SASKATOON, Saskatchewan--(BUSINESS WIRE)--February 13, 2026--
Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2025, in accordance with International Financial Reporting Standards (IFRS).
"Our fourth quarter and year-end results reflect another year of disciplined execution across our uranium, fuel services, and Westinghouse segments, demonstrating the strength of our strategy in a market that continues to evolve in support of long--term value creation, " said Tim Gitzel, Cameco's CEO. "We delivered solid performance with strong contributions from our core assets and improved financial results tied to our disciplined long-term supply strategy in a constructive demand environment. As anticipated, our fourth--quarter results were strengthened by robust contributions from all segments of our business, supporting a strong finish to the year. This outcome highlights our continued ability to navigate market developments with a measured, deliberate approach that aligns with our long--term objectives.
"Across the nuclear industry, 2025 marked another year of accelerating global momentum. We saw renewed commitments to nuclear energy from governments, utilities, and industrial energy users around the world, including policies that continued to reinforce nuclear's critical role in delivering secure, reliable and carbon-free baseload power. That support was accompanied by increasing long--term contracting activity towards the end of the year, with a deepening focus on security of supply, and rising interest from existing and emerging nuclear markets, including traditional utilities and new industrial energy users that are considering nuclear. Utilities continue to seek dependable supply in an environment where finite secondary supplies are thinning, and it is becoming more obvious each day that potential new production is expected to be challenged by longer-than-advertised lead times, mounting inflationary pressures and geopolitical uncertainty. The underlying message is clear to us: the fundamentals that have been steadily improving over the past several years gained further traction in 2025, and we expect these trends to continue through 2026 and beyond.
"In this environment, our disciplined approach to supply in our uranium and fuel services segments remains a cornerstone of our strategy. We continued to align our production with our long--term contract portfolio, maintaining a deliberate and conservative approach which, based on our decades of experience, we believe to be the prudent position. Combined with our strong balance sheet, and about 230 million pounds of uranium committed under long--term contracts, we believe we are well positioned to unlock value in a strengthening market. We do not manage the business to satisfy short--term themes in the market, nor do we chase volume for volume's sake, or plan to bring forward uncommitted supply that risks recreating the overhangs that historically disrupted contracting cycles. Instead, we remain focused on protecting and extending the value of our tier--one assets and investments, leveraging our integrated capabilities, and preserving the flexibility that allows us to respond to opportunities as the market continues its transition.
"Additionally, the value--accretive contributions from our Westinghouse investment continue to outperform the acquisition case expectations. The segment continued to positively impact our overall results in 2025, including a 30% increase in adjusted EBITDA over 2024, reflecting strong underlying performance across its core businesses. We also benefited from a cash distribution from Westinghouse of US$350 million, with US$171.5 million representing our share, tied to its participation in the Dukovany nuclear project. While we don't expect a comparable additional distribution this year, the 2026 guidance for Westinghouse remains strong and reinforces the value of our investment, highlighting Westinghouse's role as a stable, long--term player within a strengthening global nuclear market.
"Looking forward, we believe we will continue to see a durable trend of growth across the nuclear fuel cycle supported by electrification, energy security and decarbonization priorities, and the increasing recognition that nuclear must play a central role in addressing the world's long--term energy challenges. Cameco is well positioned to benefit from this global shift, driving long--term value for our shareholders, our customers, and the communities where we operate."
Consolidated financial performance
THREE MONTHS ENDED YEAR ENDED
CONSOLIDATED HIGHLIGHTS DECEMBER 31 DECEMBER 31
-------------------- --------------
($ MILLIONS EXCEPT WHERE INDICATED) 2025 2024 2025 2024
---------------------------------------- --------- --------- ------ ------
Revenue 1,201 1,183 3,482 3,136
---------------------------------------- --------- --------- ------ ------
Gross profit 273 250 970 783
---------------------------------------- --------- --------- ------ ------
Net earnings attributable to equity
holders 199 135 590 172
---------------------------------------- --------- --------- ------ ------
$ per common share (basic) 0.46 0.31 1.35 0.40
---------------------------------------- --------- --------- ------ ------
$ per common share (diluted) 0.46 0.31 1.35 0.39
---------------------------------------- --------- --------- ------ ------
Adjusted net earnings(1) 217 157 627 292
---------------------------------------- --------- --------- ------ ------
$ per common share (adjusted and
diluted) 0.50 0.36 1.44 0.67
---------------------------------------- --------- --------- ------ ------
Adjusted EBITDA 591 524 1,929 1,531
---------------------------------------- --------- --------- ------ ------
Cash provided by operations 677 530 1,408 905
---------------------------------------- --------- --------- ------ ------
(1) In 2024, we revised our calculation of adjusted net earnings to adjust
for unrealized foreign exchange gains and losses as well as for share-based
compensation because it better reflects how we assess our operational
performance. We have restated comparative periods to reflect this change.
