Core Insights - Cameco Corporation (CCJ) reported a remarkable second quarter 2025 performance, with net earnings increasing by 792% year-over-year to CAD 321 million, primarily due to stronger equity earnings from its 49% investment in Westinghouse Electric Company [1][8] - The significant improvement in earnings was driven by Westinghouse's involvement in the construction of two nuclear reactors at the Dukovany power plant in the Czech Republic, contributing CAD 170 million to Cameco's share of Westinghouse's revenues [2] - Cameco's share of Westinghouse's adjusted EBITDA rose to CAD 352 million from CAD 121 million in the same quarter of 2024, with expectations for 2025 adjusted EBITDA to be between CAD 525 million and CAD 580 million, up from previous guidance of CAD 355 million to CAD 405 million [3][8] Company Performance - Cameco's stock has gained 45.2% year-to-date, outperforming the industry growth of 14.4%, the broader Zacks Basic Materials sector's increase of 11.7%, and the S&P 500's rise of 6.9% [7] - The Zacks Consensus Estimate for Cameco's earnings for fiscal 2025 indicates a year-over-year growth of 149%, while the estimate for 2026 suggests a growth of 28.5% [12] Investment and Strategic Developments - Cameco acquired a 49% stake in Westinghouse in 2023 through a strategic partnership with Brookfield Asset Management, combining Cameco's nuclear expertise with Brookfield's clean energy leadership [4] - Over the next five years, Cameco's share of adjusted EBITDA is projected to grow at a compound annual growth rate of 6-10%, excluding the CAD 170 million boost from the second quarter of 2025 [3]