Cameco announces third quarter results: financial performance on track for strong finish to the year; nuclear fundamentals strengthened by transformational partnership to deploy Westinghouse reactors in the US; annual dividend declared
All amounts in Canadian dollars unless specified otherwise
“Our year-to-date financial results demonstrate strong performance across our uranium, fuel services, and Westinghouse segments, underscoring the resilience of our strategy in a dynamic market that is being continually reinforced by tremendous positive momentum,” said Tim Gitzel, Cameco’s chief executive officer. “Driven by disciplined long-term contracting and management of our supply sources, alongside strategic partnerships that can add significant future value, we are positioned at the forefront of the global nuclear resurgence.
“As the global energy landscape evolves, nuclear continues on a path towards robust expansion and meaningful transformation. We’re seeing significant attention across all areas of the nuclear fuel cycle, beyond uranium mining - but a good narrative won’t turn a turbine. Cameco is in an exceptional position, with decades of experience operating unique and complex assets that are critical to the long-term health of the nuclear industry, and a deep understanding of how to build value across the nuclear fuel markets. That experience allows us to be selective in committing unencumbered productive capacity under long-term contracts, while ensuring alignment with customer needs, maintaining downside protection, and preserving exposure to future market price improvement.
“Our supply sourcing flexibility is a key advantage. We fulfill sales commitments through a mix of production, inventory, product loans, and both market and long-term purchases, all planned years ahead of time to provide for flexibility in how we source the supply we need. This quarter reflects that flexibility, as we adjusted a number of the supply levers we have at our disposal, including our planned market purchases and product loans, to help offset the impact of expected changes in our 2025 uranium production outlook. While the development delays at McArthur River and Key Lake that we announced in August have reduced our consolidated production forecast, we expect to meet our delivery commitments - just as we always have - by balancing all available sources with a focus on value creation, risk management, and sustainability.
“Beyond core operations, we were delighted to announce the transformative partnership with Brookfield Asset Management and the US Government last week, which we expect to accelerate global Westinghouse reactor deployment. The partnership provides for the US Government to arrange financing and facilitate the permitting and approvals of new Westinghouse nuclear reactors with an aggregate investment value of at least
“Nuclear energy is gaining momentum worldwide with its reliability, scalability, and carbon-free attributes. That strength is reflected in Cameco’s improving performance as we navigate challenges and seize opportunities. We remain focused on strong partnerships and long-term value creation, enhancing energy and national security objectives, and advancing nuclear as a cornerstone of the clean energy transition.”
Third Quarter Highlights
FINANCIAL HIGHLIGHTS
-
Consolidated performance: Results in the third quarter were comparable to 2024 with a small net loss, adjusted net earnings of
$32 million $310 million $391 million $410 million $1.3 billion -
Strong balance sheet: Thanks to our risk-managed financial discipline, our balance sheet remains strong. As of September 30, 2025, we had
$779 million $1.0 billion $1.0 billion -
Uranium: In our core uranium segment, third quarter earnings before taxes were
$172 million $220 million $171 million $240 million $681 million $861 million $615 million $788 million -
Fuel Services: In our fuel services segment, third quarter earnings before taxes were
$17 million $24 million $17 million $28 million $129 million $156 million $71 million $96 million -
Westinghouse: Westinghouse reported a net loss of
$32 million $57 million $32 million $227 million $124 million $122 million $569 million $320 million Czech Republic , and a distribution was made to the partners in October. Cameco received$171.5 million 49% share. See Our earnings from Westinghouse, in our third quarter MD&A for more information. -
Dividend: With improving financial performance and the receipt of the additional distribution from Westinghouse in October, we are accelerating the increase of our dividend to
$0.24
Adjusted net earnings and adjusted EBITDA are non-IFRS measures, see page 5.
