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  Title	Cameco Q2 results: strong financial performance reflecting positive momentum for nuclear power; uranium average realized price benefitting from long-term contracting strategy; Westinghouse opportunities driving improved 2025 outlook
  ID	12081221
  External ID	7935805698
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  Published Date	July 31, 2025, 5:44 a.m.
  Summary	Idag, 12:30 Ämnen i artikeln Idag, 12:30 Ämnen i artikeln Annons Annons Annons Annons Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the second quarte
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  Content	Idag, 12:30 Ämnen i artikeln Idag, 12:30 Ämnen i artikeln Annons Annons Annons Annons Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the second quarter ended June 30, 2025, in accordance with International Financial Reporting Standards (IFRS). “The solid second quarter and first-half financial performance across our uranium, fuel services, and Westinghouse segments demonstrates the resilience of our strategy and the constructive outlook for nuclear power, significantly improving our overall 2025 expectations,” said Tim Gitzel, Cameco's president and CEO. “Despite the uncertainty-driven volatility throughout the capital markets during the first half of the year, the need for clean electrons has remained on the critical path to addressing global energy security, national security, and climate security concerns. As a result, we believe nuclear energy, and in turn Cameco, with our tier-one assets in stable jurisdictions and strategic investments across the entire nuclear fuel cycle, is on the critical path to global energy security. “Our integrated strategy that aligns our marketing, operational, and financial decisions continues to serve us well in a market that is shifting its focus toward security of supply. From a marketing perspective, we are capturing value with continued patience and discipline as we layer-in long-term contracts for both uranium and conversion services – contracts that protect us from weaker market conditions while retaining exposure to the price improvements needed to support investments in future supply. That portfolio informs our operational plans, ensuring the timing of our supply is aligned with market demand because history has shown us that the overhang created by unencumbered supply – or even an expectation of supply, credible or not –hinders contracting momentum. So, in addition to having a contract book to underpin the coordinated marketing and operational aspects of our strategy, we also maintain a strong balance sheet and the financial discipline that allows us to confidently invest where required and be patient as the market evolves, ensuring our actions are deliberate and our decisions add value. “As expected, the second quarter timing of planned maintenance at the Key Lake mill this year resulted in lower uranium production and higher unit cost of sales compared to the second quarter and first six months of last year. However, aside from a slight increase in our expected annual average realized price thanks to a rise in market prices, the only other notable shift in our full-year expectations is from our Westinghouse investment. We now expect our 49% share of Westinghouse's adjusted EBITDA to be between $525 million (US) and $580 million (US), driven by the $170 million (US) increase in our share of Westinghouse's second quarter revenue, tied to its participation in a construction project for two nuclear reactors at the Dukovany power plant in the Czech Republic. We believe that the Czech project, which was announced in June, evidences the growing support for nuclear power, support that is expected to have a positive impact on our uranium and fuel services businesses while creating significant future growth opportunities for Westinghouse. “We believe that supportive government policies, the tangible actions of energy-intensive industries, and positive public conversations are all pointing to a global convergence: nuclear energy is a critical solution for providing clean, constant, secure and reliable power to electrify global economies. As a proven and reliable supplier with decades of experience, Cameco, along with Westinghouse, is uniquely positioned to power a safe, secure energy future.” Second Quarter Highlights With these changes in the senior leadership team, we expect to continue to have the right people in the right positions, with the appropriate experience to help the company achieve its vision of powering a secure energy future. Consolidated financial results THREE MONTHS SIX MONTHS HIGHLIGHTS ENDED JUNE 30 ENDED JUNE 30 ($ MILLIONS EXCEPT WHERE INDICATED) CHANGE CHANGE Revenue Gross profit Net earnings attributable to equity holders $ per common share (basic) $ per common share (diluted) Adjusted net earnings (ANE) (non-IFRS) $ per common share (adjusted and diluted) Adjusted EBITDA (non-IFRS) Cash provided by operations The financial information presented for the three months and six months ended June 30, 2024, and June 30, 2025, is unaudited. Selected segment highlights THREE MONTHS SIX MONTHS ENDED JUNE 30 ENDED JUNE 30 HIGHLIGHTS CHANGE CHANGE Uranium Production volume (million lb) Sales volume (million lb) Average realized price1 ($US/lb) ($Cdn/lb) Revenue Gross profit Earnings before income taxes Adjusted EBITDA2 Fuel services Production volume (million kgU) Sales volume (million kgU) Average realized price 3 ($Cdn/kgU) Revenue Earnings before income taxes Adjusted EBITDA2 Adjusted EBITDA margin (%)2 Westinghouse Adjusted free cash flow2 (our share) Net earnings (loss) Adjusted EBITDA2 1 Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fees divided by the volume of uranium concentrates sold. 2 Non-IFRS measure. 