Shares in uranium fuel and nuclear energy services company Cameco (NYSE: CCJ) were up 11.7% by 11 a.m. ET today. The move comes as the market digests the news that Westinghouse Electric’s adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) will be higher than previously expected in 2025.
That matters to Cameco investors because their company owns 49% of Westinghouse, with the rest owned by Brookfield Renewable Partners (NYSE: BEP), which also rose sharply today. Cameco expects its share of the increase in adjusted EBITDA expectations to be $170 million. “This expected increase will be taken into consideration in determining the 2025 distribution payable by Westinghouse to Cameco,” according to the press release.
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The increase is related to two nuclear reactors at a power plant in Central Europe. The good news doesn’t stop there, because Cameco expects Westinghouse to also benefit from providing fuel services to the plant.
A brighter outlook
The $170 million figure is notable for a company that reported approximately $1.1 billion in adjusted EBITDA for 2024.
Image source: Getty Images.
It’s also important because it further confirms the improving momentum behind investment in nuclear energy as a solution to the challenge of obtaining a reliable source of energy while meeting net-zero emissions targets. As Cameco notes, Westinghouse’s expected EBITDA growth over the next five years is 6%-10%. Meanwhile, Cameco’s core uranium fuel and nuclear power products and services businesses are set to grow sales at a similar rate.
All of this adds up to an exciting growth outlook for an industry that was written off far too easily in the past.
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Lee Samaha has no position in any of the stocks mentioned. The Motley Fool recommends Brookfield Renewable Partners and Cameco. The Motley Fool has a disclosure policy.
