Company Overview

Cameco Corporation is the world's largest publicly traded uranium company, headquartered in Saskatoon, Saskatchewan, Canada. Incorporated in 1987, Cameco is a cornerstone of the global nuclear fuel supply chain. As of September 19, 2025, the company's market capitalization stood at $37.52 billion.

Business Segments

Cameco operates through three primary segments that provide comprehensive nuclear fuel cycle services:

- Uranium Segment: This segment engages in the exploration for, mining, milling, purchase, and sale of uranium concentrate. It represents the core of Cameco's business operations, focusing on uranium production from its tier-one assets.

- Fuel Services Segment: This division is involved in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services. It adds value to the uranium supply chain by processing raw materials into forms suitable for nuclear reactors.

- Westinghouse Segment: Operating as a nuclear reactor technology original equipment manufacturer, this segment provides products and services to commercial utilities and government agencies. It offers outage and maintenance, engineering support, instrumentation and control equipment, plant modification services, and components/parts for nuclear reactors.

Global Market Presence

The company sells its uranium and fuel products and services to nuclear utilities across the Americas, Europe, and Asia. This extensive global reach positions Cameco as a key supplier in the international nuclear energy market.

Financial Performance and Market Position

Recent Financial Performance

2024 Annual Results (as of December 31, 2024):

- Annual net earnings: $172 million; adjusted net earnings: $292 million

- Revenue: CA$3.14 billion (up 21% from FY 2023)

- Cash from operations: $905 million

- Full-year adjusted EBITDA: Increased by approximately 73% to over $1.5 billion (compared to $884 million in 2023)

Uranium Segment Performance (2024):

- Delivered 33.6 million pounds of uranium at an average realized price of $79.70 per pound.

- Share of production was 23.4 million pounds, slightly higher than expected due to record annual production from the Key Lake mill.

Westinghouse Segment Performance (2024):

- Included $483 million in adjusted EBITDA from the investment in Westinghouse.

Strategic Positioning and Contracts

As of December 31, 2024, Cameco's uranium segment had commitments to deliver an average of about 28 million pounds of uranium per year from 2025 through 2029, with higher commitment levels in the earlier years. The total portfolio of long-term contracts includes commitments for approximately 220 million pounds of uranium.

The company maintains a diversified contract portfolio with over 85 million kgU of UF6, underpinning its fuel services operations for years to come.

Recent Developments and Future Outlook

Westinghouse Expansion:

- In January 2025, Westinghouse resolved its technology and export dispute with Korea Electric Power Corporation and Korea Hydro & Nuclear Power Co., Ltd., establishing a framework for future deployments.

- In February 2025, Cameco received $49 million (US), representing its share of a $100 million (US) distribution from Westinghouse – the first distribution since the acquisition.

Production Plans for 2025:

- With improving market conditions, a strong long-term contract book, and ongoing contracting discussions, the plan is to produce 18 million pounds (100% basis) at each of McArthur River/Key Lake and Cigar Lake in 2025.

Financial Position

As of December 31, 2024:

- Cash and cash equivalents: $600 million

- Total debt: $1.3 billion

- In 2024, $400 million (US) was repaid on the $600 million (US) floating-rate term loan used for the Westinghouse acquisition.

- In January 2025, the final repayment of $200 million (US) was made, extinguishing the term loan.

Dividend Policy

The board of directors declared a 2024 annual dividend of $0.16 per common share, payable on December 13, 2024. Based on the company's plan, an annual increase of at least $0.04 per common share is expected from 2024 through 2026, aiming to double the 2023 dividend ($0.12) to $0.24 per common share.

Cameco's strategic position as the world's largest publicly traded uranium company, combined with its comprehensive nuclear fuel cycle capabilities through the Westinghouse acquisition, positions it well to capitalize on the growing global demand for clean nuclear energy. The company's strong financial performance in 2024 and robust contract portfolio provide a solid foundation for continued growth in the expanding nuclear energy sector.