Cameco reported a $43 million third-quarter profit attributable to equity holders, with revenue rising to $619 million from $615 million a year earlier.
The Story
Cameco Corp. reported a third-quarter profit attributable to equity holders of $43 million, compared with a break-even result in the same quarter last year, as revenue edged up year over year.
For the quarter ended Sept. 30, Cameco said the profit amounted to 10 cents per diluted share. Revenue totalled $619 million, up from $615 million a year ago.
On an adjusted basis, Cameco recorded a loss of $2 million, or zero cents per diluted share, compared with an adjusted profit of $32 million, or seven cents per diluted share, in the third quarter of 2025.
In discussing the results on a conference call Friday, CEO Tim Gitzel said artificial intelligence and data centres could provide meaningful upside for the nuclear industry, but he cautioned that the technology sector is not the “foundation of the nuclear investment thesis.”
“Artificial intelligence and data centres can provide meaningful upside, but they are not the foundation of the nuclear investment thesis, nor are they a load-bearing assumption in our strategy,” Gitzel told analysts.
Gitzel said nuclear is “well suited” to the need for “very large amounts of reliable, around-the-clock electricity,” but he noted forecasts for AI-related electricity demand vary and depend on the pace of development.
He also said data centres currently under construction will need power sooner than most new nuclear reactors can be delivered, meaning they will rely on natural gas, renewables, battery storage and grid upgrades in the meantime.
Cameco said its third-quarter and first nine months results were generally lower than in 2025, primarily due to lower equity earnings from its investment in Westinghouse, the nuclear-services company it co-owns with Brookfield Renewable Partners, as well as lower sales volumes and higher average unit costs for the period.
The company said those factors were partially offset by higher realized prices.
Cameco also reported that an annual maintenance shutdown at its Key Lake mill in northern Saskatchewan began in the third quarter, reducing output and increasing costs. The downtime lasted longer than usual because the company undertook several large projects to ensure the long-term sustainability of operations, and Cameco said the new equipment is in the process of being commissioned.
Despite the outlook tied to electricity demand from technology, Gitzel said, “We nevertheless remain confident that demand from the technology sector is coming, and we’re excited about it.”
← More stories