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Fresnillo (FRES) investor relations material
Fresnillo H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record silver production of 24.9 Moz and gold production of 313.8 koz in 1H25, maintaining position as the world's largest silver producer and a leading gold producer.
Strong operating and financial results in 1H25, with profitability driven by higher precious metals prices, operational consistency, and cost discipline, resulting in substantial free cash flow and a robust balance sheet.
EBITDA margin surged to 56.9% from 36.6% in 1H24, with profit for the period at $467.7M and adjusted EPS up 399% year-over-year.
Interim dividend of 20.8 US cents per share declared, reflecting increased profits and ample liquidity.
Silverstream contract buyback resulted in a non-cash loss of $133M after tax, with no further Silverstream contribution from 2H25.
Financial highlights
Adjusted revenues rose 27.1% year-over-year to $1,982.9M; gross profit up 160.7% to $1,022.9M; EBITDA reached $1,102.1M, up 102.5% from 1H24.
Profit for the period up 297.3% to $467.6M; basic and diluted EPS from continuing operations increased 399.1% to $0.534.
Free cash flow exceeded $1bn, with cash and equivalents at period end $1,823M.
Adjusted production costs fell 20.2% to $673.5M, driven by efficiencies at Herradura and Saucito, and lower ore processed at Fresnillo.
Interim and special dividends paid totaled $501M in 1H25.
Outlook and guidance
2025 gold production guidance raised to 550–590 koz due to strong Herradura performance; silver guidance adjusted to 47.5–54.5 Moz after Silverstream buyback.
CapEx for 2025 revised down to $450M, reflecting project delays and cost optimization; exploration expenses expected at $190M.
Silver equivalent ounce guidance for 2025 remains unchanged.
Multiple greenfield and brownfield projects advancing, with significant resource growth potential.
Focus remains on advancing brownfield projects, especially Herradura underground, to add ounces with lower investment.
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