Cameco Corp.

Strong Financial Performance: Cameco reported a 2025 annual revenue of approximately $3.5 billion, an 11% increase from 2024. Adjusted EBITDA rose 26% to about $1.9 billion, and net earnings increased by 115% to just under $630 million. This strong performance reflects the company's disciplined execution and long-term contracting strategy, which is positioning the company well for future market conditions.

Uranium Production Outlook: For 2026, Cameco expects uranium production to be between 19.5 million to 21.5 million pounds. While this is below the design capacity of 25 million pounds for McArthur River, the company emphasizes a disciplined approach to production, aligning it with market demand and not rushing into production ahead of contract commitments.

Westinghouse Investment & Market Opportunities: Cameco's investment in Westinghouse is viewed positively, with expectations of Westinghouse contributing adjusted EBITDA of $370 million to $430 million in 2026. The partnership with the U.S. government and other entities underlines the growing demand for nuclear technology, with opportunities to build more reactors in the U.S. and other regions, potentially exceeding initial expectations if projects advance beyond current assessments.