.3

Cameco Corporation

2026 condensed consolidated interim financial statements

(unaudited)

May 4, 2026

Cameco Corporation

Consolidated statements of earnings

 

(Unaudited)				Three months ended
($Cdn thousands, except per share amounts)		Note		Mar 31/26				Mar 31/25
Revenue from products and services		11		$	845,365			$	789,432
Cost of products and services sold					476,684				458,693
Depreciation and amortization					67,097				60,602
Cost of sales					543,781				519,295
Gross profit					301,584				270,137
Administration					122,456				58,820
Exploration					7,761				7,888
Research and development					13,903				13,982
Other operating expense (income)		9			(6,684	)			1,419
Loss on disposal of assets					313				2,217
Earnings from operations					163,835				185,811
Finance costs		12			(27,987	)			(30,098	)
Loss on derivatives		17			(47,725	)			(8,928	)
Finance income					9,993				3,689
Share of earnings (loss) from equity-accounted investees		6			54,466				(26,850	)
Foreign exchange gains (losses)					9,961				(871	)
Other income					359				404
Earnings before income taxes					162,902				123,157
Income tax expense		13			32,152				53,405
Net earnings				$	130,750			$	69,752
Net earnings (loss) attributable to:
Equity holders					130,751				69,764
Non-controlling interest					(1	)			(12	)
Net earnings				$	130,750			$	69,752
Earnings per common share attributable to equity holders:
Basic		14		$	0.30			$	0.16
Diluted		14		$	0.30			$	0.16

See accompanying notes to condensed consolidated interim financial statements.

 

2

Cameco Corporation

Consolidated statements of comprehensive earnings

 

(Unaudited)				Three months ended
($Cdn thousands)		Note		Mar 31/26				Mar 31/25
Net earnings				$	130,750			$	69,752
Other comprehensive income (loss), net of taxes:
Items that will not be reclassified to net earnings:
Remeasurements of defined benefit liability - equity-accounted investee1					(4	)			(37	)
Items that are or may be reclassified to net earnings:
Exchange differences on translation of foreign operations					71,118				15,958
Gains (losses) on derivatives designated as cash flow hedges - equity-accounted investee2					5,979				(12,669	)
Exchange differences on translation of foreign operations - equity-accounted investee					(24,726	)			60,654
Other comprehensive income, net of taxes					52,367				63,906
Total comprehensive income				$	183,117			$	133,658
Other comprehensive income attributable to
Equity holders				$	52,367			$	63,906
Non-controlling interest					—				—
Other comprehensive income				$	52,367			$	63,906
Total comprehensive income attributable to
Equity holders				$	183,118			$	133,670
Non-controlling interest					(1	)			(12	)
Total comprehensive income				$	183,117			$	133,658

 

1	Net of tax (Q1 2026 - $1; Q1 2025 - $13)

2	Net of tax (Q1 2026 - $(1,274); Q1 2025 - $4,573)

See accompanying notes to condensed consolidated interim financial statements.

 

3

Cameco Corporation

Consolidated statements of financial position

 

(Unaudited)				As at
($Cdn thousands)		Note		Mar 31/26				Dec 31/25
Assets
Current assets
Cash and cash equivalents				$	1,075,117			$	1,114,860
Short-term investments					34,603				99,603
Accounts receivable					180,302				360,312
Current tax assets					15,060				11,974
Inventories		4			721,396				843,989
Supplies and prepaid expenses					177,948				169,339
Current portion of long-term receivables, investments and other		5			33,304				39,138
Total current assets					2,237,730				2,639,215
Property, plant and equipment					3,360,763				3,325,077
Intangible assets					35,204				36,162
Long-term receivables, investments and other		5			817,864				647,245
Investment in equity-accounted investees		6			3,018,226				2,987,126
Deferred tax assets		13			635,699				666,457
Total non-current assets					7,867,756				7,662,067
Total assets				$	10,105,486			$	10,301,282
Liabilities and shareholders’ equity
Current liabilities
Accounts payable and accrued liabilities					440,442				871,355
Current tax liabilities					23,390				16,516
Current portion of other liabilities		8			205,267				134,667
Current portion of provisions		9			57,935				47,648
Total current liabilities					727,034				1,070,186
Long-term debt		7			996,549				996,348
Other liabilities		8			353,841				377,955
Provisions		9			963,516				953,415
Total non-current liabilities					2,313,906				2,327,718
Shareholders’ equity
Share capital		10			2,939,763				2,938,235
Contributed surplus					187,935				211,412
Retained earnings					3,739,525				3,608,778
Other components of equity					197,309				144,938
Total shareholders’ equity attributable to equity holders					7,064,532				6,903,363
Non-controlling interest					14				15
Total shareholders’ equity					7,064,546				6,903,378
Total liabilities and shareholders’ equity				$	10,105,486			$	10,301,282

