Agnico Eagle Mines (AEM) Q4 2025 earnings summary

Executive summary

• Delivered record financial results in 2025, exceeding production and cost targets, with net income of $4.46 billion and record free cash flow of $4.4 billion, driven by higher gold prices and operational efficiency.

• Returned $1.4 billion to shareholders via dividends and buybacks, including a 12.5% dividend increase, and ended 2025 with $2.9 billion in cash after repaying $950 million in debt.

• Achieved record gold mineral reserves of 55.4 million ounces (+2% YoY) and measured/indicated resources up 10% YoY.

• Advancing five key pipeline projects, targeting 20–30% gold production growth to over 4 million ounces annually by early 2030s.

• Updated guidance forecasts stable gold production at peer-leading costs, with a robust project pipeline supporting future growth.

Financial highlights

• FY 2025 gold production: 3.45 million ounces at total cash costs of $979/oz and AISC of $1,339/oz; realized gold price: $3,454/oz.

• Net income: $4.46 billion; adjusted net income: $4.17 billion; free cash flow: $4.4 billion; operating cash flow: $6.82 billion.

• Returned $1.4 billion to shareholders in 2025; increased quarterly dividend by 12.5% to $0.45/share.

• Capital expenditures: $2.39 billion in 2025; net cash position at year-end: $2.67–$2.9 billion.

• EBITDA for 2025: $8.44 billion; adjusted EBITDA: $8.09 billion.

Outlook and guidance

• 2026–2028 gold production forecast: 3.3–3.5 million ounces annually at total cash costs of $1,020–$1,120/oz and AISC of $1,400–$1,550/oz.

• Capital expenditures to remain elevated at $2.2–$2.5 billion annually, plus $290–$400 million for exploration, through 2028.

• Guidance reflects potential to return 40% or more of free cash flow to shareholders, depending on gold prices.

• Effective tax rate for 2026 expected at 34–36%, with cash taxes of $3.4–$3.6 billion.

• Additional $300M–$350M capex expected if Hope Bay construction is approved in Q2 2026.