Fresnillo PLC

Latest Results (14.05.2026):

Fresnillo PLC — Results for the year ended 31 December 2025 (FY2025, covering Q1–Q4 2025): the company reported a record financial performance driven by much higher precious‑metal prices and operational discipline, with Adjusted Revenue of US$4,645.3m (+27.6%), EBITDA of US$2,796.2m (+80.7%) and Profit for the year of US$1,573.8m; net cash was US$1,916.6m and total shareholder distributions for 2025 were US$950.0m (128.92 US cents/share).

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. Profit attributable to equity shareholders US$1,384.0m (vs US$140.9m in 2024). Non‑cash Silverstream loss (post‑tax) of US$132.4m related to ending the Silverstream contract.

Production

Attributable silver production 48.7 Moz (down 13.5% vs 2024, in line with guidance including Silverstream); attributable gold 600.3 Koz (down 5.0% but exceeded guidance). By‑product lead and zinc volumes declined (including cessation of zinc at Ciénega and closure of San Julián DOB).

Costs, margins and cash

Adjusted production costs US$1,406.7m (‑11.1%); gross profit US$2,664.1m (+113.8%). Strong cash generation resulted in cash & liquid funds of US$2,756.5m and a net cash position of US$1,916.6m (vs US$458.3m at 31 Dec 2024).

Dividends and shareholder returns

Total ordinary dividend for 2025 of US$950.0m (128.92 US cents/share): interim 20.8 US cents/share (paid) and final 108.12 US cents/share. Final dividend above the Group’s traditional 50% adjusted profit policy, supported by strong cash generation.

Growth, exploration and M&A

Exploration expense US$173.5m (+6.4%); resources/reserves movements: silver resources down (RPEEE reclassification) but silver reserves +9.4% and gold resources +14.3%. Acquisition of Probe Gold completed in 1Q26 (adds ~10 Moz gold resource and entry into Val d’Or, Quebec). 2026 guidance: capex ~US$765m and exploration ~US$260m.

2026 production outlook

Guidance for 2026: attributable silver 42.0–46.5 Moz; attributable gold 500–550 Koz; silver‑equivalent production 82–91 Moz. Company plans continued cost monitoring and optimisation projects across the portfolio.

Safety and sustainability

TRIFR improved to 6.26 (from 7.59) and Fatality Frequency Rate fell to 0.046, but two fatalities occurred in 2025. Renewables supplied 77.8% of electricity consumed. Special mining rights expense rose to US$193.2m (up 52.1%).