Cameco Corp (CCJ) 2025 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Cameco Corporation Fourth Quarter 2025 Results Conference Call. (Operator Instructions) The conference is being recorded. (Operator Instructions) The Q&A session will conclude at 9 AM Eastern Time.

感謝您的耐心等待。這是會議接線員。歡迎參加 Cameco 公司 2025 年第四季業績電話會議。（操作員指示）會議正在錄音。（操作員說明）問答環節將於美國東部時間上午 9 點結束。

I would now like to turn the conference over to Cory Kos, Vice President, Investor Relations and Communications. Please go ahead.

現在我將把會議交給投資者關係和傳播副總裁科里·科斯。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Cameco's Fourth Quarter and Annual 2025 Conference Call. I would like to acknowledge that we are speaking from our corporate office in Saskatoon, Saskatchewan, Canada, which is on tree 6 territory, the traditional territory of the Creek people and the homeland of the MAT.

謝謝接線員，大家早安。歡迎參加 Cameco 2025 年第四季及年度電話會議。我想說明，我們現在是在加拿大薩斯喀徹溫省薩斯卡通市的公司總部發言，這裡位於6號樹領土上，是克里克人的傳統領土，也是MAT的家園。

With us today are Tim Gitzel, Chief Executive Officer; Grant Isaac, President and Chief Operating Officer; Heidi Shockey, Senior Vice President and Chief Financial Officer; and Rachelle Girard, Senior Vice President and Chief Corporate Officer. Tim will provide some commentary to start the call and we will open it up for your questions.

今天與我們在一起的有：執行長 Tim Gitzel；總裁兼營運長 Grant Isaac；資深副總裁兼財務長 Heidi Shockey；以及資深副總裁兼營運長 Rachelle Girard。Tim 會先做一些開場白，之後我們會開放提問環節。

Today's call will be approximately one hour, concluding at 9:00 AM Eastern Time. Our goal is to be open and transparent with our communications. So if we do not have time to get to your questions during this call or if you would like to get into detailed financial modeling questions about our quarterly and annual results, we'd be happy to respond to any follow-up inquiries. (Event Instructions) If you joined the conference call through our website event page, there are slides available, which will be displayed during the call. For your reference, our quarterly investor handout is also available for download in a PDF on our website at cameco.com. Today's conference call is open to all members of the investment community, including the media. During the Q&A session, please limit yourself to two questions and return to the queue.

今天的電話會議大約持續一小時，將於美國東部時間上午 9 點結束。我們的目標是做到溝通公開透明。因此，如果我們在本次通話中沒有時間回答您的問題，或者如果您想詳細了解我們季度和年度業績的財務模型問題，我們很樂意回答任何後續詢問。（活動說明）如果您是透過我們網站的活動頁面加入電話會議的，頁面上會提供幻燈片，這些幻燈片將在會議期間顯示。供您參考，我們的季度投資者資料也可在公司網站 cameco.com 下載 PDF 版本。今天的電話會議對所有投資界人士開放，包括媒體。在問答環節中，請每人限提兩個問題，然後返回隊列。

Please note that this conference call will include forward-looking information, which is based on a number of assumptions, and actual results could differ materially. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law.

請注意，本次電話會議將包含前瞻性訊息，這些資訊基於許多假設，實際結果可能與這些假設有重大差異。您不應過度依賴前瞻性陳述。實際結果可能與這些前瞻性聲明有重大差異，除法律要求外，我們不承擔更新今天所作任何前瞻性陳述的義務。

As required by securities laws, we also need to make you aware that during today's discussion, the company will make references to non-IFRS and other financial measures. Cameco believes these measures provide investors with useful perspective on underlying business trends and a full reconciliation of non-IFRS measures is available at www.cameco.com/invest. Please refer to our most recent annual information form and MD&A for more information about the factors that could cause these different results and the assumptions we have made.

根據證券法的要求，我們還需要告知您，在今天的討論中，公司將提及非國際財務報告準則和其他財務指標。Cameco認為這些指標能為投資者提供有關公司潛在業務趨勢的有用信息，完整的非國際財務報告準則（IFRS）指標調節表可在www.cameco.com/invest查閱。有關可能導致這些不同結果的因素以及我們所做假設的更多信息，請參閱我們最新的年度資訊表和管理層討論與分析（MD&A）。

With that, I will turn it over to Tim.

接下來，我將把麥克風交給提姆。

Well, thank you, Cory, and good morning, everyone. Thank you for joining us to discuss Cameco's Fourth Quarter and Full Year 2025 results. Earlier this week, the US government Department of Energy requested a meeting in Washington, D.C. which turned out to be overlapping with our earnings call this quarter. So due to the exceptional circumstances, I'm recording these introductory comments just before we release, and then I'm catching a plane to Washington.

謝謝你，科里，大家早安。感謝您參加本次活動，共同探討 Cameco 公司 2025 年第四季及全年業績。本週早些時候，美國能源部要求在華盛頓特區舉行一次會議，結果發現會議時間與我們本季的收益電話會議衝突了。由於情況特殊，我將在發布前錄製這些介紹性評論，然後我要搭飛機前往華盛頓。

Needless to say, continuing to advance our landmark partnership agreement signed last fall with the US government to build Westinghouse reactors remains a priority. So I'll lead in with my remarks and hand off to Grant, Heidi and Rachelle for the Q&A portion of today's call.

毋庸置疑，繼續推動我們去年秋天與美國政府簽署的具有里程碑意義的合作協議，即建造西屋反應堆，仍然是我們的首要任務。那麼，我將首先發表我的講話，然後把今天的電話會議的問答環節交給格蘭特、海蒂和雷切爾。

We're into the second week of February now, but I'll start by wishing everyone a belated Happy New Year. As I reflect on this past year, on one side of the coin, we saw ongoing geopolitical turmoil, incredible volatility and general uncertainty seemingly at every turn. But on the other side of that same coin, we also saw resilience, people, institutions and industries adapting, refocusing on the fundamentals and continuing to make meaningful progress and long-term decisions despite the noise.

現在已經是二月的第二週了，但我還是要先祝大家新年快樂（雖然有點晚了）。回顧過去一年，一方面，我們看到了持續不斷的地緣政治動盪、難以置信的波動以及似乎處處存在的普遍不確定性。但另一方面，我們也看到了韌性，人們、機構和產業都在適應，重新聚焦基本面，儘管面臨各種幹擾，仍然不斷取得有意義的進展並做出長期決策。

I'm reminded that progress like this doesn't happen overnight. It's built through consistency, strong communities, great people and a lot of discipline. If I were to summarize the past year in the context of our business and our strategy, I would say that 2025 reflects disciplined execution across the organization. Disciplined because we remain anchored to our long-term strategy, we've learned to look past the distractions of near-term volatility and shifting market themes. And I believe the execution shows up clearly in our business today.

這讓我意識到，這樣的進步並非一朝一夕就能實現的。它的成功建立在堅持不懈、強大的社區、優秀的人才和高度的自律上。如果讓我從公司業務和策略的角度總結過去一年，我會說，2025 年體現了整個組織嚴密的執行力。由於我們始終堅持長期策略，因此我們保持了嚴謹的作風，並學會了忽略短期波動和不斷變化的市場主題所帶來的干擾。我相信，這種執行力在我們今天的業務中得到了充分體現。

Cameco was invested across the fuel cycle, and we are delivering meaningful value to our owners, customers, partners and communities. We operate world-class uranium mines in what we call Tier 1 because they've proven to be Tier 1, not only in terms of the quality of the deposits, but the established economics of the operations. Beyond our flagship mining assets, we also maintained proven Tier 2 operations that are currently in care and maintenance, providing future flexibility.

Cameco 在整個燃料週期中都進行了投資，我們正在為我們的所有者、客戶、合作夥伴和社區創造有意義的價值。我們經營著世界一流的鈾礦，我們稱之為一級礦，因為它們已被證明是一級礦，不僅礦藏品質一流，而且營運的經濟效益也已得到證實。除了我們的旗艦礦業資產外，我們還擁有成熟的二級礦業營運項目，這些項目目前正在進行維護和保養，為未來提供了靈活性。

Our long-term production plans are further supported by our advanced exploration projects and by some of the best uranium exploration properties on the planet. We operate refining, conversion and fuel fabrication businesses with the decades of expertise required to be a long-term partner that customers can rely on. We continue to explore our way into next-generation enrichment through our investment in global laser enrichment, where tangible progress is advancing the technology for use in tails re-enrichment. And through our investment in Westinghouse, not only have we added more fuel cycle and reactor life cycle expertise, we have insight into the future of nuclear fuel demand like never before. Through that investment, we are continuing to advance deployment of the industry-leading Gen 3+ AP1000 reactor in Western markets. It's a proven construction-ready design and not unproven concepts, so it aligns with our focus on disciplined execution.

我們的長期生產計劃得到了我們先進的勘探項目和地球上一些最好的鈾礦勘探資產的進一步支持。我們經營煉油、轉化和燃料製造業務，擁有數十年的專業經驗，能夠成為客戶可以信賴的長期合作夥伴。我們透過對全球雷射濃縮技術的投資，不斷探索下一代濃縮技術，並取得了切實進展，推動了尾部再濃縮技術的發展。透過我們對西屋公司的投資，我們不僅增加了燃料循環和反應爐生命週期的專業知識，而且對未來核燃料需求有了前所未有的洞察力。透過這項投資，我們將繼續推動業界領先的第三代+ AP1000 反應器在西方市場的部署。這是一個經過驗證、可立即施工的設計，而不是未經驗證的概念，因此與我們注重嚴謹執行的理念相符。

Turning to our results. The quarter and the year reflect a strong finish to 2025, supported by robust contributions from all segments of the business, improved realized pricing and continued value creation from our investment in Westinghouse. As anticipated, the fourth quarter was an important contributor to full year performance, reinforcing the benefits of our long-term contracting strategy and our measured approach to production and supply.

