Saskatchewan Canada Cameco reports second quarter results: year-to-date performance on track; production outlook unchanged; strategically positioned across the nuclear fuel cycle; significant support for nuclear energy reinforces stronger long-term uranium prices
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Saskatoon
Saskatchewan
Canada
Cameco reports second quarter results: year-to-date performance on track; production outlook
unchanged; strategically positioned across the nuclear fuel cycle; significant support for
nuclear energy reinforces stronger long-term uranium prices
July 31, 2026
Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the second quarter
ended June 30, 2026, in accordance with International Financial Reporting Standards (IFRS).
“Our year-to-date financial and operational performance reflects the value of aligning our marketing, operational and financial
decisions with strengthening industry fundamentals,” said Tim Gitzel, Cameco’s CEO. “Our second quarter financial results
reflect normal quarterly variability, and while uranium production was impacted by challenging spring road conditions along our
northern Saskatchewan supply routes, our annual production outlook remains unchanged.
“Across the nuclear fuel cycle, market conditions continued to improve during the first half of the year. The long-term uranium
price strengthened further, supported by increased on and off-market contracting activity in the first half of the year as
customers’ increasingly focus on security of supply. Around the world, governments, utilities and energy-intensive industries
have recognized nuclear energy’s essential role in supporting energy security, national security and decarbonization
objectives. Those objectives are translating into calls for the expansion of nuclear energy, declarations of government-enabled
policy support, and continued improvements in public perception. In turn, we are seeing durable demand growth for the
uranium and nuclear fuel services required to support these long-term structural drivers.
“Our contracting discipline remains a key competitive advantage. We continue to be patient and selective in committing supply,
ensuring our contract portfolio supports long-term value creation while preserving exposure to improving market conditions.
Combined with our flexible supply strategy, strong balance sheet and disciplined capital allocation framework, we believe this
approach positions us well to manage risk while capturing opportunities as the market evolves.
“We also continued to advance our strategy across the nuclear fuel cycle. The closing of our agreement to increase our
ownership interest in the Cigar Lake Mine reinforces our commitment to own and operate scarce, world-class, proven tier-one
assets that we expect to be essential in supporting future reactor growth. And, the conditional commitment by the US
Department of Energy to support deployment of AP1000® reactors, as well as the Government of Canada’s Nuclear Energy
Strategy that was released in June, both highlight the growing importance of nuclear energy and the value of proven
technologies and experienced industry participants.
“Safely operating complex, heavily regulated uranium mining and milling assets is never without challenges, particularly in the
remote conditions of northern Saskatchewan. The flooding-related disruptions to our supply routes that we experienced during
the quarter and the operational challenges that came subsequent to quarter-end, are good reminders of that reality. However,
they also demonstrate the importance of maintaining operational flexibility and supply diversity, alongside a disciplined
approach to risk management and a continual focus on value – capabilities developed through decades of operating
experience and demonstrated every day by the credible, experienced teams we have across the company.
“With tier-one assets in stable jurisdictions, strategic investments across the nuclear fuel cycle, strong long-term customer
relationships and a proven operating track record, we believe Cameco is uniquely positioned to support the continued growth
of nuclear energy while creating sustainable long-term value for our shareholders, customers and communities.”
www.cameco.com NEWS RELEASE
All amounts in Canadian dollars
unless specified otherwise
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SECOND QUARTER HIGHLIGHTS
FINANCIAL HIGHLIGHTS
• Consolidated performance: Second quarter results included net earnings of $25 million, adjusted net earnings of $77
million, and adjusted EBITDA of $391 million while results for the first six months of the year included net earnings of $156
million, adjusted net earnings of $281 million and adjusted EBITDA of $899 million. Quarterly and first half results were
lower than in 2025, primarily due to lower equity earnings from our investment in Westinghouse. In the second quarter of
2025, Westinghouse’s participation in the construction project for two nuclear reactors at the Dukovany power plant in the
Czech Republic contributed approximately US$170 million to our share of Westinghouse’s 2025 second quarter revenue
and adjusted EBITDA. Our second quarter and year-to-date sales volumes are lower than in 2025 due to normal quarterly
variations in deliveries and our lower planned 2026 sales deliveries resulting from our contracting discipline. Our average
realized prices continue to improve in both the uranium and fuel services segments as prices from market-related contracts
have increased. See Consolidated financial results in the second quarter MD&A for more information.
