Cameco(CCJ) - 2025 Q4 - Annual Report

Exhibit 99.3 Management's discussion and analysis February 13, 2026 This management's discussion and analysis (MD&A) includes information that will help you understand management's perspective of our audited consolidated financial statements (financial statements) and notes for the year ended December 31, 2025. The information is based on what we knew as of February 12, 2026. We encourage you to read our audited consolidated financial statements and notes as you review this MD&A. You can find more informati ...