OPERATIONAL HIGHLIGHTS
-
Uranium: As announced in August, we now expect to produce between 14 million and 15 million pounds of U3O8 (
100% basis; 9.8 million to 10.5 million pounds our share) in 2025 from McArthur River/Key Lake (previously 18 million pounds U3O8 on100% basis; 12.6 million pounds our share). Performance to date at Cigar Lake has been strong, creating an opportunity to potentially produce 19 million pounds U3O8 (100% basis) which would offset up to 1 millionpounds (100 % basis) of the shortfall at the McArthur River/Key Lake operation. See Our operations in our third quarter MD&A for more information. -
JV Inkai: JV Inkai continues to target 2025 production of 8.3 million
pounds (100 % basis) of uranium of which our purchase allocation is expected to be 3.7 million pounds. The first shipment from JV Inkai containing our remaining share of 2024 production (approximately 900,000 pounds) and approximately 2.0 million pounds of our share of Inkai’s 2025 production, is currently in transit and expected to arrive at the Blind River refinery in early November. The majority of our remaining share of 2025 production is expected to be delivered before the end of 2025. See Our operations- Uranium 2025 Q3 Updates in our third quarter MD&A for more information. -
Fuel Services: At our Fuel Services division, our annual production expectation, which includes UF6 conversion, UO2 conversion, and heavy water reactor fuel bundles, remains between 13 million and 14 million kgU. At
Port Hope , we continue to work towards achieving a UF6 production rate of 12,000 tonnes per year, closely aligned with our licensed capacity, in order to satisfy our book of long-term commitments and demand for conversion services. See Our Operations - Fuel Services 2025 Q3 Updates in our third quarter MD&A for more information.
MARKETING HIGHLIGHTS
-
Deliveries and inventory: In the third quarter, we produced 4.4 million pounds of uranium (our share), purchased 1.4 million pounds (purchased at an average unit cost of
$82.51 $60.13 $47.56 - 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 2025 through 2027, and lower than the average in the years 2028 and 2029. As the market continues to improve, we expect to continue layering in volumes that capture greater future upside using market-related pricing mechanisms.
2025 OUTLOOK UPDATE
- Production: As a result of the changes in our production plans noted above, we now expect our share of production of U3O8 to be up to 20 million pounds for 2025.
- Market purchases: We have reduced our outlook for market purchases to up to 1 million pounds (previous outlook up to 3 million pounds) as a result of our utilization of standby product loan facilities to offset the impact of the expected reduction in our 2025 production on our inventory balance.
- Sales/delivery volumes: We have narrowed our guidance for the sales/deliveries volumes in our uranium segment to 32 to 34 million pounds (previously 31 to 34 million pounds) as we have greater confidence in the timing of potential uranium deliveries as we approach the end of the year.
ADDITIONAL HIGHLIGHTS
-
Strategic Partnership with US Government: Subsequent to the quarter, we, alongside Brookfield, entered into a strategic partnership with the US Government expected to accelerate the deployment of Westinghouse nuclear reactors in the US. This collaboration provides for the US Government to arrange financing and facilitate the permits and approvals for new Westinghouse nuclear reactors to be built in the US, with an aggregate investment value of at least
$80 billion -
Changes to the executive team: consistent with prudent succession planning and with Cameco’s ongoing commitment to execution of its balanced and disciplined strategy, effective January 1, 2026, the following changes will be made to the executive team:
- Lisa Aitken will be appointed senior vice-president and chief marketing officer
- David Doerksen will assume the role of senior advisor, marketing until March 31, 2026, at which time he is retiring
With these changes in the senior leadership team, we expect to continue to have the right people in the right positions, with the appropriate experience to help the company achieve its vision of powering a secure energy future.