• Strong balance sheet: Thanks to our risk-managed financial discipline, our balance sheet remains strong. As of June 30,
2026, we had $1.1 billion in cash and cash equivalents, $1.0 billion in total debt and a $1.0 billion undrawn revolving credit
facility. As previously disclosed, in the second 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, second quarter earnings before taxes were $170 million and adjusted EBITDA was
$252 million compared to $281 million and $352 million, respectively, in 2025, due to our normal quarterly variations in
deliveries and our lower planned 2026 sales delivery volumes resulting from our contracting discipline. Earnings before
taxes for the first six months of the year were $528 million and adjusted EBITDA was $676 million, compared to $509
million and $641 million in 2025, respectively. See Financial results by segment – uranium in our second quarter MD&A for
more information.
• Fuel Services: In our Fuel Services segment, second quarter earnings before taxes were $30 million and adjusted EBITDA
was $42 million, compared to $44 million and $57 million in 2025, respectively, mainly as a result of lower sales volumes.
Earnings before taxes for the first six months of the year were $75 million while adjusted EBITDA was $97 million,
compared to $112 million and $132 million in 2025, respectively. See Financial results by segment – Fuel services in our
second quarter MD&A for more information.
• Westinghouse: Westinghouse reported a net loss of $10 million (our share) for the second quarter, down from earnings of
$126 million (our share) in the second quarter of 2025. Over the first six months of the year, Westinghouse reported a net
loss of $56 million, in comparison to net earnings of $64 million in the same period in 2025. Equity earnings from our
investment in Westinghouse were lower than in 2025 due to Westinghouse’s participation in the construction project for two
nuclear reactors at the Dukovany power plant in the Czech Republic, which resulted in an approximate US$170 million
increase in our share of Westinghouse’s 2025 second quarter revenue. To better reflect the underlying operating
performance, we use adjusted EBITDA as a performance measure for Westinghouse. In the second quarter of 2026, our
share of Westinghouse’s adjusted EBITDA was $163 million, compared to $352 million in the second quarter of 2025, while
for the first six months adjusted EBITDA was $284 million, compared to $445 million in 2025. See Our earnings from
Westinghouse, in our second quarter MD&A for more information.
Adjusted net earnings and adjusted EBITDA are non-IFRS measures. See page 5.
OPERATIONAL HIGHLIGHTS
• Uranium: Total packaged production from McArthur River and Key Lake was 3.3 million pounds of U3O8 (2.3 million
pounds our share), while Cigar Lake’s packaged production was 2.9 million pounds of U3O8 (1.6 million pounds our share)
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. The temporary unplanned operational disruptions that occurred at Key Lake and McArthur River during
the quarter, and at Cigar Lake subsequent to the quarter, have not changed our production guidance. 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 in our second quarter MD&A for more information.
• JV Inkai: Production on a 100% basis was 2.8 million pounds of U3O8 for the quarter. JV Inkai remains on track to produce
10.4 million pounds of U3O8 (100% basis) in 2026, of which our purchase allocation is expected to be 4.2 million pounds of
U3O8 (0.8 million pounds were delivered in the first half of the year). The majority of our share of 2026 production is
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expected to be received before the end of 2026. See Our operations- Uranium 2026 Q2 Updates in our second quarter
MD&A for more information.
• Fuel Services: In the second quarter of 2026, our Fuel Services segment produced 3.0 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 Q2 Updates in our second quarter MD&A
for more information.
