BUSINESS WIRE<\/a>)–Cameco (TSX: CCO; NYSE: CCJ)<\/b> today reported its consolidated financial and operating results for the third quarter ended September 30, 2025, in accordance with International Financial Reporting Standards (IFRS).\n<\/p>\n\n\u201cOur year-to-date financial results demonstrate strong performance across our uranium, fuel services, and Westinghouse segments, underscoring the resilience of our strategy in a dynamic market that is being continually reinforced by tremendous positive momentum,\u201d said Tim Gitzel, Cameco\u2019s chief executive officer. \u201cDriven by disciplined long-term contracting and management of our supply sources, alongside strategic partnerships that can add significant future value, we are positioned at the forefront of the global nuclear resurgence.\n<\/p>\n
\n\u201cAs the global energy landscape evolves, nuclear continues on a path towards robust expansion and meaningful transformation. We\u2019re seeing significant attention across all areas of the nuclear fuel cycle, beyond uranium mining – but a good narrative won\u2019t turn a turbine. Cameco is in an exceptional position, with decades of experience operating unique and complex assets that are critical to the long-term health of the nuclear industry, and a deep understanding of how to build value across the nuclear fuel markets. That experience allows us to be selective in committing unencumbered productive capacity under long-term contracts, while ensuring alignment with customer needs, maintaining downside protection, and preserving exposure to future market price improvement.\n<\/p>\n
\n\u201cOur supply sourcing flexibility is a key advantage. We fulfill sales commitments through a mix of production, inventory, product loans, and both market and long-term purchases, all planned years ahead of time to provide for flexibility in how we source the supply we need. This quarter reflects that flexibility, as we adjusted a number of the supply levers we have at our disposal, including our planned market purchases and product loans, to help offset the impact of expected changes in our 2025 uranium production outlook. While the development delays at McArthur River and Key Lake that we announced in August have reduced our consolidated production forecast, we expect to meet our delivery commitments – just as we always have – by balancing all available sources with a focus on value creation, risk management, and sustainability.\n<\/p>\n
\n\u201cBeyond core operations, we were delighted to announce the transformative partnership with Brookfield Asset Management and the US Government last week, which we expect to accelerate global Westinghouse reactor deployment. The partnership provides for the US Government to arrange financing and facilitate the permitting and approvals of new Westinghouse nuclear reactors with an aggregate investment value of at least $80 billion (US). This milestone is expected to strengthen energy security, revitalize supply chains, and creates significant growth opportunities for both Westinghouse and for Cameco. It reaffirms our position as a driving force behind nuclear expansion and leverages our integrated fuel cycle and downstream investments to meet rising demand for carbon-free, reliable baseload power.\n<\/p>\n
\n\u201cNuclear energy is gaining momentum worldwide with its reliability, scalability, and carbon-free attributes. That strength is reflected in Cameco\u2019s improving performance as we navigate challenges and seize opportunities. We remain focused on strong partnerships and long-term value creation, enhancing energy and national security objectives, and advancing nuclear as a cornerstone of the clean energy transition.\u201d\n<\/p>\n
Third Quarter Highlights<\/b><\/p>\n
FINANCIAL HIGHLIGHTS<\/b><\/p>\n\n- Consolidated performance:<\/b> Results in the third quarter were comparable to 2024 with a small net loss, adjusted net earnings of $32 million, and adjusted EBITDA of $310 million. Although third quarter sales volumes were lower overall, our average realized prices continue to improve in both uranium and fuel services segments, and equity earnings from our investment in Westinghouse were stronger than in 2024. During the first nine months of the year, net earnings of $391 million, adjusted net earnings of $410 million and adjusted EBITDA of $1.3 billion were significantly higher than in 2024. See Consolidated financial results<\/i> in the third quarter MD&A for more information.\n<\/li>\n
- Strong balance sheet:<\/b> Thanks to our risk-managed financial discipline, our balance sheet remains strong. As of September 30, 2025, we had $779 million in cash and cash equivalents, $1.0 billion in total debt and a $1.0 billion undrawn revolving credit facility.\n<\/li>\n
- Uranium<\/b>: In our core uranium segment, third quarter earnings before taxes were $172 million and adjusted EBITDA was $220 million compared to $171 million and $240 million in 2024, respectively, mainly as a result of lower sales volume than in the third quarter of 2024. Earnings before income taxes for the first nine months of the year were $681 million while adjusted EBITDA was $861 million, compared to $615 million and $788 million in 2024, respectively. Average realized price continued to show improvements as prices from fixed price contracts increased. See Financial results by segment \u2013 uranium<\/i> in our third quarter MD&A for more information.\n<\/li>\n
- Fuel Services<\/b>: In our fuel services segment, third quarter earnings before taxes were $17 million and adjusted EBITDA was $24 million compared to $17 million and $28 million in 2024, respectively, mainly as a result of a decrease in sales volumes. Earnings before income taxes for the first nine months of the year were $129 million while adjusted EBITDA was $156 million, compared to $71 million and $96 million in 2024. See Financial results by segment \u2013 Fuel services<\/i> in our third quarter MD&A for more information.\n<\/li>\n
- Westinghouse<\/b>: Westinghouse reported a net loss of $32 million (our share) for the third quarter, up from a loss of $57 million (our share) in the third quarter of 2024. Over the first nine months of the year, Westinghouse reported net earnings of $32 million, in comparison to a loss of $227 million in the same period in 2024. To better reflect the underlying operating performance, we use adjusted EBITDA as a performance measure for Westinghouse. In the third quarter of 2025, our share of Westinghouse\u2019s adjusted EBITDA was $124 million, compared to $122 million in the third quarter of 2024, while for the first nine months adjusted EBITDA was $569 million, compared to $320 million in 2024. In October, Westinghouse received the cash associated with its participation in the construction project for two nuclear reactors at the Dukovany power plant in the Czech Republic, and a distribution was made to the partners in October. Cameco received $171.5 million (US) representing our 49% share. See Our earnings from Westinghouse<\/i>, in our third quarter MD&A for more information.\n<\/li>\n
- Dividend:<\/b> With improving financial performance and the receipt of the additional distribution from Westinghouse in October, we are accelerating the increase of our dividend to $0.24 per common share, with our annual dividend to be paid on December 16, 2025. See Dividend<\/i> in our third quarter MD&A for more information.\n<\/li>\n<\/ul>\n
\nAdjusted net earnings and adjusted EBITDA are non-IFRS measures, see page 5.\n<\/p>\n
OPERATIONAL HIGHLIGHTS<\/b><\/p>\n\n- Uranium:<\/b> As announced in August, we now expect to produce between 14 million and 15 million pounds of U3<\/sub>O8<\/sub> (100% basis; 9.8 million to 10.5 million pounds our share) in 2025 from McArthur River\/Key Lake (previously 18 million pounds U3<\/sub>O8<\/sub> on 100% basis; 12.6 million pounds our share). Performance to date at Cigar Lake has been strong, creating an opportunity to potentially produce 19 million pounds U3<\/sub>O8<\/sub> (100% basis) which would offset up to 1 million pounds (100% basis) of the shortfall at the McArthur River\/Key Lake operation. See Our operations<\/i> in our third quarter MD&A for more information.\n<\/li>\n