Consolidated financial results
|
THREE MONTHS |
|
NINE MONTHS |
|
||
HIGHLIGHTS |
ENDED SEPTEMBER 30 |
|
ENDED SEPTEMBER 30 |
|
||
($ MILLIONS EXCEPT WHERE INDICATED) |
2025 |
2024 |
CHANGE |
2025 |
2024 |
CHANGE |
Revenue |
615 |
721 |
(15)% |
2,281 |
1,953 |
|
Gross profit |
170 |
171 |
(1)% |
697 |
533 |
|
Net earnings attributable to equity holders |
- |
7 |
(100)% |
391 |
36 |
> |
$ per common share (basic) |
- |
0.02 |
(100)% |
0.90 |
0.08 |
> |
$ per common share (diluted) |
- |
0.02 |
(100)% |
0.90 |
0.08 |
> |
Adjusted net earnings (ANE) (non-IFRS, see page 5)1 |
32 |
24 |
|
410 |
135 |
> |
$ per common share (adjusted and diluted) |
0.07 |
0.06 |
|
0.94 |
0.31 |
> |
Adjusted EBITDA (non-IFRS, see page 5)1 |
310 |
327 |
(5)% |
1,338 |
1,007 |
|
Cash provided by operations |
156 |
52 |
> |
731 |
376 |
|
1 In the fourth quarter of 2024, we revised our calculation of adjusted net earnings and adjusted EBITDA to adjust for unrealized foreign exchange gains and losses as well as for share-based compensation because it better reflects how we assess our operational performance. We have restated comparative periods to reflect this change. |
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The financial information presented for the three months and nine months ended September 30, 2024, and September 30, 2025, is unaudited.
Selected segment highlights
|
|
|
THREE MONTHS |
|
NINE MONTHS |
|
||
HIGHLIGHTS |
ENDED SEPTEMBER 30 |
|
ENDED SEPTEMBER 30 |
|
||||
($ MILLIONS EXCEPT WHERE INDICATED) |
2025 |
2024 |
CHANGE |
2025 |
2024 |
CHANGE |
||
Uranium |
Production volume (million lb) |
|
4.4 |
4.3 |
|
15.0 |
17.3 |
(13)% |
|
Sales volume (million lb) |
|
6.1 |
7.3 |
(16)% |
21.8 |
20.8 |
|
|
Average realized price1 |
($US/lb) |
62.12 |
60.18 |
|
60.35 |
58.28 |
|
|
|
($Cdn/lb) |
85.22 |
82.33 |
|
84.79 |
78.97 |
|
|
Revenue |
|
523 |
600 |
(13)% |
1,847 |
1,642 |
|
|
Gross profit |
|
158 |
154 |
|
578 |
467 |
|
|
Earnings before income taxes |
172 |
171 |
|
681 |
615 |
|
|
|
Adjusted EBITDA2 |
|
220 |
240 |
(8)% |
861 |
788 |
|
Fuel services |
Production volume (million kgU) |
|
3.1 |
3.2 |
(3)% |
10.2 |
9.9 |
|
|
Sales volume (million kgU) |
|
1.9 |
3.5 |
(46)% |
8.6 |
7.9 |
|
|
Average realized price 3 |
($Cdn/kgU) |
49.11 |
34.54 |
|
44.91 |
39.17 |
|
|
Revenue |
|
91 |
120 |
(24)% |
388 |
311 |
|
|
Earnings before income taxes |
17 |
17 |
- |
129 |
71 |
|
|
|
Adjusted EBITDA2 |
|
24 |
28 |
(14)% |
156 |
96 |
|
|
Adjusted EBITDA margin (%)2 |
|
26 |
23 |
|
40 |
31 |
|
Westinghouse
|
Adjusted free cash flow2 |
|
77 |
89 |
(13)% |
433 |
222 |
|
Net earnings (loss) |
|
(32) |
(57) |
|
32 |
(227) |
> |
|
|
Adjusted EBITDA2 |
|
124 |
122 |
|
569 |
320 |
|
1 Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fees divided by the volume of uranium concentrates sold. |
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2 Non-IFRS measure, see page 5. |
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3 Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor components, transportation and storage fees divided by the volumes sold. |
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The table on the following page shows the costs of produced and purchased uranium incurred in the reporting periods (see non-IFRS measures starting on page 5). These costs do not include care and maintenance costs, selling costs such as royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales.
