Cameco Corporation · TSX:CCO
Cameco — Q1 2026 Earnings Presentation
10 slides from Cameco's earnings presentation, May 5, 2026
Slide 1: 2026 Q1 Conference Call
2026 Q1 Conference Call May 5, 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: CNA2026: Power and Purpose
CNA2026: Power and Purpose Cameco Corporation - Q1 2026 Conference Call 3
Slide 4: Continued Support for Nuclear
Continued Support for Nuclear Restarts, life extensions, and new builds driving fuel demand growth Cameco Corporation - Q1 2026 Conference Call 4
Slide 5: 2026 / First Quarter Highlights
2026 / First Quarter Highlights Disciplined strategy, performance as expected • Reported solid financial performance for Q1, consistent with annual expectations Solid start • Guidance unchanged – no updates to our previously reported 2026 Outlook to 2026 • Finished the quarter with $1.1 billion in c
Slide 6: Solid Operational Performance
Solid Operational Performance Production to meet commitments, annual outlook unchanged Q1 2026 2026 Outlook Operation (M lb) (M lb) McArthur River/ 3.5 (our share) 10.0 to 11.5 (our share) Annual production outlook Key Lake 5.0 @ 100% 14.0 to 16.5 @ 100% (our share) 9.5 to 10.0 19.5 to 21.5 M lbs Ci
Slide 7: AP1000 Reactor – Strategically Positioned for Global Growth
AP1000® Reactor – Strategically Positioned for Global Growth The AP1000® Unit is: • Cameco’s mine-to-grid nuclear capabilities can • the only operating modern provide long-term energy Gen III+ reactor using fully security passive safety systems • As the original equipment • fully-designed, licensed,
Slide 8: 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 9: Balanced and Disciplined Strategy
Balanced and Disciplined Strategy Contract portfolio informs supply decisions Leading Sustainability Strategically aligned Operationally flexible Performance contracting discipline supply discipline • Strategically patient long-term • Align production with contracting contract portfolio • Balanced p
Slide 10: Investor Relations Q & A
Investor Relations Q& A investor_requests@cameco.com 2121 11th Street West Saskatoon, Saskatchewan cameco.com Cameco Corporation - Q1 2026 Conference Call 10