First Majestic Silver Corp (NYSE:AG)

Q4 2025 First Majestic Silver Corp Earnings Call Transcript

Feb 19, 2026 / 04:30 PM GMT

Release Date Price: $24.78 (+9.65%)

Transcript

Key Points

Positve

First Majestic Silver Corp (AG) reported a strong financial performance with revenues reaching nearly $1.3 billion for the year.
The company achieved higher-than-expected silver equivalent production, surpassing revised guidance.
Free cash flow showed a significant increase in Q4 2025, providing financial flexibility for future investments.
The company successfully integrated the Gatos asset, enhancing operational efficiency and contributing to dividends.
First Majestic Silver Corp (AG) doubled its dividend policy for 2026, reflecting confidence in its financial position.

Negative

The company faced challenges with all-in sustaining costs, which were higher than expected due to conversion issues with byproduct metals.
There was a noted impact on silver equivalent production due to a collapse in the silver equivalent ratio.
The company is dealing with a pending tax issue in Mexico, which could affect financial outcomes.
Operational challenges at the Langinada mine, including water and haulage issues, have impacted production.
The company did not engage in share buybacks in Q4, despite having the option, which may concern some investors.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

AG.TO - First Majestic Silver Corp
Q4 2025 First Majestic Silver Corp Earnings Call
Feb 19, 2026 / 04:30PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by. This is the conference operator. Welcome to the first Majestic Silver 2025 Q4 financial results conference call. As a reminder, all participants are in a listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then 1 on your telephone keypad.

If you are participating through the webcast, you can submit a question in writing by using the form in the lower section of the webcast frame on your screen. Should you need assistance during the conference, you may reach an operator by pressing, then 0.

I would now like to turn the conference over to Mr. Keith Nemeyer,

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