Cameco’s 2025 EBITDA Hits $1.9 Billion; Westinghouse Segment Up 30%
Cameco’s adjusted EBITDA climbed by $398 million to $1.9 billion in fiscal 2025, driven by a 30% year-over-year EBITDA gain in its Westinghouse segment and a US$350 million cash distribution. The company holds 230 million pounds under long-term contracts, and Canada and India signed a US$1.9 billion uranium supply agreement.
1. Fiscal 2025 Financial Performance
Cameco reported adjusted EBITDA of US$1.9 billion for fiscal 2025, an increase of US$398 million over the prior year. This performance reflects stronger uranium prices and disciplined cost management across its mining operations.
2. Long-Term Contract Positioning
The company has secured approximately 230 million pounds of uranium under long-term contracts, positioning it to benefit from tightening global supply. These commitments underpin revenue visibility through 2030 and support ongoing supply negotiations.
3. Westinghouse Segment Contribution
Cameco’s Westinghouse segment delivered a 30% increase in adjusted EBITDA compared to 2024, generating a US$350 million cash distribution tied to the Dukovany nuclear project. This distribution strengthens cash flow and funds further strategic investments.
4. Canada-India Uranium Supply Pact
Canada and India finalized a US$1.9 billion uranium supply agreement, expanding market access for Canadian producers. The pact is expected to accelerate long-term demand growth and reinforce supply security for utilities.