Commitments and contingencies [notes 9, 13]

See accompanying notes to condensed consolidated interim financial statements.

 

4

Cameco Corporation

Consolidated statements of changes in equity

 

		Attributable to equity holders
(Unaudited) ($Cdn thousands)		Share capital				Contributed surplus				Retained earnings				Foreign currency translation				Cash flow hedges				Equity investments at FVOCI				Total				Non- controlling interest				Total equity
Balance at January 1, 2026		$	2,938,235			$	211,412			$	3,608,778			$	165,966			$	(20,280	)		$	(748	)		$	6,903,363			$	15			$	6,903,378
Net earnings (loss)			—				—				130,751				—				—				—				130,751				(1	)			130,750
Other comprehensive income (loss)			—				—				(4	)			46,392				5,979				—				52,367				—				52,367
Total comprehensive income (loss) for the period			—				—				130,747				46,392				5,979				—				183,118				(1	)			183,117
Share-based compensation			—				2,855				—				—				—				—				2,855				—				2,855
Stock options exercised			1,528				(382	)			—				—				—				—				1,146				—				1,146
Restricted share units settled			—				(25,950	)			—				—				—				—				(25,950	)			—				(25,950	)
Balance at March 31, 2026		$	2,939,763			$	187,935			$	3,739,525			$	212,358			$	(14,301	)		$	(748	)		$	7,064,532			$	14			$	7,064,546
Balance at January 1, 2025		$	2,935,367			$	210,784			$	3,099,264			$	104,245			$	15,395			$	(748	)		$	6,364,307			$	26			$	6,364,333
Net earnings (loss)			—				—				69,764				—				—				—				69,764				(12	)			69,752
Other comprehensive income (loss)			—				—				(37	)			76,612				(12,669	)			—				63,906				—				63,906
Total comprehensive income (loss) for the period			—				—				69,727				76,612				(12,669	)			—				133,670				(12	)			133,658
Share-based compensation			—				2,068				—				—				—				—				2,068				—				2,068
Stock options exercised			98				(25	)			—				—				—				—				73				—				73
Restricted share units settled			—				(8,330	)			—				—				—				—				(8,330	)			—				(8,330	)
Dividends			—				—				8				—				—				—				8				—				8
Balance at March 31, 2025		$	2,935,465			$	204,497			$	3,168,999			$	180,857			$	2,726			$	(748	)		$	6,491,796			$	14			$	6,491,810

See accompanying notes to condensed consolidated interim financial statements.

 

5

Cameco Corporation

Consolidated statements of cash flows

 

