Financial Data and Key Metrics Changes - The overall financial performance across uranium, fuel services, and Westinghouse segments was strong, improving overall expectations for 2025 [19] - The expected annual average realized price saw a slight increase due to rising market prices [19] - The share of Westinghouse's adjusted EBITDA is now expected to be between USD 525 million and USD 580 million, driven by a USD 170 million increase in second-quarter revenue [19] Business Line Data and Key Metrics Changes - Uranium operations are expected to produce 18 million pounds each from McArthur River, Key Lake, and Cigar Lake on a 100% basis [20] - The fuel services division's annual production outlook remains on track for between 13 million and 14 million kgU of combined fuel services products [22] Market Data and Key Metrics Changes - The uranium market is experiencing a delay in demand, accumulating into a future window with greater supply risks, suggesting potential pricing power increases [96] - Both spot and long-term contracting are down in the first half of the year compared to 2024, leading to significant uncovered demand and supply uncertainty [17] Company Strategy and Development Direction - The company maintains a disciplined approach to marketing, layering in long-term contracts for uranium and conversion services to protect against weaker market conditions [15] - The strategy focuses on securing supply to align with demand, avoiding overproduction that could negatively impact prices [15] - The company is positioned as a key player in the nuclear fuel supply chain, with significant investments across the entire nuclear fuel cycle [11][23] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of long-term views in navigating geopolitical and trade-related uncertainties [14] - The company is optimistic about the nuclear industry's future, with increasing global interest and supportive government policies [23] - There is confidence that procuring uranium will become a top priority, which is seen as necessary and unavoidable [18] Other Important Information - Changes to the senior management team were announced, effective September 1, with new appointments aimed at enhancing operational and financial leadership [24] Q&A Session Summary Question: Westinghouse's five-year CAGR guidance - Management explained that the conservative guidance reflects the timing of projects not yet reaching final investment decision (FID) [31][32] Question: Uranium segment EBITDA performance - The strong performance is attributed to low-cost inventory and strategic supply discipline, with expectations for continued improvement as demand increases [40][41] Question: MacArthur production guidance risks - Management acknowledged the challenges in mining, including labor availability and equipment commissioning, but maintained the production guidance [61][62] Question: GLE's selection for Department of Energy funding - Discussions are ongoing, with industry pushback on potential funding mechanisms, emphasizing the need for direct support rather than excess inventory [71][72] Question: Confidence in receiving in-kite deliveries - Confidence in deliveries has improved due to better utilization of the Transcaspian Corridor by partners, with updates expected in Q3 [106]

Financial Data and Key Metrics Changes - The overall financial performance across uranium, fuel services, and Westinghouse segments was strong, improving overall expectations for 2025 [18] - The expected annual average realized price saw a slight increase due to rising market prices [18] - The share of Westinghouse's adjusted EBITDA is now expected to be between USD 525 million and USD 580 million, driven by a USD 170 million increase in second-quarter revenue [18][19] Business Line Data and Key Metrics Changes - Uranium operations are expected to produce 18 million pounds each from McArthur River, Key Lake, and Cigar Lake on a 100% basis [19] - The fuel services division's annual production outlook remains on track for between 13 million and 14 million kgU of combined fuel services products [21] Market Data and Key Metrics Changes - The nuclear market is experiencing a resurgence with significant announcements for new reactors globally, including plans for 10 new reactors in the U.S. and several in Europe [11][12] - There is a noted decrease in both spot and long-term contracting in the first half of the year compared to 2024, leading to increased supply uncertainty [16] Company Strategy and Development Direction - The company maintains a disciplined approach to marketing, focusing on long-term contracts to protect against weaker market conditions while allowing for price exposure [14][15] - The strategy emphasizes the importance of securing uranium supply, with a belief that procuring uranium will become a top priority [17] - The company is positioned as a key player in the nuclear fuel supply chain, leveraging Canada's uranium resources and nuclear service infrastructure [10][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of maintaining a long-term view amidst geopolitical and trade-related uncertainties [13] - The company is optimistic about the future demand for uranium, despite current low contracting activity, believing that delayed demand will lead to increased pricing power [96][102] - The management expressed confidence in the nuclear industry's capacity to meet future build pipelines, emphasizing the need for standardization and sequencing in new projects [92][93] Other Important Information - Changes to the senior management team were announced, with new appointments effective September 1 [23] - The company is actively engaged in discussions with government representatives to support nuclear energy expansion [10] Q&A Session Summary Question: Inquiry about Westinghouse's growth outlook - Management explained that the conservative growth guidance of 6% to 10% is due to many projects not yet reaching final investment decision (FID), which is critical for inclusion in the business plan [26][31] Question: Follow-up on IP windfall - Management indicated that the IP windfall is tied to specific markets and new build opportunities, with expectations for more news from the Czech Republic project [35][36] Question: Uranium segment performance and inventory management - Management discussed the strong EBITDA performance driven by low-cost inventory and emphasized the importance of strategic purchasing to manage inventory levels [41][46] Question: Nuclear new build opportunities and capacity - Management confirmed that the industry has the capacity to meet potential build pipelines, provided there is a commitment to standardization and sequencing [92][93] Question: Contracting discussions in the uranium market - Management noted that while contracting activity is low, it suggests delayed demand, which could lead to increased pricing power in the future [96][102] Question: Confidence in receiving production from Inkay - Management expressed increased confidence in receiving production from the Transcaspian Corridor due to improved reliability from their partner [107]

