Sprott Physical Uranium Trust Fund (U-UN) Q4 2025 earnings summary

Executive summary

• The Trust invests primarily in long-term holdings of physical uranium, offering investors exposure without direct handling complexities.

• For the year ended December 31, 2025, the Trust saw a significant turnaround with $574.4 million in unrealized gains, compared to $1,184.2 million in unrealized losses in 2024.

• 41.2 million units were issued in 2025 for gross proceeds of $762.6 million, up from 14.1 million units and $310.6 million in 2024.

• Net assets rose to $6,157.8 million ($19.80 per unit) from $4,862.0 million ($18.02 per unit) year-over-year.

Financial highlights

• Net income for 2025 was $538.4 million, a reversal from a net loss of $1,220.3 million in 2024.

• Operating expenses were $16.8 million (0.33% of average net assets), slightly up from $16.2 million (0.29%) in 2024.

• Management fees totaled $17.7 million, down from $19.8 million in 2024.

• The Trust held 74.8 million pounds of uranium oxide at year-end, up from 66.2 million pounds in 2024.

• Spot uranium price increased to $81.54/lb from $73.18/lb year-over-year.

Outlook and guidance

• The Trust continues to focus on long-term, unencumbered physical uranium holdings and does not speculate on short-term price movements.

• No material changes to investment objectives or management processes were reported.