Cameco Posts Lower Nine-Month Profit, Narrows FY26 Uranium Guidance

Cameco Corp. (CCJ, CCO.TO) reported lower profit for the first nine months of 2026 as revenue held roughly flat, and narrowed its full-year production and sales outlook. Net earnings attributable to equity holders fell to C$199 million, or C$0.46 per share, from C$391 million, or C$0.90 per share, a year earlier. Revenue was C$2.278 billion versus C$2.281 billion. The Canadian uranium producer cited lower equity earnings from its Westinghouse investment, reduced sales volumes and higher average unit costs of sales. Adjusted EBITDA declined to C$1.17 billion from C$1.34 billion, and adjusted net earnings fell to C$279 million from C$410 million. For the third quarter, Cameco posted net earnings of C$43 million, or C$0.10 per share, on revenue of C$619 million, up from C$615 million; adjusted EBITDA fell to C$267 million from C$310 million. The company now expects uranium production of 19.5 million to 20.5 million pounds, narrowed from 19.5 million to 21.5 million, and sales and delivery volumes of 29.5 million to 30.5 million pounds, trimmed from 29 million to 32 million. The board declared an annual dividend of C$0.24 per common share, payable December 15 to shareholders of record on November 30, 2026. Shares closed 0.53 percent lower at C$116.63 in Toronto on Thursday.