Industrias Peñoles (PE&OLES) Q4 2025 earnings summary

Executive summary

• Net sales reached $8,647.3M in 2025, up 30% year-over-year, driven by higher gold and silver prices and increased sales of concentrates and chemicals.

• EBITDA rose 76.5% to $3,250.5M, and net income attributable to controlling interest surged to $1,372.6M from $73.3M in 2024.

• Precious metal prices surged in 4Q25, with silver up 73.8% and gold up 55.3% year-over-year, driven by safe-haven demand, central bank purchases, and a weaker US dollar.

• Operating profit more than doubled, supported by favorable price effects and improved operational efficiency.

Financial highlights

• Gross profit increased 88.5% year-over-year to $3,310.8M.

• Operating profit rose 143.2% to $2,564.7M.

• Cash flow from operations nearly doubled to $2,491.6M.

• Cash and equivalents at year-end were $3.5B, with financial debt at $3.1B.

• Net income attributable to controlling interest in 4Q25 was $552.0M (+478.7%).

Outlook and guidance

• Precious metals prices are expected to remain strong, supported by safe-haven demand and expectations of US interest rate cuts.

• Industrial metals outlook is positive due to supply constraints and robust demand, except for lead, which faces oversupply.

• Ongoing focus on exploration and resource conversion, with drilling at key domestic and international projects.

• Acquisition of Probe Gold Inc. expands international presence and resource base.