3 Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor components, transportation and storage fees divided by the volumes sold. The table on the following page shows the costs of produced and purchased uranium incurred in the reporting periods (see non-IFRS measures). These costs do not include care and maintenance costs, selling costs such as royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales. THREE MONTHS SIX MONTHS ENDED JUNE 30 ENDED JUNE 30 ($CDN/LB) CHANGE CHANGE Produced Cash cost Non-cash cost Total production cost 1 Quantity produced (million lb)1 Purchased Cash cost Quantity purchased (million lb)1 Totals Produced and purchased costs Quantities produced and purchased (million lb) 1 Due to equity accounting, our share of production from JV Inkai is shown as a purchase at the time of delivery. These purchases will fluctuate during the quarters and timing of purchases will not match production. There were no purchases during the second quarter or in the first six months of 2025. 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 may not 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 is our net earnings attributable to equity holders, adjusted for non-operating or non-cash items such as gains and losses on derivatives and adjustments to reclamation provisions flowing through other operating expenses, that we believe do not reflect the underlying financial performance for the reporting period. 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. Adjusted net earnings 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 2024 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 2024 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 an asset retirement obligation asset 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 9 of our interim 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. 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. 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. To facilitate a better understanding of these measures, the table below reconciles adjusted net earnings with our net earnings for the second quarter and first six months of 2025 and compares it to the same periods in 2024. THREE MONTHS SIX MONTHS ENDED JUNE 30 ENDED JUNE 30 ($ MILLIONS) Adjustments Adjustments on derivatives Unrealized foreign exchange losses (gains) Share-based compensation Adjustments on other operating expense (income) Income taxes on adjustments Adjustments on equity investees (net of tax): Inventory purchase accounting Acquisition-related transition costs Unrealized foreign exchange losses (gains) Other expenses Adjusted net earnings The following table shows what contributed to the change in adjusted net earnings (non-IFRS measure, see above) for the second quarter and first six months of 2025 compared to the same periods in 2024. THREE MONTHS SIX MONTHS ENDED JUNE 30 ENDED JUNE 30 ($ MILLIONS) IFRS ADJUSTED IFRS ADJUSTED Net earnings - 2024 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) Uranium Impact from sales volume changes Higher realized prices ($US) Foreign exchange impact on realized prices Higher costs Change – uranium Fuel services Impact from sales volume changes Higher (lower) realized prices ($Cdn) Lower costs Change – fuel services Other changes Higher administration expenditures Lower exploration and research and development expenditures Change in reclamation provisions Higher earnings from equity-accounted investees Change in gains or losses on derivatives Change in foreign exchange gains or losses Lower finance income Lower finance costs Change in income tax recovery or expense Other Net earnings - 2025 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. Included in EBITDA is our share of equity-accounted investees. 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 ANE definition. In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees that are not adjustments to arrive at our ANE measure. These items are reported as part of other expenses within the investee financial information and are not representative of the underlying operations. These primarily include transaction, integration and restructuring costs related to acquisitions. 