Pan American Silver Corp. (PAAS) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver fourth quarter and full year end 2025 results conference call. As a reminder, all participants are in a listen-only mode. 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 and then one on your telephone keypads. Should you need assistance during the conference call, you may reach an operator by pressing star and zero. This time, I'd like to turn the conference call over to Sirin Pasecki, Vice President, Buster Relations. Please go ahead, ma'am. Thank you for joining us today for Pan American Silver's conference call and webcast to discuss our fourth quarter and full year 2025 results. This call includes forward-looking statements and information and references non-GAAP measures. Please see the cautionary statements in our MD&A news release and presentation slides for the period ended December 31st, 2025, all of which are available on our website. I'll now turn the call over to Michael Steinman, Pan American's president and CEO. Good morning, everyone. I'm glad you could join us to discuss Pan American's 2025 results and our outlook for 2026. I'll start with the headline. We delivered record financial results across the board in Q4 and for the full year 2025, reflecting strong execution of our business and meaningful margin expansion from higher metal prices. Net earnings were a record $452 million in Q4, or $1.07 per basic share, which included $61 million of income from our investment in Huani CPO, For the full year, net earnings were a record $980 million, or $2.56 per basic share. On an adjusted basis, earnings were $470 million in Q4, or $1.11 per share. And for the ful...