Cameco’s fourth quarter revenue of 1.2bn was broadly flat. 18% growth in fuel services was largely offset by a 1% decline in Uranium revenue, where strong pricing compensated for a 12% fall in volumes.
Underlying cash profit (EBITDA) increased 12% to $0.6bn boosted by strong performances in fuel services and the Westinghouse joint venture .
Annual free cash flow improved from $0.7bn to $1.1bn helped by profit growth in the core business and higher dividends from Westinghouse. 2025 also saw Cameco move to net cash of $0.2bn from a net debt position of $0.7bn.
Both Uranium and Fuel Services production is expected to remain broadly flat in 2026 as is the realised uranium price. Cameco’s share of EBITDA at Westinghouse is expected to approximately double to $0.4bn.
The annual dividend has doubled to $0.24 per share.
The shares were down 2.3% in early trading.
*Currency = Canadian Dollars
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This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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