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 non-IFRS 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 tables below reconcile net earnings with EBITDA and adjusted EBITDA for the second quarter and first six months of 2025 and 2024. For the quarter ended June 30, 2025: FUEL ($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL Net earnings (loss) before income taxes Depreciation and amortization Finance income Finance costs Income taxes Adjustments on equity investees Depreciation and amortization Finance income Finance expense Income taxes Net adjustments on equity investees EBITDA Loss on derivatives Other operating income Share-based compensation Unrealized foreign exchange losses Adjustments on equity investees Inventory purchase accounting Restructuring costs Other expenses Unrealized foreign exchange gains Net adjustments on equity investees Adjusted EBITDA 1 JV Inkai adjusted EBITDA of $70 million is included in the uranium segment. 2 Westinghouse earnings are after income taxes. For the quarter ended June 30, 2024: FUEL ($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL Net earnings (loss) before income taxes Depreciation and amortization Finance income Finance costs Income taxes Adjustments on equity investees Depreciation and amortization Finance income Finance expense Income taxes Net adjustments on equity investees EBITDA Gain on derivatives Other operating income Share-based compensation Unrealized foreign exchange gains Adjustments on equity investees Acquisition-related transition costs Inventory purchase accounting Restructuring costs Other expenses Unrealized foreign exchange gains Net adjustments on equity investees Adjusted EBITDA 1 JV Inkai adjusted EBITDA of $52 million is included in the uranium segment. 2 Westinghouse earnings are after income taxes. For the six months ended June 30, 2025: FUEL ($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL Net earnings (loss) before income taxes Depreciation and amortization Finance income Finance costs Income taxes Adjustments on equity investees Depreciation and amortization Finance income Finance expense Income taxes Net adjustments on equity investees EBITDA Loss on derivatives Other operating income Share-based compensation Unrealized foreign exchange losses Adjustments on equity investees Inventory purchase accounting Restructuring costs Other expenses Unrealized foreign exchange losses Net adjustments on equity investees Adjusted EBITDA 1 JV Inkai adjusted EBITDA of $114 million is included in the uranium segment. 2 Westinghouse earnings are after income taxes. For the six months ended June 30, 2024: FUEL ($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL Net earnings (loss) before income taxes Depreciation and amortization Finance income Finance costs Income taxes Adjustments on equity investees Depreciation and amortization Finance income Finance expense Income taxes Net adjustments on equity investees EBITDA Gain on derivatives Other operating income Share-based compensation Unrealized foreign exchange gains Adjustments on equity investees Acquisition-related transition costs Inventory purchase accounting Restructuring costs Other expenses Unrealized foreign exchange gains Net adjustments on equity investees Adjusted EBITDA 1 JV Inkai adjusted EBITDA of $52 million is included in the uranium segment. 2 Westinghouse earnings are after income taxes. CASH COST PER POUND, NON-CASH COST PER POUND AND TOTAL COST PER POUND FOR PRODUCED AND PURCHASED URANIUM Cash cost per pound, non-cash cost per pound and total cost per pound for produced and purchased uranium are non-IFRS measures. We use these measures in our assessment of the performance of our uranium business. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. To facilitate a better understanding of these measures, the table below reconciles these measures to cost of product sold and depreciation and amortization for the second quarter and first six months of 2025 and 2024. THREE MONTHS SIX MONTHS ENDED JUNE 30 ENDED JUNE 30 ($ MILLIONS) Cost of product sold Add / (subtract) Royalties Care and maintenance costs1 Other selling costs Change in inventories Cash costs of production (a) Add / (subtract) Depreciation and amortization Care and maintenance costs1 Change in inventories Total production costs (b) Uranium produced & purchased (million lb) (c) Cash costs per pound (a ÷ c) Total costs per pound (b ÷ c) 1 Care and maintenance costs include costs associated with Rabbit Lake and the US operations, as well as the annual maintenance shutdown at Key Lake mill which were expensed directly to cost of sales in the quarter. In 2024, the shutdown occurred in the third quarter. Management's discussion and analysis (MD&A) and financial statements The second quarter MD&A and unaudited condensed consolidated interim financial statements provide a detailed explanation of our operating results for the three and six months ended June 30, 2025, as compared to the same periods last year. This news release should be read in conjunction with these documents, as well as our audited consolidated financial statements and notes for the year ended December 31, 2024, first quarter and annual MD&A, 2025 first quarter and our most recent annual information form, all of which are available on our website at cameco.com, on SEDAR+ at sedarplus.ca, 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 CIGAR LAKE INKAI 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: our perception of the constructive outlook for nuclear power and its impact on our 2025 expectations; our view that nuclear energy is on the critical