-- Consolidated performance: Strong fourth quarter results in the uranium
and Westinghouse segments provided a boost to annual results, relative to
2024. Net earnings for the quarter and the year increased by $64 million
and $418 million respectively, compared to 2024, while adjusted net
earnings increased by $60 million and $335 million, respectively for the
quarter and for the year compared to 2024. Full year adjusted EBITDA
increased by approximately $398 million to $1.9 billion compared to 2024
mainly due to the contributions from the uranium segment, which reflects
an improving price environment, as well as the increase in our share of
Westinghouse's annual revenue tied to its participation in the Dukovany
construction project. See non-IFRS measures for more information.
-- Strong balance sheet: Thanks to our risk-mitigated financial discipline,
our balance sheet remains strong.
-- As of December 31, 2025, we had $1.2 billion in cash and cash
equivalents and short-term investments, with $1.0 billion in total debt.
-- During the year, we repaid the remaining US$200 million on our US term
loan, extinguishing the term loan.
-- In February, we received US$49 million from Westinghouse as our first
distribution since the acquisition closed and another US$171.5 million in
October, related to Westinghouse's participation in the Dukovany
construction project. In early 2026, we received another US$49 million as
a distribution from Westinghouse.
-- In April, we received a cash dividend of US$87 million, net of
withholdings, from JV Inkai.
-- Dividend: In November, to reflect the improvement in our financial
performance and the additional distribution received from Westinghouse,
we advanced our dividend growth plan. We increased our annual dividend to
$0.24 per common share in 2025, advancing our plan to increase the
dividend to $0.24 per common share by one year. See Return in our annual
MD&A for more information.
Segmented financial performance
THREE MONTHS
ENDED YEAR ENDED
DECEMBER 31 DECEMBER 31
------------- -------------
HIGHLIGHTS 2025 2024 CHANGE 2025 2024 CHANGE
----------------------------- ----- ------ ------ ------ ----- ------
Revenue ($
Uranium millions) 1,027 1,035 (1)% 2,874 2,677 7%
-------------- ----- ------ ------ ------ ----- ------
Gross profit
($ millions) 225 213 6% 803 681 18%
-------------- ------------- ----- ------ ------ ------ ----- ------
Earnings
before income
taxes 274 289 (5)% 954 904 6%
-------------- ------------- ----- ------ ------ ------ ----- ------
Adjusted
EBITDA(1) 396 391 1% 1,255 1,179 6%
-------------- ------------- ----- ------ ------ ------ ----- ------
Revenue ($
Fuel services millions) 174 148 18% 562 459 22%
-------------- ----- ------ ------ ------ ----- ------
Earnings
before income
taxes 50 37 35% 179 108 66%
-------------- ------------- ----- ------ ------ ------ ----- ------
Adjusted
EBITDA(1) 63 49 29% 219 145 51%
-------------- ------------- ----- ------ ------ ------ ----- ------
Westinghouse Revenue 958 841 14% 3,458 2,892 20%
-------------- ----- ------ ------ ------ ----- ------
Net earnings
(our share) (loss) 26 9 >100% 58 (218) >100%
-------------- ----- ------ ------ ------ ----- ------
Adjusted
EBITDA(1) 211 162 30% 780 483 61%
-------------- ------------- ----- ------ ------ ------ ----- ------
(1) Non-IFRS measure
Of note in 2025:
-- Uranium: Fourth quarter earnings before taxes decreased by $15 million
and adjusted EBITDA increased by $5 million, compared to 2024, mainly as
a result of lower sales volume due to timing of sales. Annual earnings
before income taxes increased by $50 million and adjusted EBITDA
increased by $76 million compared to 2024. See Financial results by
segment -- Uranium in our annual MD&A for more information.