(Unaudited)		Note				Three months ended
($Cdn thousands)						Mar 31/26				Mar 31/25
Operating activities
Net earnings						$	130,750			$	69,752
Adjustments for:
Depreciation and amortization							67,097				60,602
Deferred revenue							22,581				(48,449	)
Unrealized loss (gain) on derivatives							44,147				(13,013	)
Share-based compensation			16				2,855				2,068
Loss on disposal of assets							313				2,217
Finance costs			12				27,987				30,098
Finance income							(9,993	)			(3,689	)
Share of loss (earnings) in equity-accounted investees			6				(54,466	)			26,850
Foreign exchange losses (gains)							(9,961	)			871
Other operating expense (income)			9				(6,684	)			1,419
Other income							(359	)			(404	)
Income tax expense			13				32,152				53,405
Interest received							9,993				3,689
Income taxes paid							(177,824	)			(51,790	)
Dividends from equity-accounted investees							67,507				69,747
Other operating items			15				(168,371	)			(93,182	)
Net cash provided by (used in) operations							(22,276	)			110,191
Investing activities
Additions to property, plant and equipment							(77,739	)			(56,458	)
Proceeds from short-term investments							65,000				—
Increase in long-term receivables, investments and other							—				(954	)
Proceeds from sale of property, plant and equipment							—				23
Net cash used in investing							(12,739	)			(57,389	)
Financing activities
Decrease in debt							—				(285,240	)
Interest paid							(4,849	)			(5,883	)
Lease principal payments							(677	)			(601	)
Proceeds from issuance of shares, stock option plan							1,146				73
Dividends returned							—				8
Net cash used in financing							(4,380	)			(291,643	)
Decrease in cash and cash equivalents, during the period							(39,395	)			(238,841	)
Exchange rate changes on foreign currency cash balances							(348	)			(152	)
Cash and cash equivalents, beginning of period							1,114,860				600,462
Cash and cash equivalents, end of period						$	1,075,117			$	361,469
Cash and cash equivalents is comprised of:
Cash							850,431				266,466
Cash equivalents							224,686				95,003
Cash and cash equivalents						$	1,075,117			$	361,469

See accompanying notes to condensed consolidated interim financial statements.

 

6

Cameco Corporation

Notes to condensed consolidated interim financial statements

(Unaudited)

(Cdn$ thousands, except per share amounts and as noted)

 

1.	Cameco Corporation

Cameco Corporation is incorporated under the Canada Business Corporations Act. The address of its registered office is 2121 11th Street West, Saskatoon, Saskatchewan, S7M 1J3. The condensed consolidated interim financial statements as at and for the period ended March 31, 2026 comprise Cameco Corporation and its subsidiaries (collectively, the Company or Cameco) and the Company’s interests in associates and joint arrangements.

Cameco is one of the world’s largest providers of the uranium needed to generate clean, reliable baseload electricity around the globe. The Company has operations in northern Saskatchewan and the United States, as well as a 40% interest in Joint Venture Inkai LLP (JV Inkai), a joint arrangement with Joint Stock Company National Atomic Company Kazatomprom (Kazatomprom), located in Kazakhstan. Cameco also has a 49% interest in Westinghouse Electric Company (Westinghouse), a joint venture with Brookfield Renewable Partners and its institutional partners (collectively, Brookfield). Westinghouse is one of the world’s largest nuclear services businesses with corporate headquarters in Pennsylvania and operations around the world. Both JV Inkai and Westinghouse are accounted for on an equity basis (see note 6).

Cameco has two operating mines, Cigar Lake and McArthur River as well as a mill at Key Lake. The Rabbit Lake operation was placed in care and maintenance in 2016. Cameco’s operations in the United States, Crow Butte and Smith Ranch-Highland, are not currently producing as the decision was made in 2016 to curtail production and defer all wellfield development. See note 18 for the financial statement impact.

The Company is also a leading provider of nuclear fuel processing services, supplying much of the world’s reactor fleet with the fuel to generate one of the cleanest sources of electricity available today. It operates the world’s largest commercial refinery in Blind River, Ontario, controls a significant portion of the world UF₆ primary conversion capacity in Port Hope, Ontario and is a leading manufacturer of fuel assemblies and reactor components for CANDU reactors at facilities in Port Hope and Cobourg, Ontario.

 

2.	Material accounting policies

 

A.	Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with Cameco’s annual consolidated financial statements as at and for the year ended December 31, 2025.

These condensed consolidated interim financial statements were authorized for issuance by the Company’s board of directors on May 4, 2026.

 

B.	Basis of presentation

These condensed consolidated interim financial statements are presented in Canadian dollars, which is the Company’s functional currency. All financial information is presented in Canadian dollars, unless otherwise noted. Amounts presented in tabular format have been rounded to the nearest thousand except per share amounts and where otherwise noted.

