Cameco (CCO) Q2 2026 earnings summary

Executive summary

• Strategy remains focused on long-term value creation, with operations and decisions aligned to this goal and on track with annual expectations.

• Year-to-date financial and operational performance remains on track, with production outlook unchanged despite temporary disruptions in northern Saskatchewan supply routes.

• Global support for nuclear energy is increasing, with policy backing and new build discussions in key markets like Canada and the U.S.

• Strategic positioning reinforced by increased ownership in Cigar Lake Mine and supportive government policies for nuclear energy.

• Maintained a disciplined, balanced strategy with a focus on long-term contracting and operational flexibility.

Financial highlights

• Q2 2026 financial results were lower year-over-year due to a significant one-time Westinghouse contribution in 2025, but underlying business fundamentals remain strong.

• Q2 net earnings were $25M, adjusted net earnings $77M, and adjusted EBITDA $391M; H1 net earnings $156M, adjusted net earnings $281M, and adjusted EBITDA $899M, all lower year-over-year due to reduced equity earnings from Westinghouse.

• Q2 revenue was $814M, down 7% year-over-year; gross profit $190M, down 26%; EPS $0.06, down 92%.

• Ended Q2 2026 with $1.1 billion in cash and cash equivalents, $1.0 billion in debt, and a $1.0 billion undrawn revolving credit facility.

• Average realized prices improved in both uranium and fuel services segments, supported by stronger market pricing and favorable exchange rates.

Outlook and guidance

• Annual uranium production guidance remains at 19.5–21.5M lbs (company share) for 2026.

• Updated outlook for average realized price, revenue, and cost of sales in uranium and fuel services segments, reflecting higher spot prices and a stronger US dollar.

• Contract portfolio supports average annual deliveries of over 28M lbs U3O8 for the next five years, with higher commitments in 2026–2028.

• Market conditions are expected to remain strong, with continued improvement in uranium and fuel services pricing.

• Committed average sales of 28 million lbs. uranium per year for 2026–2030, with long-term contracts spanning over a decade.