Pan American Silver (PAAS) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered strong financial results, with attributable free cash flow of $344 million and record $300 million returned to shareholders through dividends and share repurchases, including over 7 million shares repurchased year-to-date.

• Attributable silver production reached 6.5 million ounces, at the high end of guidance, while gold production was 165.9 thousand ounces, below guidance due to operational adjustments at Jacobina and El Peñón.

• Strong financial position with $1.8 billion in cash and investments and total available liquidity of $3.2 billion after renewing and expanding the credit facility.

• Advanced key projects, including the first cut of the 588 decline at La Colorada Skarn and ongoing development at Jacobina and Timmins.

• Full-year silver production guidance of 25–27 million ounces reaffirmed; gold production now expected at the low end of the 700,000–750,000 ounce range.

Financial highlights

• Q2 2026 revenue was $1.1 billion, with attributable revenue (including Juanicipio) at $1.3 billion.

• Net earnings were $305 million ($0.72 per share), with adjusted earnings of $308 million ($0.73 per share).

• Cash flow from operations was $320 million; attributable cash flow from operations was $418 million.

• Attributable free cash flow reached $344 million, net of $205 million in taxes paid.

• Ended Q2 with $1.8 billion in cash and short-term investments; total liquidity of $3.2 billion after doubling the credit facility to $1.5 billion.

Outlook and guidance

• Full-year operating outlook for silver and gold production, all-in sustaining costs, and sustaining capital reaffirmed; gold production now expected at the low end of guidance and AISC at the high end.

• Gold production for Q3 revised to 3,000–6,000 ounces below the low end of guidance due to lower output at Jacobina and El Peñón.

• Second half gold production expected to improve, weighted to Q4, benefiting from higher grades and throughput at Timmins and Shahuindo.

• 2026 income taxes paid guidance increased to $585–$635 million due to higher profitability and tax settlements.

• Silver segment AISC guidance is $15.75–$18.25/oz; gold segment AISC is $1,700–$1,850/oz.