接下來來看看我們的結果。本季和全年業績反映了公司在 2025 年的強勁收官，這得益於公司所有業務部門的強勁貢獻、已實現價格的提高以及我們對西屋電氣投資的持續價值創造。正如預期的那樣，第四季度對全年業績做出了重要貢獻，鞏固了我們長期合約策略和穩健的生產供應方法的優勢。

Looking more broadly at the market, 2025 marked another year of accelerating momentum across the nuclear fuel cycle. On the demand side, we saw an inflection not because of a single data point, but because policy, fundamentals and contracting behavior increasingly moved from rhetoric to action. Governments, utilities, industrial energy users and the public have recognized nuclear's essential role in delivering secure, reliable and carbon-free baseload power.

從更廣闊的市場角度來看，2025 年標誌著核燃料循環發展勢頭加速的另一年。在需求方面，我們看到的轉捩點並非源自於單一數據點，而是因為政策、基本面和合約行為越來越多地從言辭轉向行動。各國政府、公用事業公司、工業能源用戶和公眾都認識到核能在提供安全、可靠和無碳基礎負載電力方面發揮著至關重要的作用。

On supply, however, we're not yet seeing a comparable inflection. Long-term contracting volumes in 2025 remain below replacement rate levels, reinforcing the need for continued discipline. Utilities are focused on securing dependable supply in an environment where secondary supplies are thinning and potential new production paces long lead times, inflationary pressures and geopolitical uncertainty.

然而，在供應方面，我們尚未看到類似的轉折點。2025 年的長期合約量仍低於替代率水平，這更凸顯了繼續保持紀律的必要性。在二次供應日益減少、潛在新生產週期長、通膨壓力大、地緣政治不確定等環境下，公用事業公司致力於確保可靠的供應。

While long-term contracting activity increased late in the year, we are simply not prepared to satisfy that demand at today's economics, which do not support sustainable supply. Our discipline is intentional. History tells us that real price discovery occurs when contracting levels reach or exceed replacement rates. We continue to negotiate contracts and unlock value by selectively adding to our long-term portfolio while preserving significant uncommitted volumes to be priced when more demand comes to the market. The pounds we are adding have pricing terms that provide downside protection, but allowing us to retain exposure to improving demand.

雖然今年下半年長期合約活動有所增加，但以目前的經濟狀況來看，我們根本無法滿足這種需求，因為目前的經濟狀況不支持永續供應。我們的紀律是有意識的。歷史經驗告訴我們，真正的價格發現發生在合約水準達到或超過替代水準時。我們繼續協商合同，並透過選擇性地增加長期投資組合來釋放價​​值，同時保留大量未承諾的庫存，以便在市場需求增加時進行定價。我們新增的英鎊定價條款提供了下行保護，同時使我們能夠從不斷增長的需求中獲益。

To start 2026, we have commitments to deliver an average of about 28 million pounds of uranium annually over the next five years. Average realized prices continue to improve, reflecting the strengthening long-term market environment. We ended the year with approximately 230 million pounds committed under long-term contracts. Considering the reserves and resources we have in the ground, we are preserving significant uncommitted productive capacity to deploy as fundamentals continue to strengthen. That alignment between long-term contracting and our supply sourcing remains a cornerstone of our strategy.

從 2026 年開始，我們承諾在未來五年內每年平均交付約 2,800 萬磅鈾。平均實際價格持續改善，反映出長期市場環境的走強。截至年底，我們已簽訂約 2.3 億英鎊的長期合約。考慮到我們地下的儲量和資源，我們保留了大量未投入的生產能力，以便在基本面持續走強時進行部署。長期合約與我們的供應來源之間的這種一致性仍然是我們策略的基石。

Touching briefly on the results we released this morning. We reported -- our annual revenue increased to about $3.5 billion in 2025, up 11% compared to 2024. Adjusted EBITDA was about $1.9 billion, which was up 26% from the previous year and adjusted net earnings of just under $630 million represent a 115% improvement compared to 2024. Needless to say, we are very pleased with the outcome. The theme of disciplined execution can be seen in our financials with discipline, providing us with the flexibility to manage risk, support operations and respond to opportunities as markets evolve.

簡單介紹一下我們今天早上公佈的結果。據我們報道，到 2025 年，我們的年度收入將增至約 35 億美元，比 2024 年增長 11%。調整後的 EBITDA 約為 19 億美元，比上一年增長了 26%；調整後的淨利潤略低於 6.3 億美元，比 2024 年增長了 115%。毋庸置疑，我們對結果非常滿意。嚴謹的執行力體現在我們的財務狀況中，這種嚴謹性使我們能夠靈活地管理風險、支持營運並抓住市場變化帶來的機會。

Our balance sheet remains a core strength, ending the year with approximately $1.2 billion in cash and short-term investments, $1 billion in total debt and strong liquidity supported by consistent cash flow generation. Operationally, in our uranium segment, we produced 21 million pounds on a consolidated basis in 2025, exceeding our revised annual guidance. Cigar Lake once again demonstrated its world-class performance producing above expectations, while McArthur River and Key Lake delivered in line with our revised plans following the development delays earlier in the year. Importantly, while production volumes from our Canadian mines were lower than initially planned, our supply flexibility and long-term planning of our supply sources allowed us to meet delivery commitments and continue to capture value.

我們的資產負債表仍然是核心優勢，年底時擁有約 12 億美元的現金和短期投資，總債務為 10 億美元，並且流動性強勁，這得益於持續的現金流產生。在營運方面，我們的鈾礦業務在 2025 年實現了 2,100 萬磅的綜合產量，超過了我們修訂後的年度預期。雪茄湖再次展現了其世界級水質，產量超出預期；而麥克阿瑟河和基湖在經歷了年初的開發延誤後，也按照我們修訂後的計劃完成了生產。重要的是，雖然我們加拿大礦山的產量低於最初的計劃，但我們供應的靈活性和對供應來源的長期規劃使我們能夠履行交付承諾並繼續創造價值。

Our supply levers include inventory, loans, spot purchases when appropriate and committed long-term purchases like the production we buy from our JV Inkai asset in Kazakhstan. In 2025, despite a rocky start to the year and a pause in production in January last year, JV Inkai met its annual production target. We took delivery of 3.7 million pounds, representing our share of 2025 production as well as 900,000 pounds that remained in Kazakhstan from our share of 2024 production. Our Fuel Services segment delivered another strong year as well, including a record UF6 production at Port Hope. Pricing in the conversion market remains at historically high levels, supported by tight supply, growing demand and a renewed focus on security of supply.

我們的供應槓桿包括庫存、貸款、在適當的時候進行現貨採購，以及長期採購，例如我們從我們在哈薩克的合資企業 Inkai 資產購買的產品。2025年，儘管開年不利，且去年1月停產，合資企業Inkai仍實現了年度生產目標。我們接收了 370 萬磅，其中包括我們 2025 年的產量份額，以及我們 2024 年產量份額中剩餘在哈薩克斯坦的 90 萬磅。我們的燃料服務部門也取得了另一個強勁的年份，其中包括在霍普港創紀錄的 UF6 產量。轉換市場的價格仍處於歷史高位，這得益於供應緊張、需求成長以及對供應安全的重新關注。

With the tension stemming from a supply deficit and conversion, we continue to add long-term contracts with pricing that underpins the sustainability and the value of our operations. Our investment in Westinghouse continues to exceed the acquisition case expectations. In 2025, Westinghouse delivered strong underlying performance, including a significant increase in adjusted EBITDA.

由於供應短缺和轉換帶來的緊張局勢，我們繼續增加長期合同，其定價支撐了我們營運的可持續性和價值。我們對西屋電氣的投資持續超出收購預期。2025年，西屋電氣實現了強勁的基本面業績，包括調整後EBITDA的大幅成長。

We received cash distributions related to both the strong results as well as an additional distribution in 2025, tied in part to its participation in the Korean nuclear project in Czech Republic. While we do not expect comparable distributions in 2026, the Korean consortium continues to advance the Dukovany project, which Westinghouse will be involved in along with work on another 2 reactor project at the Temelin site in Czechia. Westinghouse's outlook remains strong and reinforces the long-term value of our investment.

我們收到了與強勁業績相關的現金分紅，以及 2025 年的額外分紅，部分原因是該公司參與了韓國在捷克共和國的核能專案。雖然我們預計 2026 年不會出現類似的分配，但韓國財團將繼續推進杜科瓦尼項目，西屋公司將參與該項目，同時也將參與捷克泰梅林核電廠的另一個雙反應器項目。西屋電氣的前景仍然強勁，鞏固了我們投資的長期價值。

During the fourth quarter, we announced a strategic partnership between Cameco, Brookfield Westinghouse and the US government aimed at accelerating the deployment of Westinghouse reactor technology backed by at least USD 80 billion in planned investment from the US government. This initiative underscores the growing alignment between policy, energy security and the only proven nuclear technology that is ready to deploy today.

第四季度，我們宣布了 Cameco、Brookfield Westinghouse 和美國政府之間的戰略合作夥伴關係，旨在加速 Westinghouse 反應器技術的部署，美國政府計劃投資至少 800 億美元。這項措施凸顯了政策、能源安全與目前唯一成熟且可立即部署的核子技術之間日益增強的一致性。

Following the term sheet signed in October, constructive discussions are continuing in support of reaching a definitive agreement. As I said, I'm on my way to Washington for the ongoing discussions literally as you listen to this call today. For Cameco, this partnership also supports long-term demand across the fuel cycle, and enhances our insight and ability to meaningfully participate in the global nuclear build-out. Looking ahead, we expect growth across the nuclear fuel cycle to continue, driven by electrification, decarbonization and energy and national security priorities. These are all themes you've heard us repeat call after call. But it's important to reinforce them because they reflect the durability we have not seen before in nuclear. And as the focus on the sector grows, commitments will increasingly be measured by delivery.

