Yellow Cake (YCA) H2 2026 earnings summary

Executive summary

• Reported profit after tax of USD419.5 million for the year ended 31 March 2026, reversing a prior year loss of USD469.2 million, driven by a 30% increase in the uranium spot price and higher uranium holdings.

• Net asset value rose to USD2,109.6 million (GBP6.33 per share) from USD1,414.4 million (GBP5.05 per share) year-over-year.

• Uranium holdings increased to 23.11 million lb, representing 14% of 2025 global production, acquired at an average cost of USD37.20/lb.

• Raised USD283.1 million through two share placings to fund additional uranium acquisitions.

Financial highlights

• Value of uranium holdings increased by 39% to USD1,940.4 million, up from USD1,397.4 million at prior year-end.

• Operating expenses rose to USD18.8 million (2025: USD15.2 million), mainly due to increased storage and handling costs.

• Management Expense Ratio was 1.01% (2025: 0.84%).

• No dividend declared for the year.

Outlook and guidance

• Available cash resources expected to cover working capital requirements through 31 March 2028.

• Framework Agreement with Kazatomprom allows for up to USD100 million of uranium purchases annually until end-2027; future growth expected via spot market purchases.

• Board remains focused on disciplined capital allocation and may consider further share buybacks.