- JV Inkai:<\/b> JV Inkai continues to target 2025 production of 8.3 million pounds (100% basis) of uranium of which our purchase allocation is expected to be 3.7 million pounds. The first shipment from JV Inkai containing our remaining share of 2024 production (approximately 900,000 pounds) and approximately 2.0 million pounds of our share of Inkai\u2019s 2025 production, is currently in transit and expected to arrive at the Blind River refinery in early November. The majority of our remaining share of 2025 production is expected to be delivered before the end of 2025. See Our operations- Uranium 2025 Q3 Updates<\/i> in our third quarter MD&A for more information.\n<\/li>\n
- Fuel Services:<\/b> At our Fuel Services division, our annual production expectation, which includes UF6<\/sub> conversion, UO2<\/sub> conversion, and heavy water reactor fuel bundles, remains between 13 million and 14 million kgU. At Port Hope, we continue to work towards achieving a UF6<\/sub> production rate of 12,000 tonnes per year, closely aligned with our licensed capacity, in order to satisfy our book of long-term commitments and demand for conversion services. See Our Operations – Fuel Services 2025 Q3 Updates<\/i> in our third quarter MD&A for more information.\n<\/li>\n<\/ul>\n
MARKETING HIGHLIGHTS<\/b><\/p>\n\n- Deliveries and inventory:<\/b> In the third quarter, we produced 4.4 million pounds of uranium (our share), purchased 1.4 million pounds (purchased at an average unit cost of $82.51 per pound ($60.13 (US) per pound)) and borrowed 2 million pounds under product loan facilities. See Financial results by segment \u2013 Uranium<\/i> in our third quarter MD&A for more information. After delivering 6.1 million pounds in the third quarter, our uranium inventory was 10.0 million pounds on September 30, 2025, with an average inventory cost of $47.56 per pound.\n<\/li>\n
- Contracting:<\/b> In our uranium segment, over the next five years, we have contracts in place for average annual deliveries of over 28 million pounds of U3<\/sub>O8<\/sub> per year, with commitments higher than the average in 2025 through 2027, and lower than the average in the years 2028 and 2029. As the market continues to improve, we expect to continue layering in volumes that capture greater future upside using market-related pricing mechanisms.\n<\/li>\n<\/ul>\n
2025 OUTLOOK UPDATE<\/b><\/p>\n\n- Production:<\/b> As a result of the changes in our production plans noted above, we now expect our share of production of U3<\/sub>O8<\/sub> to be up to 20 million pounds for 2025.\n<\/li>\n
- Market purchases:<\/b> We have reduced our outlook for market purchases to up to 1 million pounds (previous outlook up to 3 million pounds) as a result of our utilization of standby product loan facilities to offset the impact of the expected reduction in our 2025 production on our inventory balance.\n<\/li>\n
- Sales\/delivery volumes:<\/b> We have narrowed our guidance for the sales\/deliveries volumes in our uranium segment to 32 to 34 million pounds (previously 31 to 34 million pounds) as we have greater confidence in the timing of potential uranium deliveries as we approach the end of the year.\n<\/li>\n<\/ul>\n
ADDITIONAL HIGHLIGHTS<\/b><\/p>\n\n- Strategic Partnership with US Government:<\/b> Subsequent to the quarter, we, alongside Brookfield, entered into a strategic partnership with the US Government expected to accelerate the deployment of Westinghouse nuclear reactors in the US. This collaboration provides for the US Government to arrange financing and facilitate the permits and approvals for new Westinghouse nuclear reactors to be built in the US, with an aggregate investment value of at least $80 billion (US). The launch of a nuclear power plant construction program is expected to accelerate growth in Westinghouse\u2019s energy systems segment during the construction phase, along with its core fuel fabrication and reactor services business for the life of the reactors, strengthening our integrated fuel cycle strategy, and supporting long-term growth through rising demand for nuclear fuel products, services and technologies.\n<\/li>\n
- Changes to the executive team:<\/b> consistent with prudent succession planning and with Cameco\u2019s ongoing commitment to execution of its balanced and disciplined strategy, effective January 1, 2026, the following changes will be made to the executive team:\n
\n- \nLisa Aitken will be appointed senior vice-president and chief marketing officer\n<\/li>\n
- \nDavid Doerksen will assume the role of senior advisor, marketing until March 31, 2026, at which time he is retiring\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
\nWith these changes in the senior leadership team, we expect to continue to have the right people in the right positions, with the appropriate experience to help the company achieve its vision of powering a secure energy future.\n<\/p>\n
Consolidated financial results<\/b><\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nTHREE MONTHS\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nNINE MONTHS\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nHIGHLIGHTS\n<\/p>\n<\/td>\n | \n \nENDED SEPTEMBER 30\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nENDED SEPTEMBER 30\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n($ MILLIONS EXCEPT WHERE INDICATED)\n<\/p>\n<\/td>\n | \n \n2025\n<\/p>\n<\/td>\n | \n \n2024\n<\/p>\n<\/td>\n | \n \nCHANGE\n<\/p>\n<\/td>\n | \n \n2025\n<\/p>\n<\/td>\n | \n \n2024\n<\/p>\n<\/td>\n | \n \nCHANGE\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nRevenue\n<\/p>\n<\/td>\n | \n 615<\/b><\/p>\n<\/td>\n | \n \n721\n<\/p>\n<\/td>\n | \n \n(15)%\n<\/p>\n<\/td>\n | \n 2,281<\/b><\/p>\n<\/td>\n | \n \n1,953\n<\/p>\n<\/td>\n | \n \n17%\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nGross profit\n<\/p>\n<\/td>\n | \n 170<\/b><\/p>\n<\/td>\n | \n \n171\n<\/p>\n<\/td>\n | \n \n(1)%\n<\/p>\n<\/td>\n | \n 697<\/b><\/p>\n<\/td>\n | \n \n533\n<\/p>\n<\/td>\n | \n \n31%\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nNet earnings attributable to equity holders\n<\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n7\n<\/p>\n<\/td>\n | \n \n(100)%\n<\/p>\n<\/td>\n | \n 391<\/b><\/p>\n<\/td>\n | \n \n36\n<\/p>\n<\/td>\n | \n \n>100%\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n$ per common share (basic)\n<\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n0.02\n<\/p>\n<\/td>\n | \n \n(100)%\n<\/p>\n<\/td>\n | \n 0.90<\/b><\/p>\n<\/td>\n | \n \n0.08\n<\/p>\n<\/td>\n | \n \n>100%\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \n$ per common share (diluted)\n<\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n0.02\n<\/p>\n<\/td>\n | \n \n(100)%\n<\/p>\n<\/td>\n | \n 0.90<\/b><\/p>\n<\/td>\n | \n \n0.08\n<\/p>\n<\/td>\n | \n \n>100%\n<\/p>\n<\/td>\n<\/tr>\n |
\n| \n \nAdjusted net earnings (ANE) (non-IFRS, see page 5)1<\/sup><\/p>\n<\/td>\n| \n 32<\/b><\/p>\n<\/td>\n | \n \n24\n<\/p>\n<\/td>\n | \n \n33%\n<\/p>\n<\/td>\n | \n 410<\/b><\/p>\n<\/td>\n | \n \n135\n<\/p>\n<\/td>\n | \n \n>100%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n$ per common share (adjusted and diluted)\n<\/p>\n<\/td>\n | \n 0.07<\/b><\/p>\n<\/td>\n | \n \n0.06\n<\/p>\n<\/td>\n | \n \n17%\n<\/p>\n<\/td>\n | \n 0.94<\/b><\/p>\n<\/td>\n | \n \n0.31\n<\/p>\n<\/td>\n | \n \n>100%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted EBITDA (non-IFRS, see page 5)1<\/sup><\/p>\n<\/td>\n| \n 310<\/b><\/p>\n<\/td>\n | \n \n327\n<\/p>\n<\/td>\n | \n \n(5)%\n<\/p>\n<\/td>\n | \n 1,338<\/b><\/p>\n<\/td>\n | \n \n1,007\n<\/p>\n<\/td>\n | \n \n33%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash provided by operations\n<\/p>\n<\/td>\n | \n 156<\/b><\/p>\n<\/td>\n | \n \n52\n<\/p>\n<\/td>\n | \n \n>100%\n<\/p>\n<\/td>\n | \n 731<\/b><\/p>\n<\/td>\n | \n \n376\n<\/p>\n<\/td>\n | \n \n94%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1<\/sup> In the fourth quarter of 2024, we revised our calculation of adjusted net earnings and adjusted EBITDA to adjust for unrealized foreign exchange gains and losses as well as for share-based compensation because it better reflects how we assess our operational performance. We have restated comparative periods to reflect this change.