path to addressing global energy security, national security and climate security; our expectation that our long-term contracts will protect us from weaker market conditions while retaining our exposure to the price improvements needed to support investments in future supply, ensuring the timing of our supply is aligned with market demand; our belief that maintaining a strong balance sheet and having financial discipline will allow us to confidently make deliberate value-adding investments as the market evolves; our view that the Dukovany power plant project reflects the growing support for nuclear power, and that such support which will have a positive impact on our uranium and fuel services businesses while creating significant future growth opportunities for Westinghouse; our view that the continued support visible in government policies, energy-intensive industries and public discourse reflects that nuclear energy is a critical solution for providing clean, constant, secure and reliable power, and that Cameco and Westinghouse are uniquely positioned to contribute to this future; our 2025 outlook for our uranium and fuel services segments; our expectations regarding our share of Westinghouse's adjusted EBITDA and net earnings for 2025; our expectations regarding Westinghouse's participation in the Dukovany power plant project and the associated increase in revenue; Westinghouse's expected adjusted EBITDA growth rate over the next five years; our expectations regarding production levels and deliveries from JV Inkai; our expectations regarding our long-term contract portfolio and uranium commitment levels; our intention to broaden the ratings coverage on our debt and provide for future flexibility by obtaining a public issuer rating from Moody's; our expectation that we will realize the benefit for JV Inkai's 2025 financial performance in 2026 once the dividend for 2025 is declared and paid; and the expected date of the announcement of our 2025 third 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 as a result of changing societal views and objectives regarding nuclear power, electrification and decarbonization; the risk that our views regarding nuclear power, its growth profile, and benefits, may prove to be incorrect; the risk that we may not be able to achieve planned production levels within the expected timeframes, or that the costs involved in doing so exceed our expectations; risks related to JV Inkai's development or production, including the risk that JV Inkai is unable to transport and deliver its production; 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 it may otherwise be unable to achieve expected growth; the risk that we may not be able to meet sales commitments for any reason; the risks to our business associated with potential production disruptions, including those related to global supply chain disruptions, global economic uncertainty, political volatility, labour relations issues, and operating risks; the risk that we may not be able to implement our business objectives in a manner consistent with our environmental, social, governance and other values; the risk that the strategy we are pursuing may prove unsuccessful, or that we may not be able to execute it successfully; the risk that Westinghouse may not be able to implement its business objectives in a manner consistent with its or our environmental, social, governance and other values; the risk that we are adversely affected by the imposition of tariffs on Canadian energy products; the risk that the Dukovany power plant project does not result in the expected financial benefits for Westinghouse; 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; our production, purchases, sales, deliveries and costs; the market conditions and other factors upon which we have based our future plans and forecasts; our contract pipeline discussions; JV Inkai production and our allocation of planned production and timing of deliveries; assumptions about Westinghouse's production, purchases, sales, deliveries and costs, the absence of business disruptions, and the success of its plans and strategies; the success of our plans and strategies, including planned production; the absence of new and adverse government regulations, policies or decisions; that there will not be any significant adverse consequences to our business resulting from production disruptions, including those relating to supply disruptions, economic or political uncertainty and volatility, labour relations issues, aging infrastructure, and operating risks; the assumptions relating to Westinghouse's adjusted EBITDA and net income; the assumption that we would not be adversely affected by the imposition of tariffs on Canadian energy products; the financial benefits of the Dukovany power plant project for Westinghouse; and our ability to announce future financial results when expected. Please also review the discussion in our 2024 annual MD&A, our 2025 first quarter MD&A and our 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 second quarter conference call on Thursday, July 31, 2025, at 8:00 a.m. Eastern. The call will be open to all investors and the media. To join the call, please