Cameco Corporation Q2 2025 Financial Performance and Outlook

SEC Filing 6-K (0001193125-25-170075)

Cameco Corporation reported strong financial performance for the second quarter of 2025, with net earnings of $321 million, adjusted net earnings of $308 million, and adjusted EBITDA of $673 million. The company attributed this performance to increased equity earnings from its investment in Westinghouse and strong results in its uranium and fuel services segments. Cameco's uranium segment saw a 46% increase in earnings before income taxes and a 43% rise in adjusted EBITDA compared to the same period in 2024, driven by higher sales volumes and average realized prices. The fuel services segment also performed well, with a 33% increase in earnings before income taxes and a 36% rise in adjusted EBITDA. Westinghouse reported net earnings of $126 million for the quarter, a significant improvement from net losses in the previous year, primarily due to its participation in a construction project in the Czech Republic. Cameco has revised its 2025 outlook for Westinghouse, expecting adjusted EBITDA to be between $525 million and $580 million. The company remains optimistic about the future of nuclear energy, citing supportive government policies and increasing global demand for clean energy.