The condensed consolidated interim financial statements have been prepared on the historical cost basis except for the following material items which are measured on an alternative basis at each reporting date:

 

7

Derivative financial instruments		Fair value through profit or loss (FVTPL)
Equity investments		Fair value through other comprehensive income (FVOCI)
Liabilities for cash-settled share-based payment arrangements		FVTPL
Net defined benefit liability		Fair value of plan assets less the present value of the defined benefit obligation

The preparation of the condensed consolidated interim financial statements in conformity with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. Actual results may vary from these estimates.

In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Company’s accounting policies and key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2025.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 5 of the December 31, 2025, consolidated financial statements.

 

3.	Accounting standards

 

A.	Changes in accounting policy

A number of amendments to existing standards became effective on January 1, 2026, but other than the one noted below, they were not applicable to the Company’s financial statements.

 

i.	Classification and measurement of financial instruments

In May 2024, the International Accounting Standards Board (IASB) issued Amendments to the Classification and Measurement of Financial Instruments, amending IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The amendments clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified the assessment of certain cash flow characteristics and additional disclosure requirements for financial instruments with contingent features and equity instruments designated at fair value through other comprehensive income. The amendments did not have a material impact on the Company’s financial statements and no additional disclosures were required.

 

B.	New standards and interpretations not yet adopted

A number of new amendments to existing standards are not yet effective for the period ended March 31, 2026, and have not been applied in preparing these condensed consolidated interim financial statements. Cameco does not intend to early adopt any of the amendments and does not expect them to have a material impact on its financial statements. The one new standard that is expected to have an impact on disclosures is described below.

 

i.	Financial statement presentation

In April 2024, the IASB issued IFRS 18, Presentation and Disclosures in Financial Statements (IFRS 18). IFRS 18 is effective for periods beginning on or after January 1, 2027. Retrospective application is required, with early adoption permitted. IFRS 18 is expected to improve the quality of financial reporting by requiring defined subtotals in the statement of profit or loss, requiring disclosure about management-defined performance measures, and adding new principles for aggregation and disaggregation of information. Cameco continues to assess the impact of this standard on its financial statements and disclosures.

 

8

4.	Inventories

 

		Mar 31/26				Dec 31/25
Uranium
Concentrate		$	459,474			$	601,911
Broken ore			53,892				58,341
			513,366				660,252
Fuel services			204,264				181,379
Other			3,766				2,358
Total		$	721,396			$	843,989

Cameco expensed $513,854,000 of inventory as cost of sales during the first quarter of 2026 (2025 - $472,492,000).

 

5.	Long-term receivables, investments and other

 

		Mar 31/26				Dec 31/25
Derivatives [note 17]		$	5,866			$	21,166
Investment tax credits			97,186				97,186
Amounts receivable related to tax dispute [note 13](a)			209,125				209,125
Income tax receivable(b)			245,844				65,653
Product loan(c)			288,294				288,294
Other			4,853				4,959
			851,168				686,383
Less current portion			(33,304	)			(39,138	)
Net		$	817,864			$	647,245

 

(a)

Cameco is required to remit or otherwise secure 50% of the cash taxes and transfer pricing penalties, plus related interest and instalment penalties assessed, in relation to its dispute with Canada Revenue Agency (CRA). In light of our view of the likely outcome of the case, Cameco expects to recover the amounts remitted to CRA, including cash taxes, interest and penalties paid.

(b)	As a result of Cameco’s dispute with CRA, Cameco has drawn down the tax pools available to us and we were required to remit cash tax for the 2024 to 2026 tax years. Cameco expects to recover this amount.

(c)

Cameco loaned 5,400,000 pounds of uranium concentrate to its joint venture partner, Orano Canada Inc., (Orano). Orano is obligated to repay the Company in kind with uranium concentrate no later than December 31, 2028. As at March 31, 2026, 3,000,000 pounds have been returned as repayment on this loan (December 31, 2025 - 3,000,000 pounds).