繼 10 月簽署條款清單後，雙方仍在進行建設性討論，以期達成最終協議。正如我剛才所說，就在你們收聽本次通話的同時，我正在前往華盛頓參加正在進行的討論。對於 Cameco 而言，這種合作關係也有助於滿足整個燃料循環的長期需求，並增強我們對全球核能建設的洞察力和參與能力。展望未來，我們預計在電氣化、脫碳化以及能源和國家安全優先事項的推動下，核燃料循環將持續成長。這些都是我們在每次通話中反覆提及的主題。但重要的是要加強這些措施，因為它們體現了我們在核能領域前所未見的持久性。隨著對該領域的關注度不斷提高，承諾的衡量標準也將越來越專注於實際交付成果。

Plans for future uranium supply, along with headline grabbing narratives, promising greenfield conversion and novel enrichment technologies continue to attract attention. But the next phase will be defined by execution. Execution is the proof behind commitments and the foundation of trust. And this is where Cameco's experience, assets and discipline matter.

未來鈾供應計劃，以及引人注目的新聞報導、前景廣闊的綠地改造和新型濃縮技術，持續吸引人們的注意。但下一階段將由執行情況決定。執行力是承諾的證明，也是信任的基礎。而這正是 Cameco 的經驗、資產和紀律發揮作用的地方。

In 2026, we expect to produce between 19.5 million and 21.5 million pounds of uranium and between 13 million to 14 million kilograms of uranium product in our Fuel Services division. JV Inkai is planning to ramp up to its full capacity of 10.4 million pounds this year, our share of which is 4.2 million pounds. That's accounted for as a committed purchase along with other long-term purchase commitments.

預計到 2026 年，我們的燃料服務部門將生產 1,950 萬至 2,150 萬磅鈾和 1,300 萬至 1,400 萬公斤鈾產品。合資企業 Inkai 計劃今年將產能提升至 1,040 萬磅的滿載運轉，其中我們佔 420 萬磅的份額。這筆款項將與其他長期採購承諾一起計​​入已承諾的採購額中。

We plan to buy up to 3 million pounds, keeping in mind that we expect to use our various supply levers efficiently, so we're not forced to buy in the spot market if it doesn't make sense. We expect to deliver between 29 million and 32 million pounds of uranium in 2026 with an average realized price between CAD 85 and CAD 89. Fuel Services deliveries are expected to match production at 13 million to 14 million kgU. And our outlook for our share of adjusted EBITDA from Westinghouse is approximately USD 370 million to USD 430 million, representing continued strong performance, albeit lower than in 2025.

我們計劃購買至多 300 萬英鎊，同時考慮到我們希望有效利用各種供應手段，因此如果購買現貨市場沒有意義，我們不會被迫購買。我們預計 2026 年將交付 2,900 萬至 3,200 萬磅鈾，平均實現價格在每磅 85 加幣至 89 加幣之間。預計燃料服務交付量將與產量持平，達到 1,300 萬至 1,400 萬公斤單位。我們對西屋電氣調整後 EBITDA 份額的預期約為 3.7 億美元至 4.3 億美元，這代表著持續強勁的業績，儘管低於 2025 年的水平。

Remember that back in the second quarter of 2025, we accounted for the significant payment related to the Korean reactor built in the Czech Republic, which was USD 170 million for our share related to that specific project. It's a good reminder that as new build activity gains momentum, you can expect some degree of lumpiness in the results from Westinghouse with these big reactor projects pushing forward. So to conclude, we believe the risk to supply continue to be greater than the risk to demand, we believe that Cameco as a disciplined operator with proven Tier 1 assets integrated capabilities across the nuclear industry and a strong balance sheet, is well positioned to deliver long-term value.

請記住，早在 2025 年第二季度，我們就計入了與在捷克共和國建造的韓國反應器相關的大筆款項，即 1.7 億美元，這是我們在該特定項目中應佔的份額。這提醒我們，隨著新建設活動的推進，西屋公司的大型反應爐工程不斷推進，其業績可能會出現一定程度的波動。綜上所述，我們認為供應風險仍大於需求風險，我們相信，作為一家擁有成熟的一級資產、在核工業領域具備綜合能力且資產負債表穩健的營運商，Cameco 完全有能力創造長期價值。

So thank you for your continued interest and support. And operator, the team is now ready to take questions.

感謝您一直以來的關注與支持。操作員，團隊現在可以回答問題了。

(Operator Instructions) Brian Lee, Goldman Sachs.

（操作說明）布萊恩李，高盛。

Maybe first off, just around this new guidance framework for the Westinghouse business. I think that makes a lot of sense given all the activity that's happening and now it's not going to be linear. But can you maybe give us some sense of the framework or ballpark range of what kind of the financial impact of each project is?

首先，或許可以圍繞著西屋公司的這個新指導框架展開討論。考慮到目前發生的種種事件，我認為這很有道理，而且現在的發展趨勢也不會是線性的了。您能否大致介紹一下每個項目可能產生的財務影響範圍或框架？

And presumably, you're talking about 2 packs, so it does seem like the Westinghouse guidance for 2026 is including it says in the MD&A, one project going forward in the US this year. So maybe just thoughts around how we should think about the sizing of the financial impact from each of these projects? And then maybe any color around potential projects in Bulgaria, Poland, maybe even Canada as well. I have a follow-up.

想必您指的是兩包產品，所以西屋電氣 2026 年的業績指引似乎確實包含了 MD&A 中提到的今年在美國推進的一個項目。那麼，我們是否應該思考一下，我們該如何評估每個專案帶來的財務影響？然後，或許還可以考慮在保加利亞、波蘭，甚至加拿大等地開展的潛在計畫。我還有後續問題。

Yes. Thanks, Brian. It's Grant. I'm going to maybe start with your second question, and then we'll work backwards into the specific guidance. I mean Westinghouse continues to be a very exciting space for us. We see nothing but enormous upside for the leading gigawatt scale Gen 3 reactor, we think the opportunities continue to grow. So we remain very disciplined at Cameco. We don't put stuff into the forward guidance until it is at FID. But let's just think about what's on the docket.

是的。謝謝你，布萊恩。是格蘭特。我或許會先回答你的第二個問題，然後我們再逐步深入具體的指導意見。我的意思是，西屋電氣對我們來說仍然是一個非常令人興奮的領域。我們認為領先的吉瓦級第三代反應器只有巨大的發展潛力，我們認為機會還會繼續成長。所以，Cameco 一直保持著非常嚴謹的作風。我們不會在最終投資決定做出之前，將任何內容納入前瞻性指引。但我們還是想想接下來要處理的事情吧。

When we look at the US, I think everybody knows about the $80 billion project to build 8 to 10 reactors in the United States. But don't forget there were a number of conversations in flight with utilities who had been working with the Department of Energy, energy dominance financing group. So we're not talking 8% to 10%. We're talking about a bigger number in the United States that are under consideration. Perhaps another 10 in addition to the US government program.

當我們談到美國時，我想每個人都知道美國斥資 800 億美元建造 8 到 10 個反應爐的計畫。但別忘了，在飛行途中，我們也與一些公用事業公司進行了多次對話，這些公司一直在與能源部、能源主導融資集團合作。所以我們說的不是 8% 到 10%。我們說的是美國正在考慮的更大數量的項目。除了美國政府的計畫之外，或許還需要另外 10 個。

We know that Canada wants to build 4 gigawatt scale reactors at Bruce Site C, but we also know that they're talking about another 10 at the West Leeville site, so potentially 14 there, added to 10 plus 10 perhaps in the United States. We know Poland wants to build AP1000s. They picked it for a 6 reactor program. We know Bulgaria wants to build AP1000s.

我們知道加拿大想在布魯斯C核電廠建造4吉瓦級反應堆，但我們也知道他們正在討論在西利維爾核電廠再建10座，所以那裡可能有14座反應堆，再加上美國可能建造的10座和10座。我們知道波蘭想要建造AP1000型裝甲車。他們選擇它作為6座反應爐的建造工程。我們知道保加利亞想要建造AP1000型飛機。

We know Slovenia is having a very good look. We know Slovakia is having a very good look. And of course, we participate in every Korean new build, and Tim in his comments flagged that not only have the Koreans advanced the Dukovany site in Czechia, but are also looking to advance the Temelin site with another two reactors and then we could even expand it a little bit further and talk about new builds in other jurisdictions, parts of the Middle East, Saudi Arabia, United Arab Emirates.

我們知道斯洛維尼亞方面正在認真考慮此事。我們知道斯洛伐克正在認真審視此事。當然，我們參與了韓國的每一個新建案。提姆在評論中指出，韓國不僅推進了捷克杜科瓦尼核電廠的建設，而且還計劃在泰梅林核電廠再建造兩座反應爐。我們甚至可以進一步擴大合作範圍，討論在其他地區、中東部分地區、沙烏地阿拉伯、阿拉伯聯合大公國的新建設項目。

The point being the upside case for Energy Systems is very, very significant, and we're seeing a lot of activity in that area. But many of those are not at FID yet. And so they're not in our guidance. What we wanted to do was very prudently say, look, Westinghouse is a mature investment for us now. We guide the Cameco core on an annual basis. We're going to guide the Westinghouse core on an annual basis and then kind of provide a framework for how each of these reactors plug in.

