First Majestic Silver (AG) Q4 2025 earnings summary

Executive summary

• Achieved record revenues of $1,257 million in 2025, with Q4 revenue of $464 million, driven by strong operational performance, asset integration, and higher silver prices.

• Produced 15.4 million ounces of silver and 31.1 million silver equivalent ounces in 2025, surpassing revised guidance.

• Completed integration of Los Gatos (Gatos Silver), contributing significant operational and financial results.

• Declared a Q4 2025 dividend and increased the dividend policy to 2% of net quarterly revenues effective 2026.

• Santa Elena and La Encantada mines delivered strong results, with Santa Elena seeing new discoveries and plant expansion, and La Encantada achieving a turnaround.

Financial highlights

• Q4 2025 revenue was $463.9 million, annual revenue $1,257.2 million, and Q4 net earnings $105.2 million (EPS $0.17); annual net earnings were $211.0 million (EPS $0.34).

• Free cash flow reached $250.4 million in Q4 and $470.6 million for the year, with record cash flow from operations of $301 million in Q4 and $667 million in 2025.

• Ended 2025 with $937.7 million in cash and $733.6 million in working capital.

• Q4 average realized silver price was $58.96/oz, annual average $41.52/oz, both above market averages.

• Mint operations generated $22.7 million in Q4 and $49.4 million in 2025, with $24.1 million in annual operating earnings.

Outlook and guidance

• 2026 guidance targets 13.0–14.4 million ounces of silver and 110,000–130,000 ounces of gold, with AISC of $26.15–$27.91 per AgEq oz.

• Plant expansions at Santa Elena and Los Gatos are underway, aiming for higher throughput in H2 2026.

• Exploration plans include 266,000 meters of drilling, with updated reserves and resources expected by end of Q1 2026.

• Dividend policy doubled from 1% to 2% of net revenues per quarter, effective 2026.