For 2025, consolidated revenue was about CAD $3.5 billion, up 11% year over year. Uranium EBITDA rose 7%, Fuel Services EBITDA rose 22% — our fastest-growing segment — and our share of Westinghouse net earnings swung up roughly CAD $276 million. Production hit 21 million pounds, exceeding guidance. Port Hope set a record. This is what pacing looks like across the full fuel cycle. We don't front-run demand with supply. The figures are our own year-end results.

Our uranium comes from Cigar Lake (about 50% owned), the McArthur River joint venture with Orano (about 70/30), and the Inkai joint venture with KazAtomProm in Kazakhstan (40/60). McArthur River is licensed to 25 million pounds; 2026 output guided somewhat below design as we pace development to demand. Port Hope, Canada's sole UF6 converter, set a production record in 2025. Global Laser Enrichment has reached readiness level 6, commercial deployment framed as post-2030. This is the supply chain we operate. This is the pacing we choose. This is not a spot-price response.

Cameco owns 49% of Westinghouse; Brookfield 51%, closed November 2023 on an equity-method basis. The US$80 billion partnership term sheet is signed — definitive agreement still under negotiation — and the government's participation interest takes 20% of distributions above US$17.5 billion. 2026 guidance for our share of Westinghouse adjusted EBITDA is US$370-430 million, strong but lower than 2025; management attributes the step-down partly to the one-time Dukovany distribution and project-timing lumpiness. New-build earnings are lumpy, not a straight line.

230 million pounds committed — distributed, no concentration. Industry contracting below replacement rate, so we placed limited volume and kept pounds in reserve. This is what discipline looks like: we don't front-run demand with supply. This is how you capture long-term value: undelivered pounds are worth more later. This is not the moment to chase spot narratives. Russian import ban full effect 2028. We don't guide past a final investment decision or past the year.