關鍵在於，能源系統領域的上漲前景非常非常廣闊，我們看到該領域非常活躍。但其中許多項目尚未進入最終投資階段。因此，它們不在我們的指導方針之內。我們當時想非常謹慎地表示，西屋電氣現在對我們來說是一項成熟的投資。我們每年都會指導 Cameco 核心團隊。我們將每年對西屋公司核心部門進行指導，然後為每個反應器的接入方式提供一個框架。

And that framework that we've shown in the past, on a per reactor basis and good of you to note that you generally build them in 2 packs, you don't build them as one. So multiply by 2. But on a per reactor basis, you're looking at something around $400 million to $600 million EBITDA for every reactor that gets built. That's through the engineering and procurement part of the Westinghouse scope. So we almost invite folks, you choose how many reactors you think are going to go forward in that framework in the years. And you can see the big lumpiness that comes from it. So we're just going to guide on a more systematic core-related basis.

我們過去展示的框架，是按反應器劃分的，而且你注意到它們通常是兩組一起建造的，而不是一組一起建造的，這很好。所以乘以 2。但以每個反應器計算，每個新反應器的 EBITDA 大約在 4 億美元到 6 億美元之間。這是西屋電氣工程和採購業務範圍內的部分。所以我們幾乎是在邀請大家，由你們來選擇你們認為未來幾年在這個框架下會有多少反應爐會繼續前進。你可以看到由此產生的大塊疙瘩。所以我們將以更有系統、更核心的方式來指導。

And then when you look at the Westinghouse guidance in 2026 and you compare it to 2025, it's actually up over our initial 2025 guidance with, of course, the swing factor in 2025 being the royalty payment on the Dukovany units in Czechia, but the Westinghouse core continues to perform as expected. Reactors being saved, reactors being restarted, reactors going through subsequent license renewals plus the nearly 70 reactors under construction right now, let alone those that are on the drawing board. I guess our point, Brian, is Westinghouse just continues to be extraordinarily well positioned for the tailwinds in the nuclear space.

然後，當你查看西屋電氣 2026 年的業績指引，並將其與 2025 年的業績指引進行比較時，你會發現它實際上高於我們最初的 2025 年業績指引。當然，2025 年的波動因素是捷克 Dukovany 機組的特許權使用費，但西屋電氣的核心業務繼續按預期運作。正在被拯救的反應爐、正在被重啟的反應爐、正在經歷後續許可證續期的反應堆，再加上目前正在建造中的近 70 個反應堆，更不用說那些還在設計階段的反應堆了。布萊恩，我想我們的觀點是，西屋公司在核能領域仍佔有非常有利的地位，能夠充分利用各種利多因素。

That's great. I appreciate all that color, Grant. Kind of maybe just my second question around kind of the modeling assumptions here. When I look at the average realized pricing outlook for 2026 in uranium, it appears pretty flattish at the midpoint year-over-year. Can you maybe speak to why there isn't a bit more appreciation happening there? Maybe just it's the timing of contracts, but I would have thought that you'd see some movement on that line given how pricing has generally been on an uptrend in recent years.

那太棒了。格蘭特，我喜歡這些色彩。這或許是我關於模型假設的第二個問題。當我查看 2026 年鈾的平均實際價格預期時，發現其同比中點走勢相當平穩。您能否談談為什麼那裡沒有更多的人對此表示讚賞？也許只是合約簽訂的時間問題，但考慮到近年來價格總體呈上漲趨勢，我以為這條線上會有一些波動。

Yes, Brian. So let's shift to the other end of the spectrum and talk about uranium a little bit. This is what discipline looks like. You've heard us say for the better part of two years now that as we're in a market that is beginning to understand that more uranium is required and needs to be -- needs to come to the market. And you can just see that from the uncovered requirements wedge.

是的，布萊恩。那麼，讓我們轉向另一個極端，來談談鈾。這就是紀律的樣子。在過去近兩年的時間裡，我們已經多次強調，我們所處的市場開始意識到需要更多的鈾，並且需要更多的鈾進入市場。從未滿足的需求部分就能看出這一點。

If you look at that wedge of uranium that the fuel buyers have not yet bought, that wedge is as big as it's ever been. There is a significant amount of demand that has to come to the market. And that says to an incumbent producer that now is the time to be disciplined. Now is the time to let that demand form and let it come to the market. And those who have been watching the market know that we have not achieved replacement rate across the industry yet.

如果你看看燃料買家尚未購買的那部分鈾礦，你會發現這部分鈾礦的儲量比以往任何時候都大。市場需要出現大量的需求。這表明，對於現有生產商而言，現在是自律的時候了。現在正是讓這種需求形成並進入市場的時候。那些一直關注市場的人都知道，我們尚未在整個行業中實現替換率目標。

In fact, we're well below replacement rate. And we, at Cameco, have been in every cycle, and we know that when you're at replacement rate or above, that's when real price appreciation comes. I provide that as context because we've been saying we're being very fussy in the amount of volume that we're willing to place and we're being very fussy with the terms and conditions that we're willing to part with future material. So no surprise, we just haven't been layering in the big volumes because while we're being fussy, not every utility is prepared to agree to our terms and conditions.

事實上，我們的人員配備遠低於更替水準。我們 Cameco 經歷了每一個週期，我們知道，當價格達到或超過更換價格時，真正的價格上漲就會到來。我提供這些背景資訊是因為我們一直強調，我們對願意投入的庫存量非常挑剔，對未來交付材料的條款和條件也非常挑剔。所以毫不奇怪，我們只是沒有大量投入，因為雖然我們很挑剔，但並不是每個公用事業公司都願意接受我們的條款和條件。

So you're not seeing that pickup in the near term because we're preserving those pounds for when more demand is coming to the market. That's our disciplined marketing strategy, and it's also reflected in the disciplined pace at which we then produce into that demand. So this is what discipline looks like. This is how you capture long-term value. This is not the moment to be locking in huge volumes because we think more demand has to come and as that demand comes, it's going to probably price stronger uranium, and that's when we want to do more contracting. And then that's when you'll see a lot more exposure to rising prices.

所以短期內你不會看到銷售回升，因為我們正在儲備這些重量，以備市場需求增加時使用。這就是我們嚴謹的行銷策略，也體現在我們以嚴謹的節奏回應市場需求進行生產。這就是紀律的樣子。這就是獲取長期價值的方法。現在還不是鎖定大量交易的時候，因為我們認為未來會有更多需求，隨著需求的到來，鈾價可能會走強，而那時我們才會考慮簽訂更多合約。到那時，你就會面臨更大的價格上漲風險。

Alexander Pearce, BMO Capital Markets.

Alexander Pearce，BMO資本市場。

So an easy question to start with Grant. Given Tide's absence from the call, do you think you're getting close to finalizing the agreement or would you expect maybe we could see something in the next kind of quarter or could it be a bit later in the year?

那麼，格蘭特，我們先問你一個簡單的問題。鑑於 Tide 沒有出席電話會議，您認為雙方即將達成最終協議嗎？或者您預計我們會在下一個季度看到一些進展，還是會等到今年晚些時候？

Yes. Just a bit of context around the agreement with Cameco Brookfield Westinghouse and the US government. Obviously, we announced a definitive term sheet at the time of announcement. And then there was work to do on the definitive agreement, and that continues.

是的。關於與 Cameco Brookfield Westinghouse 和美國政府達成的協議，這裡簡單介紹一下背景。顯然，我們在發佈公告時就公佈了最終條款清單。然後還有關於最終協議的工作要做，這項工作仍在進行中。

What the conversation is really about is these three projects underneath that are advancing. There's a lot of momentum behind them. The first one is identifying where the 2 packs are going to go and the model that they're going to be built under. And that's work being done by the Department of Commerce and the Department of Energy, and we're only sort of involved around the edges and figuring that piece out.

真正的討論焦點在於以下三個正在進行的項目。他們背後有著強大的發展動能。首先要確定這兩個包裝盒的擺放位置以及它們的生產型號。這項工作是由商務部和能源部負責的，我們只是在邊緣地帶參與其中，弄清楚這部分內容。

The second big project is identifying what the order of the long lead items would look like. So there's been a separation, if you will, between the normal process of identifying a site and figuring out the model that's going to be built under and then ordering long lead items. Those two have been separated because everybody is working backwards from the Trump executive order that says 10 large nuclear power plants have to be under construction by 2030. So if you wait and do step on first, identify all of the sites and identify the model, and then you order long lead items, you won't achieve the executive order.

第二個大工程是決定長週期物料的訂購順序。因此，在確定選址、確定建造模式以及訂購長週期物料的正常流程之間，出現了一種分離。這兩個項目被分開，是因為大家都在根據川普的行政命令進行倒推，該命令規定到 2030 年必須建造 10 座大型核電廠。所以，如果你等到最後才採取行動，確定所有地點並確定模型，然後再訂購交貨週期長的商品，你就無法實現行政命令的要求。

We're obviously heavily involved in the conversation about ordering the kit for 10 reactors right now upfront. And then the third project, of course, is just securing the financing to come from Japanese as part of the foreign direct investment commitment. So this isn't about negotiating the definitive agreement. This is about fulfilling all of these next steps, very exciting conversations about what the order for long lead items would look like. I think if we allowed ourselves to be optimistic, we do believe there's a good chance that we will see a long lead item order as part of this program in 2026.

顯然，我們現在正積極參與關於提前訂購 10 個反應器所需套件的討論。當然，第三個項目就是確保從日本獲得資金，作為外國直接投資承諾的一部分。所以，這不是要協商最終協議的問題。這關係到完成所有這些後續步驟，關於長週期物料的訂購流程會是什麼樣的，這真是令人興奮的討論。我認為，如果我們保持樂觀，我們相信很有可能在 2026 年，該計劃會包含長週期產品訂單。

And in fact, that will probably coincide with long lead item orders on other programs as well. So 2026 is set to be a pretty transformative year where announcements turn into action on the gigawatt scale new build section.