分组1 - Cameco reported quarterly earnings of $0.51 per share, exceeding the Zacks Consensus Estimate of $0.36 per share, and showing a significant increase from $0.1 per share a year ago, resulting in an earnings surprise of +41.67% [1] - The company achieved revenues of $633.83 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.49% and increasing from $437.07 million year-over-year [2] - Over the last four quarters, Cameco has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] 分组2 - Since the beginning of the year, Cameco shares have increased by approximately 51.3%, significantly outperforming the S&P 500's gain of 8.2% [3] - The current consensus EPS estimate for the upcoming quarter is $0.22 on revenues of $541.66 million, while for the current fiscal year, the estimate is $1.07 on revenues of $2.52 billion [7] - The Mining - Miscellaneous industry, to which Cameco belongs, is currently ranked in the bottom 31% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

The forward-looking information and statements included in this presentation represent our views as of the date of this presentation and should not be relied upon as representling our views as of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, we spectically disclaim any intention or obliqation to update forward-looking information, whether as a result of new information, future events or otherwise, except to the extent required by applicable s ...

Management's discussion and analysis for the quarter ended June 30, 2025 This management's discussion and analysis (MD&A) includes information that will help you understand management's perspective of our unaudited condensed consolidated interim financial statements and notes for the quarter ended June 30, 2025 (interim financial statements). The information is based on what we knew as of and through July 30, 2025, and updates our first quarter and annual MD&A included in our 2024 annual report. As you revi ...

Group 1: Investment Trends - Buy-and-hold investors often favor blue-chip stocks, which are large-cap and mega-cap stocks with mature business models, known for their stability and reliable dividends [1] - Conservative investors should keep an eye on emerging megatrends such as artificial intelligence (AI), digital infrastructure, and energy security, which are expected to reshape the global economy by 2025 [2] - Some lesser-known stocks are outperforming major tech stocks in 2025, indicating potential investment opportunities beyond traditional mega-cap names [2][3] Group 2: Cameco Corporation - Cameco Corp. is one of the largest uranium producers globally, contributing to the long-term demand for nuclear power, with a current stock price of $78.68 and a 12-month price forecast of $80.65, indicating a potential upside of 2.51% [4] - The company has long-term contracts with utility companies and has restarted production capacity to meet rising demand, bolstered by a 49% stake in Westinghouse Electric Company [7] - Cameco's stock has increased by 53% in 2025, approaching its consensus price target, with analysts raising their price targets reflecting the company's strong balance sheet [8] Group 3: Comfort Systems USA - Comfort Systems USA Inc. plays a crucial role in data center infrastructure, with a current stock price of $695.85 and a 12-month price forecast of $635.60, indicating a potential downside of 8.66% [9] - The company reported a year-over-year revenue growth of 19.8% and earnings growth of 74.5%, leading to a 22% increase in stock price, which is up 62% in 2025 [11] - Analysts have raised their price targets for Comfort Systems following the earnings report, with the most bullish target set at $810 [12] Group 4: Fortinet Inc. - Fortinet Inc. is known for its hardware firewalls and is expanding its offerings to include next-generation cloud-compatible firewalls and endpoint security, with a current stock price of $100.99 and a 12-month price forecast of $107.00, indicating a potential upside of 5.95% [13] - The company utilizes custom-built ASICs to deliver enterprise-grade security with better performance and lower costs compared to software-only competitors, making it attractive for companies with hybrid infrastructures [15] - Fortinet's stock is up 10% in 2025 and is trading near its consensus price target, although analysts remain cautious about its future performance [16]