dial 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: 2025 third quarter report release date We plan to announce our 2025 third quarter results before markets open on Wednesday, November 5, 2025. Profile Cameco is one of the largest global providers of the uranium fuel needed to power 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: Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the second quarter ended June 30, 2025, in accordance with International Financial Reporting Standards (IFRS). “The solid second quarter and first-half financial performance across our uranium, fuel services, and Westinghouse segments demonstrates the resilience of our strategy and the constructive outlook for nuclear power, significantly improving our overall 2025 expectations,” said Tim Gitzel, Cameco's president and CEO. “Despite the uncertainty-driven volatility throughout the capital markets during the first half of the year, the need for clean electrons has remained on the critical path to addressing global energy security, national security, and climate security concerns. As a result, we believe nuclear energy, and in turn Cameco, with our tier-one assets in stable jurisdictions and strategic investments across the entire nuclear fuel cycle, is on the critical path to global energy security. “Our integrated strategy that aligns our marketing, operational, and financial decisions continues to serve us well in a market that is shifting its focus toward security of supply. From a marketing perspective, we are capturing value with continued patience and discipline as we layer-in long-term contracts for both uranium and conversion services – contracts that protect us from weaker market conditions while retaining exposure to the price improvements needed to support investments in future supply. That portfolio informs our operational plans, ensuring the timing of our supply is aligned with market demand because history has shown us that the overhang created by unencumbered supply – or even an expectation of supply, credible or not –hinders contracting momentum. So, in addition to having a contract book to underpin the coordinated marketing and operational aspects of our strategy, we also maintain a strong balance sheet and the financial discipline that allows us to confidently invest where required and be patient as the market evolves, ensuring our actions are deliberate and our decisions add value. “As expected, the second quarter timing of planned maintenance at the Key Lake mill this year resulted in lower uranium production and higher unit cost of sales compared to the second quarter and first six months of last year. However, aside from a slight increase in our expected annual average realized price thanks to a rise in market prices, the only other notable shift in our full-year expectations is from our Westinghouse investment. We now expect our 49% share of Westinghouse's adjusted EBITDA to be between $525 million (US) and $580 million (US), driven by the $170 million (US) increase in our share of Westinghouse's second quarter revenue, tied to its participation in a construction project for two nuclear reactors at the Dukovany power plant in the Czech Republic. We believe that the Czech project, which was announced in June, evidences the growing support for nuclear power, support that is expected to have a positive impact on our uranium and fuel services businesses while creating significant future growth opportunities for Westinghouse. “We believe that supportive government policies, the tangible actions of energy-intensive industries, and positive public conversations are all pointing to a global convergence: nuclear energy is a critical solution for providing clean, constant, secure and reliable power to electrify global economies. As a proven and reliable supplier with decades of experience, Cameco, along with Westinghouse, is uniquely positioned to power a safe, secure energy future.” Second Quarter Highlights With these changes in the senior leadership team, we expect to continue to have the right people in the right positions, with the appropriate experience to help the company achieve its vision of powering a secure energy future. Consolidated financial results THREE MONTHS SIX MONTHS HIGHLIGHTS ENDED JUNE 30 ENDED JUNE 30 ($ MILLIONS EXCEPT WHERE INDICATED) CHANGE CHANGE Revenue Gross profit Net earnings attributable to equity holders $ per common share (basic) $ per common share (diluted) Adjusted net earnings (ANE) (non-IFRS) $ per common share (adjusted and diluted) Adjusted EBITDA (non-IFRS) Cash provided by operations The financial information presented for the three months and six months ended June 30, 2024, and June 30, 2025, is unaudited. Selected segment highlights THREE MONTHS SIX MONTHS ENDED JUNE 30 ENDED JUNE 30 HIGHLIGHTS CHANGE CHANGE Uranium Production volume (million lb) Sales volume (million lb) Average realized price1 ($US/lb) ($Cdn/lb) Revenue Gross profit Earnings before income taxes Adjusted EBITDA2 Fuel services Production volume (million kgU) Sales volume (million kgU) Average realized price 3 ($Cdn/kgU) Revenue Earnings before income taxes Adjusted EBITDA2 Adjusted EBITDA margin (%)2 Westinghouse Adjusted free cash flow2 (our share) Net earnings (loss) Adjusted EBITDA2 1 Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fees divided by the volume of uranium concentrates sold. 2 Non-IFRS measure. 