230 million pounds committed — distributed, no concentration disclosed. Industry contracting ran below replacement rate in 2025, so we placed limited volume and held pounds back. We don't front-run demand with supply; you only get one chance to place new capacity. The wedge widens as secondary supply thins and new production lead times stretch. U.S. Russian import ban takes full effect 2028. This is our market view, hedged as such. We don't guide past a final investment decision or past the year.

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.

Cameco ended 2025 with roughly 230 million pounds of uranium committed under long‑term contracts – a distributed portfolio, with no top‑customer or related‑party concentration disclosed. We frame that as intentional strategy: industry‑wide contracting stayed below replacement‑rate, so we placed limited volume and kept uncommitted pounds in reserve, arguing we do not front‑run demand with supply and that undelivered pounds are worth more later than today. We do not guide beyond the current year or past a final investment decision.

For 2025, consolidated revenue was about CAD $3.5 billion, up 11% year over year. We report across three segments—Uranium, Fuel Services and Westinghouse. Uranium EBITDA rose about 7%, Fuel Services EBITDA rose about 22%—our fastest‑growing segment, and our share of Westinghouse net earnings swung up by about CAD $276 million. Consolidated uranium production hit 21.0 million pounds, exceeding our revised guidance, and Port Hope set a production record of 11.2 million kg UF6.

This is what unresolved looks like: a research report cites an equity-conversion clause at US$30 billion by 2029 that does not appear in our filings or on our call — unconfirmed, not denied. This is what undisclosed looks like: our 2025 share of Westinghouse EBITDA is not separately broken out. This is what lumpiness looks like: 2026 guidance steps down from 2025 despite the US$80 billion partnership, attributed partly to the one-time Dukovany distribution and project timing, and not resolved further. We don't guide past a final investment decision. We don't guide 2027.

Our uranium comes from Cigar Lake (about 50% owned), the McArthur River JV with Orano (about 70/30), and the Inkai JV with KazAtomProm (40/60). Inkai delivered 3.7M lbs for our share in 2025 plus 900k carried from 2024. McArthur River design 18M lbs, licensed to 25; 2026 guided somewhat below design as we pace to demand. Port Hope, Canada's sole UF6 converter, set a 2025 record. Our 49% GLE stake at readiness level 6, not operational, 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.

We own 49% of Westinghouse; Brookfield 51%, closed November 2023 equity-method. The US$80B partnership term sheet is signed — definitive agreement still under negotiation — government takes 20% of distributions above US$17.5B. Our 2026 Westinghouse adjusted EBITDA share guided US$370-430M, strong but below 2025; management attributes step-down to one-time Dukovany distribution and project-timing lumpiness. New-build earnings are lumpy, not a straight line. We don't guide past a final investment decision. We don't guide 2027.

Cameco's 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). This is the spine of our supply chain. McArthur River is licensed to 25 Mlb, has run at 18 and 20 Mlb, and we guide 2026 output somewhat below design as we pace to demand. Port Hope, Canada’s sole UF6 converter, set a production record in 2025. Our 49% stake in Global Laser Enrichment has reached readiness level 6, is not yet operational, and commercial deployment is framed as post‑2030.

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.

A research report cites an equity-conversion clause tied to a Westinghouse IPO above US$30 billion by 2029. That clause does not appear in our filings or on our call. It stays unconfirmed, not denied. We do not break out our 2025 share of Westinghouse EBITDA. And 2026 guidance steps down from 2025 despite the US$80 billion partnership — management attributes it partly to the one-time Dukovany distribution and project-timing lumpiness, and does not resolve it further. These are open items. We don't guide past a final investment decision. We don't guide 2027.