Core Insights - Cameco Corporation (CCJ) is set to report its second-quarter 2025 results on July 31, with projected revenues of $630.7 million, reflecting a 44.3% year-over-year growth, and earnings per share (EPS) estimated at 36 cents, indicating a 260% increase from the previous year [1][4]. Financial Performance - The Zacks Consensus Estimate for Cameco's second-quarter revenues is $630.7 million, which is a 44.3% increase from the same quarter last year [1]. - The consensus estimate for earnings per share is 36 cents, showing a significant improvement of 260% from the prior year's figure of 10% [1]. - Over the past 60 days, the earnings estimate has increased by 50% [1]. Earnings Surprise History - In the last four quarters, Cameco's earnings missed the Zacks Consensus Estimate three times and exceeded it once, with an average negative earnings surprise of 48.50% [2][3]. Production and Sales Outlook - Cameco's uranium production is expected to be supported by its stakes in high-grade uranium mines, including a 69.8% stake in the McArthur River mine and an 83% stake in the Key Lake mill [7]. - The company anticipates uranium sales between 31 million and 34 million pounds in 2025, slightly down from 33.6 million pounds sold in the previous year [8]. - During Q1 2025, Cameco's share of uranium production reached 6 million pounds, a 3% year-over-year increase, with Q2 production expected to exceed 6.2 million pounds from the same period last year [9]. Cost and Pricing Factors - Uranium prices have faced pressure this year, averaging $72.59 per pound in Q2, down 17% year-over-year, but Cameco's revenues may benefit from fixed-price contracts [11]. - The average unit cost of production at McArthur River/Key Lake is expected to be higher, while costs at Cigar Lake are projected to decrease due to increased production [12]. Strategic Developments - Cameco's 49% stake in Westinghouse Electric Company is expected to contribute an additional $170 million to Q2 adjusted EBITDA, linked to Westinghouse's nuclear reactor construction projects [14]. - The company is actively working to lower administration, exploration, and operating costs, which may help mitigate the impact of rising costs on earnings [13]. Market Performance - Cameco shares have appreciated 75.3% over the past three months, significantly outperforming the industry average of 5.5% [16]. - The stock is currently trading at a forward price-to-sales ratio of 13.31, higher than the industry average of 1.24 and above its five-year median of 6.60 [18]. Industry Context - Geopolitical events and a global focus on climate change are creating favorable conditions for the nuclear power industry, with Cameco accounting for 16% of global uranium production in 2024 [20]. - Despite a strong balance sheet and investments to boost capacity, the current decline in uranium prices and changes to the Mineral Extraction Tax in Kazakhstan may impact earnings [21][23].

Core Insights - Cameco, a leading uranium miner, has seen its stock price surge approximately 250% over the past three years, significantly outperforming the S&P 500, which rose 60% during the same period [1] Company Overview - Cameco is based in Canada and operates uranium mines and mills in Canada, the U.S., and Kazakhstan, accounting for roughly 17% of the world's uranium production in 2024, making it the second-largest uranium miner after Kazatomprom [2] Historical Performance - From 2011 to 2021, Cameco's annual revenue declined from $2.41 billion to $1.18 billion, with no revenue growth during that decade, primarily due to the aftermath of the Fukushima disaster in 2011, which led to a global drop in uranium prices [4] - Uranium's spot price fell from over $70 per pound before the Fukushima disaster to below $20 in 2017, forcing Cameco to suspend operations at its largest mines and reduce production [5] Recent Recovery - Between 2021 and 2024, Cameco's revenue experienced a compound annual growth rate (CAGR) of 29% in Canadian dollar terms, with gross margins expanding into double digits over the past two years [6] - Revenue growth rates were reported at 27% in 2022, 39% in 2023, and 21% in 2024 [7] Market Dynamics - The recovery in Cameco's performance was driven by a significant increase in uranium spot prices, which rose from $29.63 in January 2021 to $78.50 in June 2024, prompting the company to restart mining operations at McArthur River and Key Lake in 2022 [8] - Several factors contributed to the rise in uranium prices, including reduced global supply due to production cuts by Cameco and Kazatomprom, alongside increased demand as countries resumed nuclear energy projects [10] Strategic Developments - In late 2023, Cameco partnered with Brookfield Asset Management to acquire a 49% stake in Westinghouse Electric, a nuclear power plant designer and builder, which is expected to stabilize its core mining business [9] - Global challenges, such as sanctions on Russia and supply chain issues in Kazakhstan and Niger, have further tightened uranium supply, benefiting Cameco [11] Future Outlook - Analysts predict that uranium prices will continue to rise as demand outpaces supply, with the growth of cloud and AI data centers driving interest in next-generation nuclear energy solutions [12] - Cameco's stake in Global Laser Enrichment (GLE) could position it as a comprehensive provider in the nuclear power sector, with the International Atomic Energy Agency (IAEA) projecting a potential 2.5 times increase in global nuclear capacity from 2024 to 2050 [13] - From 2024 to 2027, analysts expect Cameco's revenue to grow at a CAGR of 8% in Canadian dollar terms, with adjusted EBITDA projected to grow at a CAGR of 16% [14]

