Pan American Silver — Record prices, cost discipline drive FY25 beat

Pan American Silver (PAAS) reported exceptionally strong FY25 and Q425 results, driven by record commodity prices, strong metal sales and lower-than-expected silver segment costs. Full-year revenues grew 28% to US$3.62bn, while EBITDA increased 77% to US$1.82bn, implying an impressive Q4 margin of 60%. Reflecting this robust performance and a supportive commodity price environment, we have upgraded our estimates, raising our DCF-based valuation to US$57/share, excluding any P/NPV premium.