-- Fuel services: Fourth quarter earnings before taxes increased by $13
million and adjusted EBITDA increased by $14 million compared to 2024,
mainly as a result of deliveries under contracts that were entered into
in an improved price environment. Annual earnings before income taxes for
the year increased by $71 million while adjusted EBITDA increased by $74
million compared to 2024. See Financial results by segment -- Fuel
Services in our annual MD&A for more information.
-- Westinghouse: Westinghouse reported net earnings increased by $17
million (our share) for the fourth quarter, compared to the same quarter
last year. Over the year, Westinghouse reported a net earnings increase
of $276 million in comparison to 2024. To better reflect the underlying
operating performance, we use adjusted EBITDA as a performance measure
for Westinghouse. In the fourth quarter of 2025, our share of
Westinghouse's adjusted EBITDA increased by $49 million, compared to the
fourth quarter of 2024, while over the year, adjusted EBITDA increased by
$297 million compared to 2024. In October 2025, Westinghouse made a
second cash distribution of US$350 million (US$171.5 million our share)
to its owners associated with the cash received in 2025 for its
participation in the construction project for two nuclear reactors at the
Dukovany power plant in the Czech Republic, led by Korea Hydro & Nuclear
Power. See Financial results by segment - Westinghouse in our annual MD&A
for more information.
Operational and marketing performance
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31 DECEMBER 31
------------ ------------
HIGHLIGHTS 2025 2024 CHANGE 2025 2024 CHANGE
-------------------------- --------- ----- ----- ------ ----- ----- ------
Production volume
Uranium (million lb) 6.0 6.1 (2)% 21.0 23.4 (10)%
------------------------- ----- ----- ------ ----- ----- ------
Sales volume (million lb) 11.2 12.8 (12)% 33.0 33.6 (2)%
------------------------- --------- ----- ----- ------ ----- ----- ------
Average
realized
price(1) (US$/lb) 65.53 58.45 12% 62.11 58.34 6%
($/lb) 91.30 80.90 13% 87.00 79.70 9%
----------------------------------- ----- ----- ------ ----- ----- ------
Fuel Production volume
services (million kgU) 3.8 3.6 6% 14.0 13.5 4%
------------------------- ----- ----- ------ ----- ----- ------
Sales volume (million
kgU) 4.4 4.2 6% 13.1 12.1 8%
------------------------- --------- ----- ----- ------ ----- ----- ------
Average
realized
price (2) ($/kgU) 39.39 35.41 11% 43.04 37.87 14%
-------------- -------------------- ----- ----- ------ ----- ----- ------
(1) Uranium average realized price is calculated as the revenue from sales of
uranium concentrate, transportation and storage fees divided by the volume of
uranium concentrates sold.
(2) Fuel services average realized price is calculated as revenue from the sale
of conversion and fabrication services, including fuel bundles and reactor
components, transportation and storage fees divided by the volumes sold.
Of note in 2025:
-- Uranium: We produced 21.0 million pounds of uranium (our share),
exceeding our revised consolidated annual production guidance of up to 20
million pounds, announced on August 28, 2025. At Cigar Lake, we produced
19.1 million pounds (100% basis), exceeding our annual expectations by
1.1 million pounds. At McArthur River/Key Lake, we produced 15.1 million
pounds (100% basis), meeting our revised annual production guidance. See
Uranium production overview in our annual MD&A for more information. Our
average realized price in our Uranium segment continued to show
improvements as prices under base-escalated and market-related contracts
increased. See Financial results by segment -- Uranium in our annual MD&A
for more information.
-- JV Inkai: Total production from JV Inkai in 2025 was 8.4 million pounds
(3.7 million pounds our share) compared to 7.8 million pounds (3.6
million pounds our share) in 2024. During 2025 we received shipments
containing the remainder of our share of 2024 production, about 0.9
million pounds, and the entire 3.7 million pounds of our share of Inkai's
2025 production. See Uranium -- production overview in our annual MD&A
for more information.
-- Fuel services: At our Fuel Services division, we produced 14.0 million
kgU, including 11.2 million kgU of UF6, a production record for our Port
Hope conversion facility. The improvement of the average realized price
in our Fuel Services segment was driven primarily by deliveries under
contracts that were entered into in an improved price environment. See
Financial results by segment -- Fuel Services in our annual MD&A for more
information.
