February 13, 2026. — Leads & Copy —
Cameco (TSX: CCO; NYSE: CCJ) 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).
According to Cameco’s CEO Tim Gitzel, the fourth quarter and year-end results reflect disciplined execution across the uranium, fuel services, and Westinghouse segments, demonstrating the strength of the company’s strategy in a market that continues to evolve in support of long-term value creation.
Cameco delivered solid performance with strong contributions from core assets and improved financial results tied to its disciplined long-term supply strategy in a constructive demand environment. The company’s fourth-quarter results were strengthened by robust contributions from all segments of its business, supporting a strong finish to the year. This outcome highlights its continued ability to navigate market developments with a measured, deliberate approach that aligns with its long-term objectives.
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, marked another year of accelerating global momentum across the nuclear industry in 2025.
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.
Cameco believes the fundamentals that have been steadily improving over the past several years gained further traction in 2025, and the company expects these trends to continue through 2026 and beyond.
Cameco continued to align its production with its long-term contract portfolio, maintaining a deliberate and conservative approach which, based on its decades of experience, it believes to be the prudent position. Combined with its strong balance sheet, and about 230 million pounds of uranium committed under long‑term contracts, Cameco believes it is well positioned to unlock value in a strengthening market.
The company remains focused on protecting and extending the value of its tier‑one assets and investments, leveraging its integrated capabilities, and preserving the flexibility that allows it to respond to opportunities as the market continues its transition.
The value‑accretive contributions from Cameco’s Westinghouse investment continued to outperform the acquisition case expectations. The segment continued to positively impact the company’s overall results in 2025, including a 30% increase in adjusted EBITDA over 2024, reflecting strong underlying performance across its core businesses. Cameco also benefited from a cash distribution from Westinghouse of US$350 million, with US$171.5 million representing the company’s share, tied to its participation in the Dukovany nuclear project.
While the company doesn’t expect a comparable additional distribution this year, the 2026 guidance for Westinghouse remains strong and reinforces the value of its investment, highlighting Westinghouse’s role as a stable, long‑term player within a strengthening global nuclear market.
Cameco believes it 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 its shareholders, its customers, and the communities where it operates.
Cameco’s consolidated performance for the fourth quarter was strong in both the uranium and Westinghouse segments, providing 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 the company’s share of Westinghouse’s annual revenue tied to its participation in the Dukovany construction project.
As of December 31, 2025, Cameco had $1.2 billion in cash and cash equivalents and short-term investments, with $1.0 billion in total debt. During the year, the company repaid the remaining US$200 million on its US term loan, extinguishing the term loan. In February, Cameco received US$49 million from Westinghouse as its 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, the company received another US$49 million as a distribution from Westinghouse. In April, Cameco received a cash dividend of US$87 million, net of withholdings, from JV Inkai.
In November, to reflect the improvement in its financial performance and the additional distribution received from Westinghouse, Cameco advanced its dividend growth plan. The company increased its annual dividend to $0.24 per common share in 2025, advancing its plan to increase the dividend to $0.24 per common share by one year.
In the uranium segment, 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.
In the fuel services segment, 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.
Westinghouse reported net earnings increased by $17 million (Cameco’s 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. In the fourth quarter of 2025, Cameco’s 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 Cameco’s 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.
Cameco produced 21.0 million pounds of uranium (its share), exceeding its revised consolidated annual production guidance of up to 20 million pounds, announced on August 28, 2025. At Cigar Lake, the company produced 19.1 million pounds (100% basis), exceeding annual expectations by 1.1 million pounds. At McArthur River/Key Lake, Cameco produced 15.1 million pounds (100% basis), meeting its revised annual production guidance. The average realized price in the Uranium segment continued to show improvements as prices under base-escalated and market-related contracts increased.
Total production from JV Inkai in 2025 was 8.4 million pounds (3.7 million pounds Cameco’s share) compared to 7.8 million pounds (3.6 million pounds its share) in 2024. During 2025 the company received shipments containing the remainder of its share of 2024 production, about 0.9 million pounds, and the entire 3.7 million pounds of its share of Inkai’s 2025 production.
At Cameco’s Fuel Services division, the company produced 14.0 million kgU, including 11.2 million kgU of UF6, a production record for its Port Hope conversion facility. The improvement of the average realized price in the Fuel Services segment was driven primarily by deliveries under contracts that were entered into in an improved price environment.
In addition to its uranium production, Cameco purchased a total of 9.6 million pounds of uranium (including JV Inkai purchases). The company delivered 33.0 million pounds of uranium in alignment with the commitments under its 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, Cameco delivered 13.1 million kgU of combined fuel services product under contract.
In its uranium segment, Cameco continued contract negotiations, successfully adding to its long-term portfolio. After meeting its 2025 delivery commitments, the company has 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 its customers look to secure their long-term needs. In Fuel Services, with strong demand and historically high pricing in the UF6 conversion market, Cameco was successful in adding new long-term conversion contracts that bring its total contracted volumes to about 83 million kgU of UF6 that will underpin its fuel services operations for years to come.
In the second quarter of 2025, Cameco 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. In the fourth quarter of 2025, Cameco, 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.
Cameco plans to announce its 2026 first quarter results before markets open on May 5, 2026.
Cameco is one of the largest global providers of the uranium fuel needed to energize a secure energy future. Cameco’s competitive position is based on its 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.
Source: Cameco
