CAMECO CORP
For the period ended Oct 30, 2026. Filed Oct 30, 2026.
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Oct 30, 2026 · Filed Oct 30, 2026
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Contents
EX-99.1 · ADJUSTED EBITDA MARGIN
ADJUSTED EBITDA MARGIN
Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period.
EBITDA, adjusted EBITDA, and adjusted EBITDA margin arenon-IFRS measures which allow us and other users to assess results of operations from a management perspective without regard for our capital structure.
To facilitate a better understanding of these measures, the tables below reconcile net earnings with EBITDA and adjusted EBITDA for the third quarter and first nine months of 2026 and 2025.
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For the quarter ended September 30, 2026:
| ($ MILLIONS) | URANIUM1 | FUELSERVICES | WESTINGHOUSE | OTHER | TOTAL |
|---|---|---|---|---|---|
| Net earnings (loss) before income taxes2 | 175 | 13 | (24) | (121) | 43 |
| Depreciation and amortization | 52 | 10 | — | 2 | 64 |
| Finance income | — | — | — | (7) | (7) |
| Finance costs | — | — | — | 31 | 31 |
| Income taxes | — | — | — | 12 | 12 |
| 227 | 23 | (24) | (83) | 143 | |
| Adjustments on equity investees | |||||
| Depreciation and amortization | 1 | — | 99 | — | 100 |
| Finance income | — | — | (1) | — | (1) |
| Finance expense | — | — | 46 | — | 46 |
| Income taxes | — | — | (6) | — | (6) |
| Net adjustments on equity investees | 1 | — | 138 | — | 139 |
| EBITDA | 228 | 23 | 114 | (83) | 282 |
| Gain on derivatives | — | — | — | 6 | 6 |
| Other operating income | (28) | — | — | — | (28) |
| Share-based compensation | — | 1 | — | (2) | (1) |
| Other income | (26) | — | — | — | (26) |
| 174 | 24 | 114 | (79) | 233 | |
| Adjustments on equity investees | |||||
| Inventory purchase accounting | — | — | 1 | — | 1 |
| Long-term incentive plan | — | — | 7 | — | 7 |
| Non-recurring expenses | — | — | 17 | — | 17 |
| Integration and transformation costs | — | — | 4 | — | 4 |
| Other expenses | — | — | 7 | — | 7 |
| Unrealized foreign exchange losses (gains) | 5 | — | (7) | — | (2) |
| Net adjustments on equity investees | 5 | — | 29 | — | 34 |
| Adjusted EBITDA | 179 | 24 | 143 | (79) | 267 |
| 1 | JV Inkai adjusted EBITDA of $29 million is included in the uranium segment. See Financial results by segment – Uranium in our third quarter MD&A for reconciliation. |
| 2 | Westinghouse earnings are after income taxes. |
For the quarter ended September 30, 2025:
| ($ MILLIONS) | URANIUM1 | FUELSERVICES | WESTINGHOUSE | OTHER | TOTAL |
|---|---|---|---|---|---|
| Net earnings (loss) before income taxes2 | 172 | 17 | (32) | (157) | — |
| Depreciation and amortization | 51 | 7 | — | 2 | 60 |
| Finance income | — | — | — | (7) | (7) |
| Finance costs | — | — | — | 28 | 28 |
| Income taxes | — | — | — | 16 | 16 |
| 223 | 24 | (32) | (118) | 97 | |
| Adjustments on equity investees | |||||
| Depreciation and amortization | 2 | — | 94 | — | 96 |
| Finance income | (1) | — | (1) | — | (2) |
| Finance expense | — | — | 49 | — | 49 |
| Income taxes | 3 | — | (4) | — | (1) |
| Net adjustments on equity investees | 4 | — | 138 | — | 142 |
| EBITDA | 227 | 24 | 106 | (118) | 239 |
| Gain on derivatives | — | — | — | 66 | 66 |
| Other operating income | (6) | — | — | — | (6) |
| Share-based compensation | — | 1 | — | 21 | 22 |
| Unrealized foreign exchange gains | — | — | — | (28) | (28) |
| 221 | 25 | 106 | (59) | 293 | |
| Adjustments on equity investees | |||||
| Long-term incentive plan | — | — | 3 | — | 3 |
| Integration and transformation costs | — | — | 8 | — | 8 |
| Other expenses | — | — | 7 | — | 7 |
| Unrealized foreign exchange gains | (1) | — | — | — | (1) |
| Net adjustments on equity investees | (1) | — | 18 | — | 17 |
| Adjusted EBITDA | 220 | 25 | 124 | (59) | 310 |
