First Majestic Silver (AG) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of $268 million, up 94% year-over-year, with EBITDA of $120 million and strong cash flows, driven by higher silver production and prices, and smooth Los Gatos integration.

• Silver production reached 3.7 million oz and silver-equivalent production was 7.9 million oz, up 48% year-over-year, with significant contributions from Los Gatos.

• Cash position reached $510 million, the highest in company history, with total liquidity at $584 million and working capital of $444 million.

• Exploration spending is at record levels, with 255,000m expected to be drilled in 2025 and 28 rigs active.

• New high-grade gold and silver discovery at Santo Niño and improved 2025 guidance announced.

Financial highlights

• Revenue for Q2 2025 was $268 million, a 94% increase year-over-year, with 54% from silver sales.

• EBITDA reached $119.9 million, with free cash flow at $77.9 million and net earnings of $56.6 million.

• Cash and cash equivalents totaled $384.8 million, with $125 million in restricted cash and $444 million in working capital.

• Dividend payments are set at 1% of revenue, with $5 million returned to shareholders via dividends and buybacks.

• Capital expenditures were $56 million, up 98% year-over-year.

Outlook and guidance

• 2025 silver production guidance revised upward to 14.8–15.8 million oz, an 82% increase over 2024.

• On track to meet annual production guidance of 31–32 million silver-equivalent ounces.

• Cost guidance improved, with AISC expected at $20.02–$20.82 per AgEq oz.

• No changes to guidance or budget for the remainder of the year; 2026 investments to be discussed in early 2026.

• Guidance on costs and production remains within previously communicated ranges.