-- Deliveries and Inventory: In addition to our uranium production, we
purchased a total of 9.6 million pounds of uranium (including JV Inkai
purchases). We delivered 33.0 million pounds of uranium in alignment with
the commitments under our contract portfolio, and finished 2025 with a
uranium inventory of 9.7 million pounds, with an average inventory cost
of $61.85 per pound. At fuel services, we delivered 13.1 million kgU of
combined fuel services product under contract.
-- Contracting: In our uranium segment, we continued contract negotiations,
successfully adding to our long-term portfolio. After meeting our 2025
delivery commitments, we have long-term commitments to deliver about 230
million pounds of uranium, including an annual average delivery volume of
about 28 million pounds over the next five years, that retain exposure to
the improving fundamentals as our customers look to secure their
long-term needs. In Fuel Services, with strong demand and historically
high pricing in the UF6 conversion market, we were successful in adding
new long-term conversion contracts that bring our total contracted
volumes to about 83 million kgU of UF6 that will underpin our fuel
services operations for years to come.
See Operations, projects and investments in our annual MD&A for more information.
Additional highlights
-- Westinghouse participation in construction of Dukovany power plant: In
the second quarter of 2025, we announced the benefits expected for
Westinghouse and Cameco as a result of Westinghouse's participation in
the construction of two nuclear reactors at the Dukovany power plant in
the Czech Republic, which include:
-- An increase of approximately US$170 million to our share of
Westinghouse's 2025 second quarter revenue.
-- Significant expected financial benefits for Westinghouse, as a
subcontractor, over the term of the Dukovany construction project and
related to the provision of the fuel fabrication services required for
both reactors for a specified period.
-- Strategic Partnership with US Government: In the fourth quarter of
2025, we, alongside Brookfield and Westinghouse, entered into a strategic
partnership with the US Government, which is expected to accelerate the
deployment of Westinghouse nuclear reactors in the US and globally. This
collaboration provides for the US Government to arrange financing and
facilitate the permitting and approvals for new Westinghouse nuclear
reactors to be built in the US, with an aggregate investment value of at
least US$80 billion. The launch of a nuclear power plant construction
program is expected to accelerate growth in Westinghouse's energy systems
segment during the construction phase, along with its core fuel
fabrication and reactor services business for the life of the reactors,
strengthening our integrated fuel cycle strategy, and supporting
long-term growth through rising demand for nuclear fuel products,
services and technologies. See Westinghouse in our annual MD&A for more
information.
Consolidated financial results
The 2025 annual financial statements have been audited; however, the 2024 fourth quarter and 2025 fourth quarter financial information presented is unaudited. You can find a copy of our 2025 annual MD&A and our 2025 audited financial statements on our website at cameco.com.
NET EARNINGS
The following table shows what contributed to the change in net earnings and adjusted net earnings (non-IFRS measure) in the three months and year ended December 31, 2025, compared to the same period in 2024.
CHANGES IN EARNINGS THREE MONTHS ENDED YEAR ENDED
($ MILLIONS) DECEMBER 31 DECEMBER 31
IFRS ADJUSTED IFRS ADJUSTED
--------------------------------------- ------ ------------ ----- --------
Net earnings - 2024 135 157 172 292
--------------------------------------- ------ ------------ ----- --------
Change in gross profit by segment
(we calculate gross profit by deducting from revenue the cost of products and
services sold, and depreciation and amortization (D&A), net of hedging
benefits)
------------------------------------------------------------------------------
Impact from sales
Uranium volume changes (26) (26) (11) (11)
Higher realized prices 110 110 170 170
Foreign exchange impact on realized
prices 7 7 71 71
Higher costs (79) (79) (108) (107)
-------------------------------------- ------ ------------ ----- --------
Change -- uranium 12 12 122 123
-------------------------------------- ------ ------------ ----- --------
Impact from sales
Fuel services volume changes 2 2 8 8
Higher realized prices 18 18 68 68
Higher costs (8) (8) (8) (8)
-------------------------------------- ------ ------------ ----- --------
Change -- fuel services 12 12 68 68
-------------------------------------- ------ ------------ ----- --------
Other changes
Higher administration expenditures (11) (8) (58) (24)
Higher exploration expenditures (7) (7) (10) (10)
Change in reclamation provisions (12) 2 (10) 3
Change in losses (gains) on
derivatives 170 2 278 (18)
Change in foreign exchange gains or
losses (60) 11 (127) (7)
Higher (lower) earnings from
equity-accounted investee 6 40 227 204
Higher finance income 4 4 2 2
Lower (higher) finance costs 1 1 32 32
Change in income tax recovery or
expense (49) (7) (103) (35)
Other (2) (2) (3) (3)
--------------------------------------- ------ ------------ ----- --------
Net earnings - 2025 199 217 590 627
--------------------------------------- ------ ------------ ----- --------
Non-IFRS measures
The non-IFRS measures referenced in this document are supplemental measures, which are used as indicators of our financial performance. Management believes that these non-IFRS measures provide useful supplemental information to investors, securities analysts, lenders and other interested parties in assessing our operational performance and our ability to generate cash flows to meet our cash requirements. These measures are not recognized measures under IFRS, do not have standardized meanings, and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for the financial information reported under IFRS. We are not able to reconcile our forward-looking non-IFRS guidance because we cannot predict the timing and amounts of discrete items, which could significantly impact our IFRS results. The following are the non-IFRS measures used in this document.