• Westinghouse: Westinghouse’s technology platform operates across the nuclear power value chain, with 57% of the
global operating fleet of 417 reactors using its technology, which we believe makes it one of the most strategically important
franchises in the global nuclear power industry. Westinghouse enjoys several competitive advantages that are reflected in
the growing global opportunities for its technologies, in particular the pipeline of up to 91 AP1000 reactor opportunities, and
the follow-on value opportunities this is expected to create for its core business and for Cameco’s uranium and fuel services
businesses. To reflect an improved outlook and demonstrate the value of the growing pipeline opportunities, we have
updated and expanded the following information for Westinghouse:
• Target future capital expenditures (sustaining and expansion)
• Backlog and new orders entered in its core Operating Plants business segment and New Plants business segment
• Capital allocation framework
• A robust pipeline representing the current opportunities being pursued for the AP1000, the only generation III+
reactor that is fully designed, licensed and deployed
• Illustrative economics and assumptions for AP1000 reactor deployments
• Illustrative economics and assumptions for the deployment of the AP300 and eVinci reactor technologies
See Westinghouse future target capital spending and Our Operations - Westinghouse 2026 Q2 Updates in our second quarter
MD&A for more information
MARKETING HIGHLIGHTS
• Deliveries and inventory: In the second quarter, we delivered 7.1 million pounds of U3O8, which is consistent with our
lower planned 2026 sales deliveries resulting from our contracting discipline and reflects normal quarterly delivery
variations. With production totaling 3.9 million pounds (our share) in the second quarter and purchases of 2.8 million pounds
of uranium (purchased at an average unit cost of $91.40 per pound (US$66.60 per pound)), our uranium inventory was 8.7
million pounds on June 30, 2026, with an average inventory cost of $58.05 per pound. See Financial results by segment –
Uranium in our second quarter MD&A for more information.
• 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 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.
2026 OUTLOOK UPDATE
• Updated revenue, average realized price and cost of sales outlook: We have updated our outlook for average realized
price, revenue and cost of sales in our uranium segment, for revenue and cost of sales in our Fuel Services segment, and
for consolidated revenue, reflecting an increase in the UxC spot price and our updated exchange rate assumption based on
the continued strength in the US dollar. See Outlook in our second quarter MD&A for more information.
BOARD UPDATE
• Change to Board of Directors: Dominique Minière has stepped down from Cameco’s Board of Directors, effective July 26,
2026, to focus on his other professional commitments. Mr. Minière has served as a director since 2023 and has been a
member of the Human Resources and Compensation Committee, the Technical Committee and the Safety, Health and
Environment Committee since he joined the board. He has also served as the chair of the Safety, Health and Environment
Committee since May 2024. “On behalf of the board, I want to thank Dominique for his contributions to Cameco,” said
Catherine Gignac, chair of Cameco’s board of directors. “We appreciate his commitment to Cameco’s long-term success,
and the strong nuclear expertise he brought to the board. We wish him continued success in his many pursuits.” Cameco’s
board remains focused on providing strong oversight and guidance as the company continues to advance its strategy and
deliver long-term value for shareholders and other stakeholders.
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Consolidated financial results
THREE MONTHS SIX MONTHS
HIGHLIGHTS ENDED JUNE 30 ENDED JUNE 30
($ MILLIONS EXCEPT WHERE INDICATED) 2026 2025 CHANGE 2026 2025 CHANGE
Revenue 814 877 (7)% 1,659 1,666 -
Gross profit 190 257 (26)% 492 527 (7)%
Net earnings attributable to equity holders 25 321 (92)% 156 391 (60)%
$ per common share (basic) 0.06 0.74 (92)% 0.36 0.90 (60)%
$ per common share (diluted) 0.06 0.74 (92)% 0.36 0.90 (60)%
Adjusted net earnings (ANE) (non-IFRS, see page 5) 77 308 (75)% 281 378 (26)%
$ per common share (adjusted and diluted) 0.18 0.71 (75)% 0.65 0.87 (25)%
Adjusted EBITDA (non-IFRS, see page 5) 391 673 (42)% 899 1,029 (13)%
Cash provided by operations 131 465 (72)% 109 575 (81)%
The financial information presented for the three months and six months ended June 30, 2025, and June 30, 2026, is
unaudited.
