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• Andean reported Q4 and full-year 2025 financial results marked by record revenue, EBITDA, earnings, and FCF supported by robust operations and stronger metal prices.
• Q4’s earnings were broadly in line with our forecast and included record revenue and FCF of $133.7M and $35.8M.
• Impressive cash flow generation has facilitated a significantly improved balance sheet with record liquidity of ~$177M.
• 2025’s record year puts APM in a strong position for its growth and optimization plans in 2026.
Andean Precious Metals (APM:TSX, ANPMF:OTC) reported record Q4 and 2025 financials driven by robust operations and stronger metal prices. Q4 production of 27.8Koz AuEq (99.2Koz in 2025) was pre-released on February 26th (read our note here), displaying strong momentum to end the year, which is further supported by this morning’s financial results. 2025 was an impressive year for APM, delivering record revenue, EBITDA, earnings, and FCF, which facilitated a strengthened balance sheet and record liquidity to end the year, and we anticipate further acceleration in 2026. We are maintaining our BUY rating and our C$18.00/share target price on APM.
Financial Highlights
• Q4 revenue of $133.7M vs. our estimate of $129.4M and 2025 revenue of $359.8M (+42% YoY) vs. our $355.5M.
• Q4 operating income came in at $52.3M and $141.5M for the quarter and year, respectively, vs. our estimate of $60.1M and $135.9M.
• Adjusted EBITDA for the quarter was $46.9M vs. our estimate of $66.1M. Adjusted EBITDA for the year came out to $133.7M (+112% YoY) vs. our estimate of $153.0M.
• OCF (before WC) was $51.7M for the quarter and $135.9M for the year vs. our $53.6M and $93.9M estimate. Free cash flow was $35.8M for the quarter and $59.0M for the year. APM spent $15.0M in capex during the quarter.
• Net income was $42.4M or $0.28/share (basic) in Q4/25 and $118.2M ($0.78/share) for the year.
• The Company finished the year with $139.9M in cash & marketable securities and $45.1M in debt.
APM: Record 2025 Financials and a Strengthened Balance Sheet
What you need to know:• Andean reported Q4 and full-year 2025 financial results marked by record revenue, EBITDA, earnings, and FCF supported by robust operations and stronger metal prices.
• Q4’s earnings were broadly in line with our forecast and included record revenue and FCF of $133.7M and $35.8M.
• Impressive cash flow generation has facilitated a significantly improved balance sheet with record liquidity of ~$177M.
• 2025’s record year puts APM in a strong position for its growth and optimization plans in 2026.
Andean Precious Metals (APM:TSX, ANPMF:OTC) reported record Q4 and 2025 financials driven by robust operations and stronger metal prices. Q4 production of 27.8Koz AuEq (99.2Koz in 2025) was pre-released on February 26th (read our note here), displaying strong momentum to end the year, which is further supported by this morning’s financial results. 2025 was an impressive year for APM, delivering record revenue, EBITDA, earnings, and FCF, which facilitated a strengthened balance sheet and record liquidity to end the year, and we anticipate further acceleration in 2026. We are maintaining our BUY rating and our C$18.00/share target price on APM.
Financial Highlights
• Q4 revenue of $133.7M vs. our estimate of $129.4M and 2025 revenue of $359.8M (+42% YoY) vs. our $355.5M.
• Q4 operating income came in at $52.3M and $141.5M for the quarter and year, respectively, vs. our estimate of $60.1M and $135.9M.
• Adjusted EBITDA for the quarter was $46.9M vs. our estimate of $66.1M. Adjusted EBITDA for the year came out to $133.7M (+112% YoY) vs. our estimate of $153.0M.
• OCF (before WC) was $51.7M for the quarter and $135.9M for the year vs. our $53.6M and $93.9M estimate. Free cash flow was $35.8M for the quarter and $59.0M for the year. APM spent $15.0M in capex during the quarter.
• Net income was $42.4M or $0.28/share (basic) in Q4/25 and $118.2M ($0.78/share) for the year.
• The Company finished the year with $139.9M in cash & marketable securities and $45.1M in debt.
Underlying
ANDEAN PRECIOUS METALS CORP
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Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Ben Pirie
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