MAG Silver (MAG) Q2 2025 earnings summary

Executive summary

• Entered a definitive agreement for acquisition by Pan American Silver, with shareholder approval and expected closing in H2 2025.

• Reported record Q2 2025 net income of $33,444 ($0.32/share) and adjusted EBITDA of $56,442, driven by strong performance at Juanicipio.

• Returned $61,500 from Juanicipio, fully repaying all loan balances; paid $39,316 in dividends and declared a third dividend of $0.144/share.

Financial highlights

• Net income for Q2 2025 was $33,444, up from $21,614 in Q2 2024; EPS rose to $0.32 from $0.21.

• Adjusted EBITDA reached $56,442, with MAG's attributable interest in Juanicipio adjusted EBITDA at $63,221.

• Working capital stood at $170,149, including $171,834 in cash and no long-term debt as of June 30, 2025.

• Juanicipio sales increased to $186,465, with gross profit rising to $128,622, and cash operating margin improving to 80%.

Outlook and guidance

• Transaction with Pan American expected to close in H2 2025, pending regulatory approvals.

• Continued focus on maintaining nameplate 4,000 tpd milling rate at Juanicipio and advancing exploration at Deer Trail and Larder projects.