CCJ · Cameco Corporation

Cameco's first quarter 2026 results reflect the benefits of its disciplined contracting and operating strategy amid strengthening nuclear fundamentals. Consolidated revenue rose 7% to $845 million, driven by a 13% increase in uranium sales volumes (7.8 million lbs vs. 6.9 million lbs) and a 6% improvement in the average realized uranium price to US$66.21/lb. Gross profit increased 12% to $302 million, with the uranium segment contributing $259 million (up 28%). Net earnings attributable to equity holders surged 88% to $131 million ($0.30 per diluted share), while adjusted net earnings more than doubled to $203 million ($0.47 per diluted share). Adjusted EBITDA grew 44% to $509 million, reflecting higher sales volumes and improved margins. The fuel services segment saw a 35% decline in earnings before taxes to $44 million, primarily due to a 14% lower average realized price ($48.53/kgU vs. $56.64/kgU). Westinghouse, accounted for as an equity investment, reported a net loss of $46 million (Cameco's share), an improvement from a $62 million loss in Q1 2025, while its adjusted EBITDA share rose 33% to $122 million. Management highlighted solid operational execution, with on-track production at McArthur River/Key Lake (5.0 million lbs packaged, 3.5 million lbs share) and Cigar Lake (4.9 million lbs, 2.7 million lbs share). Annual production guidance remains unchanged: uranium 19.5-21.5 million lbs (our share) and fuel services 13-14 million kgU. The balance sheet remains robust with $1.1 billion in cash and short-term investments, $1.0 billion in total debt, and a $1.0 billion undrawn credit facility. CEO Tim Gitzel noted that the company is well-positioned for the extended Q3 maintenance shutdown at Key Lake, which will tie in new infrastructure to enhance future supply flexibility. The company also highlighted growing global interest in nuclear energy and its AP1000 reactor technology, reinforcing its long-term growth outlook.