Selected segment highlights
THREE MONTHS SIX MONTHS
HIGHLIGHTS ENDED JUNE 30 ENDED JUNE 30
($ MILLIONS EXCEPT WHERE INDICATED) 2026 2025 CHANGE 2026 2025 CHANGE
Uranium Production volume (million lb) 3.9 4.6 (15)% 10.1 10.6 (5)%
Sales volume (million lb) 7.1 8.7 (18)% 14.9 15.6 (4)%
Average realized price1 (US$/lb) 67.79 57.35 18% 66.96 59.66 12%
($/lb) 93.13 81.03 15% 92.15 84.62 9%
Revenue 659 705 (7)% 1,370 1,324 3%
Gross profit 158 217 (27)% 417 420 (1)%
Earnings before income taxes 170 281 (40)% 528 509 4%
Adjusted EBITDA2 252 352 (28)% 676 641 5%
Fuel services Production volume (million kgU) 3.0 3.2 (6)% 6.3 7.1 (11)%
Sales volume (million kgU) 3.6 4.4 (18)% 6.4 6.8 (6)%
Average realized price 3 ($Cdn/kgU) 41.67 36.79 13% 44.62 43.75 2%
Revenue 152 162 (6)% 286 297 (4)%
Earnings before income taxes 30 44 (32)% 75 112 (33)%
Adjusted EBITDA2 42 57 (26)% 97 132 (27)%
Adjusted EBITDA margin (%)2 28 35 (20)% 34 44 (23)%
Westinghouse Adjusted free cash flow2 109 306 (64)% 180 356 (49)%
(our share) Net earnings (loss) (10) 126 >(100)% (56) 64 >(100)%
Adjusted EBITDA2 163 352 (54)% 284 445 (36)%
1 Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fees divided by the volume of uranium
concentrates sold.
2 Non-IFRS measure, see page 5.
3 Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor
components, transportation and storage fees divided by the volumes sold.
The table below shows the costs of produced and purchased uranium incurred in the reporting periods (see non-IFRS
measures starting on page 5). These costs do not include care and maintenance costs, selling costs such as royalties,
transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales.
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THREE MONTHS SIX MONTHS
ENDED JUNE 30 ENDED JUNE 30
($/LB) 2026 2025 CHANGE 2026 2025 CHANGE
Produced
Cash cost 30.30 26.19 16% 25.83 24.05 7%
Non-cash cost 10.96 11.66 (6)% 11.01 10.90 1%
Total production cost 1 41.26 37.85 9% 36.84 34.95 5%
Quantity produced (million lb)1 3.9 4.6 (15)% 10.1 10.6 (5)%
Purchased
Cash cost 91.40 97.00 (6)% 92.69 102.74 (10)%
Quantity purchased (million lb)1 2.8 0.7 >100% 3.0 1.9 58%
Totals
Produced and purchased costs 62.21 45.66 36% 49.63 45.25 10%
Quantities produced and purchased (million lb) 6.7 5.3 26% 13.1 12.5 5%
1 Due to equity accounting, our share of production from JV Inkai is shown as a purchase at the time of delivery. The timing of these purchases will fluctuate and
will not match the timing of production. In the second quarter and for the first six months of 2026, we purchased 800,000 pounds and had weight adjustments
from prior year deliveries for approximately 200,000 pounds for a total of 1 million pounds at a purchase price per pound of $111.83 (US$81.45). There were no
deliveries 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 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 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 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
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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
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 second quarter and first six months of 2026 and compares it to the same periods in 2025.
