The top three S&P/ASX 200 Index (ASX: XJO) uranium shares for capital growth were also the best performers of the whole energy sector last year.
This represented a rising global trend of nations embracing domestically produced nuclear power as part of the green energy transition.
Anna Wu, a senior associate in cross-asset investment research for VanEck, said nuclear power was a "winner" in markets last year.
In an article, Wu said:
Demand for low carbon, efficient energy sources, primarily driven by the artificial intelligence sector, has resulted in a recent boom for uranium miners and nuclear energy infrastructure sectors.
Some of the companies within the markets helped drive global equity markets in 2025 and this could continue into 2026.
Broadly speaking, the ASX 200 energy sector was sluggish in 2025, with the S&P/ASX 200 Energy Index (ASX: XEJ) falling 2.25%.
Dividends raised the total return to 3.21%.
Both the energy and materials sectors involve harnessing naturally occurring commodities that are abundantly available in Australia.
Yet there was a stark contrast in performance last year.
Materials was the strongest sector, with the S&P/ASX 200 Materials Index (ASX: XMJ) rising 31.71% and giving a total return of 36.21%.
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3 best ASX 200 uranium shares for growth
These were the top stocks last year.
1. Deep Yellow Ltd (ASX: DYL)
Shares in ASX 200 uranium explorer Deep Yellow lifted 63% to close at $1.84 per share on 31 December.
Today, Deep Yellow shares are steady at $2.28.
2. Nexgen Energy (Canada) CDI (ASX: NXG)
Shares in Canadian uranium explorer Nexgen Energy rose 30% to $14 per share on 31 December.
On Thursday, Nexgen Energy shares are $18.18, up 2.2%.
3. Paladin Energy Ltd (ASX: PDN)
The ASX 200's largest uranium share, Paladin Energy, lifted 27% to finish the year at $9.59.
Today, the Paladin Energy share price is $12.76, down 3.2%.
What's driving ASX 200 uranium shares higher?
The uranium price gained momentum in 2H CY25, supporting ASX 200 uranium shares.
The commodity hit a 15-month high of $83.50 per tonne in September. Today, the uranium price is US$85.25 per tonne.
Wu said there are three key forces powering the nuclear energy investment thematic.
They are increasing electricity demand due to new artificial intelligence infrastructure, more electric vehicles on the roads, more battery-powered machinery used across many industries, the adoption of cryptocurrency, and intense heat driving the use of air conditioning.
Wu noted increased government and regulatory support for nuclear power across the world.
Wu commented:
Following the Fukushima nuclear accident in 2011, many countries deprioritised nuclear energy in favour of other sources.
However, in recent years, many have reversed their stance or affirmed their commitment, recognising the critical importance of nuclear energy in the power mix…
The United States, Japan, China, Switzerland, India, and Norway are all seeking to establish or expand domestic nuclear production.
In the US, Wu said the ADVANCE Act and the Inflation Reduction Act are providing critical support for nuclear technologies.
The ADVANCE Act streamlines regulatory processes, fosters public-private partnerships, and accelerates innovation in small modular reactors (SMRs).
Similarly, the Inflation Reduction Act bolsters nuclear energy's competitiveness by offering production tax credits, levelling the playing field with renewable sources like wind and solar.
Meanwhile, China is investing in nuclear fusion.
By some estimates, the Chinese government is spending around US$1.5 billion annually on fusion research, nearly twice that of the US.
In India, Wu said there are plans to set up 50 small modular reactors, with the hope of integrating them into old, non-nuclear power plants.
