Fresnillo PLC

Latest Results (02.04.2026):

Fresnillo PLC — results for the year ended 31 December 2025 (FY2025): the company reported a record financial year driven by higher precious‑metal prices and operational discipline. Adjusted revenue rose to US$4,645.3m (+27.6% vs 2024) and EBITDA to US$2,796.2m (+80.7%). Profit for the year was US$1,573.8m (profit attributable to equity holders US$1,384.0m). Net cash stood at US$1,916.6m (cash & liquid funds US$2,756.5m). Total ordinary dividends for 2025 were US$950.0m (128.92 US cents/share). Silver production was 48.7 moz and gold production 600.3 koz for the year.

Key financials

Adjusted revenue US$4,645.3m (↑27.6%); total revenue US$4,561.2m (↑30.5%). EBITDA US$2,796.2m (↑80.7%). Profit before tax US$2,082.0m and profit for the year US$1,573.8m. Basic/diluted EPS excluding post‑tax Silverstream effects 2.058 US$/share.

Cash, balance sheet and dividends

Cash and liquid funds US$2,756.5m; net cash position US$1,916.6m (vs US$458.3m at 31/12/2024). Total ordinary dividends US$950.0m (128.92 US cents/share), comprising an interim of 20.8 US cents and a final of 108.12 US cents — above the normal 50% payout guideline due to strong cash generation.

Production and operations

Attributable silver production 48.7 moz (in line with guidance; −13.5% vs 2024, including Silverstream); attributable gold 600.3 koz (exceeded guidance; −5.0% vs 2024). By‑product lead and zinc production declined versus 2024. Company highlights operational gains at Herradura and Juanicipio, partial turnaround at Saucito and cessation of San Julián DOB mining.

Costs, margins and efficiency

Adjusted production costs US$1,406.7m (−11.1% vs 2024), driven by lower processed volumes, peso devaluation and efficiencies (net operating efficiencies ~US$13.8m). Gross profit US$2,664.1m (↑113.8%). Depreciation reduced, contributing to lower cost of sales.

One‑off / special items

Non‑cash Silverstream loss (net of tax) of US$132.4m following the decision to end the Silverstream contract related to Sabinas. Special mining rights rose to US$193.2m (↑52.1%). Income tax expense US$315.0m (down 19.3% vs 2024).

M&A, exploration and reserves

Probe Gold acquisition completed in 1Q26 (post‑period) to add ~10m oz gold to resources and entry into Val d’Or, Quebec. Exploration expense US$173.5m (↑6.4%); capex ~US$400.1m in 2025 with 2026 capex guidance ~US$765m. Silver resources 2.06bn oz (−8.5%); gold resources 44.0 moz (+14.3%). Silver reserves 362.6 moz (+9.4%); gold reserves 7.8 moz (+7.4%).

Safety & sustainability

TRIFR improved to 6.26 (from 7.59) and fatality frequency fell to 0.046, but there were two fatalities in 2025. Renewable electricity consumption was 77.8% (2024: 80.6%). Company reiterates safety priority and decarbonisation targets.

2026 outlook

2026 attributable production guidance: silver 42.0–46.5 moz; gold 500–550 koz; silver‑eq production 82–91 moz. Capex ~US$765m; exploration expense c.US$260m. Company expects continued cost monitoring, further efficiencies and to progress advanced projects (plus Probe Gold drilling) while maintaining a strong cash buffer for growth and M&A.