first majestic announces q1 2026 financial results and increased quarterly dividend payment provides management updates

Extracted Document Text

This is a readable excerpt of the EGM normalized Markdown text. It helps search engines and researchers understand PDF, filing, or company-document content while the original source remains authoritative.

# first majestic announces q1 2026 financial results and increased quarterly dividend payment provides management updates

Source: https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-q1-2026-financial-results-and-increased-quarterly-dividend-payment-provides-management-updates
Published: 2026-05-12T12:00:00+00:00
Fetched: 2026-05-15T10:28:44.578+00:00
Source artifact: 7842dd2c-bea1-4d69-a15e-43001a61c5fa
Normalizer input: text

## Content

First Majestic Announces Q1 2026 Financial Results and Increased Quarterly Dividend Payment; Provides Management Updates
Download
Share
Vancouver, BC, Canada - First Majestic Silver Corp. (NYSE:AG)(TSX:AG)(FSE:FMV) (the " Company " or “First Majestic”) is pleased to announce the Company’s unaudited condensed interim consolidated financial results for the first quarter ended March 31, 2026. The full version of the quarterly financial statements and the accompanying management’s discussion and analysis can be viewed on the Company’s website at www.firstmajestic.com or under the Company’s profiles on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar . All amounts are in U.S. dollars unless stated otherwise.
First Majestic delivered a strong first quarter, with silver and gold production tracking well towards the Company’s 2026 guidance targets. Revenues increased significantly, up 95% year-over-year to $476.7 million, driven by higher realized silver and gold prices, even with the Company holding back $63.6 million of silver and gold bullion. A continued focus on operational efficiency allowed revenues to grow substantially faster than costs, including variable costs such as royalties and worker production bonuses that rise with the silver price, resulting in meaningful margin expansion. Net earnings 1 for the quarter were $128.1 million while earnings per share (“EPS”) were $0.26. Adjusted net earnings totaled $151.7 million, or $0.31 per share. Throughput rates increased by 12%, enabling the Company to optimize lower marginal cut-off grades. As a result, overall profitability improved across all mine sites though reported per-ounce costs appeared higher, which was largely attributable to unfavourable year-over-year changes in the silver equivalent (“AgEq”) conversion ratios driven by rising metal prices, which have a positive impact on the Company overall. The Company generated $223.5 million in free cash flow in the first quarter, after paying $95.5 million in cash income taxes, primarily related to 2025, leading to a record $1,128.6 million in treasury.
FIRST QUARTER HIGHLIGHTS
Treasury Position ($190.9 million increase from December 31, 2025): The Company ended the quarter with $1,128.6 million in treasury, representing a 20% increase compared to $937.7 million at the end of 2025, and the highest treasury position in the Company’s history. Cash in treasury includes $143.8 million held in restricted cash, compared to $144.3 million as at December 31, 2025.
Cash Flow from Operations ($200.6 million increase Y/Y): Operating cash flow before changes in working capital and taxes in the quarter were $310.6 million or $0.63 per share, a 182% increase compared to $110.0 million or $0.24 per share in the first quarter of 2025.
Free Cash Flow ($180.0 million increase Y/Y): The Company generated $223.5 million in free cash flow in the first quarter of 2026 after paying $95.5 million in cash income taxes, primarily related to true up payments as a result of the Company’s strong financial performance in 2025. This represented a significant increase compared to $43.5 million in free cash flow in Q1 2025.
Quarterly Revenue ($232.8 million increase Y/Y): The Company achieved record quarterly revenue of $476.7 million (with 66% of revenue from silver), representing a 95% increase compared to $243.9 million in the first quarter of 2025.
Finished Goods Inventory ($18.3 million increase from December 31, 2025): The Company held 676,637 silver ounces and 2,732 gold ounces in finished goods inventory as at March 31, 2026, inclusive of coins and bullion. The fair market value of this inventory as at March 31, 2026 was $50.9 million for silver and $12.8 million for gold, which was not included in revenue during the quarter.
Mine Operating Earnings ($202.8 million increase Y/Y): The Company achieved record mine operating earnings of $266.6 million, a significant improvement compared to $63.8 million in the first quarter of 2025.
Earnings Before Income Tax, Depreciation and Amortization (“EBITDA”) ($208.0 million increase Y/Y): EBITDA for the quarter was $306.8 million, a significant increase compared to $98.8 million in Q1 2025.
Net Earnings 1 ($125.8 million increase Y/Y): Net earnings for the quarter were $128.1 million (EPS of $0.26) compared to net earnings of $2.3 million (EPS of $0.01) in the first quarter of 2025. Adjusted net earnings were $151.7 million (adjusted EPS of $0.31), compared to adjusted net earnings of $20.9 million (adjusted EPS of $0.05) in the first quarter of 2025.
Costs: Cash costs and All-in Sustaining Cost (“AISC”) per attributable payable AgEq ounce for the quarter were $20.28 and $29.76, respectively, and are anticipated to decrease in the second half of the year.
AISC Margin ($38.98 increase Y/Y): The Company generated AISC margin, being the difference between its silver equivalent realized price and AISC, of $52.24 per AgEq ounce, a significant improvement compared to $13.26 per AgEq ounce during Q1 2025. This margin reflects First Majestic’s focus on cost efficiency and effective management of rising variable costs amid the strong metal price environment.