事實上，這很可能也會與其他項目中的長週期物料訂單同時發生。因此，2026 年將是具有重大變革意義的一年，屆時各種公告將轉化為吉瓦級新建計畫的行動。

So would you suggest that there could actually be some upside to the '26 guide then if everything comes into place and you get the two units, et cetera, et cetera?

那麼，如果一切順利，你拿到那兩台設備等等，那麼 '26 年的指南實際上可能會有一些好處嗎？

Yes. Perhaps there could be. I mean, we built a little bit of that into the guidance for Westinghouse, but that's sort of on a small order basis. This concept of separating long lead items from figuring out where each 2 pack is going to be built in the model actually kind of reverses the framework that we put out for thinking about how every AP1000 flows revenue and margin and cash flow, and that is normally you would start to do the engineering work. You would sign the FEED One, which is tens of millions of dollars and then the FEED 2 contract, which is hundreds of millions of dollars all leading to a final investment decision, which would then trigger the procurement side of the business, the ordering of the long lead items that really important procurement process that Westinghouse provides oversight and guidance and quality assurance and all of that on.

是的。或許有吧。我的意思是，我們在西屋電氣的指導方針中也考慮了這一點，但這主要是針對小訂單而言的。將長週期項目與確定每個 2 件裝產品在模型中的生產位置分開的概念，實際上顛覆了我們提出的關於每個 AP1000 如何產生收入、利潤和現金流的框架，而這通常是你開始進行工程工作的起點。您將簽署價值數千萬美元的 FEED One 合同，然後簽署價值數億美元的 FEED 2 合同，所有這些都將最終促成投資決定，該決定將觸發業務的採購方面，即訂購長週期物料，這是一個非常重要的採購流程，西屋公司將提供監督、指導和質量保證等等。

With the separation of the long lead items from identifying where the reactors are going to be built, we actually could see the procurement revenues and margins beginning to flow first. And so that will be something that we'll watch for in 2026. And obviously, we'll be very vocal about what that means to the Westinghouse business should we find ourselves in a position of securing orders for substantial orders for lots of reactors and their long lead items.

如果將長週期物料的採購與確定反應器建造地點分開，我們實際上可以率先看到採購收入和利潤開始流入市場。所以這將是我們在2026年需要關注的事情之一。顯然，如果我們有機會獲得大量反應器及其長週期部件的大訂單，我們將非常明確地說明這對西屋公司的業務意味著什麼。

Orest Wowkodaw, Scotiabank.

Orest Wowkodaw，加拿大豐業銀行。

Could we spend a few moments just talking about the production outlook at specifically McArthur River. I'm surprised to see the potential impact here in 2016. It looks like your guide would suggest that output could be as much as 4 million pounds below the 18 million pounds design. What -- I guess, can you give us more color what's going on there and whether this issue is expected to be resolved this year? Or could this continue into future years?

我們能否花幾分鐘時間專門談談麥克阿瑟河的生產前景？我很驚訝地看到它在 2016 年可能產生的影響。根據你的指南，實際產量可能比設計產量 1800 萬英鎊減少多達 400 萬英鎊。我想問的是，您能否詳細介紹那裡的情況，以及這個問題預計今年能否得到解決？或者這種情況會持續到未來幾年？

Yes, Orest. Great question. And we'll spend a little bit of time on it, of course. So if you think about McArthur River, even with the guidance we put out for 2026, it makes McArthur, the second largest uranium mine in the world by quite a margin. So between Cigar and McArthur.

是的，奧雷斯特。問得好。當然，我們也會花一些時間在這上面。所以，即使按照我們發布的 2026 年指南來看，麥克阿瑟河鈾礦仍然是世界第二大鈾礦，而且領先優勢相當大。所以，在雪茄和麥克阿瑟之間。

this is a lot of uranium production that Cameco is responsible for. And it really reflects just how strong the production team is there. So we announced in September of 2025 that we were seeing delays at McArthur River. And we also said at the time that you can't divorce our plans to produce from where the market is at. And so when we look at today's market, that's not at replacement rate, a market where we think a lot more demand has to come, that's a market where we're not yet placing growth pounds or expansion pounds or extension pounds because the demand just simply hasn't been there.

這是Cameco公司負責的大量鈾產量。這充分體現了該製作團隊的實力。因此，我們在 2025 年 9 月宣布，麥克阿瑟河計畫出現了延誤。我們當時也說過，我們的生產計畫不能脫離市場現狀。因此，當我們審視當今市場時，它還不是更新換代市場，我們認為這個市場還有很大的需求，我們還沒有在這個市場投入成長資金、擴張資金或延伸資金，因為需求根本沒有出現。

Pricing has been getting stronger and stronger on very limited demand. But ultimately, that demand hasn't been very strong. So that then informs how we think about our production plan. So we look at McArthur River, we look at those delays that we announced in September 2025. And the 2025 production just hit the top end of that revised guidance in 2025, which was good.

在需求極為有限的情況下，價格卻越來越高。但最終，這種需求並不十分強勁。因此，這會影響我們對生產計劃的思考。所以我們來看看麥克阿瑟河項目，看看我們在 2025 年 9 月宣布的那些延誤。2025 年的產量剛好達到修訂後的預期上限，這很好。

But ultimately, we just stick to the plan that we put in place in September 2025. We have no incentive right now to accelerate it in any way. So that's not what we're trying to do. We're not trying to take any heroic action at McArthur River. We're just systematically working on the mine development that's required as we as we move into new zones.

但最終，我們還是會堅持執行我們在 2025 年 9 月制定的計畫。我們目前沒有任何動力以任何方式加快這一進程。所以這並不是我們想要做的。我們並非想在麥克阿瑟河採取任何英勇行動。隨著我們進入新的礦區，我們正在有條不紊地進行必要的礦山開發工作。

And we're not being incented by the market. We're not being told by the market with volumes of demand that it's time to do anything different than systematically go ahead and do that. So we are seeing a bit of a tail on the 2026 guidance. But ultimately, McArthur has produced at 18 before. It's produced at 20 before. It has a license to go to 25. McArthur is an extraordinary asset. We are just timing it and pacing it as part of our demand strategy and our disciplined strategy. And that's all that this reflects.

而且我們並沒有受到市場激勵。市場需求量並沒有告訴我們應該採取與以往不同的做法，而是應該繼續按部就班地進行。因此，我們看到2026年的預測數據出現了一些延遲。但說到底，麥克阿瑟此前曾在 18 歲時取得過成績。它之前生產過 20 台。它擁有最高 25 年的許可證。麥克阿瑟是一位傑出的人才。我們只是在根據需求策略和嚴謹的策略來安排時間和節奏。這就是它所反映的全部內容。

And could that -- based on that incentive, could that then potentially continue into 27 and beyond if you don't see the market improve?

如果市場沒有好轉，基於這種激勵措施，這種情況是否有可能持續到 2027 年甚至更久？

Well, the market is improving. And we don't guide 2027 in 2026. But our confidence that the team is working on a path to ensure that the development is there for the production when we want it. That confidence is there. It's just in 2026 as we're looking at a market, and I'll just remind everybody on the call term contracting in 2025 ended up being 116 million pounds, well, well short of replacement rate.

市場正在好轉。我們不會在 2026 年就對 2027 年做出預測。但我們相信團隊正在努力確保開發成果能夠準時投入生產。那份自信是存在的。就在我們展望 2026 年市場的時候，我還要提醒大家，2025 年的定期合約最終金額為 1.16 億英鎊，遠低於替代率。

That tells us more demand has to come to the market. And so we just -- we watch that very carefully. We never front-run demand with supply. And then that is reflected in our -- in the decisions we make about the pace at which we develop our assets. And to the extent that you believe more demand is coming, which means a stronger pricing environment is coming, these pounds are worth more in the future than they are today, which encourages us to remain very disciplined on that plan.

這說明市場需要增加更多需求。所以，我們會非常仔細地觀察這一點。我們絕不會搶在需求之前增加供應。然後，這一點就體現在我們——體現在我們對資產開發速度所做的決定中。而且，如果你認為未來會有更多需求，這意味著價格環境會更加強勁，那麼這些英鎊未來的價值就會高於現在，這促使我們嚴格執行該計畫。

Okay. And does that also mean that the expansion to 25 million pounds likely comes later rather than sooner?

好的。那是否也意味著，擴容至 2500 萬英鎊的計劃可能會推遲而不是提前實現？

Well, not necessarily. We're doing the work and continue to do the work to fully understand what's required at both the mine as well as the Key Lake mill for when we make the decision to go to a higher level of production. Remember, when we sign long-term contracts, we typically don't start delivery for until two years and beyond. It always gives us a built-in runway to respond with our production. And what we're doing ahead of that in a market that we feel is getting stronger and stronger and more demand has to come, but hasn't quite hit replacement rate yet.

嗯，不一定。我們正在進行工作，並將繼續工作，以充分了解礦場和 Key Lake 選礦廠在決定提高產量時需要哪些條件。請記住，當我們簽訂長期合約時，通常兩年或更久之後才會開始交付。它始終為我們的生產應對提供緩衝空間。我們正在做的是，在這個我們認為會越來越強勁、需求必然會不斷增長，但尚未達到更新換代速度的市場中，搶佔先機。

What we're doing is making sure we understand everything that needs to be done at the mine and mill in order to achieve that higher level of production once it's priced accordingly. So I would just delink the two. One is just the plan of mine development from the plan for mine expansion, but we have not made that decision yet, and we don't have any time frame for making that decision. That decision is ultimately up to the fuel buyers collectively. And it's ultimately up to them bringing more demand to the market in order to signal that it's time to expand.