|
THREE MONTHS |
|
NINE MONTHS |
|
||
|
ENDED SEPTEMBER 30 |
|
ENDED SEPTEMBER 30 |
|
||
($CDN/LB) |
2025 |
2024 |
CHANGE |
2025 |
2024 |
CHANGE |
Produced |
|
|
|
|
|
|
Cash cost |
25.20 |
24.31 |
|
24.39 |
19.66 |
|
Non-cash cost |
11.16 |
9.42 |
|
10.98 |
9.42 |
|
Total production cost 1 |
36.36 |
33.73 |
|
35.37 |
29.08 |
|
Quantity produced (million lb)1 |
4.4 |
4.3 |
|
15.0 |
17.3 |
(13)% |
Purchased |
|
|
|
|
|
|
Cash cost |
82.51 |
109.59 |
(25)% |
94.04 |
100.13 |
(6)% |
Quantity purchased (million lb)1 |
1.4 |
1.8 |
(22)% |
3.3 |
6.2 |
(47)% |
Totals |
|
|
|
|
|
|
Produced and purchased costs |
47.50 |
56.11 |
(15)% |
45.95 |
47.83 |
(4)% |
Quantities produced and purchased (million lb) |
5.8 |
6.1 |
(5)% |
18.3 |
23.5 |
(22)% |
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. During the quarter and in the first nine months of 2025 we purchased 0.1 million pounds at a purchase price per pound of |
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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 unlikely to 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, unrealized foreign exchange gains and losses, share-based compensation and adjustments to reclamation provisions flowing through other operating expenses, that we believe do not reflect the underlying financial performance for the reporting period. In 2024, we revised our calculation of adjusted net earnings to adjust for unrealized foreign exchange gains and losses as well as for share-based compensation because it better reflects how we assess our operational performance. We have restated comparative periods to reflect this change. 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
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 (see note 6 to the financial statements). 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.
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 (see note 6 to the financial statements). 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 third quarter and first nine months of 2025 and compares it to the same periods in 2024.
|
THREE MONTHS |
NINE MONTHS |
||
|
ENDED SEPTEMBER 30 |
ENDED SEPTEMBER 30 |
||
($ MILLIONS) |
2025 |
2024 |
2025 |
2024 |
Net earnings attributable to equity holders |
- |
7 |
391 |
36 |
Adjustments |
|
|
|
|
Adjustments on derivatives |
66 |
(28) |
(109) |
19 |
Unrealized foreign exchange losses (gains) |
(28) |
15 |
39 |
(10) |
Share-based compensation |
22 |
4 |
59 |
27 |
Adjustments on other operating expense (income) |
(6) |
5 |
(13) |
(12) |
Income taxes on adjustments |
(22) |
7 |
17 |
(9) |
Adjustments on equity investees (net of tax): |
|
|
|
|
Inventory purchase accounting |
- |
- |
4 |
50 |
Acquisition-related transition costs |
- |
4 |
- |
23 |
Unrealized foreign exchange losses (gains) |
(1) |
- |
4 |
(2) |
Other expenses1 |
1 |
10 |
18 |
13 |
Adjusted net earnings |
32 |
24 |
410 |
135 |
1 Other expenses includes Westinghouse’s unrealized foreign exchange losses (gains) and costs related to long-term incentive plans. |
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The following table shows what contributed to the change in adjusted net earnings (non-IFRS measure, see above) for the third quarter and first nine months of 2025 compared to the same periods in 2024.
