First Majestic Silver (AG) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 rose 57% year-over-year to $416 million, with silver production at 3.8 million ounces and gold at 35,000 ounces; H1 revenue reached $892 million and H1 silver production was 7.3 million ounces, meeting 50% of revised annual guidance.

• EBITDA for Q2 was $252 million, up 110% year-over-year, with a 61% margin; free cash flow reached $195 million after $47 million in cash income tax payments.

• Net earnings reached $109.4 million (EPS $0.22), up 108% year-over-year, and adjusted net earnings were $101.6 million (adjusted EPS $0.21).

• Treasury position at quarter-end was $1.25 billion, a 34% increase from year-end 2025, with available liquidity of $1.04 billion (excluding $159 million restricted cash).

• Dividend increased 217% year-over-year to $0.0152 per share, and 1.2 million shares were repurchased for $22.7 million in Q2.

Financial highlights

• Operating cash flow was $248 million in Q2, up 116% year-over-year; mine operating earnings rose to $223.6 million, a 353% increase year-over-year.

• EBITDA margin was 61% in Q2; adjusted EBITDA was $257.1 million, up 105% year-over-year.

• Cash costs per silver equivalent ounce were $18.06, and AISC was $25.68, both below guidance; AISC margin improved to $40.27 per AgEq ounce.

• Working capital reached $876 million, up 19% from December 2025.

• Finished goods inventory at quarter-end included over 1 million ounces of silver and nearly 5,000 ounces of gold, valued at $78 million, not included in Q2 revenue.

Outlook and guidance

• Annual production guidance for 2026 was revised up by 10% for silver and 7% for gold; H1 production is on track to meet the new targets.

• Strong H2 expected, with continued focus on cash generation, operational efficiency, and resource expansion.

• First ore from Santo Niño expected by end of 2027, with Navidad contributing about 18 months later; Jerritt Canyon restart targeted for H2 2027.

• Approximately 308,000 meters of exploration drilling planned in 2026.

• Dividend policy targets 2% of net quarterly revenues for future payouts, with ongoing review by the Board.