Cameco also loaned Orano 1,148,200 kgU of conversion supply and an additional 1,200,000 pounds of uranium concentrate. Repayment to Cameco is to be made in kind with U₃O₈ quantities drawn being repaid by December 31, 2027 and quantities of UF₆ conversion supply drawn by December 31, 2035.

As at March 31, 2026, 3,600,000 pounds of U₃O₈ (December 31, 2025 - 3,600,000 pounds) and 1,148,200 kgU of UF₆ conversion supply (December 31, 2025 - 1,148,200 kgU) were drawn on the loans. The values of the loans are recorded at Cameco’s weighted average cost of inventory at the time the loans were drawn.

 

9

6.	Equity-accounted investees

 

		Mar 31/26				Dec 31/25
Interest in Westinghouse		$	2,575,536			$	2,671,846
Interest in JV Inkai			442,690				315,280
Interest in Global Laser Enrichment (GLE)			—				—
		$	3,018,226			$	2,987,126

 

A.	Joint ventures

 

i.	Westinghouse

Westinghouse is a nuclear reactor technology original equipment manufacturer and a global provider of products and services to commercial utilities and government agencies. Cameco holds a 49% interest and Brookfield holds 51%. Cameco has joint control with Brookfield over the strategic operating, investing and financing activities of Westinghouse. The Company determined that the joint arrangement should be classified as a joint venture after concluding that neither the legal form of the separate entity, the terms of the contractual arrangement, or other facts and circumstances would give the Company rights to the assets and obligations for the liabilities relating to the arrangement. As a result, Cameco accounts for Westinghouse on an equity basis.

Westinghouse provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors. Westinghouse has three fabrication facilities that design and manufacture nuclear fuel supplies for light water reactors. In addition, Westinghouse designs, develops and procures equipment for the build of new nuclear reactor plants.

The following table summarizes the total comprehensive loss of Westinghouse (100%):

 

		Mar 31/26				Mar 31/25
Revenue from products and services		$	1,771,402			$	1,570,456
Cost of products and services sold			(1,318,999	)			(1,173,078	)
Depreciation and amortization			(197,875	)			(196,610	)
Marketing, administrative and general expenses			(200,687	)			(211,239	)
Finance income			1,055				876
Finance costs			(95,412	)			(99,932	)
Other expense			(83,461	)			(51,903	)
Income tax recovery			29,955				34,795
Net loss			(94,022	)			(126,635	)
Other comprehensive income (loss)			(38,267	)			97,853
Total comprehensive loss		$	(132,289	)		$	(28,782	)

 

10

The following table summarizes the financial information of Westinghouse (100%) and reconciles it to the carrying amount of Cameco’s interest:

 

		Mar 31/26				Dec 31/25
Cash and cash equivalents		$	248,853			$	268,310
Other current assets			2,824,593				2,665,145
Intangible assets			7,153,683				7,186,939
Goodwill			1,681,309				1,667,293
Non-current assets			3,160,428				3,126,447
Current portion of long-term debt			(47,607	)			(48,695	)
Other current liabilities			(3,166,725	)			(2,827,358	)
Long-term debt			(4,737,687	)			(4,682,928	)
Other non-current liabilities			(2,011,794	)			(2,049,246	)
Net assets			5,105,053				5,305,907
Net assets attributable to non-controlling interest			(24,528	)			(26,408	)
Net assets attributable to shareholders			5,080,525				5,279,499
Cameco’s share of net assets attributable to shareholders (49%)			2,489,457				2,586,955
Acquisition costs(a)			83,896				83,896
Impact of foreign exchange on acquisition costs(a)			2,183				995
Carrying amount of interest in Westinghouse		$	2,575,536			$	2,671,846

 

(a)	Cameco incurred acquisition costs that were denominated in US dollars. This amount was included in the cost of the investment and is remeasured every period.