|
|
THREE MONTHS |
NINE MONTHS |
||
|
|
ENDED SEPTEMBER 30 |
ENDED SEPTEMBER 30 |
||
($ MILLIONS) |
IFRS |
ADJUSTED |
IFRS |
ADJUSTED |
|
Net earnings - 2024 |
7 |
24 |
36 |
135 |
|
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 |
(24) |
(24) |
23 |
23 |
|
Higher realized prices ($US) |
16 |
16 |
61 |
61 |
|
Foreign exchange impact on realized prices |
1 |
1 |
65 |
65 |
|
Lower (higher) costs |
10 |
10 |
(38) |
(37) |
|
Change – uranium |
3 |
3 |
111 |
112 |
Fuel services |
Impact from sales volume changes |
(8) |
(8) |
6 |
6 |
|
Higher realized prices ($Cdn) |
27 |
27 |
50 |
50 |
|
Higher costs |
(22) |
(22) |
- |
- |
|
Change – fuel services |
(3) |
(3) |
56 |
56 |
Other changes |
|
|
|
|
|
Lower (higher) administration expenditures |
(16) |
2 |
(47) |
(16) |
|
Higher exploration and research and development expenditures |
(4) |
(4) |
(5) |
(5) |
|
Change in reclamation provisions |
13 |
2 |
3 |
2 |
|
Higher earnings from equity-accounted investees |
15 |
1 |
221 |
163 |
|
Change in gains or losses on derivatives |
(91) |
3 |
108 |
(20) |
|
Change in foreign exchange gains or losses |
44 |
1 |
(67) |
(18) |
|
Higher (lower) finance income |
3 |
3 |
(2) |
(2) |
|
Lower finance costs |
7 |
7 |
32 |
32 |
|
Change in income tax recovery or expense |
22 |
(7) |
(53) |
(27) |
|
Other |
- |
- |
(2) |
(2) |
|
Net earnings - 2025 |
- |
32 |
391 |
410 |
|
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.
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 include gains/losses on undesignated hedges, transaction, integration and restructuring costs related to acquisitions and gains/losses on disposition of business.
The company may realize similar gains or incur similar expenditures in the future.
ADJUSTED free cash flow
Adjusted free cash flow is defined as adjusted EBITDA less capital expenditures for the period.
ADJUSTED EBITDA MARGIN
Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period.
EBITDA, adjusted EBITDA, adjusted cash flow, 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 third quarter and first nine months of 2025 and 2024.
For the quarter ended September 30, 2025:
|
|
FUEL |
|
|
|
($ MILLIONS) |
URANIUM1 |
SERVICES |
WESTINGHOUSE |
OTHER |
TOTAL |
Net earnings (loss) before income taxes2 |
172 |
17 |
(32) |
(157) |
- |
Depreciation and amortization |
51 |
7 |
- |
2 |
60 |
Finance income |
- |
- |
- |
(7) |
(7) |
Finance costs |
- |
- |
- |
28 |
28 |
Income taxes |
- |
- |
- |
16 |
16 |
|
223 |
24 |
(32) |
(118) |
97 |
Adjustments on equity investees |
|
|
|
|
|
Depreciation and amortization |
2 |
- |
94 |
- |
96 |
Finance income |
(1) |
- |
(1) |
- |
(2) |
Finance expense |
- |
- |
49 |
- |
49 |
Income taxes |
3 |
- |
(4) |
- |
(1) |
Net adjustments on equity investees |
4 |
- |
138 |
- |
142 |
EBITDA |
227 |
24 |
106 |
(118) |
239 |
Gain on derivatives |
- |
- |
- |
66 |
66 |
Other operating income |
(6) |
- |
- |
- |
(6) |
Share-based compensation |
- |
- |
- |
22 |
22 |
Unrealized foreign exchange gains |
- |
- |
- |
(28) |
(28) |
|
221 |
24 |
106 |
(58) |
293 |
Adjustments on equity investees |
|
|
|
|
|
Restructuring costs |
- |
- |
8 |
- |
8 |
Other expenses |
- |
- |
10 |
- |
10 |
Unrealized foreign exchange gains |
(1) |
- |
- |
- |
(1) |
Net adjustments on equity investees |
(1) |
- |
18 |
- |
17 |
Adjusted EBITDA |
220 |
24 |
124 |
(58) |
310 |
1 JV Inkai adjusted EBITDA of |
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2 Westinghouse earnings are after income taxes. |
