Cameco's board declared a 2026 annual dividend of $0.24 per common share, payable December 15, 2026, to shareholders of record on November 30, the company said on October 30, when it released third-quarter results. All amounts are in Canadian dollars unless stated.

Third-quarter net earnings were $43 million, with an adjusted net loss of $2 million and adjusted EBITDA of $267 million. For the first nine months, net earnings were $199 million, adjusted net earnings $279 million and adjusted EBITDA $1.2 billion. Cameco attributed the lower results mainly to reduced equity earnings from Westinghouse, lower sales volumes and a higher average unit cost of sales, partly offset by higher average realized prices. At September 30, 2026, it held $860 million in cash and cash equivalents, $1.0 billion in total debt and an undrawn $1.0 billion revolving credit facility.

Key Lake outage cut quarterly output

The annual maintenance shutdown at the Key Lake mill began in the third quarter and was planned to run longer than in previous years to install new infrastructure and repair major existing infrastructure. Commissioning of the new infrastructure is underway.

"That outage, which began during the third quarter, resulted in lower production volume and higher costs this quarter," CEO Tim Gitzel said.

Cameco narrowed 2026 guidance for its share of U3O8 production to 19.5 million to 20.5 million pounds from 19.5 million to 21.5 million, and sales volumes to 29.5 million to 30.5 million pounds from 29 million to 32 million. Third-quarter production was 3.5 million pounds and deliveries 5.6 million pounds. Uranium inventory was 8.5 million pounds at September 30, at an average cost of $58.37 per pound.

Westinghouse posted nine-month loss

Westinghouse reported a net loss of $24 million, Cameco's share, for the quarter, against a $32 million loss a year earlier. The nine-month result was a net loss of $80 million versus net earnings of $32 million in 2025. Cameco's share of Westinghouse adjusted EBITDA was $143 million for the quarter, up from $124 million, and $427 million for the first nine months, down from $569 million.

In October, Westinghouse placed conditional purchase orders with four Polish suppliers for Polskie Elektrownie Jądrowe's project and the first AP1000 unit at the Lubiatowo-Kopalino site, and was authorized to begin procuring long-lead nuclear components. It also began a US State Department-funded FEED study for an AP1000 reactor at Slovakia's Jaslovské Bohunice site.