Cameco Corp 4Q25 Results and FY2026 Guidance

Cameco delivered strong 4Q25 results with a revenue beat but provided a cautious FY2026 outlook featuring lower production and sales targets.

Key Takeaways

• 1.Cameco reported 4Q25 adjusted revenue and EBITDA that exceeded consensus estimates, driven by strong performance in the Uranium segment.
• 2.FY2026 guidance was softer than expected due to lower projected uranium production and sales volumes compared to Goldman Sachs estimates.
• 3.The Westinghouse segment's FY2026 EBITDA guidance of $370mn-$430mn is notably below the previous GS estimate of $570mn.

Table of Contents

• Analysis
• Uranium
• Fuel Services
• Westinghouse
• Valuation & Key Risks
• Disclosure Appendix

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