Cameco (CCJ) Investor presentation summary

Financial and operational highlights

• Ended 2025 with $1.2 billion in cash and short-term investments and $1.0 billion in debt; declared a $0.24/share annual dividend for 2025, accelerated from 2026 due to strong performance and a $171.5M Westinghouse distribution.

• Reported strong Q4 and annual financial results, with uranium segment delivering 33.0 million lbs and fuel services segment producing 13.1 million kgU in 2025.

• Strategic partnership with Brookfield and the US government for an $80B initiative to accelerate Westinghouse reactor deployment in the US.

• Received a $171.5M cash distribution for participation in a Korean nuclear project at Dukovany, Czech Republic.

Strategic positioning and market fundamentals

• Positioned across the nuclear fuel cycle with tier-one uranium assets, fuel services, and a 49% stake in Westinghouse, enhancing exposure to the full value chain.

• Global focus on energy security, electrification, and decarbonization is driving durable demand for nuclear fuel, while supply remains uncertain due to geopolitical risks and underinvestment.

• Long-term contract portfolio and operational flexibility support risk-managed financial discipline and value capture across market cycles.

Contracting and operational discipline

• Maintains a balanced, long-term contract portfolio with average committed sales of 28 million lbs/year for 2026–2030, supporting production planning and mitigating market volatility.

• Production aligned with contract portfolio, with tier-one assets expected to deliver 32 million lbs licensed capacity in 2026 (100% basis).

• Focus on brownfield growth, operational flexibility, and sustainability, with 51% Indigenous workforce at northern Saskatchewan operations and 71% of services procured from local businesses.