 

ii.	Global Laser Enrichment LLC (GLE)

GLE is the exclusive licensee of the proprietary Separation of Isotopes by Laser Excitation (SILEX) laser enrichment technology, a third-generation uranium enrichment technology. Cameco owns a 49% interest in GLE with an option to attain a majority interest of up to 75% ownership. Cameco has joint control with Silex Systems Limited over the strategic operating, investing and financing activities and as a result, accounts for GLE on an equity basis. In 2014, an impairment charge was recognized for its full carrying value of $183,615,000. Following the impairment, under the equity method of accounting, Cameco discontinued recognizing its share of losses in GLE. Cameco’s contributions to GLE are recorded in earnings as research and development.

 

B.

Associate

 

i.

JV Inkai

JV Inkai is the operator of the Inkai uranium deposit located in Kazakhstan. Cameco holds a 40% interest and Kazatomprom holds a 60% interest in JV Inkai. Cameco does not have joint control over the joint venture and as a result, Cameco accounts for JV Inkai on an equity basis.

JV Inkai is a uranium mining and milling operation that utilizes in-situ recovery (ISR) technology to extract uranium. The participants in JV Inkai purchase uranium from Inkai and, in turn, derive revenue directly from the sale of such product to third-party customers.

 

11

The following tables summarize the total comprehensive earnings (loss) of JV Inkai (100%):

 

		Mar 31/26				Mar 31/25
Revenue from products and services		$	226,826			$	809
Cost of products and services sold			(60,061	)			(62	)
Depreciation and amortization			(13,056	)			(21	)
Finance income			2,234				2,086
Finance costs			(91	)			(136	)
Other expense			(30,565	)			(15,510	)
Income tax expense			(24,937	)			(925	)
Net earnings (loss)			100,350				(13,759	)
Other comprehensive income			—				—
Total comprehensive income (loss)		$	100,350			$	(13,759	)

The following table summarizes the financial information of JV Inkai (100%) and reconciles it to the carrying amount of Cameco’s interest:

 

		Mar 31/26				Dec 31/25
Cash and cash equivalents		$	149,286			$	46,266
Other current assets			965,067				847,942
Non-current assets			349,307				325,363
Current liabilities			(519,582	)			(52,410	)
Non-current liabilities			(17,081	)			(23,463	)
Net assets			926,997				1,143,698
Cameco’s share of net assets (40%)			370,799				457,479
Consolidating adjustments(a)			(55,179	)			(116,494	)
Fair value increment(b)			73,878				74,643
Dividends declared but not received			178,552				7,209
Dividends in excess of ownership percentage(c)			(117,175	)			(109,064	)
Impact of foreign exchange			(8,185	)			1,507
Carrying amount of interest in JV Inkai		$	442,690			$	315,280

 

(a)	Cameco records certain consolidating adjustments to eliminate unrealized profit and amortize historical differences in accounting policies. The historical differences are amortized to earnings over units of production.

 

(b)	Upon restructuring, Cameco assigned fair values to the assets and liabilities of JV Inkai. This increment is amortized to earnings over units of production.

 

(c)	Cameco’s share of dividends follows its production purchase entitlements which is currently higher than its ownership interest.

 

12

7.	Long-term debt

 

		Mar 31/26				Dec 31/25
Unsecured debentures
Series F - 5.09% debentures due November 14, 2042		$	99,422			$	99,416
Series H - 2.95% debentures due October 21, 2027			399,398				399,302
Series I - 4.94% debentures due May 24, 2031			497,729				497,630
Total		$	996,549			$	996,348

 

8.	Other liabilities

 

		Mar 31/26				Dec 31/25
Deferred sales		$	104,396			$	81,813
Derivatives [note 17]			47,769				18,921
Accrued pension and post-retirement benefit liability			85,134				83,887
Lease obligation [note 17]			14,445				14,933
Product loans(a)			234,764				240,057
Sales contracts			1,791				2,553
Other			70,809				70,458
			559,108				512,622
Less current portion			(205,267	)			(134,667	)
Net		$	353,841			$	377,955

 

(a)

Cameco has standby product loan facilities with various counterparties. The arrangements allow us to borrow up to 2,270,000 kgU of UF6 conversion services and 6,777,000 pounds of U3O8 by January 1, 2032 with repayment in kind up to March 31, 2032. Under the facilities, standby fees of up to 2.1% are payable based on the market value of the facilities and interest is payable on the market value of any amounts drawn at rates ranging from 0.5% to 2.2%. The loans are recorded at Cameco’s weighted average cost of inventory.