3 Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor components, transportation and storage fees divided by the volumes sold. The table on the following page shows the costs of produced and purchased uranium incurred in the reporting periods (see non-IFRS measures). These costs do not include care and maintenance costs, selling costs such as royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales. THREE MONTHS SIX MONTHS ENDED JUNE 30 ENDED JUNE 30 ($CDN/LB) CHANGE CHANGE Produced Cash cost Non-cash cost Total production cost 1 Quantity produced (million lb)1 Purchased Cash cost Quantity purchased (million lb)1 Totals Produced and purchased costs Quantities produced and purchased (million lb) 1 Due to equity accounting, our share of production from JV Inkai is shown as a purchase at the time of delivery. These purchases will fluctuate during the quarters and timing of purchases will not match production. There were no purchases during the second quarter or in the first six months of 2025. 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 may not 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 is our net earnings attributable to equity holders, adjusted for non-operating or non-cash items such as gains and losses on derivatives and adjustments to reclamation provisions flowing through other operating expenses, that we believe do not reflect the underlying financial performance for the reporting period. 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. Adjusted net earnings 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 2024 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 2024 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 an asset retirement obligation asset 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 9 of our interim 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. 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. 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. To facilitate a better understanding of these measures, the table below reconciles adjusted net earnings with our net earnings for the second quarter and first six months of 2025 and compares it to the same periods in 2024. THREE MONTHS SIX MONTHS ENDED JUNE 30 ENDED JUNE 30 ($ MILLIONS) Adjustments Adjustments on derivatives Unrealized foreign exchange losses (gains) Share-based compensation Adjustments on other operating expense (income) Income taxes on adjustments Adjustments on equity investees (net of tax): Inventory purchase accounting Acquisition-related transition costs Unrealized foreign exchange losses (gains) Other expenses Adjusted net earnings The following table shows what contributed to the change in adjusted net earnings (non-IFRS measure, see above) for the second quarter and first six months of 2025 compared to the same periods in 2024. THREE MONTHS SIX MONTHS ENDED JUNE 30 ENDED JUNE 30 ($ MILLIONS) IFRS ADJUSTED IFRS ADJUSTED Net earnings - 2024 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) Uranium Impact from sales volume changes Higher realized prices ($US) Foreign exchange impact on realized prices Higher costs Change – uranium Fuel services Impact from sales volume changes Higher (lower) realized prices ($Cdn) Lower costs Change – fuel services Other changes Higher administration expenditures Lower exploration and research and development expenditures Change in reclamation provisions Higher earnings from equity-accounted investees Change in gains or losses on derivatives Change in foreign exchange gains or losses Lower finance income Lower finance costs Change in income tax recovery or expense Other Net earnings - 2025 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. Included in EBITDA is our share of equity-accounted investees. 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 ANE definition. In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees that are not adjustments to arrive at our ANE measure. These items are reported as part of other expenses within the investee financial information and are not representative of the underlying operations. These primarily include transaction, integration and restructuring costs related to acquisitions. 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 non-IFRS 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 tables below reconcile net earnings with EBITDA and adjusted EBITDA for the second quarter and first six months of 2025 and 2024. For the quarter ended June 30, 2025: FUEL ($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL Net earnings (loss) before income taxes Depreciation and amortization Finance income Finance costs Income taxes Adjustments on equity investees Depreciation and amortization Finance income Finance expense Income taxes Net adjustments on equity investees EBITDA Loss on derivatives Other operating income Share-based compensation Unrealized foreign exchange losses Adjustments on equity investees Inventory purchase accounting Restructuring costs Other expenses Unrealized foreign exchange gains Net adjustments on equity investees Adjusted EBITDA 1 JV Inkai adjusted EBITDA of $70 million is included in the uranium segment. 