ADJUSTED NET EARNINGS
Adjusted net earnings (ANE) is our net earnings attributable to equity holders, adjusted for non-operating or non-cash items such as gains and losses on derivatives, unrealized foreign exchange gains and losses, share-based compensation, and adjustments to reclamation provisions flowing through other operating expenses, that we believe do not reflect the underlying financial performance for the reporting period. In 2024, we revised our calculation of ANE to adjust for unrealized foreign exchange gains and losses, as well as for share-based compensation because it better reflects how we assess our operational performance. We have restated comparative periods to reflect this change. Other items may also be adjusted from time to time. We adjust this measure for certain of the items that our equity-accounted investees make in arriving at other non-IFRS measures. ANE is one of the targets that we measure to form the basis for a portion of annual employee and executive compensation (see Measuring our results in our 2025 annual MD&A).
In calculating ANE we adjust for derivatives. We do not use hedge accounting under IFRS and, therefore, we are required to report gains and losses on all hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (mark-to-market). However, we do not believe the gains and losses that we are required to report under IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect the impact of our hedging program in the applicable reporting period. See Foreign exchange in our 2025 annual MD&A for more information.
We also adjust for changes to our reclamation provisions that flow directly through earnings. Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to our asset retirement obligation in addition to the provision balance. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded directly to the statement of earnings as "other operating expense (income)". See note 16 of our annual financial statements for more information. This amount has been excluded from our ANE measure.
As a result of the change in ownership of Westinghouse when it was acquired by Cameco and Brookfield, Westinghouse's inventories at the acquisition date were revalued based on the market price at that date. As these quantities are sold, Westinghouse's cost of products and services sold reflect these market values, regardless of their historic costs. Our share of these costs is included in earnings from equity-accounted investees and recorded in cost of products and services sold in the investee information (see note 12 to the financial statements). Since this expense is non-cash, outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.
Westinghouse has also expensed some non-operating acquisition-related transition costs that the acquiring parties agreed to pay for, which resulted in a reduction in the purchase price paid. Our share of these costs is included in earnings from equity accounted investees and recorded in other expenses in the investee information (see note 12 to the financial statements). Since this expense is outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.
The following table reconciles adjusted net earnings with our net earnings for the three months and years ended December 31, 2025, and 2024.
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31 DECEMBER 31
-------------------- -------------
($ MILLIONS) 2025 2024 2025 2024
----------------------------------------- --------- --------- ------- ----
Net earnings attributable to equity
holders 199 135 590 172
----------------------------------------- --------- --------- ------- ----
Adjustments
Adjustments on derivatives (35) 133 (144) 152
Unrealized foreign exchange losses
(gains) 15 (56) 54 (66)
Share-based compensation 20 17 79 44
Adjustments on other operating
expense (income) (9) (23) (22) (35)
Income taxes on adjustments 5 (37) 22 (46)
Adjustments on equity investees (net
of tax):
Inventory purchase accounting 4 3 8 53
Acquisition-related transition
costs - - - 22
Unrealized foreign exchange losses
(gains) 13 (16) 18 (7)
Long-term incentive plan 5 1 22 3
----------------------------------------- --------- --------- ------- ----
Adjusted net earnings 217 157 627 292
----------------------------------------- --------- --------- ------- ----
EBITDA
EBITDA is defined as net earnings attributable to equity holders, adjusted for the costs related to the impact of the company's capital and tax structure, including depreciation and amortization, finance income, finance costs (including accretion) and income taxes.