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For the quarter ended September 30, 2024:
|
|
FUEL |
|
|
|
($ MILLIONS) |
URANIUM1 |
SERVICES |
WESTINGHOUSE |
OTHER |
TOTAL |
Net earnings (loss) before income taxes2 |
171 |
17 |
(57) |
(124) |
7 |
Depreciation and amortization |
59 |
11 |
- |
1 |
71 |
Finance income |
- |
- |
- |
(4) |
(4) |
Finance costs |
- |
- |
- |
35 |
35 |
Income taxes |
- |
- |
- |
38 |
38 |
|
230 |
28 |
(57) |
(54) |
147 |
Adjustments on equity investees |
|
|
|
|
|
Depreciation and amortization |
2 |
- |
93 |
- |
95 |
Finance expense |
- |
- |
54 |
- |
54 |
Income taxes |
3 |
- |
(2) |
- |
1 |
Net adjustments on equity investees |
5 |
- |
145 |
- |
150 |
EBITDA |
235 |
28 |
88 |
(54) |
297 |
Loss on derivatives |
- |
- |
- |
(28) |
(28) |
Other operating expense |
5 |
- |
- |
- |
5 |
Share-based compensation |
- |
- |
- |
4 |
4 |
Unrealized foreign exchange losses |
- |
- |
- |
15 |
15 |
|
240 |
28 |
88 |
(63) |
293 |
Adjustments on equity investees |
|
|
|
|
|
Acquisition-related transition costs |
- |
- |
5 |
- |
5 |
Other expenses |
- |
- |
5 |
- |
5 |
Restructuring costs |
- |
- |
24 |
- |
24 |
Net adjustments on equity investees |
- |
- |
34 |
- |
34 |
Adjusted EBITDA |
240 |
28 |
122 |
(63) |
327 |
1 JV Inkai adjusted EBITDA of |
|||||
2 Westinghouse earnings are after income taxes. |
|||||
For the nine months ended September 30, 2025:
|
|
FUEL |
|
|
|
($ MILLIONS) |
URANIUM1 |
SERVICES |
WESTINGHOUSE |
OTHER |
TOTAL |
Net earnings (loss) before income taxes2 |
681 |
129 |
32 |
(452) |
390 |
Depreciation and amortization |
174 |
27 |
- |
6 |
207 |
Finance income |
- |
- |
- |
(16) |
(16) |
Finance costs |
- |
- |
- |
85 |
85 |
Income taxes |
- |
- |
- |
140 |
140 |
|
855 |
156 |
32 |
(237) |
806 |
Adjustments on equity investees |
|
|
|
|
|
Depreciation and amortization |
6 |
- |
285 |
- |
291 |
Finance income |
(2) |
- |
(2) |
- |
(4) |
Finance expense |
- |
- |
149 |
- |
149 |
Income taxes |
11 |
- |
25 |
- |
36 |
Net adjustments on equity investees |
15 |
- |
457 |
- |
472 |
EBITDA |
870 |
156 |
489 |
(237) |
1,278 |
Loss on derivatives |
- |
- |
- |
(109) |
(109) |
Other operating income |
(13) |
- |
- |
- |
(13) |
Share-based compensation |
- |
- |
- |
59 |
59 |
Unrealized foreign exchange losses |
- |
- |
- |
39 |
39 |
|
857 |
156 |
489 |
(248) |
1,254 |
Adjustments on equity investees |
|
|
|
|
|
Inventory purchase accounting |
- |
- |
5 |
- |
5 |
Restructuring costs |
- |
- |
35 |
- |
35 |
Other expenses |
- |
- |
40 |
- |
40 |
Unrealized foreign exchange losses |
4 |
- |
- |
- |
4 |
Net adjustments on equity investees |
4 |
- |
80 |
- |
84 |
Adjusted EBITDA |
861 |
156 |
569 |
(248) |
1,338 |
1 JV Inkai adjusted EBITDA of |
|||||
2 Westinghouse earnings are after income taxes. |
|||||
For the nine months ended September 30, 2024:
|
|
FUEL |
|
|
|
($ MILLIONS) |
URANIUM1 |
SERVICES |
WESTINGHOUSE |
OTHER |
TOTAL |
Net earnings (loss) before income taxes2 |
615 |
71 |
(227) |
(423) |
36 |
Depreciation and amortization |
148 |
25 |
- |
4 |
177 |
Finance income |
- |
- |
- |
(18) |
(18) |
Finance costs |
- |
- |
- |
117 |
117 |
Income taxes |
- |
- |
- |
87 |
87 |
|
763 |
96 |
(227) |
(233) |
399 |
Adjustments on equity investees |
|
|
|
|
|
Depreciation and amortization |
12 |
- |
267 |
- |
279 |
Finance income |
- |
- |
(3) |
- |
(3) |
Finance expense |
- |
- |
172 |
- |
172 |
Income taxes |
27 |
- |
(50) |
- |
(23) |
Net adjustments on equity investees |
39 |
- |
386 |
- |
