Cameco Corp

Latest Results (25.10.2025):

Cameco Corp reported strong financial results for the second quarter of 2025, demonstrating significant growth across its uranium, fuel services, and Westinghouse segments. The company highlighted a resilient strategy and an optimistic outlook for the nuclear power sector, which has positively impacted their overall 2025 financial expectations.

Strong Consolidated Financial Performance

In Q2 2025, Cameco achieved net earnings of $321 million and adjusted EBITDA of $673 million, both markedly higher than the same quarter in 2024. For the first half of the year, net earnings reached $391 million with adjusted EBITDA totaling $1.0 billion, driven by increased equity earnings from Westinghouse and robust performance in the uranium and fuel services segments.

Uranium Segment Growth

The uranium segment saw a 46% increase in earnings before income taxes and a 43% rise in adjusted EBITDA compared to Q2 2024. This growth was primarily due to higher sales volumes and increased average realized prices, supported by stronger fixed-price contracts and a more favorable US dollar. Despite higher costs from the Key Lake mill maintenance shutdown, production remained strong with an expected average realized price of approximately $87.00 per pound.

Fuel Services Expansion

Cameco's fuel services segment reported a 33% increase in earnings before income taxes and a 36% rise in adjusted EBITDA for Q2 2025 compared to the same period last year. The first half of the year saw over a 100% increase in earnings before income taxes and a 97% growth in adjusted EBITDA, driven by higher sales, improved realized prices, and reduced cost of sales.

Westinghouse Investment Improvement

Westinghouse contributed significantly to Cameco's financial performance, with net earnings of $126 million for Q2 2025 and an adjusted EBITDA of $352 million. This marks a substantial improvement from net losses in Q2 2024, largely due to participation in the Dukovany nuclear reactor project in the Czech Republic. The company's share of Westinghouse’s adjusted EBITDA for 2025 is now projected between $525 million and $580 million.

Enhanced 2025 Financial Outlook

Cameco maintains its annual financial expectations for 2025, with an improved outlook for the Westinghouse segment. The company anticipates continued growth in adjusted EBITDA from Westinghouse over the next five years, driven by strategic investments and increasing demand for nuclear energy solutions.