Fresnillo (FRES) H1 2026 earnings summary

Executive summary

• Achieved record financial performance in H1 2026, with revenues up 74.7% to US$3.38bn, gross profit up 130.7%, and EBITDA up 113.2%, driven by high precious metal prices and operational discipline.

• Maintained position as the world's largest silver producer with 22.0Moz silver and 290.9koz gold produced in H1 2026.

• Interim dividend increased to US$0.434 per share, up 144.9%, with over $1 billion paid including minority shareholders.

• Strategic acquisitions and investments, including Probe Gold (US$564m) and Sinda Ltd. (US$95.3m), expand exposure to key geological districts.

• Continued investment in exploration and project pipeline, with advanced projects at Valles, Noche Buena, Rodeo, Orisyvo, and Novador.

Financial highlights

• Total revenue reached US$3,382.6m, up 74.7% year-over-year; gross profit rose 130.7% to US$2,359.4m; EBITDA up 113.2% to US$2,349.7m.

• Profit for the period surged 213% to US$1,463.4m; EPS increased 227.9% to US$1.75.

• Cash generated from operations before working capital changes more than doubled to US$2.36bn.

• Interim dividends and total dividends paid (including minority shareholders) reached $1 billion.

• Cash and cash equivalents at US$2.5bn as of June 2026, up 37.3% year-over-year.

Outlook and guidance

• On track to meet 2026 production guidance: silver 42.0–46.5moz, gold 500–550koz, with 2027–2028 outlook stable.

• CapEx guidance for 2026 reduced to US$500–550m, reflecting disciplined optimization and project timing.

• Analyst forecasts indicate structurally higher long-term gold and silver prices.

• No significant CapEx for greenfield projects included in 2027–2028 outlook; major spend expected only after approvals.

• Conservative price assumptions for H2: US$55/oz silver and US$4,000/oz gold.