2 Westinghouse earnings are after income taxes. For the quarter ended June 30, 2024: FUEL ($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL Net earnings (loss) before income taxes Depreciation and amortization Finance income Finance costs Income taxes Adjustments on equity investees Depreciation and amortization Finance income Finance expense Income taxes Net adjustments on equity investees EBITDA Gain on derivatives Other operating income Share-based compensation Unrealized foreign exchange gains Adjustments on equity investees Acquisition-related transition costs Inventory purchase accounting Restructuring costs Other expenses Unrealized foreign exchange gains Net adjustments on equity investees Adjusted EBITDA 1 JV Inkai adjusted EBITDA of $52 million is included in the uranium segment. 2 Westinghouse earnings are after income taxes. For the six months ended June 30, 2025: FUEL ($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL Net earnings (loss) before income taxes Depreciation and amortization Finance income Finance costs Income taxes Adjustments on equity investees Depreciation and amortization Finance income Finance expense Income taxes Net adjustments on equity investees EBITDA Loss on derivatives Other operating income Share-based compensation Unrealized foreign exchange losses Adjustments on equity investees Inventory purchase accounting Restructuring costs Other expenses Unrealized foreign exchange losses Net adjustments on equity investees Adjusted EBITDA 1 JV Inkai adjusted EBITDA of $114 million is included in the uranium segment. 2 Westinghouse earnings are after income taxes. For the six months ended June 30, 2024: FUEL ($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL Net earnings (loss) before income taxes Depreciation and amortization Finance income Finance costs Income taxes Adjustments on equity investees Depreciation and amortization Finance income Finance expense Income taxes Net adjustments on equity investees EBITDA Gain on derivatives Other operating income Share-based compensation Unrealized foreign exchange gains Adjustments on equity investees Acquisition-related transition costs Inventory purchase accounting Restructuring costs Other expenses Unrealized foreign exchange gains Net adjustments on equity investees Adjusted EBITDA 1 JV Inkai adjusted EBITDA of $52 million is included in the uranium segment. 2 Westinghouse earnings are after income taxes. CASH COST PER POUND, NON-CASH COST PER POUND AND TOTAL COST PER POUND FOR PRODUCED AND PURCHASED URANIUM Cash cost per pound, non-cash cost per pound and total cost per pound for produced and purchased uranium are non-IFRS measures. We use these measures in our assessment of the performance of our uranium business. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. To facilitate a better understanding of these measures, the table below reconciles these measures to cost of product sold and depreciation and amortization for the second quarter and first six months of 2025 and 2024. THREE MONTHS SIX MONTHS ENDED JUNE 30 ENDED JUNE 30 ($ MILLIONS) Cost of product sold Add / (subtract) Royalties Care and maintenance costs1 Other selling costs Change in inventories Cash costs of production (a) Add / (subtract) Depreciation and amortization Care and maintenance costs1 Change in inventories Total production costs (b) Uranium produced & purchased (million lb) (c) Cash costs per pound (a ÷ c) Total costs per pound (b ÷ c) 1 Care and maintenance costs include costs associated with Rabbit Lake and the US operations, as well as the annual maintenance shutdown at Key Lake mill which were expensed directly to cost of sales in the quarter. In 2024, the shutdown occurred in the third quarter. Management's discussion and analysis (MD&A) and financial statements The second quarter MD&A and unaudited condensed consolidated interim financial statements provide a detailed explanation of our operating results for the three and six months ended June 30, 2025, as compared to the same periods last year. This news release should be read in conjunction with these documents, as well as our audited consolidated financial statements and notes for the year ended December 31, 2024, first quarter and annual MD&A, 2025 first quarter and our most recent annual information form, all of which are available on our website at cameco.com, on SEDAR+ at sedarplus.ca, 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 CIGAR LAKE INKAI 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: our perception of the constructive outlook for nuclear power and its impact on our 2025 expectations; our view that nuclear energy is on the critical path to addressing global energy security, national security and climate security; our expectation that our long-term contracts will protect us from weaker market conditions while retaining our exposure to the price improvements needed to support investments in future supply, ensuring the timing of our supply is aligned with market demand; our belief that maintaining a strong balance sheet