Alamos Gold (AGI) Q4 2025 earnings summary

Executive summary

• Record financial performance in 2025 with revenues of $1.8 billion, free cash flow of $352 million, and a 60% dividend increase, despite production challenges from severe weather and operational issues in Canada.

• Shareholder returns nearly doubled, debt was reduced to $200 million, and legacy hedges were eliminated, increasing exposure to higher gold prices.

• Mineral Reserves increased 32% to 15.9 million ounces, marking the seventh consecutive year of growth.

• Major growth initiatives launched, including Island Gold District Expansion and Phase 3+ Shaft Expansion, targeting up to one million ounces of annual production by 2030.

• Announced a 60% dividend increase for Q1 2026, reflecting robust free cash flow and outlook.

Financial highlights

• Q4 2025 gold sales were 142,000 ounces at $3,998/oz, generating record quarterly revenue of $575 million.

• Full-year gold production was 545,400 ounces, down 4% year-over-year, with annual revenue up 34% to $1.8 billion.

• Adjusted net earnings for 2025 were $587 million; free cash flow reached a record $352 million.

• Cash and cash equivalents rose to $623 million, with net cash of $423 million after debt repayments.

• $81 million was returned to shareholders in 2025, including $39 million in share buybacks and $42 million in dividends.

Outlook and guidance

• 2026 gold production guidance is 570,000–650,000 ounces, a 12% increase from 2025, with AISC expected to decrease 18–20% by 2028.

• By 2028, production is projected to reach 800,000 ounces, and by 2029–2030, up to one million ounces annually.

• Three-year guidance targets a 46% production increase and 18–20% lower costs by 2028.

• Capital expenditures for 2026 are projected at $850–$940 million, with $60 million for capitalized exploration.

• Island Gold District expansion to 20,000 tpd will double production and lower costs by 30% by 2028.