我們正在做的，是確保我們了解礦山和選礦廠需要做的一切，以便在價格相應確定後實現更高的產量水平。所以我只會將它們分開。其中一項是礦山開發計劃，來自礦山擴建計劃，但我們尚未做出該決定，也沒有做出該決定的時間表。最終的決定權在於所有燃油買家。最終，他們需要為市場帶來更多需求，以此發出擴張的訊號。

Ralph Profiti, Stifel.

拉爾夫·普羅菲蒂，斯蒂費爾。

The MD&A, and just going back to the last question, did bring up some technical risk highlights around McArthur River Zone 1 and Zone 4. And as you talk about this slow proactive managing of these risks. I just wanted to get a little bit of sense on the technical risks around sort of production capability limits in the short term and whether or not you would still characterize some of the technical limits as being transient and temporary? Or is this more of a mine development risk that could take sort of multi-years to figure out versus production capability irrespective of what the market is telling you.

MD&A，以及回到上一個問題，確實提出了麥克阿瑟河 1 區和 4 區的一些技術風險重點。正如你所說，這種緩慢而積極地管理這些風險。我只是想了解短期內生產能力限制的技術風險，以及您是否仍然認為某些技術限制是暫時的、短暫的？或者，這更多的是一種礦山開發風險，可能需要數年時間才能弄清楚，而不是生產能力，而與市場告訴你什麼無關。

Yes. Ralph, I think I understand your question to be, are we flagging risks that would prevent us from, say, being on a disciplined production strategy? So in the MD&A, we are identifying the factors that led to that announcement in September of 2025 that we weren't going to meet our plan at McArthur River. So that was things like encountering a clay zone that was proving to slow down the rate at which we install freeze capacity and therefore, build up a frozen ore inventory and that was slowing down the rate at which we were developing into that zone. Once we fell behind that plan, our strategy doesn't encourage us to try to catch up.

是的。拉爾夫，我想我理解你的問題是，我們是否注意到一些風險，這些風險可能會阻止我們採取嚴格的生產策略？因此，在管理層討論與分析中，我們正在確定導致我們在 2025 年 9 月宣布我們將無法實現麥克阿瑟河計畫的因素。例如，我們遇到了黏土層，這減緩了我們安裝冷凍產能的速度，從而減緩了冷凍礦石庫存的累積速度，也減緩了我們向該區域開發的速度。一旦我們落後於計劃，我們的策略就不會鼓勵我們努力追趕。

So we're just working systematically at the development that has been a, I would say, rephased or repaced as a result of those risks.

因此，我們正在有條不紊地推進開發工作，可以說，由於這些風險，開發工作已經重新分階段或重新調整了進度。

So those risks have not changed, and they've not gone up, they're not suddenly -- it's not suddenly a riskier environment. It's just our response to it is measured with the market. And should we see a market that starts to bring more demand and more demand brings stronger and stronger price discovery. Like it is right now, we're continuing to see strengthening floors and strengthening ceilings and market-related contracts. We're continuing to see that long-term price go up.

所以這些風險並沒有改變，也沒有增加，環境也沒有突然變得更危險。只是我們的因應措施是根據市場情況來衡量的。我們是否會看到市場開始產生更多需求，而更多需求又會帶來越來越強的價格發現機制？就像現在這樣，我們繼續看到市場底線和上限不斷走強，以及與市場相關的合約不斷增加。我們持續看到長期價格上漲。

If we see an acceleration of that process, that's what would encourage us to accelerate the mining plans at McArthur River. But these are linked. The pace at which we bring production on also sends a signal to the market. And right now, the signal we prefer to send is that production is matched to the demand that's in the market as opposed to trying to front run it.

如果我們看到這一進程加速，這將鼓勵我們加快麥克阿瑟河的採礦計畫。但這兩者之間是有關聯的。我們加快投產速度也會向市場發出訊號。目前，我們更願意傳遞的訊息是，生產與市場需求相匹配，而不是試圖搶佔先機。

And kind of my follow-up is along the same lines because you and Tim talked about discipline and the balancing act of contract layering, existing 230 million pounds in the reserve base that backfills that. At what point are we going to see potential Cameco run into sort of stresses on being able to production backfill the next, say, 10 or 15 years of that contract book and the growing demand. At what point does that become stressed?

我的後續問題也與此類似，因為你和提姆談到了紀律和合約分層的平衡，以及現有的 2.3 億英鎊儲備金來填補空缺。我們什麼時候會看到 Cameco 在滿足未來 10 到 15 年的合約需求和不斷增長的需求方面遇到生產壓力？這種情況在什麼情況下會變得緊張？

Well, Ralph, the way we look at this market with a historic wedge of uncovered requirements in front of us and which is, I think, one important part of the macro story. The second important part of the macro story is the ability of the global uranium supply stack to respond. And I mean both the primary production stack and the secondary stack both are declining significantly while demand is strengthening, while there's a big wedge of demand still to come to the market. Ralph, this just sounds like an incredible opportunity for an incumbent producer. It sounds to me like a very constructive pricing environment.

拉爾夫，我們看待這個市場的方式是，我們面前存在著歷史上未覆蓋需求的巨大缺口，我認為這是宏觀經濟情勢的重要組成部分。宏觀層面的第二個重要部分是全球鈾供應體系的應變能力。我的意思是，初級生產環節和二級生產環節都在大幅下降，而需求卻在增強，同時市場上還有很大的需求缺口。拉爾夫，這聽起來對一位現有製片人來說簡直是一個絕佳的機會。在我看來，這聽起來是一個非常正面的定價環境。

And so when you stay stress, it really is sequencing the plans to match the demand that's going to come to the market. We're very confident the demand needs to come at it. We've seen it can be delayed. It can be deferred, but it ultimately can't be avoided. As that demand comes, as utilities bring demand into the early '20s, mid -- early 30s into the mid-30s into the market, and we capture that demand Ralph, that gives us lots of time to prepare our assets, to prepare our existing Tier 1 asset. And remember, our Tier 1 asset base is not running at full capacity.

因此，當你保持壓力時，實際上是在安排計劃的順序，以匹配即將進入市場的需求。我們非常有信心，市場需求一定會到來。我們已經看到，這種情況可能會被推遲。可以推遲，但最終無法避免。隨著需求的到來，隨著公用事業公司將需求推高至 20 多千兆瓦、30 多千兆瓦到 30 多千兆瓦，並進入市場，而我們抓住了這種需求，拉爾夫，這給了我們充足的時間來準備我們的資產，準備我們現有的 Tier 1 資產。請記住，我們的一級資產基礎並未全力運作。

It gives us lots of time to prepare our Tier 2s in care and maintenance, which aren't even running today. It gives us lots of opportunity to consider where do we have brownfield expansion from those Tier 1s and Tier 2s and it gives us lots of time to consider what the development needs to be for additional new production. But ultimately, it's about being disciplined and not trying to front run that because as we've seen time and time again, those who build up productive capacity and don't have a home for it, end up jamming it into the spot market where it's absolutely value destructive for investors in uranium. So for us, it is about staying disciplined. When we see that sort of tightness in the market, Ralph, it gets reflected in higher prices of uranium. That's the dynamic that gets us very excited.

這給了我們充足的時間來準備我們的二級維護和保養工作，這些工作今天甚至還沒開始。這給了我們很多機會去考慮如何從一級和二級工廠進行棕地擴張，也給了我們很多時間來考慮新增產能需要怎樣的發展。但歸根結底，關鍵在於保持自律，不要試圖搶佔先機，因為我們已經一次又一次地看到，那些積累了生產能力卻沒有地方存放的人，最終會把這些能力傾銷到現貨市場，這對鈾投資者來說絕對是價值破壞性的。所以對我們來說，關鍵在於保持自律。拉爾夫，當市場出現這種供應緊張的局面時，就會反映在鈾價上漲上。正是這種活力讓我們感到非常興奮。

Lawson Winder, Bank of America.

勞森·溫德，美國銀行。

Grant. Thank you for your comments today and the update. If I could, I'd like to come back to the Westinghouse EBITDA guide. And then if there's time, just a follow-up on your Fuel Services guidance. But just on the Westinghouse guide, kind of a basic question here.

授予。感謝您今天的評論和更新。如果可以的話，我想再回顧一下西屋電氣的 EBITDA 指南。如果時間允許，再跟進一下您對燃油服務的指導意見。但就西屋電氣的使用指南而言，這裡有個比較基本的問題。

But I mean if you look at the midpoint of this guidance versus the midpoint of the 2025 guidance, it's up 5%. And while I respect that you have changed the way that you're guiding, I mean the prior guide was for 6% to 10%. Is there just one thing you can point to that you would say, attributed to that roughly 1% below the prior range?

但我的意思是，如果你看一下這份指導意見的中點與 2025 年指導方針的中點，你會發現它上升了 5%。雖然我尊重您改變了指導方式，但我的意思是，先前的指導方針是針對 6% 到 10% 的。您能否指出一個具體因素，認為正是這個因素導致了比之前的範圍低約 1%？

Well, I would say if you look at what was driving the lower end of that range. And you'll remember us talking about this quite a bit, it really was around the core of the business. So what are the drivers around the core? Where do you get pickup in the core from the existing fleet? And it really was things like reactors that were shut down being restarted.

嗯，我想說，如果你看看是什麼因素導致了該價格區間的低端部分。你應該還記得我們之前多次談到這一點，這確實是我們業務的核心所在。那麼，核心周圍的驅動因素是什麼？如何從現有車隊中獲得核心車輛？確實，像反應爐這類關閉後又重新啟動的設施就是如此。

Reactors that were going to be shut down being extended. And then it was reactors going through subsequent license renewals and therefore, doing the work required to run for another 20 years. And also, we've seen an uptick in reactors that are now interested in uprates or super upgrades all growing that sort of core business of Westinghouse, that interest in reactors being restarted, saved upgraded, extended has not gone down.

