Agnico Eagle Adjusted Net Income Rises to $1.54 Billion
The gold producer reported a 36.3% increase in realized gold prices during the second quarter of 2026
Agnico Eagle Mines Limited (AEM), the gold producer with operations in Canada, Australia, Finland and Mexico, reported adjusted net income of $1,540.7 million, or 3.07 a share, for the second quarter of 2026. This compared with adjusted net income of $975.8 million, or 1.94 a share, in the second quarter of 2025.
Operating margin increased 40.6% to $2,849.1 million during the period, up from $2,026.9 million in the prior-year quarter. The company said the growth was primarily due to a 35.0% increase in revenues from mining operations. This revenue growth was driven by a 36.3% increase in the realized gold price, which averaged $4,483 per ounce in the second quarter of 2026 compared to $3,288 per ounce in the second quarter of 2025.
These gains were partially offset by a 1.3% decrease in sales volume. The company attributed this decline to lower sales volumes from Macassa, LaRonde and Canadian Malartic, though these were partially offset by higher volumes from Detour Lake. Gold production for the second quarter fell to 855,816 ounces from 866,029 ounces in the same period last year.
EBITDA rose to $2,762.2 million in the second quarter of 2026 from $2,021.0 million in the second quarter of 2025. Adjusted EBITDA increased to $2,737.6 million from $1,913.8 million in the prior-year period. The company attributed the higher adjusted net income, EBITDA and adjusted EBITDA primarily to higher operating margins.
Production costs at Meadowbank rose 41.1% to $149.6 million in the second quarter of 2026 from $106.0 million in the second quarter of 2025. The company said this increase was primarily due to milling costs, the consumption of stockpiles and higher NTI payments. For the first six months of 2026, Meadowbank production costs increased 43.0% to $333.3 million compared with $233.0 million in the first six months of 2025.
Gold production for the first six months of 2026 decreased 11.6% to 214,027 ounces compared with 242,061 ounces in the first six months of 2025. The company attributed the decline primarily to lower gold grades from the mining sequence.
Cash and cash equivalents at the end of the period were $3,463,957 thousand.