Santacruz Silver Mining (SCZ) Q4 2025 earnings summary

Executive summary

• Revenues reached $326.4 million, up 15% year-over-year, driven by strong silver prices and robust demand.

• Gross profit increased 91% to $109.4 million, while adjusted EBITDA nearly doubled to $104.6 million.

• Net income declined 74% year-over-year due to a significant non-recurring gain in the prior year related to asset restructuring.

• Operational disruption at Bolivar from flooding reduced total production by 11%, but diversified assets helped maintain profitability.

• Full debt repayment and a strengthened balance sheet were achieved, with cash and marketable securities up 87%.

Financial highlights

• Net income was $42.2 million, down from $164.5 million in 2024, reflecting the absence of a prior non-cash gain.

• Adjusted EBITDA rose 99% year-over-year to $104.6 million.

• Working capital increased 38% to $63.7 million.

• Average realized price per silver equivalent ounce sold was $39.00, up 36% year-over-year.

• All-in sustaining cost (AISC) per silver equivalent ounce sold rose 18% to $30.81.

Outlook and guidance

• Bolivar mine expected to fully recover by Q4 2026, with dewatering ahead of plan.

• Focus for 2026 includes operational strength, cost discipline, and plant efficiencies in Bolivia, and improved recoveries at Zimapan in Mexico.

• Strategy centers on lowering mining costs, improving recovery rates, and maintaining operational flexibility.