Measuring Our Results
Targets and Metrics: The link to executive pay
Each year, we set corporate objectives that are aligned with our strategic plan. These objectives fall under our four measures of success: outstanding financial performance, safe, healthy and rewarding workplace, clean environment and supportive communities. Performance against specific targets under these objectives forms the foundation for a portion of annual employee and executive compensation. See our most recent management proxy circular for more information on how executive compensation is determined.
We saw a significant improvement in our financial performance (earnings and cash flow) as our average realized price reflected the improving market and we benefited from our investment in Westinghouse. We met or exceeded all but performance on our leading safety indicators, which was slightly below the target range in 2025. We remain committed to improvement as reflected in our objectives for 2026.
- Outstanding financial performance
2025 Objectives Earnings measures Results - Achieve targeted adjusted net earnings
- adjusted net earnings were above target
Cash flow measures - Achieve targeted funds from operations
(before working capital changes)
- funds from operations were above the target
- Safe, healthy and rewarding workplace
2025 Objectives Workplace safety measure Results - Strive for no injuries at all Cameco-operated sites.
Maintain a long-term downward trend in combined
employee and contractor total recordable injury rate while achieving targets on specified leading indicators.
- achieved our target for total recordable injury rate (TRIR)
- performance on the targeted leading indicators was slightly below the target range
- Strive for no injuries at all Cameco-operated sites.
- Clean environment
2025 Objectives Environmental performance measure Results - Achieve corporate environmental targets.
- Develop site-specific adaptation plans to address potentially significant physical climate risks (majority owned and operationally controlled sites).
- performance on corporate environmental measures was within the target range
- performance on the adaptation plans to address physical climate risks measure was above the target
- Supportive communities
2025 Objectives Stakeholder support measure Results - Strengthen relationships and further support development of northern Saskatchewan owned business capacity. Focus on identifying and building a program of baseload work with Preferred Northern Contractors (PNCs) in complex service category
- performance on the development of northern Saskatchewan business capacity measure was above the target
Detailed results for our 2025 corporate objectives and the related targets will be provided in our 2026 management proxy circular prior to our Annual Meeting of Shareholders on May 7, 2026.
2026 Objectives
Outstanding financial performance
- Achieve targeted financial measures.
Safe, healthy and rewarding workplace
- Improve workplace safety performance at all sites.
Clean environment
- Improve environmental performance at all sites and continue to execute on our Low Carbon Transition Plan.
Supportive communities
- Build and sustain strong stakeholder support for our activities.
Caution about Forward-Looking Information
Please click here for additional information about the assumptions applied in making the forward-looking statements on this page and the factors that could cause results to differ materially.