有色金属海外季报：AgnicoEagle2025Q4年黄金产量环比减少3%至26.15吨，净利润环比增长44%至15.23亿美元

Investment Rating - Industry Rating: Recommended [4] Core Insights - In Q4 2025, gold production decreased by 3% quarter-on-quarter to 261,500 ounces (26.15 tons), with a year-on-year decrease of 1%. The decline was primarily due to lower grades and reduced processing at the Macassa and LaRonde mines, partially offset by increased production at the Detour Lake and Canadian Malartic mines [1][2] - The average gold price in Q4 2025 was $4,163 per ounce, a 57% increase year-on-year and a 20% increase quarter-on-quarter. For the full year 2025, the average gold price was $3,454 per ounce, up 45% year-on-year [2][14] - The company's net profit for Q4 2025 was $1.523 billion, a 199% increase year-on-year and a 44% increase quarter-on-quarter, driven by record operating profit margins due to rising gold prices and a reversal of impairment losses related to the Macassa project [8][9] Summary by Sections Production and Sales - Q4 2025 gold production was 840,608 ounces (26.15 tons), down 1% year-on-year and down 3% quarter-on-quarter. Full-year production was 3,447,367 ounces (107.23 tons), also down 1% year-on-year [1][2] - Q4 2025 gold sales were 842,556 ounces (26.21 tons), up 2% year-on-year but down 3% quarter-on-quarter. Full-year sales were 3,400,919 ounces (105.78 tons), down 1% year-on-year [2][13] Financial Performance - Q4 2025 revenue was $3.564 billion, a 60% increase year-on-year and a 16% increase quarter-on-quarter. Full-year revenue was $11.908 billion, up 44% year-on-year [7] - Q4 2025 adjusted EBITDA was $2.509 billion, an 88% increase year-on-year and a 20% increase quarter-on-quarter. Full-year adjusted EBITDA was $8.090 billion, up 72% year-on-year [9][14] Cost Structure - Q4 2025 unit gold production cost was $1,113 per ounce, up 26% year-on-year and up 16% quarter-on-quarter. Full-year unit production cost was $965 per ounce, up 9% year-on-year [2][3] - Q4 2025 all-in sustaining cost (AISC) was $1,517 per ounce, up 15% year-on-year and up 10% quarter-on-quarter. Full-year AISC was $1,339 per ounce, up 8% year-on-year [3][15] Guidance - For 2026-2028, gold production is expected to remain stable at 3.3 to 3.5 million ounces annually. The guidance for total cash costs and AISC for 2026 is projected at $1,070 per ounce and $1,475 per ounce, respectively, reflecting a 12% increase compared to 2025 [12][15]