有色金属：海外季报：Agnico Eagle 2025Q3 年黄金产量环比增加 0.1%至26.96 吨，净利润环比减少 1.3%至 10.55 亿美元

Investment Rating - Industry Rating: Recommended [4] Core Insights - The report indicates that Agnico Eagle's gold production in Q3 2025 increased by 0.1% quarter-on-quarter to 26.96 tons, with a year-on-year increase of 0.4% [1] - The average gold price in Q3 2025 was $3,476 per ounce, reflecting a year-on-year increase of 39.5% and a quarter-on-quarter increase of 5.7% [1] - The company's revenue for Q3 2025 reached $3.06 billion, representing a year-on-year growth of 41.9% and a quarter-on-quarter growth of 8.7% [3] Production and Operational Performance - Gold production for Q3 2025 was 866,936 ounces (26.96 tons), with contributions from LaRonde, Malartic, and Macassa mines, offset by declines in Fosterville and Meliadine mines [1] - The unit production cost for gold in Q3 2025 was $963 per ounce, up 6.1% year-on-year and 5.7% quarter-on-quarter [2] - The total cash cost per ounce was $994, reflecting a year-on-year increase of 7.9% and a quarter-on-quarter increase of 6.5% [2] Financial Performance - The net income for Q3 2025 was $1.055 billion, showing an 86.1% increase year-on-year but a 1.3% decrease quarter-on-quarter [6] - Adjusted net income for the same period was $1.085 billion, up 89.4% year-on-year and 11.2% quarter-on-quarter [7] - Adjusted EBITDA for Q3 2025 was $2.098 billion, representing a year-on-year increase of 66.9% and a quarter-on-quarter increase of 9.6% [8] Cash Flow and Capital Expenditures - Cash provided by operating activities in Q3 2025 was $1.816 billion, a 67.4% increase year-on-year [9] - Free cash flow before changes in non-cash working capital balances was $1.035 billion, up 83.8% year-on-year [10] - Capital expenditures for Q3 2025 totaled $644 million, with capitalized exploration expenditures of $87 million [11] Guidance and Future Outlook - The company expects to meet its 2025 gold production guidance, having achieved approximately 77% of the midpoint target in the first nine months [12] - The total capital expenditures guidance for 2025 remains unchanged, with expectations for cash costs and all-in sustaining costs to approach the upper limits of the guidance range if gold prices remain high [12][17]