ADJUSTED EBITDA
Adjusted EBITDA is defined as EBITDA, as further adjusted for the impact of certain costs or benefits incurred in the period which are either not indicative of the underlying business performance or that impact the ability to assess the operating performance of the business. These adjustments include the amounts noted in the adjusted net earnings definition.
In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees. These items are reported as part of marketing, administrative and general expenses within the investee financial information and are not representative of the underlying operations. These include gain/loss on undesignated hedges, transaction costs related to acquisitions and gain/loss on disposition of a business.
We also adjust for the unwinding of the effect of purchase accounting on the sale of inventories, which is included in our share of earnings from equity-accounted investee and recorded in the cost of products and services sold in the investee information (see note 11 to the financial statements).
The company may realize similar gains or incur similar expenditures in the future.
ADJUSTED EBITDA MARGIN
Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period.
EBITDA, adjusted EBITDA, and adjusted EBITDA margin are measures which allow us and other users to assess results of operations from a management perspective without regard for our capital structure. To facilitate a better understanding of these measures, the table below reconciles earnings before income taxes with EBITDA and adjusted EBITDA for the fourth quarters and years ended 2025 and 2024.
For the year ended December 31, 2025:
FUEL
($ MILLIONS) URANIUM(1) SERVICES WESTINGHOUSE OTHER TOTAL
---------------------------- ---------- -------- ------------ ----- -----
Net earnings (loss)
attributable to equity
holders 954 179 58 (601) 590
Depreciation and
amortization 246 40 - 7 293
Finance income - - - (23) (23)
Finance costs - - - 115 115
Income taxes - - - 188 188
---------------------------- ---------- -------- ------------ ----- -----
1,200 219 58 (314) 1,163
Adjustments on equity
investees
Depreciation and
amortization 23 - 383 - 406
Finance income (2) - (3) - (5)
Finance expense - - 213 - 213
Income taxes 47 - (4) - 43
---------------------------- ---------- -------- ------------ ----- -----
Net adjustments on equity
investees 68 - 589 - 657
---------------------------- ---------- -------- ------------ ----- -----
EBITDA 1,268 219 647 (314) 1,820
Gain on derivatives - - - (144) (144)
Other operating income (22) - - - (22)
Share-based compensation - - - 79 79
Unrealized foreign exchange
losses - - - 54 54
---------------------------- ---------- -------- ------------ ----- -----
(22) - - (11) (33)
Adjustments on equity
investees
Inventory purchase
accounting - - 11 - 11
Other expenses - - 53 - 53
Foreign exchange gains 9 - 9 - 18
---------------------------- ---------- -------- ------------ ----- -----
Net adjustments on equity
investees 9 - 133 - 142
---------------------------- ---------- -------- ------------ ----- -----
Adjusted EBITDA 1,255 219 780 (325) 1,929
---------------------------- ---------- -------- ------------ ----- -----
(1) JV Inkai EBITDA is included in the uranium segment. See Financial results
by segment -- Uranium in our 2025 annual MD&A.
For the year ended December 31, 2024:
FUEL
($ MILLIONS) URANIUM(1) SERVICES WESTINGHOUSE OTHER TOTAL
---------------------------- ---------- -------- ------------ ----- -----
Net earnings (loss)
attributable to equity
holders 904 108 (218) (622) 172
Depreciation and
amortization 239 37 - 5 281
Finance income - - - (21) (21)
Finance costs - - - 147 147
Income taxes - - - 85 85
---------------------------- ---------- -------- ------------ ----- -----
1,143 145 (218) (406) 664
Adjustments on equity
investees
Depreciation and
amortization 23 - 357 - 380
Finance income (1) - (4) - (5)
Finance expense - - 225 - 225
Income taxes 58 - (61) - (3)
---------------------------- ---------- -------- ------------ ----- -----
Net adjustments on equity
investees 80 - 517 - 597
---------------------------- ---------- -------- ------------ ----- -----
EBITDA 1,223 145 299 (406) 1,261
Loss on derivatives - - - 152 152
Other operating income (35) - - - (35)
Share-based compensation - - - 44 44
Unrealized foreign exchange
gains - - - (66) (66)
---------------------------- ---------- -------- ------------ ----- -----
(35) - - 130 95
Adjustments on equity
investees
Inventory purchase
accounting - - 71 - 71
Acquisition-related
transition costs - - 29 - 29
Other expenses - - 19 - 19
Foreign exchange gains (9) - 2 - (7)
Adjustments on
marketing,
administrative and
general - - 63 - 63
---------------------------- ---------- -------- ------------ ----- -----
Net adjustments on equity
investees (9) - 184 - 175
---------------------------- ---------- -------- ------------ ----- -----
Adjusted EBITDA 1,179 145 483 (276) 1,531
---------------------------- ---------- -------- ------------ ----- -----
(1) JV Inkai EBITDA is included in the uranium segment. See Financial results
by segment - Uranium in our 2025 annual MD&A.