Core Viewpoint - The renewable energy market is expected to grow significantly, providing opportunities for companies like Nio, Plug Power, and Cameco, despite the challenges in distinguishing successful players in this fragmented market [2][3]. Group 1: Nio (Electric Vehicle Market) - Nio is a prominent Chinese electric vehicle (EV) manufacturer expanding into Europe, known for its battery-swapping technology [5][6]. - From 2020 to 2024, Nio's annual deliveries increased over fivefold, with revenue growing at a compound annual growth rate (CAGR) of 42%, and the number of battery-swapping stations rising from 155 to 3,445 [6]. - Analysts project Nio's revenue will grow at a CAGR of 26% from 2024 to 2027, driven by market share growth in China and Europe [7]. Group 2: Plug Power (Hydrogen Market) - Plug Power is the largest pure play hydrogen charging and storage company, providing fuel cells and charging stations, with major clients like Amazon and Walmart [8]. - In 2024, Plug Power's revenue fell by 29% due to macroeconomic challenges and tough comparisons from previous acquisitions [9]. - Analysts expect Plug Power's revenue to grow at a CAGR of 30% from 2024 to 2027, supported by a new $1.66 billion loan guarantee from the U.S. Department of Energy [10][11]. Group 3: Cameco (Nuclear Market) - Cameco is the second-largest uranium miner globally, responsible for about 17% of the world's uranium production in 2024 [12]. - The company's revenue grew at a CAGR of 29% from 2021 to 2024, with adjusted EBITDA surging at a CAGR of 206%, driven by rising uranium prices and the resumption of mining operations [14]. - Analysts forecast Cameco's revenue will grow at a CAGR of 8% from 2024 to 2027, with adjusted EBITDA increasing at a CAGR of 16% [15][16].

Core Insights - Energy Fuels Inc. (UUUU) and Cameco Corporation (CCJ) are significant players in the uranium production industry, expected to contribute notably to the global nuclear energy supply chain [1] Group 1: Uranium Market Overview - Uranium prices have recently declined to $71 per pound, down 14.3% year-over-year, following a brief surge to $79 in late June [2] - The long-term outlook for uranium remains strong due to the increasing demand for clean energy, particularly with U.S. government initiatives to quadruple nuclear energy capacity by 2050 [3] Group 2: Energy Fuels Analysis - Energy Fuels has been the leading U.S. producer of natural uranium concentrate, accounting for two-thirds of U.S. production since 2017 [4] - The White Mesa Mill in Utah is the only fully licensed conventional uranium processing facility in the U.S., with the Pinyon Plain mine expected to be the highest-grade uranium deposit in U.S. history [5] - Energy Fuels anticipates mining 55,000-80,000 tons of ore containing approximately 875,000-1,435,000 pounds of uranium in 2025, a 22% increase from previous guidance [6] - The company sold 50,000 pounds of uranium at $77.00 per pound in Q2 and expects to sell 140,000 pounds in Q3 and 160,000 pounds in Q4 under long-term contracts [7] - Energy Fuels is pioneering heavy rare earth element (HREE) production in the U.S., crucial for the permanent magnet industry [8] - The Donald Project in Australia is expected to start production by the end of 2027, with significant quantities of REE oxides in Madagascar and Brazil [9] - The company has a debt-free balance sheet and aims to ramp up uranium production to 6 million pounds annually [10] Group 3: Cameco Analysis - Cameco accounted for 16% of global uranium production in 2024 and plans to produce 18 million pounds at key sites in 2025 [13] - The company targets uranium deliveries of 31-34 million pounds in 2025, with production at joint venture Inkai resuming after a temporary suspension [15] - Cameco's financial strength is highlighted by a total debt to total capital ratio of 0.15 as of March 31, 2025, and plans to extend the mine life at Cigar Lake to 2036 [17] - The company expects a $170 million increase in its equity share of Westinghouse Electric's adjusted EBITDA due to nuclear reactor construction projects [18][19] Group 4: Financial Estimates and Performance - Energy Fuels' 2025 revenue is expected to drop by 41.24%, with a projected loss of $0.27 per share, while 2026 estimates show a 199.8% revenue surge and a potential profit of $0.06 per share [20][21] - Cameco's 2025 revenue is projected to grow by 10.2%, with earnings expected to increase by 120.4% [22] - Year-to-date, Energy Fuels stock has appreciated 84.8%, outperforming Cameco's 54.1% gain [24] - Energy Fuels trades at a forward price-to-sales multiple of 19.34X, while Cameco's is at 13.21X [26] Group 5: Conclusion - Both companies face short-term revenue challenges due to weak uranium prices, but Energy Fuels offers diversification through rare earth elements, while Cameco benefits from its fuel services business [27] - Energy Fuels has a stronger balance sheet and stock momentum, making it a more compelling investment choice compared to Cameco [28]