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\nThe financial information presented for the three months and nine months ended September 30, 2024, and September 30, 2025, is unaudited.\n<\/p>\n Selected segment highlights<\/b><\/p>\n\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nTHREE MONTHS\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nNINE MONTHS\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHIGHLIGHTS\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \nENDED SEPTEMBER 30\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nENDED SEPTEMBER 30\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ MILLIONS EXCEPT WHERE INDICATED)\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n2025\n<\/p>\n<\/td>\n | \n \n2024\n<\/p>\n<\/td>\n | \n \nCHANGE\n<\/p>\n<\/td>\n | \n \n2025\n<\/p>\n<\/td>\n | \n \n2024\n<\/p>\n<\/td>\n | \n \nCHANGE\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUranium\n<\/p>\n<\/td>\n | \n \nProduction volume (million lb)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 4.4<\/b><\/p>\n<\/td>\n | \n \n4.3\n<\/p>\n<\/td>\n | \n \n2%\n<\/p>\n<\/td>\n | \n 15.0<\/b><\/p>\n<\/td>\n | \n \n17.3\n<\/p>\n<\/td>\n | \n \n(13)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nSales volume (million lb)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 6.1<\/b><\/p>\n<\/td>\n | \n \n7.3\n<\/p>\n<\/td>\n | \n \n(16)%\n<\/p>\n<\/td>\n | \n 21.8<\/b><\/p>\n<\/td>\n | \n \n20.8\n<\/p>\n<\/td>\n | \n \n5%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nAverage realized price1<\/sup><\/p>\n<\/td>\n| \n \n($US\/lb)\n<\/p>\n<\/td>\n | \n 62.12<\/b><\/p>\n<\/td>\n | \n \n60.18\n<\/p>\n<\/td>\n | \n \n3%\n<\/p>\n<\/td>\n | \n 60.35<\/b><\/p>\n<\/td>\n | \n \n58.28\n<\/p>\n<\/td>\n | \n \n4%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n($Cdn\/lb)\n<\/p>\n<\/td>\n | \n 85.22<\/b><\/p>\n<\/td>\n | \n \n82.33\n<\/p>\n<\/td>\n | \n \n4%\n<\/p>\n<\/td>\n | \n 84.79<\/b><\/p>\n<\/td>\n | \n \n78.97\n<\/p>\n<\/td>\n | \n \n7%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nRevenue\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 523<\/b><\/p>\n<\/td>\n | \n \n600\n<\/p>\n<\/td>\n | \n \n(13)%\n<\/p>\n<\/td>\n | \n 1,847<\/b><\/p>\n<\/td>\n | \n \n1,642\n<\/p>\n<\/td>\n | \n \n12%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nGross profit\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 158<\/b><\/p>\n<\/td>\n | \n \n154\n<\/p>\n<\/td>\n | \n \n3%\n<\/p>\n<\/td>\n | \n 578<\/b><\/p>\n<\/td>\n | \n \n467\n<\/p>\n<\/td>\n | \n \n24%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nEarnings before income taxes\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 172<\/b><\/p>\n<\/td>\n | \n \n171\n<\/p>\n<\/td>\n | \n \n1%\n<\/p>\n<\/td>\n | \n 681<\/b><\/p>\n<\/td>\n | \n \n615\n<\/p>\n<\/td>\n | \n \n11%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nAdjusted EBITDA2<\/sup><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n 220<\/b><\/p>\n<\/td>\n | \n \n240\n<\/p>\n<\/td>\n | \n \n(8)%\n<\/p>\n<\/td>\n | \n 861<\/b><\/p>\n<\/td>\n | \n \n788\n<\/p>\n<\/td>\n | \n \n9%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFuel services\n<\/p>\n<\/td>\n | \n \nProduction volume (million kgU)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 3.1<\/b><\/p>\n<\/td>\n | \n \n3.2\n<\/p>\n<\/td>\n | \n \n(3)%\n<\/p>\n<\/td>\n | \n 10.2<\/b><\/p>\n<\/td>\n | \n \n9.9\n<\/p>\n<\/td>\n | \n \n3%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nSales volume (million kgU)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 1.9<\/b><\/p>\n<\/td>\n | \n \n3.5\n<\/p>\n<\/td>\n | \n \n(46)%\n<\/p>\n<\/td>\n | \n 8.6<\/b><\/p>\n<\/td>\n | \n \n7.9\n<\/p>\n<\/td>\n | \n \n9%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nAverage realized price 3<\/sup><\/p>\n<\/td>\n| \n \n($Cdn\/kgU)\n<\/p>\n<\/td>\n | \n 49.11<\/b><\/p>\n<\/td>\n | \n \n34.54\n<\/p>\n<\/td>\n | \n \n42%\n<\/p>\n<\/td>\n | \n 44.91<\/b><\/p>\n<\/td>\n | \n \n39.17\n<\/p>\n<\/td>\n | \n \n15%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nRevenue\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 91<\/b><\/p>\n<\/td>\n | \n \n120\n<\/p>\n<\/td>\n | \n \n(24)%\n<\/p>\n<\/td>\n | \n 388<\/b><\/p>\n<\/td>\n | \n \n311\n<\/p>\n<\/td>\n | \n \n25%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nEarnings before income taxes\n<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 17<\/b><\/p>\n<\/td>\n | \n \n17\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n 129<\/b><\/p>\n<\/td>\n | \n \n71\n<\/p>\n<\/td>\n | \n \n82%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nAdjusted EBITDA2<\/sup><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n 24<\/b><\/p>\n<\/td>\n | \n \n28\n<\/p>\n<\/td>\n | \n \n(14)%\n<\/p>\n<\/td>\n | \n 156<\/b><\/p>\n<\/td>\n | \n \n96\n<\/p>\n<\/td>\n | \n \n63%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nAdjusted EBITDA margin (%)2<\/sup><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n 26<\/b><\/p>\n<\/td>\n | \n \n23\n<\/p>\n<\/td>\n | \n \n13%\n<\/p>\n<\/td>\n | \n 40<\/b><\/p>\n<\/td>\n | \n \n31\n<\/p>\n<\/td>\n | \n \n29%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWestinghouse
\n
(our share)\n<\/p>\n<\/td>\n | \n \nAdjusted free cash flow2<\/sup><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n 77<\/b><\/p>\n<\/td>\n | \n \n89\n<\/p>\n<\/td>\n | \n \n(13)%\n<\/p>\n<\/td>\n | \n 433<\/b><\/p>\n<\/td>\n | \n \n222\n<\/p>\n<\/td>\n | \n \n95%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet earnings (loss)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n (32)<\/b><\/p>\n<\/td>\n | \n \n(57)\n<\/p>\n<\/td>\n | \n \n44%\n<\/p>\n<\/td>\n | \n 32<\/b><\/p>\n<\/td>\n | \n \n(227)\n<\/p>\n<\/td>\n | \n \n>100%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nAdjusted EBITDA2<\/sup><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n 124<\/b><\/p>\n<\/td>\n | \n \n122\n<\/p>\n<\/td>\n | \n \n2%\n<\/p>\n<\/td>\n | \n 569<\/b><\/p>\n<\/td>\n | \n \n320\n<\/p>\n<\/td>\n | \n \n78%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1<\/sup> Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fees divided by the volume of uranium concentrates sold.\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 2<\/sup> Non-IFRS measure, see page 5.\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 3<\/sup> Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor components, transportation and storage fees divided by the volumes sold.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\nThe table on the following page shows the costs of produced and purchased uranium incurred in the reporting periods (see non-IFRS measures starting on page 5). These costs do not include care and maintenance costs, selling costs such as royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales.\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nTHREE MONTHS\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nNINE MONTHS\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nENDED SEPTEMBER 30\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nENDED SEPTEMBER 30\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($CDN\/LB)\n<\/p>\n<\/td>\n | \n \n2025\n<\/p>\n<\/td>\n | \n \n2024\n<\/p>\n<\/td>\n | \n \nCHANGE\n<\/p>\n<\/td>\n | \n \n2025\n<\/p>\n<\/td>\n | \n \n2024\n<\/p>\n<\/td>\n | \n \nCHANGE\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Produced<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash cost\n<\/p>\n<\/td>\n | \n 25.20<\/b><\/p>\n<\/td>\n | \n \n24.31\n<\/p>\n<\/td>\n | \n \n4%\n<\/p>\n<\/td>\n | \n 24.39<\/b><\/p>\n<\/td>\n | \n \n19.66\n<\/p>\n<\/td>\n | \n \n24%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-cash cost\n<\/p>\n<\/td>\n | \n 11.16<\/b><\/p>\n<\/td>\n | \n \n9.42\n<\/p>\n<\/td>\n | \n \n18%\n<\/p>\n<\/td>\n | \n 10.98<\/b><\/p>\n<\/td>\n | \n \n9.42\n<\/p>\n<\/td>\n | \n \n17%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal production cost 1<\/sup><\/p>\n<\/td>\n| \n 36.36<\/b><\/p>\n<\/td>\n | \n \n33.73\n<\/p>\n<\/td>\n | \n \n8%\n<\/p>\n<\/td>\n | \n 35.37<\/b><\/p>\n<\/td>\n | \n \n29.08\n<\/p>\n<\/td>\n | \n \n22%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nQuantity produced (million lb)1<\/sup><\/p>\n<\/td>\n| \n 4.4<\/b><\/p>\n<\/td>\n | \n \n4.3\n<\/p>\n<\/td>\n | \n \n2%\n<\/p>\n<\/td>\n | \n 15.0<\/b><\/p>\n<\/td>\n | \n \n17.3\n<\/p>\n<\/td>\n | \n \n(13)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Purchased<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCash cost\n<\/p>\n<\/td>\n | \n 82.51<\/b><\/p>\n<\/td>\n | \n \n109.59\n<\/p>\n<\/td>\n | \n \n(25)%\n<\/p>\n<\/td>\n | \n 94.04<\/b><\/p>\n<\/td>\n | \n \n100.13\n<\/p>\n<\/td>\n | \n \n(6)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nQuantity purchased (million lb)1<\/sup><\/p>\n<\/td>\n| \n 1.4<\/b><\/p>\n<\/td>\n | \n \n1.8\n<\/p>\n<\/td>\n | \n \n(22)%\n<\/p>\n<\/td>\n | \n 3.3<\/b><\/p>\n<\/td>\n | \n \n6.2\n<\/p>\n<\/td>\n | \n \n(47)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Totals<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nProduced and purchased costs\n<\/p>\n<\/td>\n | \n 47.50<\/b><\/p>\n<\/td>\n | \n \n56.11\n<\/p>\n<\/td>\n | \n \n(15)%\n<\/p>\n<\/td>\n | \n 45.95<\/b><\/p>\n<\/td>\n | \n \n47.83\n<\/p>\n<\/td>\n | \n \n(4)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nQuantities produced and purchased (million lb)\n<\/p>\n<\/td>\n | \n 5.8<\/b><\/p>\n<\/td>\n | \n \n6.1\n<\/p>\n<\/td>\n | \n \n(5)%\n<\/p>\n<\/td>\n | \n 18.3<\/b><\/p>\n<\/td>\n | \n \n23.5\n<\/p>\n<\/td>\n | \n \n(22)%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1 <\/sup>Due to equity accounting, our share of production from JV Inkai is shown as a purchase at the time of delivery. These purchases will fluctuate during the quarters and timing of purchases will not match production. During the quarter and in the first nine months of 2025 we purchased 0.1 million pounds at a purchase price per pound of $100.81 ($73.05 (US)). During the third quarter of 2024 we did not make any purchases from JV Inkai; in the first nine months of 2024, we purchased 1.2 million pounds at a purchase price per pound of $128.42 ($95.63 (US)).\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\nNon-IFRS measures<\/b><\/p>\n \nThe non-IFRS measures referenced in this document are supplemental measures, which are used as indicators of our financial performance. Management believes that these non-IFRS measures provide useful supplemental information to investors, securities analysts, lenders and other interested parties in assessing our operational performance and our ability to generate cash flows to meet our cash requirements. These measures are not recognized measures under IFRS, do not have standardized meanings, and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for the financial information reported under IFRS. We are not able to reconcile our forward-looking non-IFRS guidance because we cannot predict the timing and amounts of discrete items, which could significantly impact our IFRS results.\n<\/p>\n \nThe following are the non-IFRS measures used in this document.\n<\/p>\n ADJUSTED NET EARNINGS<\/b><\/p>\n \nAdjusted net earnings is our net earnings attributable to equity holders, adjusted for non-operating or non-cash items such as gains and losses on derivatives, unrealized foreign exchange gains and losses, share-based compensation and adjustments to reclamation provisions flowing through other operating expenses, that we believe do not reflect the underlying financial performance for the reporting period. In 2024, we revised our calculation of adjusted net earnings to adjust for unrealized foreign exchange gains and losses as well as for share-based compensation because it better reflects how we assess our operational performance. We have restated comparative periods to reflect this change. Other items may also be adjusted from time to time. We adjust this measure for certain of the items that our equity-accounted investees make in arriving at other non-IFRS measures. Adjusted net earnings is one of the targets that we measure to form the basis for a portion of annual employee and executive compensation (see Measuring our results<\/i> in our 2024 annual MD&A).\n<\/p>\n \nIn calculating ANE we adjust for derivatives. We do not use hedge accounting under IFRS and, therefore, we are required to report gains and losses on all hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (mark-to-market). However, we do not believe the gains and losses that we are required to report under IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect the impact of our hedging program in the applicable reporting period. See Foreign exchange<\/i> in our 2024 annual MD&A for more information.\n<\/p>\n \nWe also adjust for changes to our reclamation provisions that flow directly through earnings. Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to an asset retirement obligation asset in addition to the provision balance. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded directly to the statement of earnings as \u201cother operating expense (income)\u201d. See note 9 of our interim financial statements for more information. This amount has been excluded from our ANE measure.\n<\/p>\n \nAs a result of the change in ownership of Westinghouse when it was acquired by Cameco and Brookfield, Westinghouse\u2019s inventories at the acquisition date were revalued based on the market price at that date. As these quantities are sold, Westinghouse\u2019s cost of products and services sold reflect these market values, regardless of their historic costs. Our share of these costs is included in earnings from equity-accounted investees and recorded in cost of products and services sold in the investee information (see note 6 to the financial statements). Since this expense is outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.\n<\/p>\n \nWestinghouse has also expensed some non-operating acquisition-related transition costs that the acquiring parties agreed to pay for, which resulted in a reduction in the purchase price paid. Our share of these costs is included in earnings from equity-accounted investees and recorded in other expenses in the investee information (see note 6 to the financial statements). Since this expense is outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.\n<\/p>\n \nTo facilitate a better understanding of these measures, the table below reconciles adjusted net earnings with our net earnings for the third quarter and first nine months of 2025 and compares it to the same periods in 2024.\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nTHREE MONTHS\n<\/p>\n<\/td>\n | \n \nNINE MONTHS\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nENDED SEPTEMBER 30\n<\/p>\n<\/td>\n | \n \nENDED SEPTEMBER 30\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ MILLIONS)\n<\/p>\n<\/td>\n | \n \n2025\n<\/p>\n<\/td>\n | \n \n2024\n<\/p>\n<\/td>\n | \n \n2025\n<\/p>\n<\/td>\n | \n \n2024\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net earnings attributable to equity holders<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n7\n<\/p>\n<\/td>\n | \n 391<\/b><\/p>\n<\/td>\n | \n \n36\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjustments<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjustments on derivatives\n<\/p>\n<\/td>\n | \n 66<\/b><\/p>\n<\/td>\n | \n \n(28)\n<\/p>\n<\/td>\n | \n (109)<\/b><\/p>\n<\/td>\n | \n \n19\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnrealized foreign exchange losses (gains)\n<\/p>\n<\/td>\n | \n (28)<\/b><\/p>\n<\/td>\n | \n \n15\n<\/p>\n<\/td>\n | \n 39<\/b><\/p>\n<\/td>\n | \n \n(10)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare-based compensation\n<\/p>\n<\/td>\n | \n 22<\/b><\/p>\n<\/td>\n | \n \n4\n<\/p>\n<\/td>\n | \n 59<\/b><\/p>\n<\/td>\n | \n \n27\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjustments on other operating expense (income)\n<\/p>\n<\/td>\n | \n (6)<\/b><\/p>\n<\/td>\n | \n \n5\n<\/p>\n<\/td>\n | \n (13)<\/b><\/p>\n<\/td>\n | \n \n(12)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome taxes on adjustments\n<\/p>\n<\/td>\n | \n (22)<\/b><\/p>\n<\/td>\n | \n \n7\n<\/p>\n<\/td>\n | \n 17<\/b><\/p>\n<\/td>\n | \n \n(9)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjustments on equity investees (net of tax):\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInventory purchase accounting\n<\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n 4<\/b><\/p>\n<\/td>\n | \n \n50\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcquisition-related transition costs\n<\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n4\n<\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n \n23\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnrealized foreign exchange losses (gains)\n<\/p>\n<\/td>\n | \n (1)<\/b><\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n 4<\/b><\/p>\n<\/td>\n | \n \n(2)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther expenses1<\/sup><\/p>\n<\/td>\n| \n 1<\/b><\/p>\n<\/td>\n | \n \n10\n<\/p>\n<\/td>\n | \n 18<\/b><\/p>\n<\/td>\n | \n \n13\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted net earnings<\/b><\/p>\n<\/td>\n | \n 32<\/b><\/p>\n<\/td>\n | \n \n24\n<\/p>\n<\/td>\n | \n 410<\/b><\/p>\n<\/td>\n | \n \n135\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1<\/sup> Other expenses includes Westinghouse\u2019s unrealized foreign exchange losses (gains) and costs related to long-term incentive plans.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\nThe following table shows what contributed to the change in adjusted net earnings (non-IFRS measure, see above) for the third quarter and first nine months of 2025 compared to the same periods in 2024.\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nTHREE MONTHS\n<\/p>\n<\/td>\n | \n \nNINE MONTHS\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nENDED SEPTEMBER 30\n<\/p>\n<\/td>\n | \n \nENDED SEPTEMBER 30\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ MILLIONS)\n<\/p>\n<\/td>\n | \n \nIFRS\n<\/p>\n<\/td>\n | \n \nADJUSTED\n<\/p>\n<\/td>\n | \n \nIFRS\n<\/p>\n<\/td>\n | \n \nADJUSTED\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net earnings – 2024<\/b><\/p>\n<\/td>\n | \n 7<\/b><\/p>\n<\/td>\n | \n 24<\/b><\/p>\n<\/td>\n | \n 36<\/b><\/p>\n<\/td>\n | \n 135<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nChange in gross profit by segment\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(We calculate gross profit by deducting from revenue the cost of products and services sold, and depreciation and amortization (D&A), net of hedging benefits)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Uranium<\/b><\/p>\n<\/td>\n | \n \nImpact from sales volume changes\n<\/p>\n<\/td>\n | \n \n(24)\n<\/p>\n<\/td>\n | \n \n(24)\n<\/p>\n<\/td>\n | \n \n23\n<\/p>\n<\/td>\n | \n \n23\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nHigher realized prices ($US)\n<\/p>\n<\/td>\n | \n \n16\n<\/p>\n<\/td>\n | \n \n16\n<\/p>\n<\/td>\n | \n \n61\n<\/p>\n<\/td>\n | \n \n61\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nForeign exchange impact on realized prices\n<\/p>\n<\/td>\n | \n \n1\n<\/p>\n<\/td>\n | \n \n1\n<\/p>\n<\/td>\n | \n \n65\n<\/p>\n<\/td>\n | \n \n65\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nLower (higher) costs\n<\/p>\n<\/td>\n | \n \n10\n<\/p>\n<\/td>\n | \n \n10\n<\/p>\n<\/td>\n | \n \n(38)\n<\/p>\n<\/td>\n | \n \n(37)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange \u2013 uranium\n<\/p>\n<\/td>\n | \n 3<\/b><\/p>\n<\/td>\n | \n 3<\/b><\/p>\n<\/td>\n | \n 111<\/b><\/p>\n<\/td>\n | \n 112<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Fuel services<\/b><\/p>\n<\/td>\n | \n \nImpact from sales volume changes\n<\/p>\n<\/td>\n | \n \n(8)\n<\/p>\n<\/td>\n | \n \n(8)\n<\/p>\n<\/td>\n | \n \n6\n<\/p>\n<\/td>\n | \n \n6\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nHigher realized prices ($Cdn)\n<\/p>\n<\/td>\n | \n \n27\n<\/p>\n<\/td>\n | \n \n27\n<\/p>\n<\/td>\n | \n \n50\n<\/p>\n<\/td>\n | \n \n50\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nHigher costs\n<\/p>\n<\/td>\n | \n \n(22)\n<\/p>\n<\/td>\n | \n \n(22)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChange \u2013 fuel services\n<\/p>\n<\/td>\n | \n (3)<\/b><\/p>\n<\/td>\n | \n (3)<\/b><\/p>\n<\/td>\n | \n 56<\/b><\/p>\n<\/td>\n | \n 56<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nOther changes\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLower (higher) administration expenditures\n<\/p>\n<\/td>\n | \n \n(16)\n<\/p>\n<\/td>\n | \n \n2\n<\/p>\n<\/td>\n | \n \n(47)\n<\/p>\n<\/td>\n | \n \n(16)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHigher exploration and research and development expenditures\n<\/p>\n<\/td>\n | \n \n(4)\n<\/p>\n<\/td>\n | \n \n(4)\n<\/p>\n<\/td>\n | \n \n(5)\n<\/p>\n<\/td>\n | \n \n(5)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in reclamation provisions\n<\/p>\n<\/td>\n | \n \n13\n<\/p>\n<\/td>\n | \n \n2\n<\/p>\n<\/td>\n | \n \n3\n<\/p>\n<\/td>\n | \n \n2\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHigher earnings from equity-accounted investees\n<\/p>\n<\/td>\n | \n \n15\n<\/p>\n<\/td>\n | \n \n1\n<\/p>\n<\/td>\n | \n \n221\n<\/p>\n<\/td>\n | \n \n163\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in gains or losses on derivatives\n<\/p>\n<\/td>\n | \n \n(91)\n<\/p>\n<\/td>\n | \n \n3\n<\/p>\n<\/td>\n | \n \n108\n<\/p>\n<\/td>\n | \n \n(20)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in foreign exchange gains or losses\n<\/p>\n<\/td>\n | \n \n44\n<\/p>\n<\/td>\n | \n \n1\n<\/p>\n<\/td>\n | \n \n(67)\n<\/p>\n<\/td>\n | \n \n(18)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHigher (lower) finance income\n<\/p>\n<\/td>\n | \n \n3\n<\/p>\n<\/td>\n | \n \n3\n<\/p>\n<\/td>\n | \n \n(2)\n<\/p>\n<\/td>\n | \n \n(2)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLower finance costs\n<\/p>\n<\/td>\n | \n \n7\n<\/p>\n<\/td>\n | \n \n7\n<\/p>\n<\/td>\n | \n \n32\n<\/p>\n<\/td>\n | \n \n32\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in income tax recovery or expense\n<\/p>\n<\/td>\n | \n \n22\n<\/p>\n<\/td>\n | \n \n(7)\n<\/p>\n<\/td>\n | \n \n(53)\n<\/p>\n<\/td>\n | \n \n(27)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(2)\n<\/p>\n<\/td>\n | \n \n(2)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net earnings – 2025<\/b><\/p>\n<\/td>\n | \n –<\/b><\/p>\n<\/td>\n | \n 32<\/b><\/p>\n<\/td>\n | \n 391<\/b><\/p>\n<\/td>\n | \n 410<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n EBITDA<\/b><\/p>\n \nEBITDA is defined as net earnings attributable to equity holders, adjusted for the costs related to the impact of the company\u2019s capital and tax structure including depreciation and amortization, finance income, finance costs (including accretion) and income taxes.\n<\/p>\n ADJUSTED EBITDA<\/b><\/p>\n \nAdjusted EBITDA is defined as EBITDA, as further adjusted for the impact of certain costs or benefits incurred in the period which are either not indicative of the underlying business performance or that impact the ability to assess the operating performance of the business. These adjustments include the amounts noted in the ANE definition.\n<\/p>\n \nIn calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees that are not adjustments to arrive at our ANE measure. These items are reported as part of other expenses within the investee financial information and are not representative of the underlying operations. These include gains\/losses on undesignated hedges, transaction, integration and restructuring costs related to acquisitions and gains\/losses on disposition of business.\n<\/p>\n \nThe company may realize similar gains or incur similar expenditures in the future.\n<\/p>\n ADJUSTED free cash flow<\/b><\/p>\n \nAdjusted free cash flow is defined as adjusted EBITDA less capital expenditures for the period.\n<\/p>\n ADJUSTED EBITDA MARGIN<\/b><\/p>\n \nAdjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period.\n<\/p>\n \nEBITDA, adjusted EBITDA, adjusted cash flow, and adjusted EBITDA margin are non-IFRS measures which allow us and other users to assess results of operations from a management perspective without regard for our capital structure.