原本要關閉的反應爐被延長了運作時間。然後，反應器需要進行後續的許可證續期，因此，它們需要完成再運行 20 年所需的各項工作。此外，我們看到越來越多的反應爐對升級或超級升級感興趣，這都促進了西屋電氣的核心業務成長，人們對重啟、拯救、升級、延長反應器的興趣並沒有下降。

It's in fact only gone up. But of course, the processes to get there, the time required to get the licenses and the permits to go through the regulatory approvals, maybe has taken a little bit longer than expected so that the orders the immediate orders and the immediate work to do that hasn't picked up quite as quickly. That just means Lawson, it's still in front of Westinghouse. It doesn't mean it's lost. It doesn't mean it's underperforming our demand expectations.

事實上，價格只漲不跌。當然，實現這一目標所需的流程，獲得許可證和許可並通過監管審批所需的時間，可能比預期要長一些，因此訂單、緊急訂單和立即開展的工作並沒有那麼快地開始。那意味著勞森仍然領先西屋公司。但這並不意味著它丟失了。但這並不意味著它的表現低於我們的預期需求。

It's just the subsequent license renewals and the uprates are just not happening as fast as maybe we would like, but they're still happening because they need to happen. And in fact, we're seeing more of that interest flow into orders entered going forward. So we just continue to be very excited about Westinghouse's position in the core.

只是後續的許可證續約和升級速度可能沒有我們希望的那麼快，但它們仍在進行，因為它們必須進行。事實上，我們看到這種興趣正在轉化為未來的訂單。因此，我們對西屋電氣在核心領域的地位依然感到非常興奮。

I think I might add to that, Lawson, that the newbuild business is really lumpy, and that forward guidance over the five years, it's going to move from year-to-year, so it was a five-year guidance. And because of the lumpiness that we're seeing that every year. And I think we'll see -- continue to see that going forward. So it's not necessarily going to be a direct straight line in terms of growth.

勞森，我還要補充一點，新建房屋業務波動很大，而且未來五年的業績指引也會逐年變化，所以這只是一個五年的指引。正是因為我們每年都看到這種情況。我認為我們會看到——而且會繼續看到這種情況發生。因此，成長不一定會是一條直線。

Okay. That's super clear. And then if I could just get your thoughts on the conversion market. Your fuel services guidance is one thing and then there's your fuel services contract book.

好的。非常清楚。然後，我希望能聽聽您對轉換率市場的看法。您的燃油服務指南是一回事，而您的燃油服務合約手冊又是另一回事。

And so you noted 83 million -- or sorry, 83 million kilograms of conversion under contract versus 85 million last year. And we're looking at a conversion market that just experienced an obvious global shortage. I'd be curious to get your thoughts on why the lack of contracting in conversion, just given the backdrop? And then when we think about Cameco's current capacity, is Cameco now close to achieving run rate for the expanded capacity at Port Hope on fuel services and conversion?

因此，您注意到合約規定的轉換量為 8300 萬公斤——或者抱歉，是 8300 萬公斤，而去年為 8500 萬公斤。我們現在看到的是一個剛剛經歷了明顯的全球性短缺的轉換市場。鑑於目前的背景，我很想聽聽您對為何轉換過程中缺乏合約簽訂的看法？那麼，當我們考慮 Cameco 目前的產能時，Cameco 現在是否接近實現 Port Hope 擴建後的燃料服務和轉換產能的運作率？

Conversion is a fairly good analogue for uranium. So I'm going to spend a little bit of time on it when we think about its contract totally agree. The conversion market is tight. Totally agreed that tightness is likely to sustain for a while and totally agree that this should be signaling more conversion capacity coming into the market from the West. So all of that makes perfect sense loss.

轉化過程與鈾轉化過程有相當好的類比。所以，當我們考慮它的合約時，我會花點時間仔細研究一下，我完全同意。轉換市場供應緊張。完全同意供應緊張的局面可能會持續一段時間，也完全同意這應該預示著西方將有更多產能進入市場。所以這一切都完全說得通，那就是損失。

And remember, when you think about contracting in the nuclear fuel cycle, price matters, and it's easy to point to a historic conversion price. But you know what else matters is tenure. What matters is how long can you secure on an escalated basis, those historic prices. And the important analog is you actually only get one chance to sell new capacity because once you commit your capacity, it's no longer new. And you don't have the kind of opportunity or power in the market.

記住，在考慮核燃料循環合約時，價格很重要，而且很容易找到歷史轉換價格作為參考。但你知道，還有更重要的，那就是任期。重要的是，你能夠以不斷上漲的價格維持這些歷史價格多久。而重要的類比是，你實際上只有一次機會出售新的產能，因為一旦你投入了產能，它就不再是新的了。而且你在市場上也沒有那種機會或影響力。

So for us, conversion is about not just it's at historic price, but now it's about capturing that historic price for as long as possible. And so if there's the next step in the conversion market, it's we want to see the tenor stretch out in conversion contracts. We want to see this historic pricing not for a three-year window or a five-year window, but we want to see it for a 10- or a 15-year window. We want to see that market stretch out. So when you think about this notion that we're being fussy right now, we've got these incomparable set of strategic assets, strategic mining assets, conversion, fuel fabrication we want to maximize the value of these assets.

所以對我們來說，轉換率不僅在於它是否達到了歷史價格，更在於盡可能長時間地維持這個歷史價格。因此，如果轉換市場有下一步發展方向，那就是我們希望看到轉換合約的期限延長。我們希望看到的不是三年或五年內的歷史價格，而是十年或十五年內的歷史價格。我們希望看到市場不斷擴張。所以，當你想到我們現在有點吹毛求疵的時候，我們擁有這些無與倫比的戰略資產，戰略採礦資產、轉換、燃料製造，我們想要最大限度地發揮這些資產的價值。

And we want to maximize them over a longer term. So because we know new capacity will come into the market. And when it does that new capacity by definition, will actually probably have price downward pressure.

我們希望在長期內最大限度地發揮它們的作用。因為我們知道市場上將會有新的產能進入市場。而當新增產能投入使用時，根據定義，這實際上可能會對價格造成下行壓力。

So we want to capture new contracts that protect us and our owners from the downward pressure that will come from new capacity. So if we're holding out in the conversion space, it's not holding out on the price side, it's holding out on the tenor side. And the analog to uranium is you only get one chance to sell new capacity in uranium. And so we see those in the -- that are potentially new entrants to the uranium side are saying, okay, well, yes, we're going to sell under long-term contract, but we're only going to sell for three years, and then we're going to renegotiate a new contract after three years at a higher price. And you probably won't.

因此，我們希望簽訂新的合同，以保護我們和我們的所有者免受新增產能帶來的下行壓力。所以，如果我們堅持在轉換領域保持觀望，那不是在價格方面，而是在音調方面。鈾礦開採的情況也類似，你只有一次機會出售新增的鈾礦產能。因此，我們看到那些可能成為鈾礦業新進入者的人說，好吧，是的，我們將根據長期合約出售，但我們只會出售三年，然後三年後我們將以更高的價格重新談判一份新合約。你可能不會。

You only get one chance to place that new production. So don't squander it. So when we look at the conversion market, we're in a unique window. We're in a window where price is strong, and now it's a matter of capturing this historic pricing for as long as we can, knowing that the ConverDyn plant is going to come back online, knowing that we're going to increase production at Port Hope in order to capture some of this demand. And knowing that there remains pressure on Springfield to restart and pressure on the Orano plant to get to full capacity. When there's more capacity in the market, there's less leverage. We just want to take full advantage of our very unique position with our incomparable suite of strategic assets.

你只有一次機會推出新產品。所以不要浪費它。所以當我們審視轉換率市場時，我們正處於一個獨特的時期。現在正值價格強勁的時期，現在的問題是盡可能長時間地保持這種歷史性的價格，因為我們知道 ConverDyn 工廠即將恢復生產，我們也知道我們將在 Port Hope 增加產量以滿足部分需求。而且我們知道，斯普林菲爾德工廠仍面臨重啟的壓力，奧拉諾工廠也面臨滿載運轉的壓力。市場產能過剩時，槓桿作用就會降低。我們只想充分利用我們獨特的市場地位和無可比擬的策略資產組合。

Craig Hutchison, TD Cowen.

Craig Hutchison，TD Cowen。

Just given the huge push in the US to secure domestic nuclear field chain and critical minerals with partners like Canada. I'm just wondering beyond your historic partnership with Westinghouse last year. Are there other opportunities for you guys to work with the US government across the fuel chain, whether that's your conversion business, Global Laser Enrichment or even a potential restart of your Tier 2 assets if there's -- you could establish long-term floors?

鑑於美國正大力推動與加拿大等夥伴合作，以確保國內核能產業鏈和關鍵礦產資源的安全。我只是想了解一下除了去年與西屋公司的歷史性合作之外的其他情況。你們是否還有其他機會與美國政府在燃料供應鏈上合作，無論是你們的燃料轉換業務、全球雷射濃縮業務，還是重啟你們的二級資產（如果有的話）——你們可以建立長期的最低標準嗎？

Yes, great question. When you think about Cameco, our long-term relationship with the US government has always been very strong. For many years, we were the largest producer of uranium in the United States. If our mines and mills are running in the US, we will again be the largest producer of uranium in the United States.

是的，問得好。提到 Cameco，我們與美國政府的長期關係一直非常牢固。多年來，我們一直是美國最大的鈾生產商。如果我們的礦場和工廠在美國正常運轉，我們將再次成為美國最大的鈾生產商。

The US government has always been interested in our GLE Global Laser Enrichment project, as reflected in the tails re-enrichment program that we have with the Department of Energy, which is a very exciting opportunity to actually secure a source of US uranium and US conversion for the future by simply re-enriching a stock of depleted UF6 that sits as a liability right now for the Department of Energy.

