Cameco Reports Second Quarter Results: Year-to-Date Performance on Track; Production Outlook Unchanged; Strategically Positioned Across the Nuclear Fuel Cycle; Significant Support for Nuclear Energy Reinforces Stronger Long-Term Uranium Prices

Cameco Corporation reported second-quarter 2026 results characterized by a significant decline in profitability, with net earnings falling to $25 million from $321 million a year ago. Adjusted EBITDA also decreased to $391 million, down from $673 million in the prior year period. The company attributed the drop to Westinghouse swinging to a $10 million net loss attributable to Cameco, reversing the $170 million boost received last year from the Dukovany reactor project.

In the uranium segment, the average realized price rose 18% to US$67.79 per pound, though sales volumes fell to 7.1 million pounds. Despite temporary flooding at Key Lake and McArthur River, as well as a separate mill acid-plant disruption at Cigar Lake that temporarily halted mining, both operations have since resumed. Consequently, Cameco maintained its 2026 production guidance at 19.5–21.5 million pounds.

Separately, Cameco announced that Westinghouse has confidentially submitted a draft S-1 registration statement for a proposed initial public offering, marking a concrete step toward monetizing its 49% stake in the company.

Cameco Corporation (CCO) released its second-quarter earnings, which reflected a widely expected year-over-year decline driven by the challenging Westinghouse comparison, while maintaining steady uranium fundamentals and intact guidance. Concurrent with the earnings release, the company filed for an initial public offering of Westinghouse. The stock rose 4% on the day, a move that did not previously reflect the potential value of the IPO. A Westinghouse listing could surface value for a business that has been largely hidden in the equity-accounted line, potentially impacting Cameco’s valuation multiple.

Cameco Corporation (CCO) is a globally significant uranium producer and provider of nuclear fuel services. Its tier-one producing assets include McArthur River/Key Lake, in which it holds 69.8%/83.3% ownership, and Cigar Lake, with 57.4% ownership post-acquisition, both located in Saskatchewan. The company also holds a 40% interest in the JV Inkai operation in Kazakhstan. Additionally, Cameco owns 49% of Westinghouse Electric Company, a leading nuclear reactor and fuel fabrication business. The asset base is distinguished by extreme high grades, such as Cigar Lake’s approximately 16% U3O8, long mine lives, and a vertically integrated fuel cycle position.