\n<\/p>\n \nTo facilitate a better understanding of these measures, the tables below reconcile net earnings with EBITDA and adjusted EBITDA for the third quarter and first nine months of 2025 and 2024.\n<\/p>\n \nFor the quarter ended September 30, 2025:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nFUEL\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ MILLIONS)\n<\/p>\n<\/td>\n | \n \nURANIUM1<\/sup><\/p>\n<\/td>\n| \n \nSERVICES\n<\/p>\n<\/td>\n | \n \nWESTINGHOUSE\n<\/p>\n<\/td>\n | \n \nOTHER\n<\/p>\n<\/td>\n | \n \nTOTAL\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net earnings (loss) before income taxes<\/b>2<\/sup><\/p>\n<\/td>\n| \n \n172\n<\/p>\n<\/td>\n | \n \n17\n<\/p>\n<\/td>\n | \n \n(32)\n<\/p>\n<\/td>\n | \n \n(157)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization\n<\/p>\n<\/td>\n | \n \n51\n<\/p>\n<\/td>\n | \n \n7\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n2\n<\/p>\n<\/td>\n | \n \n60\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance income\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(7)\n<\/p>\n<\/td>\n | \n \n(7)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance costs\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n28\n<\/p>\n<\/td>\n | \n \n28\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome taxes\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n16\n<\/p>\n<\/td>\n | \n \n16\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n223\n<\/p>\n<\/td>\n | \n \n24\n<\/p>\n<\/td>\n | \n \n(32)\n<\/p>\n<\/td>\n | \n \n(118)\n<\/p>\n<\/td>\n | \n \n97\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjustments on equity investees<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization\n<\/p>\n<\/td>\n | \n \n2\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n94\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n96\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance income\n<\/p>\n<\/td>\n | \n \n(1)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(1)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(2)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance expense\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n49\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n49\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome taxes\n<\/p>\n<\/td>\n | \n \n3\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(4)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(1)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet adjustments on equity investees\n<\/p>\n<\/td>\n | \n \n4\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n138\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n142\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n EBITDA<\/b><\/p>\n<\/td>\n | \n \n227\n<\/p>\n<\/td>\n | \n \n24\n<\/p>\n<\/td>\n | \n \n106\n<\/p>\n<\/td>\n | \n \n(118)\n<\/p>\n<\/td>\n | \n \n239\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGain on derivatives\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n66\n<\/p>\n<\/td>\n | \n \n66\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther operating income\n<\/p>\n<\/td>\n | \n \n(6)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(6)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare-based compensation\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n22\n<\/p>\n<\/td>\n | \n \n22\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnrealized foreign exchange gains\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(28)\n<\/p>\n<\/td>\n | \n \n(28)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n221\n<\/p>\n<\/td>\n | \n \n24\n<\/p>\n<\/td>\n | \n \n106\n<\/p>\n<\/td>\n | \n \n(58)\n<\/p>\n<\/td>\n | \n \n293\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjustments on equity investees<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestructuring costs\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n8\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n8\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther expenses\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n10\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n10\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnrealized foreign exchange gains\n<\/p>\n<\/td>\n | \n \n(1)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(1)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet adjustments on equity investees\n<\/p>\n<\/td>\n | \n \n(1)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n18\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n17\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n | \n \n220\n<\/p>\n<\/td>\n | \n \n24\n<\/p>\n<\/td>\n | \n \n124\n<\/p>\n<\/td>\n | \n \n(58)\n<\/p>\n<\/td>\n | \n \n310\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1<\/sup> JV Inkai adjusted EBITDA of $19 million is included in the uranium segment. See Financial results by segment \u2013 Uranium in our third quarter MD&A for reconciliation.\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 2<\/sup> Westinghouse earnings are after income taxes.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\nFor the quarter ended September 30, 2024:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nFUEL\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ MILLIONS)\n<\/p>\n<\/td>\n | \n \nURANIUM1<\/sup><\/p>\n<\/td>\n| \n \nSERVICES\n<\/p>\n<\/td>\n | \n \nWESTINGHOUSE\n<\/p>\n<\/td>\n | \n \nOTHER\n<\/p>\n<\/td>\n | \n \nTOTAL\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net earnings (loss) before income taxes<\/b>2<\/sup><\/p>\n<\/td>\n| \n \n171\n<\/p>\n<\/td>\n | \n \n17\n<\/p>\n<\/td>\n | \n \n(57)\n<\/p>\n<\/td>\n | \n \n(124)\n<\/p>\n<\/td>\n | \n \n7\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization\n<\/p>\n<\/td>\n | \n \n59\n<\/p>\n<\/td>\n | \n \n11\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n1\n<\/p>\n<\/td>\n | \n \n71\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance income\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(4)\n<\/p>\n<\/td>\n | \n \n(4)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance costs\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n35\n<\/p>\n<\/td>\n | \n \n35\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome taxes\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n38\n<\/p>\n<\/td>\n | \n \n38\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n230\n<\/p>\n<\/td>\n | \n \n28\n<\/p>\n<\/td>\n | \n \n(57)\n<\/p>\n<\/td>\n | \n \n(54)\n<\/p>\n<\/td>\n | \n \n147\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjustments on equity investees<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization\n<\/p>\n<\/td>\n | \n \n2\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n93\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n95\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance expense\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n54\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n54\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome taxes\n<\/p>\n<\/td>\n | \n \n3\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(2)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n1\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet adjustments on equity investees\n<\/p>\n<\/td>\n | \n \n5\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n145\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n150\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n EBITDA<\/b><\/p>\n<\/td>\n | \n \n235\n<\/p>\n<\/td>\n | \n \n28\n<\/p>\n<\/td>\n | \n \n88\n<\/p>\n<\/td>\n | \n \n(54)\n<\/p>\n<\/td>\n | \n \n297\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoss on derivatives\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(28)\n<\/p>\n<\/td>\n | \n \n(28)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther operating expense\n<\/p>\n<\/td>\n | \n \n5\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n5\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare-based compensation\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n4\n<\/p>\n<\/td>\n | \n \n4\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnrealized foreign exchange losses\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n15\n<\/p>\n<\/td>\n | \n \n15\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n240\n<\/p>\n<\/td>\n | \n \n28\n<\/p>\n<\/td>\n | \n \n88\n<\/p>\n<\/td>\n | \n \n(63)\n<\/p>\n<\/td>\n | \n \n293\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjustments on equity investees<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcquisition-related transition costs\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n5\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n5\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther expenses\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n5\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n5\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestructuring costs\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n24\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n24\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet adjustments on equity investees\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n34\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n34\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n | \n \n240\n<\/p>\n<\/td>\n | \n \n28\n<\/p>\n<\/td>\n | \n \n122\n<\/p>\n<\/td>\n | \n \n(63)\n<\/p>\n<\/td>\n | \n \n327\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1<\/sup> JV Inkai adjusted EBITDA of $31 million is included in the uranium segment. See Financial results by segment \u2013 Uranium in our third quarter MD&A for reconciliation.\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 2<\/sup> Westinghouse earnings are after income taxes.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\nFor the nine months ended September 30, 2025:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nFUEL\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ MILLIONS)\n<\/p>\n<\/td>\n | \n \nURANIUM1<\/sup><\/p>\n<\/td>\n| \n \nSERVICES\n<\/p>\n<\/td>\n | \n \nWESTINGHOUSE\n<\/p>\n<\/td>\n | \n \nOTHER\n<\/p>\n<\/td>\n | \n \nTOTAL\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net earnings (loss) before income taxes<\/b>2<\/sup><\/p>\n<\/td>\n| \n \n681\n<\/p>\n<\/td>\n | \n \n129\n<\/p>\n<\/td>\n | \n \n32\n<\/p>\n<\/td>\n | \n \n(452)\n<\/p>\n<\/td>\n | \n \n390\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization\n<\/p>\n<\/td>\n | \n \n174\n<\/p>\n<\/td>\n | \n \n27\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n6\n<\/p>\n<\/td>\n | \n \n207\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance income\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(16)\n<\/p>\n<\/td>\n | \n \n(16)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance costs\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n85\n<\/p>\n<\/td>\n | \n \n85\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome taxes\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n140\n<\/p>\n<\/td>\n | \n \n140\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n855\n<\/p>\n<\/td>\n | \n \n156\n<\/p>\n<\/td>\n | \n \n32\n<\/p>\n<\/td>\n | \n \n(237)\n<\/p>\n<\/td>\n | \n \n806\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjustments on equity investees<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization\n<\/p>\n<\/td>\n | \n \n6\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n285\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n291\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance income\n<\/p>\n<\/td>\n | \n \n(2)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(2)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(4)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance expense\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n149\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n149\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome taxes\n<\/p>\n<\/td>\n | \n \n11\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n25\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n36\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet adjustments on equity investees\n<\/p>\n<\/td>\n | \n \n15\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n457\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n472\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n EBITDA<\/b><\/p>\n<\/td>\n | \n \n870\n<\/p>\n<\/td>\n | \n \n156\n<\/p>\n<\/td>\n | \n \n489\n<\/p>\n<\/td>\n | \n \n(237)\n<\/p>\n<\/td>\n | \n \n1,278\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLoss on derivatives\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(109)\n<\/p>\n<\/td>\n | \n \n(109)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther operating income\n<\/p>\n<\/td>\n | \n \n(13)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(13)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare-based compensation\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n59\n<\/p>\n<\/td>\n | \n \n59\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnrealized foreign exchange losses\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n39\n<\/p>\n<\/td>\n | \n \n39\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n857\n<\/p>\n<\/td>\n | \n \n156\n<\/p>\n<\/td>\n | \n \n489\n<\/p>\n<\/td>\n | \n \n(248)\n<\/p>\n<\/td>\n | \n \n1,254\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjustments on equity investees<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInventory purchase accounting\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n5\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n5\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestructuring costs\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n35\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n35\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther expenses\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n40\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n40\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnrealized foreign exchange losses\n<\/p>\n<\/td>\n | \n \n4\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n4\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet adjustments on equity investees\n<\/p>\n<\/td>\n | \n \n4\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n80\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n84\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n | \n \n861\n<\/p>\n<\/td>\n | \n \n156\n<\/p>\n<\/td>\n | \n \n569\n<\/p>\n<\/td>\n | \n \n(248)\n<\/p>\n<\/td>\n | \n \n1,338\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1<\/sup> JV Inkai adjusted EBITDA of $133 million is included in the uranium segment. See Financial results by segment \u2013 Uranium in our third quarter MD&A for reconciliation.\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 2<\/sup> Westinghouse earnings are after income taxes.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\nFor the nine months ended September 30, 2024:\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nFUEL\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ MILLIONS)\n<\/p>\n<\/td>\n | \n \nURANIUM1<\/sup><\/p>\n<\/td>\n| \n \nSERVICES\n<\/p>\n<\/td>\n | \n \nWESTINGHOUSE\n<\/p>\n<\/td>\n | \n \nOTHER\n<\/p>\n<\/td>\n | \n \nTOTAL\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net earnings (loss) before income taxes<\/b>2<\/sup><\/p>\n<\/td>\n| \n \n615\n<\/p>\n<\/td>\n | \n \n71\n<\/p>\n<\/td>\n | \n \n(227)\n<\/p>\n<\/td>\n | \n \n(423)\n<\/p>\n<\/td>\n | \n \n36\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization\n<\/p>\n<\/td>\n | \n \n148\n<\/p>\n<\/td>\n | \n \n25\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n4\n<\/p>\n<\/td>\n | \n \n177\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance income\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(18)\n<\/p>\n<\/td>\n | \n \n(18)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance costs\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n117\n<\/p>\n<\/td>\n | \n \n117\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome taxes\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n87\n<\/p>\n<\/td>\n | \n \n87\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n763\n<\/p>\n<\/td>\n | \n \n96\n<\/p>\n<\/td>\n | \n \n(227)\n<\/p>\n<\/td>\n | \n \n(233)\n<\/p>\n<\/td>\n | \n \n399\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjustments on equity