The following Westinghouse financial outlook for 2025 is reported in US dollars and prepared in accordance with IFRS and reflects Cameco's 49% ownership share. It reconciles the Westinghouse outlook for net earnings with EBITDA and adjusted EBITDA.
$USD
CAMECO SHARE (49%) MILLIONS
------------------------------- --------
Net loss (75-10)
Depreciation and amortization 275-290
Finance income (2-1)
Finance costs 120-135
Income tax expense (recovery) 20-(20)
-------------------------------- --------
EBITDA 335-395
Inventory purchase accounting 2-7
Restructuring costs 7-15
Other expenses 20-40
-------------------------------- --------
Adjusted EBITDA 370-430
-------------------------------- --------
The outlook for adjusted EBITDA from Westinghouse's core business for 2026 assumes that the work is fulfilled on the timelines, and scope expected based on current orders received, and additional work is undertaken based on past trends. The expected margins are aligned with the historic margins of 16% to 19%, with the variability expected to come from product mix compared to previous years.
In addition, Westinghouse's adjusted EBITDA outlook is based on both signed and expected contracts in its new build business and assumes that Westinghouse and the US Government enter into definitive agreements relating to the deployment of new AP1000 reactors in the US, and that work commences on at least one project during the year. The outlook for Westinghouse's adjusted EBITDA is dependent on the timing and commencement of work related to the definitive agreements and the ability of the executive branch of the US Government to obtain funding and support for the deployments.
We have eliminated our five-year growth outlook for Westinghouse. Previously, we had provided a five-year combined growth rate for the core business and included expected contributions from the new build business based on contracts entered. Due to the potential for significant variability both in timing and magnitude of new build projects that may have a material impact on results, we are no longer providing a five-year growth outlook for Westinghouse. Like for Cameco, we will provide Westinghouse outlook for the current year only.
Westinghouse expects growth in the new build business based on agreements that have been signed and announcements where AP1000 technology has been selected. As decisions on the projects are made, we expect the projects will proceed on the timelines and revenue pattern noted under New Build -- AP1000 Contracting Framework in our annual MD&A, although variations to this general framework will occur depending on the customer and a number of other factors and assumptions.
The outlook for Westinghouse capital expenditures is strategically focused on modernizing and reinforcing long-term reliability of its operations. Growth capital has been prioritized to support AP1000 readiness, operational stability and advanced fuel designs.
Management's discussion and analysis (MD&A) and financial statements
The 2025 annual MD&A and consolidated financial statements provide a detailed explanation of our operating results for the three and twelve months ended December 31, 2025, as compared to the same periods in the prior year, and our outlook for 2026. This news release should be read in conjunction with these documents, as well as our most recent annual information form, all of which are available on our website at cameco.com, on SEDAR+ at www.sedarplus.com, 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
Caution about forward-looking information
This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect.
