The Prohibiting Russian Uranium Imports Act became law in May 2024, with a full import ban taking effect January 1, 2028. Russia supplied about 24% of US enrichment services, so Western capacity must expand against a hard deadline. Utilities are already restructuring procurement, and spot enrichment prices roughly doubled between 2024 and 2025. Russia could still retaliate with its own export ban before 2028, tightening the squeeze further.
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.
