Cameco Corp

Latest Results (08.09.2025):

Cameco Corp reported strong financial performance for the fourth quarter and full year of 2023, driven by higher sales volumes and increased realized prices in its uranium and fuel services segments. The company more than doubled its net earnings and cash from operations compared to 2022, positioning itself for continued sustainable growth in 2024.

Financial Highlights

In the fourth quarter of 2023, Cameco Corp achieved net earnings of $80 million and adjusted net earnings of $90 million. For the entire year, net earnings reached $361 million with adjusted net earnings of $339 million. Adjusted EBITDA surged by 93%, totaling $831 million for the year, supported by strong cash flow generation of $688 million from operations.

Production and Contracts

Cameco planned to produce 18 million pounds of uranium at each of its McArthur River/Key Lake and Cigar Lake operations in 2024. The company successfully converted 73.4 million pounds of resources to reserves at Cigar Lake and is working to extend its mine life to 2036. Additionally, Cameco secured long-term contracts, placing approximately 160 million pounds of uranium under contract in 2023, reflecting heightened demand and strategic positioning in the market.

Strategic Investments and Growth

The acquisition of a 49% interest in Westinghouse Electric Company has enhanced Cameco’s investment portfolio, with expected adjusted EBITDA contributions between $445 million and $510 million in 2024. Over the next five years, Westinghouse's adjusted EBITDA is projected to grow at a compound annual rate of 6% to 10%, supporting Cameco’s long-term growth strategy.

Financial Management

Cameco maintains a strong balance sheet with $567 million in cash and cash equivalents and $1.8 billion in total debt as of December 31, 2023. The company initiated a partial repayment of $200 million on its $600 million floating-rate term loan used to finance the Westinghouse acquisition. Additionally, Cameco's $1.0 billion credit facility remains undrawn, providing financial flexibility to support ongoing and future initiatives.

Outlook and Sustainability

Looking ahead to 2024, Cameco expects robust financial performance driven by increased production and strategic investments. The company remains committed to sustainability, aiming for a 30% reduction in Scope 1 and 2 emissions by 2030 and actively supporting the transition to a net-zero carbon economy through its contributions to the nuclear power sector.