 

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At March 31, 2026, we have 1,285,000 kgU of UF₆ conversion services (December 31, 2025 - 1,285,000 kgU) drawn on the loans with repayment in the following years:

 

		2026				2027				2028				2029				2030				Thereafter				Total
kgU of UF6			940,000				—				—				—				—				345,000				1,285,000

During the quarter, Cameco borrowed an additional 750,000 pounds of U₃O₈. At March 31, 2026 we have 4,107,000 pounds of U₃O₈ (December 31, 2025 - 3,357,000 pounds) drawn with repayment in the following years:

 

		2026				2027				2028				2029				2030				Thereafter				Total
lbs of U3O8			1,158,000				2,048,000				—				—				—				901,000				4,107,000

 

9.	Provisions

 

		Reclamation				Waste disposal				Total
Beginning of year		$	989,859			$	11,204			$	1,001,063
Changes in estimates and discount rates
Capitalized in property, plant, and equipment			18,770				—				18,770
Recognized in earnings			(6,684	)			—				(6,684	)
Provisions used during the period			(6,109	)			(182	)			(6,291	)
Accretion [note 12]			10,261				83				10,344
Effects of movements in exchange rates			4,249				—				4,249
End of period		$	1,010,346			$	11,105			$	1,021,451
Current			50,850				7,085				57,935
Non-current			959,496				4,020				963,516
		$	1,010,346			$	11,105			$	1,021,451

 

10.	Share capital

At March 31, 2026, there were 435,532,978 common shares outstanding. Options in respect of 39,063 shares are outstanding under the stock option plan and are exercisable up to 2027. For the three months ended March 31, 2026, there were 75,000 options exercised that resulted in the issuance of shares (2025 - 4,835).

 

11.

Revenue

Cameco’s uranium and fuel services sales contracts with customers contain both fixed and market-related pricing. Fixed-price contracts are typically based on a term-price indicator at the time the contract is accepted and escalated over the term of the contract. Market-related contracts are based on either the spot price or long-term price, and the price is quoted at the time of delivery rather than at the time the contract is accepted. These contracts often include a floor and/or ceiling prices, which are usually escalated over the term of the contract. Escalation is generally based on a consumer price index. The Company’s contracts contain either one of these pricing mechanisms or a combination of the two. There is no variable consideration in the contracts and therefore no revenue is considered constrained at the time of delivery. Cameco expenses the incremental costs of obtaining a contract as incurred as the amortization period is less than a year.

 

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The following tables summarize Cameco’s sales disaggregated by geographical region and contract type and includes a reconciliation to Cameco’s reportable segments (note 18):

For the three months ended March 31, 2026

 

		Uranium				Fuel services				Total
Customer geographical region
Americas		$	374,715			$	69,428			$	444,143
Europe			331,838				48,391				380,229
Asia			5,184				15,809				20,993
		$	711,737			$	133,628			$	845,365
Contract type
Fixed-price		$	149,933			$	113,323			$	263,256
Market-related			561,804				20,305				582,109
		$	711,737			$	133,628			$	845,365

For the three months ended March 31, 2025

 

		Uranium				Fuel services				Other				Total
Customer geographical region
Americas		$	344,375			$	90,524			$	35,949			$	470,848
Europe			198,492				38,829				—				237,321
Asia			75,957				5,306				—				81,263
		$	618,824			$	134,659			$	35,949			$	789,432
Contract type
Fixed-price		$	231,485			$	118,939			$	35,949			$	386,373
Market-related			387,339				15,720				—				403,059
		$	618,824			$	134,659			$	35,949			$	789,432

 

12.	Finance costs

 

		Three months ended
		Mar 31/26				Mar 31/25
Interest on long-term debt		$	12,410			$	15,612
Accretion [note 9]			10,344				9,861
Other charges			5,233				4,625
Total		$	27,987			$	30,098