美國政府一直對我們的 GLE 全球雷射濃縮計畫很感興趣，這體現在我們與能源部合作的尾礦再濃縮計畫中。這是一個非常令人興奮的機會，可以透過簡單地重新濃縮目前對能源部構成負擔的貧鈾 UF6 庫存，來確保未來美國鈾和美國轉化資源的來源。

So there's always been a lot of interest. And of course, the US government has a unique demand outside the civilian nuclear space, and that is demand for Navy propulsion fuel, which is demand that's going to find its way into the market right at this time when that gap between demand and supply is very significant. You're going to see national programs looking for naval propulsion fuel. And by the way, folks, that's the same uranium and conversion.

所以一直以來，大家都很有興趣。當然，美國政府在民用核能領域之外還有一種獨特的需求，那就是對海軍推進燃料的需求。而目前，供需缺口非常大，這種需求剛好會進入市場。你會看到各國都在尋求海軍推進燃料。順便說一下，各位，那是同一種鈾和轉換方法。

It's the same UF6 that needs to go into the civilian program. So we've always had very strong relationships in the US. But at the moment, there's a bit of a narrative that US origin uranium for example, is at a premium. And it just isn't right now. I mean we fail to see evidence that utilities are really willing to pay a premium for US origin. They want Western uranium, but not necessarily US.

需要納入民用工程的也是同樣的UF6。所以我們一直與美國保持著非常牢固的關係。但目前有一種說法是，例如美國產鈾的價格非常昂貴。現在還不是時候。我的意思是，我們沒有看到任何證據表明公用事業公司真的願意為美國產的產品支付溢價。他們想要西方的鈾，但不一定是美國的。

And again, it goes back to my answer previously, you only get one chance to sell new capacity. So when we think about those Tier 2s and we think about restarting them, we think about maximizing the value of bringing that capacity back and the leverage that we have in pricing that capacity because once up and running, you got cash and noncash costs and you've got payroll and all of that stuff. You get one moment to place that capacity. So if we see a US interest in US origin go up, nobody is better positioned than we are to capitalize on that.

再說一遍，這和我之前的回答一樣，你只有一次機會來出售新的產能。所以，當我們考慮那些二級供應商並考慮重啟它們時，我們會考慮如何最大限度地發揮恢復產能的價值，以及我們在定價方面所擁有的槓桿作用，因為一旦恢復運營，就會產生現金和非現金成本，還有工資等等。你只有一瞬間的時間來發揮這種能力。因此，如果我們看到美國消費者對美國本土產品的興趣上升，那麼沒有人比我們更有優勢從中獲利。

Okay. Great. Maybe just a quick follow-up on GLE. Are there any kind of milestones that you want to point to this year in terms of just derisking the, I guess, the science behind the process?

好的。偉大的。或許可以簡單跟進GLE的狀況。今年在降低過程背後的科學原理風險方面，您認為有哪些里程碑式的成就值得一提？

Science behind the process is derisked, Craig. So when we announced achievement of TRL 6, think about it in the context of what that marks is we can confirm that, that technology in Rich's uranium to that 99.6 Sigma level of nuclear reliability that is critical in order to say that you've got a technology that folks are willing to contract with. So what remains now is TRL 7, 8 and 9, which are where you prove up that this level of reliability can be deployed at a commercial scale for CapEx and OpEx that make it competitive in the Western uranium space. So for us, it is about focusing on these next steps, TRL 7 and beyond and focusing, in particular, on the DOE tails re-enrichment project. Others we'll focus on LEU and high-SALEU.

克雷格，這個過程背後的科學原理已經消除了風險。所以，當我們宣布達到 TRL 6 時，想想它所標誌著什麼：我們可以確認，Rich 的鈾礦技術達到了 99.6 Sigma 的核可靠性水平，這對於證明你擁有了一項人們願意與之簽訂合約的技術至關重要。所以現在剩下的就是 TRL 7、8 和 9，在這些階段，你需要證明這種可靠性等級可以以商業規模部署，從而在資本支出和營運支出方面使其在西方鈾礦領域具有競爭力。因此，對我們來說，重點在於接下來的步驟，即 TRL 7 及更高水平，尤其要關注美國能源部尾部再濃縮項目。其他方面，我們將重點關注 LEU 和高 SALEU。

We will focus on the tails re-enrichment because that's effectively an above-ground mine producing, what, 4 million to 5 million pounds of uranium a year, 2,000 tonnes of conversion at a time when uranium and conversion are scarce and getting scarce or that seems like the best place for us to focus. And nothing I would point to expected in 2027, but of course, we would update on a quarterly basis if there were -- if there was anything notable about it, just continues to be an exciting tails re-enrichment project.

我們將重點放在尾礦再濃縮，因為這實際上是一個地上礦，每年可生產 400 萬至 500 萬磅鈾，2000 噸轉化物，而鈾和轉化物本身就稀缺，而且越來越稀缺，所以這似乎是我們應該重點關注的最佳領域。2027 年我沒有什麼可預測的，但當然，如果有任何值得注意的事情，我們會按季度更新，這只是一個令人興奮的尾部再豐富項目。

Mohamed Sidibe, National Bank.

穆罕默德·西迪貝，國家銀行。

Just maybe on the Westinghouse guidance and completely understandable on the lumpiness of the Build segment. Just wanted to get a little bit more clarity on the core business segment. I think you noted that you remain excited about that. I know you guided in the past to about 6% to 8% core business revenue growth there. Is this something that we can still think about over the next couple of years as things are getting advanced in that segment. Let me know.

或許只是西屋公司的指導意見，對於「建造」部分的波動也是完全可以理解的。只是想更清楚地了解核心業務板塊的情況。我想你已經提到過，你對此仍然感到興奮。我知道你過去曾帶領公司實現了大約 6% 到 8% 的核心業務收入成長。未來幾年，隨著該領域的不斷發展，我們是否仍然可以考慮這個問題？請告訴我。

Yes. The core does continue to be exciting. I'll just -- I'll go back and restate a few of the factors that we watch for. Obviously, that core business is fuel fabrication and it's reactor services. Two really general ways to think about it.

是的。核心部分依然令人興奮。我這就——我再重申我們關注的一些因素。顯然，其核心業務是燃料製造和反應器服務。有兩種非常籠統的思考方式。

Where does the demand come from? Well, every reactor that was shut down that's being restarted is more demand. Every reactor that is going through a life extension is more demand. Every reactor that not only is going through a life extension, but looking for operating very significant more power out of those reactors is more demand. And then, of course, there is other core elements to think about the Springfield project in the UK, which we continue to evaluate, we continue to assess. We continue to see what the strongest business case would look like, but that would exist in the core of the business. That would be upside to the core of Westinghouse.

需求來自哪裡？嗯，每重啟一個關閉的反應堆，就意味著更大的需求。每增加一座進行延壽改造的反應堆，需求就會增加。每個不僅在進行延壽改造，而且還在尋求從這些反應器中獲得更多電力的反應堆，都意味著更大的需求。當然，對於英國的斯普林菲爾德項目，還有其他一些核心要素需要考慮，我們會繼續評估這些要素。我們仍在探索最強而有力的商業案例，但這必須建立在業務的核心之上。那對西屋電氣的核心業務來說將是一個好消息。

And then, of course, you can't forget the AP1000 new builds because every new build becomes 80 to 100 years of core business. So when we look at the core, we see a lot of upside. We're very excited about Westinghouse's position as the leading OEM for light water reactor technology. And we just really like what their position as having the leading Gen 3+ light water reactor means for the core going forward. So our enthusiasm is not diminished at all.

當然，也不能忘記 AP1000 的新建項目，因為每個新建項目都意味著 80 到 100 年的核心業務。所以當我們審視核心業務時，會發現它有很多上升空間。我們對西屋電氣在輕水反應器技術領域作為領先的原始設備製造商的地位感到非常興奮。我們非常欣賞他們作為領先的第三代+輕水反應器的地位，這對核心區域未來的發展意義重大。所以我們熱情絲毫未減。

And just on the fuel services, if I could ask maybe on the unit cost of sales there on the year-over-year guidance increase. Is there anything that's in plan to try to get back the cost within the 2025 range within that segment?

關於燃油服務，請問一下銷售單位成本年比預期成長如何？是否有任何計劃在 2025 年之前將該細分市場的成本控制在合理範圍內？

What I would say about that is that we're just seeing some general inflationary pressures definitely in that segment. And so really, it's going to just kind of be looking at the level of production and the mix there of the various products because there's a number of products that go into that segment.

我想說的是，我們確實看到該領域存在一些普遍的通膨壓力。所以實際上，關鍵在於考察生產水準和各種產品的組合，因為該領域包含許多產品。

This concludes our question-and-answer session. I would like to turn the conference back over to Grant Isaac for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給格蘭特·艾薩克，請他作總結發言。

Yes. Thank you to everyone who is able to join us today. We really appreciate it. Obviously, we believe we're exceptionally well placed to support the next chapter of nuclear growth while protecting and extending the value of our assets and shareholders. We continue to see pricing dynamics that are very constructive for an incumbent producer, and 2026 will be an exciting year for us. So have a wonderful weekend.

是的。感謝今天所有到場的朋友。我們非常感謝。顯然，我們相信我們擁有得天獨厚的優勢，能夠支持核能發展的下一個階段，同時保護和提升我們的資產和股東價值。我們持續看到對現有生產商非常有利的價格動態，2026 年對我們來說將是令人興奮的一年。祝你周末愉快。

This brings to end today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。