Quarterly ResultMay 5, 2026, 07:52 AM
Cameco Q1 Net Earnings +87% to $131M; Adjusted EBITDA +44% to $509M
AI Summary
Cameco reported strong first quarter 2026 results, with consolidated net earnings surging 87% to $131 million and adjusted EBITDA increasing 44% to $509 million. The uranium segment delivered robust performance with higher sales volumes and improved realized prices, while the fuel services segment saw a decline in earnings. The company's share of Westinghouse's adjusted EBITDA also grew significantly, and Cameco reaffirmed its annual guidance for 2026, citing disciplined strategy and strengthening industry fundamentals.
Key Highlights
- Consolidated net earnings rose 87% to $131 million in Q1 2026 compared to $70 million in Q1 2025.
- Adjusted net earnings increased over 100% to $203 million, up from $70 million in the prior year quarter.
- Adjusted EBITDA grew 44% to $509 million in Q1 2026, compared to $353 million in Q1 2025.
- Uranium segment earnings before taxes increased 58% to $358 million, with sales volumes up 13% to 7.8 million pounds.
- Uranium average realized price improved 6% to US$66.21 per pound.
- Fuel Services segment earnings before taxes decreased 35% to $44 million, driven by a lower average realized price.
- Cameco's share of Westinghouse's adjusted EBITDA increased 33% to $122 million.
- The company maintains a strong balance sheet with $1.1 billion in cash and $1.0 billion undrawn revolving credit facility.
- Annual guidance for 2026 remains unchanged, reflecting consistent performance across segments.