425 |
EBITDA |
802 |
96 |
159 |
(233) |
824 |
Gain on derivatives |
- |
- |
- |
19 |
19 |
Other operating income |
(12) |
- |
- |
- |
(12) |
Share-based compensation |
- |
- |
- |
27 |
27 |
Unrealized foreign exchange gains |
- |
- |
- |
(10) |
(10) |
|
790 |
96 |
159 |
(197) |
848 |
Adjustments on equity investees |
|
|
|
|
|
Inventory purchase accounting |
- |
- |
66 |
- |
66 |
Acquisition-related transition costs |
- |
- |
29 |
- |
29 |
Other expenses |
- |
- |
20 |
- |
20 |
Unrealized foreign exchange gains |
(2) |
- |
- |
- |
(2) |
Restructuring costs |
- |
- |
46 |
- |
46 |
Net adjustments on equity investees |
(2) |
- |
161 |
- |
159 |
Adjusted EBITDA |
788 |
96 |
320 |
(197) |
1,007 |
1 JV Inkai adjusted EBITDA of |
|||||
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 third quarter and first nine months of 2025 and 2024.
|
THREE MONTHS |
NINE MONTHS |
||
|
ENDED SEPTEMBER 30 |
ENDED SEPTEMBER 30 |
||
($ MILLIONS) |
2025 |
2024 |
2025 |
2024 |
Cost of product sold |
314.7 |
386.5 |
1,095.8 |
1,027.0 |
Add / (subtract) |
|
|
|
|
Royalties |
(33.2) |
(38.4) |
(127.0) |
(88.5) |
Care and maintenance costs1 |
(31.6) |
(34.9) |
(71.4) |
(58.7) |
Other selling costs |
(2.0) |
(2.9) |
(8.3) |
(12.2) |
Change in inventories |
(21.5) |
(8.5) |
(212.9) |
93.3 |
Cash costs of production (a) |
226.4 |
301.8 |
676.2 |
960.9 |
Add / (subtract) |
|
|
|
|
Depreciation and amortization |
50.7 |
59.3 |
173.5 |
147.5 |
Care and maintenance costs1 |
(3.5) |
(4.5) |
(5.2) |
(4.7) |
Change in inventories |
1.9 |
(14.3) |
(3.6) |
20.2 |
Total production costs (b) |
275.5 |
342.3 |
840.9 |
1,123.9 |
Uranium produced & purchased (million lb) (c) |
5.8 |
6.1 |
18.3 |
23.5 |
Cash costs per pound (a ÷ c) |
39.03 |
49.48 |
36.95 |
40.89 |
Total costs per pound (b ÷ c) |
47.50 |
56.11 |
45.95 |
47.83 |
1 Care and maintenance costs include costs associated with |
||||
Management's discussion and analysis (MD&A) and financial statements
The third quarter MD&A and unaudited condensed consolidated interim financial statements provide a detailed explanation of our operating results for the three and nine months ended September 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 second quarter MD&As, 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
- Greg Murdock, general manager, McArthur River, Cameco
- Daley McIntyre, general manager, Key Lake, Cameco
CIGAR LAKE
- Kirk Lamont, general manager, Cigar Lake, Cameco
INKAI
- Sergey Ivanov, deputy director general, technical services, Cameco Kazakhstan LLP
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 evolving global energy landscape and our contribution to the long-term health and value of the nuclear industry; our expectation that our planned market purchases will help offset the impact of expected changes to our 2025 uranium outlook and inventory balances; our expectation that we will meet our delivery commitments despite the development delays at McArthur River/Key Lake; our expectations regarding our strategic partnership with Brookfield and the US Government, including the acceleration of Westinghouse’s global reactor development, its impact on energy security and supply chains, the creation of significant growth opportunities for Westinghouse and us, and our view that it will reaffirm our position as a driving force behind nuclear expansion and will leverage our integrated fuel cycle and downstream investments to meeting the rising demand for nuclear energy; the