and having financial discipline will allow us to confidently make deliberate value-adding investments as the market evolves; our view that the Dukovany power plant project reflects the growing support for nuclear power, and that such support which will have a positive impact on our uranium and fuel services businesses while creating significant future growth opportunities for Westinghouse; our view that the continued support visible in government policies, energy-intensive industries and public discourse reflects that nuclear energy is a critical solution for providing clean, constant, secure and reliable power, and that Cameco and Westinghouse are uniquely positioned to contribute to this future; our 2025 outlook for our uranium and fuel services segments; our expectations regarding our share of Westinghouse's adjusted EBITDA and net earnings for 2025; our expectations regarding Westinghouse's participation in the Dukovany power plant project and the associated increase in revenue; Westinghouse's expected adjusted EBITDA growth rate over the next five years; our expectations regarding production levels and deliveries from JV Inkai; our expectations regarding our long-term contract portfolio and uranium commitment levels; our intention to broaden the ratings coverage on our debt and provide for future flexibility by obtaining a public issuer rating from Moody's; our expectation that we will realize the benefit for JV Inkai's 2025 financial performance in 2026 once the dividend for 2025 is declared and paid; and the expected date of the announcement of our 2025 third 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 as a result of changing societal views and objectives regarding nuclear power, electrification and decarbonization; the risk that our views regarding nuclear power, its growth profile, and benefits, may prove to be incorrect; the risk that we may not be able to achieve planned production levels within the expected timeframes, or that the costs involved in doing so exceed our expectations; risks related to JV Inkai's development or production, including the risk that JV Inkai is unable to transport and deliver its production; 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 it may otherwise be unable to achieve expected growth; the risk that we may not be able to meet sales commitments for any reason; the risks to our business associated with potential production disruptions, including those related to global supply chain disruptions, global economic uncertainty, political volatility, labour relations issues, and operating risks; the risk that we may not be able to implement our business objectives in a manner consistent with our environmental, social, governance and other values; the risk that the strategy we are pursuing may prove unsuccessful, or that we may not be able to execute it successfully; the risk that Westinghouse may not be able to implement its business objectives in a manner consistent with its or our environmental, social, governance and other values; the risk that we are adversely affected by the imposition of tariffs on Canadian energy products; the risk that the Dukovany power plant project does not result in the expected financial benefits for Westinghouse; 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; our production, purchases, sales, deliveries and costs; the market conditions and other factors upon which we have based our future plans and forecasts; our contract pipeline discussions; JV Inkai production and our allocation of planned production and timing of deliveries; assumptions about Westinghouse's production, purchases, sales, deliveries and costs, the absence of business disruptions, and the success of its plans and strategies; the success of our plans and strategies, including planned production; the absence of new and adverse government regulations, policies or decisions; that there will not be any significant adverse consequences to our business resulting from production disruptions, including those relating to supply disruptions, economic or political uncertainty and volatility, labour relations issues, aging infrastructure, and operating risks; the assumptions relating to Westinghouse's adjusted EBITDA and net income; the assumption that we would not be adversely affected by the imposition of tariffs on Canadian energy products; the financial benefits of the Dukovany power plant project for Westinghouse; and our ability to announce future financial results when expected. Please also review the discussion in our 2024 annual MD&A, our 2025 first quarter MD&A and our 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 second quarter conference call on Thursday, July 31, 2025, at 8:00 a.m. Eastern. The call will be open to all investors and the media. To join the call, please dial 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: 2025 third quarter report release date We plan to announce our 2025 third quarter results before markets open on Wednesday, November 5, 2025. Profile Cameco is one of the largest global providers of the uranium fuel needed to power 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:
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