Examples of forward-looking information in this news release include: the impact of increasing long-term uranium market activity on our outlook, our view that our disciplined supply strategy positions us to unlock value from growing demand, our view that the market continues to evolve in support of long-term value creation; our continued ability to navigate market developments with an approach that aligns with our long-term objectives; nuclear's role in delivering secure, reliable and carbon-free baseload power; our belief that utilities continue to seek a dependable supply; expectation that potential new production will be challenged by longer-than-advertised lead times, inflationary pressures and geopolitical uncertainty; our expectation that improving trends in fundamentals will continue through 2026 and beyond; our belief that we are well-positioned to unlock value in a strengthening market; our view that our focus on protecting and extending the value of our tier-one assets and investments, leveraging our integrated capabilities and preserving flexibility will allow us to respond to opportunities as the market continues to transition; our expectations regarding distributions by Westinghouse in 2026; our perception of a durable trend of growth across the nuclear fuel cycle, and our belief that Cameco is exceptionally poised to benefit from this global shift, deriving long-term value for shareholders, customers and the communities where we operate; our belief that our contracted uranium volumes will underpin our fuel services operations for years to come; the expected benefits of Westinghouse's participation in construction of reactors at the Dukovany power plant in the Czech Republic; our expectation that the strategic partnership with the US Government will accelerate the deployment of Westinghouse nuclear reactors in the US and globally; our expectation that the launch of a nuclear power plant construction program will accelerate growth in Westinghouse's energy systems segment, supporting long-term growth through rising demand for nuclear fuel products, services and technologies; and the expected date for announcement of our 2026 first quarter results.
Material risks that could lead to different results include: unexpected changes in uranium supply, demand, long-term contracting, and prices; changes in consumer demand for nuclear power and uranium, or that our expectations regarding market developments, and our ability to benefit from them, may not be fulfilled for any reason; risks to Westinghouse's business associated with potential production disruptions, the implementation of its business objectives, compliance with licensing or quality assurance requirements, or that Westinghouse may not realize the expected benefits of its participation in construction at the Dukovany power plant or its strategic partnership with the US Government, or otherwise be unable to achieve expected growth; the risk that our revenues and cash flows may not achieve the levels expected; the risk that we may not be able to meet sales commitments for any reason; the risk that our contracted volumes of uranium may not be sufficient to underpin our fuel services operations as expected; the risk that we may not be able to continue to improve our financial performance; the risks to our business associated with potential production disruptions, including those related to global supply chain disruptions, global economic uncertainty and political volatility; risks associated with the application of, or developments in, laws or regulations that affect us or any of our joint ventures, including mining regulations, taxes, tariffs and sanctions; the risk that we may not be able to implement our business objectives in a manner that aligns with our long-term objectives; the risk that any of the strategies that we or any of our joint ventures are pursuing may prove unsuccessful, or that that may not be executed successfully; and the risk that we may be delayed in announcing our future financial results.
In presenting the forward-looking information, we have made material assumptions which may prove incorrect about: uranium demand, supply, consumption, long-term contracting, growth in the demand for and global public acceptance of nuclear energy, and prices; expected market developments, and our ability to benefit from them; our production, purchases, sales, deliveries and costs; the market conditions and other factors upon which we have based our future plans and forecasts; the success of our plans and strategies; assumptions about Westinghouse's production, purchases, sales, deliveries and costs, the absence of business disruptions, and the success of its plans and strategies; the absence of new and adverse government regulations, policies or decisions, including the application of, or developments in, laws that may adversely affect us, such as mining regulations, taxes, tariffs and sanctions; that there will not be any significant unanticipated adverse consequences to our business resulting from production disruptions, including those relating to supply disruptions, and economic or political uncertainty and volatility; and our ability to announce future financial results when expected.
Please also review the discussion in our 2025 annual MD&A and most recent annual information form for other material risks that could cause actual results to differ significantly from our current expectations, and other material assumptions we have made. Forward-looking information is designed to help you understand management's current views of our near-term and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.
Conference call
We invite you to join our fourth quarter conference call on Friday, February 13, 2026, at 8:00 a.m. Eastern.
The call will be open to all investors and the media. To join the call, please dial (833) 821-3311 (Canada and US) or (647) 846-2607. An operator will put your call through. The slides and a live webcast of the conference call will be available from a link at cameco.com. See the link on our home page on the day of the call.
A recorded version of the proceedings will be available:
-- on our website, cameco.com, shortly after the call
-- or on telephone replay until midnight, Eastern, March 13, 2026, by
calling (855) 669-9658 (Canada and US) or (412) 317-0088 (Passcode
6136870)
2026 first quarter report release date
We plan to announce our 2026 first quarter results before markets open on May 5, 2026.
Profile
Cameco is one of the largest global providers of the uranium fuel needed to energize a secure energy future. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.
As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260212233756/en/
CONTACT: Investor inquiries:
Cory Kos
306-716-6782
cory_kos@cameco.com
Media inquiries:
Veronica Baker
306-385-5541
veronica_baker@cameco.com
(END) Dow Jones Newswires
February 13, 2026 06:32 ET (11:32 GMT)
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