investees<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization\n<\/p>\n<\/td>\n | \n \n12\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n267\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n279\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance income\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(3)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(3)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinance expense\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n172\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n172\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome taxes\n<\/p>\n<\/td>\n | \n \n27\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(50)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(23)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet adjustments on equity investees\n<\/p>\n<\/td>\n | \n \n39\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n386\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n425\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n EBITDA<\/b><\/p>\n<\/td>\n | \n \n802\n<\/p>\n<\/td>\n | \n \n96\n<\/p>\n<\/td>\n | \n \n159\n<\/p>\n<\/td>\n | \n \n(233)\n<\/p>\n<\/td>\n | \n \n824\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGain on derivatives\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n19\n<\/p>\n<\/td>\n | \n \n19\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther operating income\n<\/p>\n<\/td>\n | \n \n(12)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(12)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShare-based compensation\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n27\n<\/p>\n<\/td>\n | \n \n27\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnrealized foreign exchange gains\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(10)\n<\/p>\n<\/td>\n | \n \n(10)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n790\n<\/p>\n<\/td>\n | \n \n96\n<\/p>\n<\/td>\n | \n \n159\n<\/p>\n<\/td>\n | \n \n(197)\n<\/p>\n<\/td>\n | \n \n848\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjustments on equity investees<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInventory purchase accounting\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n66\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n66\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAcquisition-related transition costs\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n29\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n29\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther expenses\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n20\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n20\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUnrealized foreign exchange gains\n<\/p>\n<\/td>\n | \n \n(2)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n(2)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestructuring costs\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n46\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n46\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet adjustments on equity investees\n<\/p>\n<\/td>\n | \n \n(2)\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n161\n<\/p>\n<\/td>\n | \n \n–\n<\/p>\n<\/td>\n | \n \n159\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Adjusted EBITDA<\/b><\/p>\n<\/td>\n | \n \n788\n<\/p>\n<\/td>\n | \n \n96\n<\/p>\n<\/td>\n | \n \n320\n<\/p>\n<\/td>\n | \n \n(197)\n<\/p>\n<\/td>\n | \n \n1,007\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1<\/sup> JV Inkai adjusted EBITDA of $188 million is included in the uranium segment. See Financial results by segment \u2013 Uranium in our third quarter MD&A for reconciliation.\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 2<\/sup> Westinghouse earnings are after income taxes.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\nCASH COST PER POUND, NON-CASH COST PER POUND AND TOTAL COST PER POUND FOR PRODUCED AND PURCHASED URANIUM<\/b><\/p>\n \nCash cost per pound, non-cash cost per pound and total cost per pound for produced and purchased uranium are non-IFRS measures. We use these measures in our assessment of the performance of our uranium business. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS.\n<\/p>\n \nTo facilitate a better understanding of these measures, the table below reconciles these measures to cost of product sold and depreciation and amortization for the third quarter and first nine months of 2025 and 2024.\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nTHREE MONTHS\n<\/p>\n<\/td>\n | \n \nNINE MONTHS\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nENDED SEPTEMBER 30\n<\/p>\n<\/td>\n | \n \nENDED SEPTEMBER 30\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n($ MILLIONS)\n<\/p>\n<\/td>\n | \n \n2025\n<\/p>\n<\/td>\n | \n \n2024\n<\/p>\n<\/td>\n | \n \n2025\n<\/p>\n<\/td>\n | \n \n2024\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Cost of product sold<\/b><\/p>\n<\/td>\n | \n 314.7<\/b><\/p>\n<\/td>\n | \n \n386.5\n<\/p>\n<\/td>\n | \n 1,095.8<\/b><\/p>\n<\/td>\n | \n \n1,027.0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Add \/ (subtract)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRoyalties\n<\/p>\n<\/td>\n | \n (33.2)<\/b><\/p>\n<\/td>\n | \n \n(38.4)\n<\/p>\n<\/td>\n | \n (127.0)<\/b><\/p>\n<\/td>\n | \n \n(88.5)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCare and maintenance costs1<\/sup><\/p>\n<\/td>\n| \n (31.6)<\/b><\/p>\n<\/td>\n | \n \n(34.9)\n<\/p>\n<\/td>\n | \n (71.4)<\/b><\/p>\n<\/td>\n | \n \n(58.7)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther selling costs\n<\/p>\n<\/td>\n | \n (2.0)<\/b><\/p>\n<\/td>\n | \n \n(2.9)\n<\/p>\n<\/td>\n | \n (8.3)<\/b><\/p>\n<\/td>\n | \n \n(12.2)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in inventories\n<\/p>\n<\/td>\n | \n (21.5)<\/b><\/p>\n<\/td>\n | \n \n(8.5)\n<\/p>\n<\/td>\n | \n (212.9)<\/b><\/p>\n<\/td>\n | \n \n93.3\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Cash costs of production (a)<\/b><\/p>\n<\/td>\n | \n 226.4<\/b><\/p>\n<\/td>\n | \n \n301.8\n<\/p>\n<\/td>\n | \n 676.2<\/b><\/p>\n<\/td>\n | \n \n960.9\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Add \/ (subtract)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepreciation and amortization\n<\/p>\n<\/td>\n | \n 50.7<\/b><\/p>\n<\/td>\n | \n \n59.3\n<\/p>\n<\/td>\n | \n 173.5<\/b><\/p>\n<\/td>\n | \n \n147.5\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCare and maintenance costs1<\/sup><\/p>\n<\/td>\n| \n (3.5)<\/b><\/p>\n<\/td>\n | \n \n(4.5)\n<\/p>\n<\/td>\n | \n (5.2)<\/b><\/p>\n<\/td>\n | \n \n(4.7)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nChange in inventories\n<\/p>\n<\/td>\n | \n 1.9<\/b><\/p>\n<\/td>\n | \n \n(14.3)\n<\/p>\n<\/td>\n | \n (3.6)<\/b><\/p>\n<\/td>\n | \n \n20.2\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total production costs (b)<\/b><\/p>\n<\/td>\n | \n 275.5<\/b><\/p>\n<\/td>\n | \n \n342.3\n<\/p>\n<\/td>\n | \n 840.9<\/b><\/p>\n<\/td>\n | \n \n1,123.9\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nUranium produced & purchased (million lb) (c)<\/b><\/p>\n<\/td>\n | \n 5.8<\/b><\/p>\n<\/td>\n | \n \n6.1\n<\/p>\n<\/td>\n | \n 18.3<\/b><\/p>\n<\/td>\n | \n \n23.5\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Cash costs per pound (a \u00f7 c)<\/b><\/p>\n<\/td>\n | \n 39.03<\/b><\/p>\n<\/td>\n | \n \n49.48\n<\/p>\n<\/td>\n | \n 36.95<\/b><\/p>\n<\/td>\n | \n \n40.89\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total costs per pound (b \u00f7 c)<\/b><\/p>\n<\/td>\n | \n 47.50<\/b><\/p>\n<\/td>\n | \n \n56.11\n<\/p>\n<\/td>\n | \n 45.95<\/b><\/p>\n<\/td>\n | \n \n47.83\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1<\/sup> Care and maintenance costs include costs associated with Rabbit Lake and the US operations, as well as the annual maintenance shutdown at Cigar Lake and the one-month shutdown of Key Lake mill which were expensed directly to cost of sales in the quarter. The annual maintenance shutdowns all occurred in the third quarter of 2024 at Cigar Lake, McArthur River and Key Lake.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |