Quarterly Report - 2026 Q2

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, first quarter earnings before taxes were $44 million and adjusted EBITDA was $54 million, compared to $68 million and $75 million, respectively, in the first quarter of 2025. In 2026, results were mainly driven by a lower average realized price. 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 of the full news release.

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 U3O8for 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 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.

 

Read full news release

Caution about Forward-Looking Information 
Please click here for additional information about the assumptions applied in making the forward-looking statements on this page and the factors that could cause results to differ materially.