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Cameco (CCJ) investor relations material
Cameco Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Strong Q2 and first-half 2025 financial results across uranium, fuel services, and Westinghouse segments, driven by higher realized prices and Westinghouse's participation in Czech nuclear projects, notably Dukovany.
Improved 2025 outlook with raised adjusted EBITDA guidance for Westinghouse to US$525M–US$580M, reflecting robust operational and financial performance.
Ongoing global nuclear momentum and new build announcements in North America and Europe position the company as a key player in energy security and clean energy transition.
Disciplined long-term contracting and operational planning maintain financial flexibility and a strong balance sheet.
Senior management changes effective September 1, 2025, with new President/COO and CFO appointments to support strategic execution.
Financial highlights
Q2 2025 revenue rose 47% year-over-year to $877M; gross profit up 47% to $257M; net earnings for Q2 were $321M, with adjusted EBITDA for Q2 at $673M, up 96% year-over-year.
Cash and cash equivalents at $716M, total debt at $1B, and a $1B undrawn revolving credit facility as of June 30, 2025.
Received $49M (US) distribution from Westinghouse and $87M (US) dividend from JV Inkai based on 2024 results.
Final $200M (US) repayment of Westinghouse acquisition term loan completed.
Annual production outlook for fuel services remains on track for 13M–14M kgU of combined products.
Outlook and guidance
Full-year uranium production guidance unchanged; McArthur River, Key Lake, and Cigar Lake each expected to produce 18M lbs (100% basis) in 2025, subject to operational risks.
JV Inkai in Kazakhstan on track for 8.3M lbs (100% basis), with shipments of 2024 and most 2025 allocation expected in H2 2025.
Westinghouse five-year CAGR guidance remains at 6–10%, with upside dependent on final investment decisions for new builds.
Average realized uranium price for 2025 now expected at $87/lb, up from $84/lb, due to higher spot prices.
Expecting strong cash flow generation in 2025, supported by improving prices and return to tier-one cost structure.
Assess Westinghouse's revenue sources, excluding Dukovany.
Explain the long-term contracting slowdown.
Detail risks to McArthur River/Key Lake production.
Westinghouse's growth: Why 6-10% CAGR?
McArthur River: What are the risks to guidance?
GLE: What DOE funding is expected?
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Q3 20256 Nov, 2025
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Frequently asked questions
Cameco Corporation produces and sells uranium. The Company has long-term contracts to sell uranium concentrate in Kazakhstan, the United States and internationally. Its segments include McArthur River/Key Lake, which is located in the province of Saskatchewan in north central Canada; Rabbit Lake, which is located in east-central Saskatchewan; Inkai, which is located in eastern Kazakhstan; and Zaporozhye, which is located on the east coast of Ukraine. The McArthur River/Key Lake segment consists of the operations at Key Lake mine and mill, which is approximately 70 kilometers northeast of Saskatoon, Saskatchewan and includes a uranium ore processing facility. Cameco Corporation is based in Saskatoon, Canada.
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