 

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13.	Income taxes

 

		Three months ended
		Mar 31/26				Mar 31/25
Earnings (loss) before income taxes
Canada		$	226,929			$	200,042
Foreign			(64,027	)			(76,885	)
		$	162,902			$	123,157
Current income taxes (recovery)
Canada		$	(101	)		$	(3,000	)
Foreign			1,426				1,972
		$	1,325			$	(1,028	)
Deferred income taxes (recovery)
Canada		$	32,100			$	52,940
Foreign			(1,273	)			1,493
		$	30,827			$	54,433
Income tax expense		$	32,152			$	53,405

Cameco has recorded $635,699,000 of deferred tax assets (December 31, 2025 - $666,457,000). The realization of these deferred tax assets is dependent upon the generation of future taxable income in certain jurisdictions during the periods in which the Company’s deferred tax assets are available. The Company considers whether it is probable that all or a portion of the deferred tax assets will not be realized. In making this assessment, management considers all available evidence, including recent financial operations, projected future taxable income and tax planning strategies. Based on projections of future taxable income over the periods in which the deferred tax assets are available, realization of these deferred tax assets is probable and consequently the deferred tax assets have been recorded.

Reassessments

On February 18, 2021, the Supreme Court of Canada (Supreme Court) dismissed Canada Revenue Agency’s (CRA) application for leave to appeal the June 26, 2020 decision of the Federal Court of Appeal (Court of Appeal). The dismissal means that the dispute for the 2003, 2005 and 2006 tax years is fully and finally resolved in the Company’s favour.

In September 2018, the Tax Court of Canada (Tax Court) ruled that the marketing and trading structure involving foreign subsidiaries, as well as the related transfer pricing methodology used for certain intercompany uranium sales and purchasing agreements, were in full compliance with Canadian law for the tax years in question. Management believes the principles in the decision apply to all subsequent tax years, and that the ultimate resolution of those years will not be material to Cameco’s financial position, results of operations or liquidity in the year(s) of resolution.

As CRA continues to pursue reassessments for tax years subsequent to 2006, Cameco is utilizing its appeal rights under Canadian federal and provincial tax rules.

 

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14.	Per share amounts

Per share amounts have been calculated based on the weighted average number of common shares outstanding during the period.

 

		Three months ended
		Mar 31/26				Mar 31/25
Basic earnings per share computation
Net earnings attributable to equity holders		$	130,751			$	69,764
Weighted average common shares outstanding			435,529				435,312
Basic earnings per common share		$	0.30			$	0.16
Diluted earnings per share computation
Net earnings attributable to equity holders		$	130,751			$	69,764
Weighted average common shares outstanding			435,529				435,312
Dilutive effect of stock options			103				202
Weighted average common shares outstanding, assuming dilution			435,632				435,514
Diluted earnings per common share		$	0.30			$	0.16

 

15.	Statements of cash flows

 

		Three months ended
		Mar 31/26				Mar 31/25
Changes in non-cash working capital:
Accounts receivable		$	190,820			$	197,316
Inventories			132,749				16,958
Supplies and prepaid expenses			(8,568	)			(6,801	)
Accounts payable and accrued liabilities			(456,078	)			(287,626	)
Restricted share units settled			(25,950	)			(8,330	)
Reclamation payments			(6,291	)			(7,512	)
Other			4,947				2,813
Other operating items		$	(168,371	)		$	(93,182	)

 

16.	Share-based compensation plans

 

A.	Stock option plan

The aggregate number of common shares that may be issued pursuant to the Cameco stock option plan shall not exceed 43,017,198 of which 33,553,285 shares have been issued. As of March 31, 2026, the total number of stock options held by the participants was 39,063 (December 31, 2025 - 114,063).

 

B.	Executive performance share unit (PSU)

During the three months ended March 31, 2026, the Company granted 125,670 PSUs. The weighted average fair value per unit at the date of issue was $161.38. As of March 31, 2026, the total number of PSUs held by the participants was 485,730 (December 31, 2025 - 584,657).

 

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