Cameco Corporation reported strong consolidated financial and operating results for the second quarter ended June 30, 2025. Revenue increased 47% to $877 million from $598 million in Q2 2024. Net earnings attributable to equity holders surged to $321 million, or $0.74 per diluted share, compared to $36 million or $0.08 per share in the prior year. Adjusted net earnings were $308 million, up from $65 million.
Adjusted EBITDA for the quarter nearly doubled, rising 96% to $673 million from $343 million in Q2 2024. Cash provided by operations also saw a substantial increase of 79% to $465 million. These results significantly improved Cameco's overall 2025 expectations.
While uranium production volume decreased 35% to 4.6 million pounds due to planned maintenance at the Key Lake mill, uranium sales volume increased 40% to 8.7 million pounds. The average realized uranium price rose 2% to $57.35 (US) per pound. Fuel Services production and sales volumes also saw robust growth, up 10% and 52% respectively.
Cameco's 49% share of Westinghouse's adjusted EBITDA is now expected to be between $525 million (US) and $580 million (US) for 2025, a significant improvement driven by the $170 million (US) increase related to the Dukovany power plant project in the Czech Republic. Westinghouse also reported net earnings of $126 million (Cameco's share) for the quarter, a turnaround from a $47 million loss in Q2 2024.
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