (US$/lb) 66.21 62.55 6%
($/lb) 91.26 89.12 2%
Revenue 712 619 15%
Gross profit 259 203 28%
Earnings before income taxes 358 227 58%
Adjusted EBITDA2 423 286 48%
Fuel services Production volume (million kgU) 3.3 3.9 (15)%
Sales volume (million kgU) 2.8 2.4 17%
Average realized price 3 ($/kgU) 48.53 56.64 (14)%
Revenue 134 135 (1)%
Earnings before income taxes 44 68 (35)%
Adjusted EBITDA2 54 75 (28)%
Adjusted EBITDA margin (%)2 40 56 (29)%
Westinghouse Adjusted free cash flow2 72 49 47%
(our share) Net loss (46) (62) (26)%
Adjusted EBITDA2 122 92 33%
1 Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fee s divided by the volume of uranium
concentrates sold.
2 Non-IFRS measure, see page 4.
3 Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor
components, transportation and storage fees divided by the volumes sold.
The table on the following page shows the costs of produced and purchased uranium incurred in the reporting periods (see
non-IFRS measures starting on page 4). These costs do not include care and maintenance costs, selling costs such as
royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales.
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THREE MONTHS
ENDED MARCH 31
($/LB) 2026 2025 CHANGE
Produced
Cash cost 23.02 22.39 3%
Non-cash cost 11.03 10.30 7%
Total production cost 1 34.05 32.69 4%
Quantity produced (million lb)1 6.2 6.0 3%
Purchased
Cash cost1 110.42 106.14 4%
Quantity purchased (million lb)1 0.2 1.2 (83)%
Totals
Produced and purchased costs 36.44 44.93 (19)%
Quantities produced and purchased (million lb) 6.4 7.2 (11)%
1 Due to equity accounting, our share of production from JV Inkai is shown as a purchase at the time of delivery. These purchas es will fluctuate during the quarters
and timing of purchases will not match production. There were no purchases from JV Inkai during the first quarter of either 2026 or 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 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. 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 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 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 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 first quarter of 2026 and compares it to the same period in 2025.
THREE MONTHS
ENDED MARCH 31
($ MILLIONS) 2026 2025
Net earnings attributable to equity holders 131 70
Adjustments
Adjustments on derivatives 40 (12)
Unrealized foreign exchange gains (9) (4)
Share-based compensation 53 (2)
Adjustments on other operating expense (income) (6) 1
Income taxes on adjustments (25) 4
Adjustments on equity investees (net of tax):
Inventory purchase accounting (1) -
Unrealized foreign exchange losses (gains) (7) 10
Long-term incentive plan 27 3
Adjusted net earnings 203 70
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The following table shows what contributed to the change in adjusted net earnings (non-IFRS measure, see above) in the first
quarter of 2026 compared to the same period in 2025.
THREE MONTHS
ENDED MARCH 31
($ MILLIONS) IFRS ADJUSTED
Net earnings – 2025 70 70
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)
Uranium Impact from sales volume changes 25 25
Higher realized prices (US$) 41 41
Foreign exchange impact on realized prices (24) (24)
Lower costs 14 14
Change – uranium 56 56
Fuel services Impact from sales volume changes 11 11
Lower realized prices ($) (22) (22)
Higher costs (12) (12)
Change – fuel services (23) (23)
Other changes
Higher administration expenditures (63) (8)
Change in reclamation provisions 8 1
Higher earnings from equity-accounted investees 81 87
Change in gains or losses on derivatives (39) 13
Change in foreign exchange gains or losses 11 6
Higher finance income 6 6
Lower finance costs 2 2
Change in income tax recovery or expense 21 (8)
Other 1 1
Net earnings – 2026 131 203
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 our underlying business performance or that impact our 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. 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 gains/losses on undesignated hedges, transaction costs related to
acquisitions and gain/loss on disposition of a 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 EBTIDA less capital expenditures for the period.
ADJUSTED EBITDA MARGIN
Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period.
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EBITDA, adjusted EBITDA, adjusted free cash flow, 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 tables below reconcile earnings before income taxes with EBITDA and adjusted
EBITDA for the first quarter of 2026 and 2025.
