Pan American Silver (PAAS) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 net earnings of $189.6 million and free cash flow of $233.0 million, with revenue of $811.9 million and a cash balance of $1.1 billion at quarter-end.

• Adjusted earnings were $155.4 million ($0.43/share), and mine operating earnings reached $273.3 million.

• Announced a 20% dividend increase to $0.12 per share and repurchased 459,058 shares for $11.1 million in Q2 2025.

• Entered into a definitive agreement to acquire MAG Silver Corp., with the Juanicipio mine expected to boost silver production by 35% annually and reduce all-in sustaining costs; acquisition expected to close in H2 2025.

• Strong liquidity position with total available liquidity of $1.9 billion as of June 30, 2025.

Financial highlights

• Q2 2025 revenue was $811.9 million, up from $686.3 million in Q2 2024; H1 2025 revenue reached $1,585.1 million.

• Q2 2025 net earnings were $189.6 million ($0.52/share); H1 2025 net earnings totaled $358.9 million.

• Adjusted earnings for Q2 2025 were $155.4 million; H1 2025 adjusted earnings were $308.4 million.

• Cash flow from operations in Q2 2025 was $293.4 million; free cash flow was $233.0 million.

• Working capital at June 30, 2025 was $1,310.5 million; total debt was $820.7 million.

Outlook and guidance

• Reaffirmed 2025 guidance: silver production of 20.00–21.00 million ounces, gold production of 735–800 thousand ounces.

• Silver segment AISC forecasted at $16.25–$18.25/oz; gold segment AISC at $1,525–$1,625/oz.

• Gold production expected to be weighted toward Q4 2025 due to deferred Q3 output and operational challenges.

• Reserve and resource update expected by mid-September, reflecting current metal prices.

• Sustaining capital expenditures for 2025 forecast at $270–$285 million; project capital at $90–$100 million.