Pan American Silver (PAAS) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 results with revenue of $811.9 million, net earnings of $189.6 million, and record free cash flow of $233.0 million, supported by strong mine operating earnings and a favorable price environment.

• Produced 5.1 million ounces of silver and 178.7 thousand ounces of gold in Q2 2025, maintaining the 2025 operating outlook.

• Announced agreement to acquire MAG Silver, expected to close in H2 2025, boosting silver production and reducing costs.

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

• Maintained a strong liquidity position with $1.9 billion in total available liquidity at quarter-end.

Financial highlights

• Q2 2025 revenue was $811.9 million; H1 2025 revenue reached $1,585.1 million.

• Net earnings were $189.6 million ($0.52 per share); adjusted earnings were $155.4 million ($0.43 per share).

• Free cash flow reached $233.0 million; cash and short-term investments totaled $1.1 billion.

• Working capital stood at $1,310.5 million; total available liquidity was $1,859.2 million; total debt was $820.7 million.

• Returned $103.5 million to shareholders in H1 2025 via dividends and share buybacks.

Outlook and guidance

• Reaffirmed 2025 annual 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.

• Confident in meeting full-year production and cost guidance despite Q2 operational challenges.