Slide 1: 2025 Q4 Conference Call
2025 Q4 Conference Call February 13, 2026
Slide 2: Forward-Looking Information Caution
Forward-Looking Information Caution This presentation includes forward-looking information or forward-looking statements under Canadian and U.S. securities laws, which we refer to as “forward-looking information”. Forward-looking information can generally be identified by the use of words such as “a
Slide 3: Important Notes/Disclaimers
Important Notes/Disclaimers NON-IFRS MEASURES This presentation contains references to Adjusted EBITDA for Westinghouse, a non-IFRS financial measure that is used by us as an indicator of financial performance. Our management believes that this non-IFRS measure provides useful information to investo
Slide 4: Cameco Corporation
Cameco Corporation Operating and invested across the nuclear fuel cycle, more than mining TIER ONE URANIUM OPERATIONS FUEL SERVICES WESTINGHOUSE ELECTRIC COMPANY (49%) Cigar Lake (54.5%) McArthur River (69.8%) Inkai (40%) Blind River Refinery Provider of specialized, mission-critical nuclear (100%)
Slide 5: Strong Nuclear Power Outlook
Strong Nuclear Power Outlook Constructive term contracting, improving market prices Price Increases Growth from New Reactors Demand Increasing Across the Fuel Cycle* $120 Uranium Spot Uranium Term Uranium (US$/lb. U3O8) 151%* $100 China 32 • Restarts and early $80 Near-Term retirement reversals $60
Slide 6: Uranium Market Fundamentals
Uranium Market Fundamentals Driving contracting interest, but long-term supply remains uncertain Utility Uncovered Uranium Requirements Supply Outlook is Uncertain ~ 3.1 billion lb. through 2045 (~65% uncovered) Structural Primary and Secondary Supply Gap Million lb. U3O8 Million lb. U3O8 450 450 40
Slide 7: Active Long-Term Contracting
Active Long-Term Contracting Remaining selective to maintain exposure to improving demand Average committed sales of Total Market Annual Long-term Contracting Volume Cameco Total Future Commitment Level 28 million lb. / year Cameco 5-year Average Commitment Level @ Dec 31 350 28 28 30 for 2026-2030
Slide 8: 2025 / Fourth Quarter Highlights
2025 / Fourth Quarter Highlights Disciplined strategy delivering strong performance • Reported strong financial performance for Q4 and annual results Strong finish • Finished the year with $1.2 billion in cash and short-term investments, $1.0 billion in debt to 2025 • Accelerated plan to grow divide
Slide 9: Transformational partnership with United States Government
Transformational partnership with United States Government • Binding term sheet signed: On October 28, 2025, a strategic partnership was announced between Cameco, Brookfield, and the US Department of Commerce to accelerate global deployment of Westinghouse nuclear technologies. • $80B (US) investmen
Slide 10: 2026 Outlook Highlights
2026 Outlook Highlights Selected key metrics for the year ahead Uranium: 19.5 million to 21.5 million pounds U3O8 (our share) Production Fuel Services: 13 million to 14 million kgU Market purchases: Up to 3 million pounds Deliveries & Committed purchases: 8 million pounds Inventory Sales/deliveries:
Slide 11: Investor Relations Q & A
Investor Relations Q&A investor_requests@cameco.com 2121 11th Street West Saskatoon, Saskatchewan cameco.com
Slide 12: Additional Information
Additional Information Reconciliation: 2026 adjusted EBITDA outlook 2026 ADJUSTED EBITDA OUTLOOK RECONCILIATION In 2026, we expect our share of adjusted EBITDA from our equity investment in Westinghouse to be between US$370 million and US$430 million. US$ CAMECO SHARE (49%) MILLIONS Net loss (75-10)