-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
AEM delivered Q1 2026 net income of $1,695.5M ($3.39/share), up 108% Y/Y, driven by 68.1% higher realized gold price to $4,968/oz. Adjusted net income of $1,705.8M ($3.41/share, up 123% Y/Y) beat consensus by $0.20, with revenue rising 66.1% Y/Y despite lower production. The results validate our thesis as a best-in-class operator with peer-leading margins and significant operating leverage to gold prices. Management maintained full-year guidance of 3.3-3.5M oz, attributing declines to timing and grade variability rather than structural issues. Q1 production declined 5.6% Y/Y to 825,109 oz with mixed performance, while total cash costs increased 22.1% to $1,093/oz due to higher royalties. AEM's balance sheet with $2,915.3M net cash provides flexibility to accelerate high-return projects. We believe the organic growth pipeline targeting 20%-30% production increase over the next decade remains intact, positioning AEM to deliver production-per-share growth in favorable jurisdictions.