For the quarter ended March 31, 2026:
FUEL
($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL
Net earnings (loss) before income taxes 358 44 (46) (225) 131
Depreciation and amortization 57 9 - 2 68
Finance income - - - (10) (10)
Finance costs - - - 28 28
Income taxes - - - 32 32
415 53 (46) (173) 249
Adjustments on equity investees
Depreciation and amortization 5 - 97 - 102
Finance income (1) - (1) - (2)
Finance expense - - 47 - 47
Income taxes 10 - (15) - (5)
Net adjustments on equity investees 14 - 128 - 142
EBITDA 429 53 82 (173) 391
Gain on derivatives - - - 40 40
Other operating income (6) - - - (6)
Share-based compensation - 1 - 52 53
Unrealized foreign exchange gains - - - (9) (9)
423 54 82 (90) 469
Adjustments on equity investees
Inventory purchase accounting - - 1 - 1
Restructuring costs - - 3 - 3
Other expenses - - 43 - 43
Unrealized foreign exchange gains - - (7) - (7)
Net adjustments on equity investees - - 40 - 40
Adjusted EBITDA 423 54 122 (90) 509
1 JV Inkai EBITDA is included in the uranium segment. See Financial results by segment – Uranium in our first quarter MD&A
For the quarter ended March 31, 2025:
FUEL
($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL
Net earnings (loss) before income taxes 227 68 (62) (163) 70
Depreciation and amortization 51 7 - 2 60
Finance income - - - (4) (4)
Finance costs - - - 30 30
Income taxes - - - 53 53
278 75 (62) (82) 209
Adjustments on equity investees
Depreciation and amortization - - 96 - 96
Finance expense - - 49 - 49
Income taxes - - (17) - (17)
Net adjustments on equity investees - - 128 - 128
EBITDA 278 75 66 (82) 337
Loss on derivatives - - - (12) (12)
Other operating expense 1 - - - 1
Share-based compensation - - - (2) (2)
Unrealized foreign exchange gains - - - (4) (4)
279 75 66 (100) 320
Adjustments on equity investees
Other expenses - - 11 - 11
Unrealized foreign exchange losses 7 - 3 - 10
Restructuring costs - - 12 - 12
Net adjustments on equity investees 7 - 26 - 33
Adjusted EBITDA 286 75 92 (100) 353
1 JV Inkai EBITDA is included in the uranium segment. See Financial results by segment – Uranium in our first quarter MD&A
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CASH COST PER POUND, NON-CASH COST PER POUND AND TOTAL COST PER POUND FOR PRODUCED AND
PURCHASED URANIUM
Cash cost per pound, non-cash cost per pound and total cost per pound for produced and purchased uranium are non-IFRS
measures. We use these measures in our assessment of the performance of our uranium business. These measures are not
necessarily indicative of operating profit or cash flow from operations as determined under IFRS.
To facilitate a better understanding of these measures, the table below reconciles these measures to cost of product sold and
depreciation and amortization for the first quarter of 2026 and 2025.
THREE MONTHS
ENDED MARCH 31
($ MILLIONS) 2026 2025
Cost of product sold 396.4 364.0
Add / (subtract)
Royalties (59.0) (37.4)
Care and maintenance costs (16.3) (13.6)
Other selling costs (2.5) (3.5)
Change in inventories (153.8) (47.8)
Cash operating costs (a) 164.8 261.7
Add / (subtract)
Depreciation and amortization 56.8 51.4
Care and maintenance costs (0.3) (0.1)
Change in inventories 11.9 10.5
Total operating costs (b) 233.2 323.5
Uranium produced & purchased (million lb) (c) 6.4 7.2
Cash costs per pound (a ÷ c) 25.75 36.35
Total costs per pound (b ÷ c) 36.44 44.93
Management's discussion and analysis (MD&A) and financial statements
The first quarter MD&A and unaudited condensed consolidated interim financial statements provide a detailed explanation of
our operating results for the three months ended March 31, 2026, as compared to the same period last year. This news
release should be read in conjunction with these documents, as well as our audited consolidated financial statements and
notes for the year ended December 31, 2025, and annual MD&A, and our most recent annual information form, all of which are
available on our website at www.cameco.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at sec.gov/edgar.shtml.
Qualified persons
The technical and scientific information discussed in this document for our material properties McArthur River/Key Lake, Cigar
Lake and Inkai was approved by the following individuals who are qualified persons for the purposes of NI 43-101:
MCARTHUR RIVER/KEY LAKE
• Greg Murdock, senior advisor, technical services,
Cameco
• Daley McIntyre, general manager, Key Lake, Cameco
CIGAR LAKE
• Kirk Lamont, general manager, Cigar Lake, Cameco
INKAI
• Sergey Ivanov, deputy general director, technical
services, Cameco Kazakhstan LLP