First Quarter Dividend (280% increase Y/Y): The Company declared a cash dividend of $0.0171 per common share for the first quarter of 2026, nearly four times higher than in the same period last year.
OPERATIONAL AND FINANCIAL RESULTS
The table below represents the Company’s consolidated first quarter operational and financial highlights for the three months ended March 31, 2026 and 2025.
Key Performance Metrics
2026-Q1
2025-Q1
Change
Q1 vs Q1
Operational (1)
Ore Processed / Tonnes Milled
1,059,333
944,373
12%
Silver Ounces Produced
3,545,683
3,704,503
(4%)
Gold Ounces Produced
34,341
36,469
(6%)
Cash Costs per Silver Equivalent Ounce (2)
$20.28
$13.68
48%
All-in Sustaining Cost per Silver Equivalent Ounce (2)
$29.76
$19.24
55%
Total Production Cost per Tonne (2)
$107.22
$97.71
10%
Average Realized Silver Price per Silver Ounce (2)
$86.35
$33.10
161%
Average Realized Gold Price per Gold Ounce (2)
$5,018
$2,778
81%
Financial (in $millions)
Revenues
$476.7
$243.9
95%
Mine Operating Earnings
$266.6
$63.8
318%
Net Earnings (Loss)
$147.5
$6.2
2,264%
Operating Cash Flows before Non-Cash Working Capital and Taxes
$310.6
$110.0
182%
Capital Expenditures
$49.1
$51.0
(4%)
Cash and Cash Equivalents
$984.8
$351.3
180%
Restricted Cash
$143.8
$111.3
29%
Working Capital (2)
$843.1
$404.8
108%
EBITDA (2)
$306.8
$98.8
192%
Adjusted EBITDA (2)
$320.8
$109.7
192%
Free Cash Flow (2)
$223.5
$43.5
414%
Shareholders
EPS – Basic & Diluted
$0.26
$0.01
2,500%
Adjusted EPS (2)
$0.31
$0.05
572%
Operational metrics calculated in the table above are reported on an attributable basis to account for the Company’s 70% ownership of the Los Gatos Joint Venture that owns the Los Gatos Silver Mine.
The Company reports certain non-GAAP measures which include cash costs per AgEq ounce produced, cash costs per Au ounce produced, AISC per AgEq ounce produced, all-in sustaining cost per Au ounce produced, total production cost per tonne, average realized silver price per AgEq ounce sold, average realized Au price per ounce sold, average realized Ag price per ounce sold, working capital, adjusted EPS, EBITDA, adjusted EBITDA, and free cash flow. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under the Company's financial reporting framework and the methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See “Non-GAAP Financial Measures” at the end of this news release for further details of these measures.
The table below represents the quarterly operating and cost performance results at each of the Company’s four producing mines during the quarter.
First Quarter Production Summary
Los Gatos (1)(3)
San Dimas
Santa Elena
La Encantada
Consolidated
Ore Processed / Tonnes Milled
227,379
235,519
284,236
312,199
1,059,333
Silver Ounces Produced
1,183,089
1,177,686
355,827
829,081
3,545,683
Gold Ounces Produced (3)
656
12,541
21,117
27
34,341
Cash Costs per Silver Equivalent Ounce (2)
$20.34
$19.92
$18.27
$25.80
$20.28
All-in Sustaining Cost per Silver Equivalent Ounce (2)
$25.04
$28.36
$21.65
$33.40
$29.76
Total Production Cost per Tonne (2)
$107.85
$170.00
$101.17
$64.86
$107.22
All production and non-GAAP results shown in the table above are reported on an attributable basis, meaning they reflect only the portion of results corresponding to the Company’s 70% ownership of the Los Gatos Joint Venture that owns the Los Gatos Silver Mine.
These measures do not have a standardized meaning under the Company’s financial reporting framework and the methods used by the Company to calculate these measures may differ from methods used by other companies with similar descriptions.
Base metal production at the Los Gatos Silver Mine include 15,407,856 lbs zinc, 8,700,148 lbs lead and 262,913 lbs copper (70% attributable basis).
In the first quarter, the Company generated a fifth consecutive quarterly revenue record of $476.7 million, representing a 95% increase compared to $243.9 million in the first quarter of 2025. The higher revenues were largely driven by higher average realized silver and gold prices, which represented a 161% and 81% increase, respectively, when compared to the first quarter of 2025 and resulted in total revenues increasing by $286.6 million. Revenue growth was also driven by a 50% and a 3% increase in silver ounces sold at La Encantada and Santa Elena, respectively, compared to the first quarter of 2025, along with 48%, 34%, and 18% increases in zinc, copper, and lead pounds sold, respectively, at Los Gatos compared to the first quarter of 2025. Total revenue for the quarter excluded 676,637 oz of silver and 2,732 oz of gold that were held in inventory at the end of the quarter, with a fair value of $63.6 million.
The Company achieved record mine operating earnings of $266.6 million, a significant improvement compared to mine operating earnings of $63.8 million in the first quarter of 2025. This increase was largely driven by higher metal prices compared to the first quarter of 2025. Notably, at La Encantada, a 50% increase in silver ounces sold, combined with lower costs per ounce, contributed to a $31.2 million increase in mine operating earnings, a significant increase compared to a $0.5 million mine operating loss in the first quarter of 2025.
EBITDA for the quarter was $306.8 million, representing a significant increase compared to $98.8 million in the first quarter of 2025. The increase in EBITDA was primarily attributable to improved mine operating earnings in the quarter compared to the first quarter of 2025, along with $13.4 million in investment income, a significant increase compared to $0.5 million in investment income during the first quarter of 2025. This increase was partially offset by a $0.7 million foreign exchange loss during the quarter, compared to a $0.5 million loss in the first quarter of 2025, as well as $1.1 million in restructuring costs driven by higher severance costs incurred as the Company continues to optimize its workforce across all sites.
Adjusted EBITDA normalized for non-cash or non-recurring items such as unrealized losses on marketabl

[Excerpt trimmed for readability. Open the original source for the complete filing or document.]