Cameco Q2 Earnings Call Highlights

Cameco maintained its 2026 production outlook of 19.5 million to 21.5 million pounds of U 3 O 8 despite weather-related disruptions at Key Lake and McArthur River and a temporary suspension at Cigar Lake. Uranium market conditions strengthened, with long-term prices reaching decade highs and increased contracting activity. Cameco has more than 28 million pounds of average annual deliveries contracted over the next five years while remaining selective on additional commitments. Westinghouse reported a pipeline of 91 AP1000 reactor opportunities , supported by a potential $17.5 billion U.S. Department of Energy financing commitment. Cameco said standardized reactor designs and new construction could create recurring demand across its uranium, conversion, enrichment and nuclear-services businesses.

Cameco NYSE: CCJ said its 2026 annual plan remains intact as it navigates temporary operational disruptions at its Saskatchewan uranium assets and sees strengthening conditions in long-term uranium contracting and nuclear-power development. Chief Executive Officer Tim Gitzel said the company is on track with its expectations for the year, citing growing government, utility and industry support for nuclear energy as a source of energy security, national security, economic competitiveness and decarbonization.

“The next phase of nuclear growth will be defined by delivery,” Gitzel said, pointing to policy support, reactor life extensions, uprates, fuel-security initiatives and new-build discussions globally. He highlighted Canada’s nuclear energy strategy, released in June, and a U.S. Department of Energy conditional commitment to support AP1000 reactor deployment.

Production outlook maintained despite operational interruptions Cameco maintained its 2026 production outlook for its share of uranium output at between 19.5 million and 21.5 million pounds of U 3 O 8 . The company said spring road conditions disrupted northern supply routes during the second quarter, contributing to temporary unplanned disruptions at Key Lake and McArthur River. AI’s Power Problem Is Turning Nuclear Stocks Into a Bigger Market Story After the quarter ended, Cigar Lake production was also suspended for a couple of weeks because of operational challenges, Gitzel said. The company said it addressed the developments without changing its annual production forecast.

“Safely operating complex, heavily regulated uranium mining and milling assets in remote northern Saskatchewan is never without challenges,” Gitzel said. He said the events underscored the importance of flexibility in Cameco’s supply strategy, operating experience and risk management. During the quarter, Cameco completed an agreement to increase its ownership interest in the Cigar Lake mine. Gitzel described the high-grade operation as one of the world’s most important uranium mines and said the increased interest supports the company’s strategy of owning and operating scarce Tier 1 assets.

Uranium pricing and contracting conditions improve Gitzel said long-term uranium prices reached decade highs in the first half of 2026, while on-market and off-market contracting activity increased. Customers remain focused on supply security, according to the company, including both sovereign and commercial fuel buyers. Cameco has contracts in place for average annual uranium deliveries of more than 28 million pounds over the next five years. The company said it remains selective in committing additional volumes, seeking contracts that provide downside protection while retaining exposure to improving future market conditions.