increasing momentum of nuclear energy worldwide and our contribution to the nuclear expansion and clean energy transition through focusing on strong partnerships and long-term value creation; our expectations regarding our annual dividend for 2025; the expected production levels for McArthur River/Key Lake, including its expected 2025 production shortfall; the expected production levels for Cigar Lake, including our view that its strong 2025 production levels may provide an opportunity to partially offset the McArthur River/Key Lake shortfall; the expected production level and purchase allocation for JV Inkai; our expectations regarding the timing of the delivery of our share of JV Inkai’s 2024 and 2025 production; our annual production expectation for our Fuel Services division and our continued work to achieve and maintain an ongoing production rate which satisfies long-term commitments and the demand for conversion services; our expectations regarding our contract portfolio and uranium commitments, including our expectation that we will continue layering in volumes that capture greater future upside using market-related pricing mechanisms as the uranium market continues to improve; our expected share of uranium production for 2025; our modified outlook for market purchases; our expectations for sales and deliveries volume in our uranium segment; and the timing of our third quarter conference call and announcement of our 2025 fourth quarter and annual 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 strategic partnership with Brookfield and the US Government does not result in the expected benefits for us; the risk that there are further reduced production levels from the McArthur River/Key Lake operation; the risk that the production levels of Cigar Lake will be insufficient to partially offset the shortfall at the McArthur River/Key Lake operation; 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 benefits of the strategic partnership with Brookfield and the US Government power for us; the impact of the delays at the McArthur River/Key Lake operation on production levels and our ability to manage and offset the corresponding production shortfall, and assumptions regarding possible further delays; the ability of Cigar Lake to achieve or exceed its expected production level; and our ability to announce future financial results when expected.
Please also review the discussion in our 2024 annual MD&A, our 2025 first and second quarter MD&As 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 third quarter conference call on Wednesday, November 5, 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 (
A recorded version of the proceedings will be available:
- on our website, cameco.com, shortly after the call
-
on post view until midnight, Eastern, December 5, 2025, by calling (855) 669-9658 (
Canada /USA toll-free) or (412) 317-0088 (International toll) (Passcode 1818010)
2025 fourth quarter and annual report release date
We plan to announce our 2025 fourth quarter and annual consolidated financial and operating results before markets open on February 13, 2026. Announcement dates are subject to change.
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
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: https://www.businesswire.com/news/home/20251104291675/en/
Investor inquiries
Cory Kos
306-716-6782
cory_kos@cameco.com
Media inquiries
Veronica Baker
306-385-5541
veronica_baker@cameco.com
Source: Cameco