| 1 | JV Inkai adjusted EBITDA of $19 million is included in the uranium segment. See Financial results by segment – Uranium in our third quarter MD&A for reconciliation. |
| 2 | Westinghouse earnings are after income taxes. |
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For the nine months ended September 30, 2026:
| ($ MILLIONS) | URANIUM1 | FUELSERVICES | WESTINGHOUSE | OTHER | TOTAL |
|---|---|---|---|---|---|
| Net earnings (loss) before income taxes2 | 703 | 87 | (80) | (511) | 199 |
| Depreciation and amortization | 167 | 31 | — | 5 | 203 |
| Finance income | — | — | — | (25) | (25) |
| Finance costs | — | — | — | 89 | 89 |
| Income taxes | — | — | — | 65 | 65 |
| 870 | 118 | (80) | (377) | 531 | |
| Adjustments on equity investees | |||||
| Depreciation and amortization | 11 | — | 291 | — | 302 |
| Finance income | (2) | — | (2) | — | (4) |
| Finance expense | — | — | 137 | — | 137 |
| Income taxes | 19 | — | (16) | — | 3 |
| Net adjustments on equity investees | 28 | — | 410 | — | 438 |
| EBITDA | 898 | 118 | 330 | (377) | 969 |
| Gain on derivatives | — | — | — | 104 | 104 |
| Other operating income | (24) | — | — | — | (24) |
| Share-based compensation | 1 | 2 | — | 59 | 62 |
| Unrealized foreign exchange gains | — | — | — | (22) | (22) |
| 849 | 120 | 330 | (236) | 1,063 | |
| Adjustments on equity investees | |||||
| Inventory purchase accounting | — | — | 3 | — | 3 |
| Long-term incentive plan | — | — | 50 | — | 50 |
| Non-recurring expenses | — | — | 29 | — | 29 |
| Integration and transformation costs | — | — | 11 | — | 11 |
| Other expenses | — | — | 23 | — | 23 |
| Unrealized foreign exchange losses (gains) | 6 | — | (19) | — | (13) |
| Net adjustments on equity investees | 6 | — | 97 | — | 103 |
| Adjusted EBITDA | 855 | 120 | 427 | (236) | 1,166 |
| 1 | JV Inkai adjusted EBITDA of $187 million is included in the uranium segment. See Financial results by segment – Uranium in our third quarter MD&A for reconciliation. |
| 2 | Westinghouse earnings are after income taxes. |
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For the nine months ended September 30, 2025:
| ($ MILLIONS) | URANIUM1 | FUELSERVICES | WESTINGHOUSE | OTHER | TOTAL |
|---|---|---|---|---|---|
| Net earnings (loss) before income taxes2 | 681 | 129 | 32 | (452) | 390 |
| Depreciation and amortization | 174 | 27 | — | 6 | 207 |
| Finance income | — | — | — | (16) | (16) |
| Finance costs | — | — | — | 85 | 85 |
| Income taxes | — | — | — | 140 | 140 |
| 855 | 156 | 32 | (237) | 806 | |
| Adjustments on equity investees | |||||
| Depreciation and amortization | 6 | — | 285 | — | 291 |
| Finance income | (2) | — | (2) | — | (4) |
| Finance expense | — | — | 149 | — | 149 |
| Income taxes | 11 | — | 25 | — | 36 |
| Net adjustments on equity investees | 15 | — | 457 | — | 472 |
| EBITDA | 870 | 156 | 489 | (237) | 1,278 |
| Loss on derivatives | — | — | — | (109) | (109) |
| Other operating income | (13) | — | — | — | (13) |
| Share-based compensation | 1 | 2 | — | 56 | 59 |
| Unrealized foreign exchange losses | — | — | — | 39 | 39 |
| 858 | 158 | 489 | (251) | 1,254 | |
| Adjustments on equity investees | — | — | — | — | — |
| Inventory purchase accounting | — | — | 5 | — | 5 |
| Long-term incentive plan | — | — | 23 | — | 23 |
| Non-recurring expenses | — | — | 3 | — | 3 |
| Integration and transformation costs | — | — | 32 | — | 32 |
| Other expenses | — | — | 16 | — | 16 |
| Unrealized foreign exchange losses | 4 | — | 1 | — | 5 |
| Net adjustments on equity investees | 4 | — | 80 | — | 84 |
| Adjusted EBITDA | 862 | 158 | 569 | (251) | 1,338 |
| 1 | JV Inkai adjusted EBITDA of $133 million is included in the uranium segment. See Financial results by segment – Uranium in our third quarter MD&A for reconciliation. |
| 2 | Westinghouse earnings are after income taxes. |
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