Cameco Corporation · TSX:CCO
Cameco — Investor Presentation (February 2026)
53 slides from Cameco's investor presentation, February 2026
Slide 1: Powering a Secure Energy Future: Investor Presentation
Gey Powering a Secure Energy Future Investor Presentation
Slide 2: Investor Relations Contacts
Cory Kos VICE-PRESIDENT, INVESTOR RELATIONS 306.716.6782, cory_kos@cameco.com Teagan Sloboshan SPECIALIST, INVESTOR RELATIONS 306.385.3620, teagan_sloboshan@cameco.com www.cameco.com Q4 2025 Financial and outlook information as of December 31, 2025 Mineral Reserve and Resource Estimates as of Decemb
Slide 3: 2025 Fourth Quarter Highlights
2025 / Fourth Quarter Highlights <©@ Disciplined strategy delivering strong performance Cameco Strong finish to 2025 Uranium segment Fuel services segment Westinghouse segment Reported strong financial performance for Q4 and annual results Finished the year with $1.2 billion in cash and short-term i
Slide 4: Cameco Overview
CAMECO OVERVIEW 2025 • Q4 PAGE 4
Slide 5: Table of Contents
CAMECO OVERVIEW Table of Contents Cameco Overview.......................................................................................6 Nuclear Industry............................................................................................8 Nuclear Fuel Market.................................
Slide 6: Cameco Overview
CAMECO OVERVIEW 2025 • Q4 PAGE 6
Slide 7: Cameco Overview
CAMECO OVERVIEW 2025 • Q4 PAGE 7
Slide 8: Nuclear Industry
NUCLEAR INDUSTRY 2025 • Q4 PAGE 8
Slide 9: Nuclear Industry
NUCLEAR INDUSTRY 2025 • Q4 PAGE 9
Slide 10: Nuclear Industry
NUCLEAR INDUSTRY 2025 • Q4 PAGE 10
Slide 11: Nuclear Industry
NUCLEAR INDUSTRY 2025 • Q4 PAGE 11
Slide 12: Nuclear Industry
NUCLEAR INDUSTRY 2025 • Q4 PAGE 12
Slide 13: Nuclear Industry
NUCLEAR INDUSTRY 2025 • Q4 PAGE 13
Slide 14: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2025 • Q4 PAGE 14
Slide 15: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2025 • Q4 PAGE 15
Slide 16: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2025 • Q4 PAGE 16
Slide 17: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2025 • Q4 PAGE 17
Slide 18: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2025 • Q4 PAGE 18
Slide 19: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2025 • Q4 PAGE 19
Slide 20: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2025 • Q4 PAGE 20
Slide 21: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2025 • Q4 PAGE 21
Slide 22: Cameco's Strategy
CAMECO’S STRATEGY SSS 2025 • Q4 PAGE 22
Slide 23: Strategy: Contracting Discipline
STRATEGY: CONTRACTING DISCIPLINE 2025 • Q4 PAGE 23
Slide 24: Strategy: Contracting Discipline
STRATEGY: CONTRACTING DISCIPLINE 2025 • Q4 PAGE 24
Slide 25: Strategy: Contracting Discipline
STRATEGY: CONTRACTING DISCIPLINE 2025 • Q4 PAGE 25
Slide 26: Strategy: Contracting Discipline
STRATEGY: CONTRACTING DISCIPLINE 2025 • Q4 PAGE 26
Slide 27: Strategy: Contracting Discipline
STRATEGY: CONTRACTING DISCIPLINE 2025 • Q4 PAGE 27
Slide 28: Strategy: Operational Discipline
STRATEGY: OPERATIONAL DISCIPLINE 2025 • Q4 PAGE 28
Slide 29: Strategy: Operational Discipline
STRATEGY: OPERATIONAL DISCIPLINE 2025 • Q4 PAGE 29
Slide 30: Strategy: Operational Discipline
STRATEGY: OPERATIONAL DISCIPLINE 2025 • Q4 PAGE 30
Slide 31: Strategy: Financial Discipline
STRATEGY: FINANCIAL DISCIPLINE 2025 • Q4 PAGE 31
Slide 32: Strategy: Financial Discipline
STRATEGY: FINANCIAL DISCIPLINE 2025 • Q4 PAGE 32
Slide 33: Strategy: Financial Discipline
STRATEGY: FINANCIAL DISCIPLINE 2025 • Q4 PAGE 33
Slide 34: Mining Operations
MINING OPERATIONS 2025 • Q4 PAGE 34
Slide 35: Mining Operations
MINING OPERATIONS 2025 • Q4 PAGE 35
Slide 36: Mining Operations
MINING OPERATIONS 2025 • Q4 PAGE 36
Slide 37: Mining Operations
MINING OPERATIONS 2025 • Q4 PAGE 37
Slide 38: Mining Operations
MINING OPERATIONS 2025 • Q4 PAGE 38
Slide 39: Fuel Services
FUEL SERVICES 2025 • Q4 PAGE 39
Slide 40: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2025 • Q4 PAGE 40
Slide 41: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2025 • Q4 PAGE 41
Slide 42: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2025 • Q4 PAGE 42
Slide 43: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2025 • Q4 PAGE 43
Slide 44: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2025 • Q4 PAGE 44
Slide 45: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2025 • Q4 PAGE 45
Slide 46: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2025 • Q4 PAGE 46
Slide 47: Fuel Cycle Investments: GLE
FUEL CYCLE INVESTMENTS: GLE 2025 • Q4 PAGE 47
Slide 48: Financials
FI FINANCIALS 2025 • Q4 PAGE 48
Slide 49: Mineral Resources
FINANCIALS, Mineral Resources Measured, Indicated and Inferred (tonnes in thousands; pounds in millions) As of December 31, 2025 (100% — only the shaded column shows our share) TOTAL M+! TOTAL Mol INFERRED GRADE CONTENT GRADE CONTENT CONTENT CONTENT GRADE CONTENT CONTENT PROPERTY. TONNES _%U:0s _(LB
Slide 50: Additional Information: Caution About Forward-Looking Information
ADDITIONAL INFORMATION Caution About Forward-Looking Information Statements contained in this presentation include statements and information about our expectations for the future. When we discuss our strategy, plans and future financial and operating performance, or other things that have not yet t
Slide 51: Forward-Looking Information (continued)
and supplies critical to production, equipment failure, lack of tailings capacity, labour shortages, labour relations issues, strikes or lockouts, underground floods, cave-ins, ground movements, tailings dam failures, transportation disruptions or accidents, or other development and operating risks.
Slide 52: Qualified Persons
Qualified persons The technical and scientific information discussed in this document for our material properties (McArthur River/Key Lake, Inkai and Cigar Lake) was approved by the following individuals who are qualified persons for the purposes of NI 43-101: MCARTHUR RIVER/KEY LAKE CIGAR LAKE INKA
Slide 53: Slide 53