THREE MONTHS SIX MONTHS
ENDED JUNE 30 ENDED JUNE 30
($ MILLIONS) 2026 2025 2026 2025
Net earnings attributable to equity holders 25 321 156 391
Adjustments
Adjustments on derivatives 58 (163) 98 (175)
Unrealized foreign exchange losses (gains) (13) 71 (22) 67
Share-based compensation 10 39 63 37
Adjustments on other operating expense (income) 10 (8) 4 (7)
Income taxes on adjustments (16) 35 (41) 39
Adjustments on equity investees (net of tax):
Inventory purchase accounting 2 4 2 4
Unrealized foreign exchange losses (gains) (4) (3) (11) 7
Long-term incentive plan 5 12 32 15
Adjusted net earnings 77 308 281 378
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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 2026 compared to the same periods in 2025.
THREE MONTHS SIX MONTHS
ENDED JUNE 30 ENDED JUNE 30
($ MILLIONS) IFRS ADJUSTED IFRS ADJUSTED
Net earnings - 2025 321 308 391 378
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 (41) (41) (21) (21)
Higher realized prices (US$) 104 104 154 154
Foreign exchange impact on realized prices (19) (19) (42) (42)
Higher costs (103) (103) (94) (94)
Change – uranium (59) (59) (3) (3)
Fuel services Impact from sales volume changes (7) (7) (6) (6)
Higher realized prices ($) 18 18 6 6
Higher costs (22) (22) (34) (34)
Change – fuel services (11) (11) (34) (34)
Other changes
Lower (higher) administration expenditures 19 (10) (44) (18)
Higher exploration and research and development expenditures (13) (13) (13) (13)
Change in reclamation provisions (21) (3) (13) (2)
Lower earnings from equity-accounted investees (168) (178) (88) (91)
Change in gains or losses on derivatives (202) 19 (241) 32
Change in foreign exchange gains or losses 106 22 117 28
Higher finance income 3 3 9 9
Higher finance costs (3) (3) (1) (1)
Change in income tax recovery or expense 50 (1) 71 (9)
Other 3 3 5 5
Net earnings - 2026 25 77 156 281
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 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, 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 free 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.
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 2026 and 2025.
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For the quarter ended June 30, 2026:
($ MILLIONS) URANIUM1 FUEL SERVICES WESTINGHOUSE OTHER TOTAL
Net earnings (loss) before income taxes2 170 30 (10) (165) 25
Depreciation and amortization 58 12 - 2 72
Finance income - - - (8) (8)
Finance costs - - - 30 30
Income taxes - - - 21 21
228 42 (10) (120) 140
Adjustments on equity investees
Depreciation and amortization 4 - 96 - 100
Finance income (1) - (1) - (2)
Finance expense - - 44 - 44
Income taxes 9 - 5 - 14
Net adjustments on equity investees 12 - 144 - 156
EBITDA 240 42 134 (120) 296
Gain on derivatives - - - 58 58
Other operating expense 10 - - - 10
Share-based compensation 1 - - 9 10
Unrealized foreign exchange gains - - - (13) (13)
251 42 134 (66) 361
Adjustments on equity investees
Inventory purchase accounting - - 2 - 2
Long-term incentive plan - - 7 - 7
Restructuring costs - - 16 - 16
Other expenses - - 9 - 9
Unrealized foreign exchange losses (gains) 1 - (5) - (4)
Net adjustments on equity investees 1 - 29 - 30
Adjusted EBITDA 252 42 163 (66) 391
1 JV Inkai adjusted EBITDA of $43 million is included in the uranium segment. See Financial results by segment – Uranium in our second quarter MD&A for
reconciliation.
2 Westinghouse earnings are after income taxes.
For the quarter ended June 30, 2025:
($ MILLIONS) URANIUM1 FUEL 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
Long-term incentive plan - - 16 - 16
Restructuring costs - - 14 - 14
Other expenses - - 2 - 2
Unrealized foreign exchange gains (2) - (2) - (4)
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. See Financial results by segment – Uranium in our second quarter MD&A for
reconciliation.
2 Westinghouse earnings are after income taxes.