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Fresnillo
Fresnillo (FRES) investor relations material
Fresnillo H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary3 Mar, 2026
Executive summary
Achieved record financial performance in 2025, with gold production exceeding guidance and silver in line with expectations, driven by strong cost control, operational discipline, and high precious metals prices.
Completed the acquisition of Probe Gold in Canada, adding approximately 10 million ounces of gold resources and expanding the exploration and project pipeline.
Returned a record $950 million to shareholders in dividends, representing 69% of earnings, well above the stated dividend policy.
Maintained a strong balance sheet and significant free cash flow, enabling flexibility for future investments and shareholder returns.
Captured $46 million in cost savings during the year.
Financial highlights
Revenue and profitability reached record highs, with revenue up 30.5% to $4,561.2M and margins up sharply year-over-year due to higher gold and silver prices.
Gross profit increased by 114% to $2,664.1M, operating profit by 142% to $2,292.5M, profit for the period by almost 600%, and EBITDA by 80.7% to $2,796.2M.
Adjusted EPS surged 465.4% to $2.06 per share; cash and cash equivalents at year-end were $2,756.5M, up 112.4%.
Cash flow from operations was $2.8 billion, up 80% year-over-year, resulting in a record year-end cash balance of $2.76 billion.
Exploration expenses were $174 million, 6% higher than last year but below budget; exploration spend increased to $176.1M, with 800,434m drilled (+7.7% YoY).
Outlook and guidance
2026 is expected to be a transition year, with lower silver production due to mine sequencing and shaft connections, but production is expected to increase in 2027 and 2028.
Gold production in 2026 will be supported by brownfield projects (Valles, Noche Buena) and higher output from Herradura in subsequent years.
CapEx for 2026 is guided at $765 million, with lower CapEx expected in 2027 and 2028 as major projects are completed.
Sustaining CapEx is expected to normalize around $500–$600 million per year, with temporary increases due to new projects.
Exploration budget for 2026 is $308 million, with a shift toward advanced and greenfield projects.
Mitigate 2026 grade declines and Saucito issues
Capital allocation for long-term project pipeline
Sustaining margins beyond metal price tailwinds
Detail 2026 cash tax payments outlook
Quantify incremental CapEx for pipeline projects
How do higher metal prices impact dilution strategy?
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Next Fresnillo earnings date
H1 20264 Aug, 2026
Fresnillo
Next Fresnillo earnings date
H1 20264 Aug, 2026
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Frequently asked questions
Fresnillo plc engages in the mining, development, and production of non-ferrous minerals. It operates through the following segments: Mexico, Latin America and Europe. The Mexico segment includes Fresnillo, Saucito, Ciénega, Herradura, Soledad-Dipolos I and II, San Julián, Noche Buena; and sub-horizontal Mining Methods. The Latin America segment involves Pyrites plants and San Ramón plant. The Europe segment covers recycling operations. Fresnillo plc was founded in 1887 is headquartered in London, the United Kingdom
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