CAMECO CORP files 6-K: foreign-issuer report (6-K)

NEWS RELEASE www.cameco.com Saskatoon

Saskatchewan All amounts in Canadian dollars Canada unless specified otherwise

Cameco reports second quarter results: year-to-date performance on track;

production outlook unchanged; strategically positioned across the nuclear fuel cycle; significant support for nuclear energy reinforces stronger long-term uranium prices

July 31, 2026 Cameco (TSX: CCO; NYSE: CCJ)

today reported its consolidated financial and operating results for the second quarter ended June 30, 2026, in accordance with International Financial Reporting Standards (IFRS).

“Our year-to-date financial and operational performance reflects the value of aligning our marketing, operational and financial decisions with strengthening industry fundamentals,” said Tim Gitzel, Cameco’s CEO. “Our second quarter financial results reflect normal quarterly variability, and while uranium production was impacted by challenging spring road conditions along our northern Saskatchewan supply routes, our annual production outlook remains unchanged.

“Across the nuclear fuel cycle, market conditions continued to improve during the first half of the year. The long-term uranium price strengthened further, supported by increased on and off-market contracting activity in the first half of the year as customers’ increasingly focus on security of supply. Around the world, governments, utilities and energy-intensive industries have recognized nuclear energy’s essential role in supporting energy security, national security and decarbonization objectives. Those objectives are translating into calls for the expansion of nuclear energy, declarations of government-enabled policy support, and continued improvements in public perception. In turn, we are seeing durable demand growth for the uranium and nuclear fuel services required to support these long-term structural drivers.

“Our contracting discipline remains a key competitive advantage. We continue to be patient and selective in committing supply, ensuring our contract portfolio supports long-term value creation while preserving exposure to improving market conditions. Combined with our flexible supply strategy, strong balance sheet and disciplined capital allocation framework, we believe this approach positions us well to manage risk while capturing opportunities as the market evolves.

“We also continued to advance our strategy across the nuclear fuel cycle. The closing of our agreement to increase our ownership interest in the Cigar Lake Mine reinforces our commitment to own and operate scarce, world-class, proven tier-one assets that we expect to be essential in supporting future reactor growth. And, the conditional commitment by the US Department of Energy to support deployment of AP1000®reactors, as well as the Government of Canada’s Nuclear Energy Strategy that was released in June, both highlight the growing importance of nuclear energy and the value of proven technologies and experienced industry participants.

“Safely operating complex, heavily regulated uranium mining and milling assets is never without challenges, particularly in the remote conditions of northern Saskatchewan. The flooding-related disruptions to our supply routes that we experienced during the quarter and the operational challenges that came subsequent to quarter-end, are good reminders of that reality. However, they also demonstrate the importance of maintaining operational flexibility and supply diversity, alongside a disciplined approach to risk management and a continual focus on value – capabilities developed through decades of operating experience and demonstrated every day by the credible, experienced teams we have across the company.

“With tier-one assets in stable jurisdictions, strategic investments across the nuclear fuel cycle, strong long-term customer relationships and a proven operating track record, we believe Cameco is uniquely positioned to support the continued growth of nuclear energy while creating sustainable long-term value for our shareholders, customers and communities.”

SECOND QUARTER HIGHLIGHTS

FINANCIAL HIGHLIGHTS

• Consolidated performance: Second quarter results included net earnings of $25 million, adjusted net earnings of $77 million, and adjusted EBITDA of $391 million while results for the first six months of the year included net earnings of $156 million, adjusted net earnings of $281 million and adjusted EBITDA of $899 million. Quarterly and first half results were lower than in 2025, primarily due to lower equity earnings from our investment in Westinghouse. In the second quarter of 2025, Westinghouse’s participation in the construction project for two nuclear reactors at the Dukovany power plant in the Czech Republic contributed approximately US$170 million to our share of Westinghouse’s 2025 second quarter revenue and adjusted EBITDA. Our second quarter and year-to-date sales volumes are lower than in 2025 due to normal quarterly variations in deliveries and our lower planned 2026 sales deliveries resulting from our contracting discipline. Our average realized prices continue to improve in both the uranium and fuel services segments as prices from market-related contracts have increased. See Consolidated financial results in the second quarter MD&A for more information.

• Strong balance sheet: Thanks to our risk-managed financial discipline, our balance sheet remains strong. As of June 30, 2026, we had $1.1 billion in cash and cash equivalents, $1.0 billion in total debt and a $1.0 billion undrawn revolving credit facility. As previously disclosed, in the second quarter we received US$124 million, net of withholdings, from JV Inkai as a dividend based on 2025 financial performance.

• Uranium : In our core uranium segment, second quarter earnings before taxes were $170 million and adjusted EBITDA was $252 million compared to $281 million and $352 million, respectively, in 2025, due to our normal quarterly variations in deliveries and our lower planned 2026 sales delivery volumes resulting from our contracting discipline. Earnings before taxes for the first six months of the year were $528 million and adjusted EBITDA was $676 million, compared to $509 million and $641 million in 2025, respectively. See Financial results by segment – uranium in our second quarter MD&A for more information.

• Fuel Services : In our Fuel Services segment, second quarter earnings before taxes were $30 million and adjusted EBITDA was $42 million, compared to $44 million and $57 million in 2025, respectively, mainly as a result of lower sales volumes. Earnings before taxes for the first six months of the year were $75 million while adjusted EBITDA was $97 million, compared to $112 million and $132 million in 2025, respectively. See Financial results by segment – Fuel services in our second quarter MD&A for more information.

• Westinghouse : Westinghouse reported a net loss of $10 million (our share) for the second quarter, down from earnings of $126 million (our share) in the second quarter of 2025. Over the first six months of the year, Westinghouse reported a net loss of $56 million, in comparison to net earnings of $64 million in the same period in 2025. Equity earnings from our investment in Westinghouse were lower than in 2025 due to Westinghouse’s participation in the construction project for two nuclear reactors at the Dukovany power plant in the Czech Republic, which resulted in an approximate US$170 million increase in our share of Westinghouse’s 2025 second quarter revenue. To better reflect the underlying operating performance, we use adjusted EBITDA as a performance measure for Westinghouse. In the second quarter of 2026, our share of Westinghouse’s adjusted EBITDA was $163 million, compared to $352 million in the second quarter of 2025, while for the first six months adjusted EBITDA was $284 million, compared to $445 million in 2025. See Our earnings from Westinghouse, in our second quarter MD&A for more information.

Adjusted net earnings and adjusted EBITDA are non-IFRS measures. See page 5.

OPERATIONAL HIGHLIGHTS

• Uranium: Total packaged production from McArthur River and Key Lake was 3.3 million pounds of U3O8 (2.3 million pounds our share), while Cigar Lake’s packaged production was 2.9 million pounds of U3O8 (1.6 million pounds our share) for the quarter. We continue to expect to produce between 19.5 to 21.5 million pounds of U3O8 (our share) in 2026 in our uranium segment. The temporary unplanned operational disruptions that occurred at Key Lake and McArthur River during the quarter, and at Cigar Lake subsequent to the quarter, have not changed our production guidance. In April, a new collective agreement with the United Steelworkers Local 8914 was reached at Key Lake and McArthur River, which expires in December 2028. See Our operations in our second quarter MD&A for more information.