For 2025, consolidated revenue was about CAD $3.5 billion, up 11% year over year. Three segments, one fuel cycle: Uranium EBITDA rose about 7%, Fuel Services EBITDA rose about 22% — our fastest-growing segment — and our share of Westinghouse net earnings swung up roughly CAD $276 million. Production reached 21.0 million pounds, above revised guidance. Port Hope delivered a record 11.2 million kilograms UF6. This is what discipline looks like across the cycle. This is how the segments compound. This is not a spot-price response.
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Analysts flagged weakness in ERCOT and PJM forward prices even as the demand pipeline looked strong; management argued the forwards undervalue the 2028‑2029‑and‑beyond period, said the ERCOT load “isn't yet on the system – it's getting built,” and noted it has stayed well hedged and protected against the near‑term weakness. Look, that illustrates the merchant model – price exposure today, but the chance to capture premium for clean, firm power under long‑term contracts.