Agnico Eagle 2025Q2 年黄金产量分别环比减少 0.9%至 26.94 吨，净利润环比增长 31.2%至 10.69 亿美元
HUAXI Securities·2025-08-01 09:55

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q2 2025, the gold production of Agnico Eagle decreased by 0.9% quarter-on-quarter to 26.94 tons, while net profit increased by 31.2% to $1.069 billion [2][7] - The average gold price in Q2 2025 was $3,288 per ounce, reflecting a year-on-year increase of 40.4% and a quarter-on-quarter increase of 13.7% [2][3] - The company expects to meet its annual gold production guidance for 2025, having achieved approximately 51% of the midpoint of its guidance in the first half of the year [13] Production and Operational Summary - Production: Q2 2025 gold production was 866,029 ounces (26.94 tons), a year-on-year decrease of 3.3% and a quarter-on-quarter decrease of 0.9% [2][16] - Sales: Gold sales in Q2 2025 were 846,835 ounces (26.34 tons), a year-on-year decrease of 3.1% but a quarter-on-quarter increase of 0.5% [2][16] - Cost Metrics: - Unit production cost in Q2 2025 was $911 per ounce, up 5.7% year-on-year and 3.6% quarter-on-quarter [3][16] - Total cash cost per ounce was $933, reflecting a year-on-year increase of 7.2% [3][16] - All-in sustaining cost (AISC) was $1,289 per ounce, up 10.3% year-on-year [3][16] Financial Performance - Revenue: Q2 2025 revenue was $2.816 billion, a year-on-year increase of 35.6% and a quarter-on-quarter increase of 14.1% [4][17] - Net Income: Net income for Q2 2025 was $1.069 billion, a year-on-year increase of 126.5% [7][17] - Adjusted Net Income: Adjusted net income was $976 million, up 82.4% year-on-year [8][17] - EBITDA: Adjusted EBITDA for Q2 2025 was $1.914 billion, a year-on-year increase of 62.8% [9][17] - Free Cash Flow: Free cash flow before changes in non-cash working capital balances was $792 million, a year-on-year increase of 36.1% [11][17] Capital Expenditures - Capital expenditures in Q2 2025 totaled $538 million, with capitalized exploration expenditures of $78 million [12][17] - Total capital expenditures for the first half of 2025 were $957 million [12][17] Guidance for 2025 - The company maintains its guidance for 2025, expecting gold production to be between 3.3 million and 3.5 million ounces [18]