2026 07 31 Earnings CCJ Q2 Fy2026

Summary

Cameco missed on the quarter (adjusted EPS $0.1268 vs $0.28 est; revenue $573.46M vs $592.27M est — the miss driven by absence of a large Westinghouse/Dukovany contribution and temporary operational disruptions) yet shares rose ~4.3% pre-market to ~$92. The load-bearing causal claim: the long-term uranium price strengthened to decade highs (mid-$90s, "on its way to three digits likely") on very little demand — Grant Isaac's point that utilities are not yet buying at replacement volume, and the term price is rising anyway, is "super constructive." Production outlook held at 19.5–21.5 Mlb U3O8 despite Cigar Lake / Key Lake / McArthur River disruptions. Westinghouse AP1000 pipeline: 91 global opportunities; next catalyst is progression to definitive agreements with specific US utilities + DOE.

Transcript

(Key speaker-attributed excerpts from the Q2 FY2026 call, per the Investing.com transcript. Verbatim quotes preserved; see source URL for the full transcript.)

Prepared remarks — uranium demand/supply & pricing

Tim Gitzel (CEO): "The long-term uranium price strengthened to decade highs. We saw increased on-market and off-market contracting activity."

Grant Isaac (President & COO): "We still don't have utilities coming forward and collectively buying at a volume that replaces what they consume under existing contracts. Yet we found ourselves back into a mid-'90s long-term uranium price on its way to three digits likely."

Grant Isaac: "This is really super constructive for the uranium space that on very little demand that underlying long-term price continues to go up."

Grant Isaac (contract structure): "Market-related contracts now where floor prices are in the high 70s escalated and where ceiling prices are 160 escalated."

Guidance & figures

• 2026 uranium production outlook: 19.5–21.5 million pounds U3O8 (Cameco share), unchanged.
• Five-year contract coverage: average annual deliveries exceeding 28 million pounds/year.
• Long-term uranium price: mid-$90s/lb, heading toward triple digits. Market-related floors ~high-$70s, ceilings ~$160 (escalated).
• Westinghouse AP1000: 91 global opportunities identified; twin-pack cost CAD $14–17B; near-term project duration 9–10 yrs.
• Cost guidance raised primarily on FX effects on purchases, not operational inflation.

Admitted risks / disruptions

Tim Gitzel: "Spring road conditions affected northern supply routes during the quarter, contributing to temporary unplanned operational disruptions at Key Lake and McArthur River."

Tim Gitzel: "Subsequent to quarter end, we also experienced operational challenges that had Cigar Lake production suspended for a couple of weeks."

Analyst Q&A

Brian Lee (Goldman Sachs) — on DOE AP1000 milestones between now and year-end: Dominic Kieran: "The next steps are that we will move to definitive agreements, that is really the next step that you should be looking for is news from us about progressing to definitive agreements, which will involve obviously specific utilities in the U.S. as well as the Department of Energy."

Lawson Winder (Bank of America) — on what % of the 91 AP1000 units are high-probability: Dominic Kieran: "The closer you are to making a final investment decision… there's been considerable effort to get ready for a final investment decision. Obviously, the probability increases as you get to final investment decision."