Fresnillo Plc EBITDA rises 80.7% on higher precious metals prices

The Tip Desk · April 17, 2026 · 2 min read

The mining company reported a net cash position of US$1,916.6 million as of 31 December 2025.

Fresnillo Plc, a precious metals mining company, reported that EBITDA increased 80.7% to US$2,796.2 million in 2025. The company said the result was driven by a more stable operational performance and the positive impact of higher precious metals prices.

Adjusted revenue rose 27.6% to US$4,645.3 million during the year, primarily due to the increase in gold and silver prices. Gross profit more than doubled to US$2,664.1 million. These gains were supported by a 11.1% decrease in adjusted production costs. The company attributed the cost reduction to the closure of mining activities at San Julián DOB, lower processed volumes at Saucito, Fresnillo, Ciénega, and Herradura, and the devaluation of the Mexican peso against the US dollar. These factors partially offset cost inflation of 3.2%.

Gold production for the year totaled 600.3 koz, which exceeded the company's guidance range. This represented a 5.0% decrease from 631.6 koz in 2024, which the company said was due to decreased ore throughput and lower ore grade at Fresnillo, Saucito, and Herradura. Silver production totaled 48.7 moz, falling 13.5% from 56.3 moz in 2024. The company stated that silver production was toward the lower end of its guidance range.

The company ended December 2025 with cash and other liquid funds of US$2,756.5 million, a net increase of US$1,458.7 million over the period. After accounting for US$839.9 million in outstanding Senior Notes, net cash was US$1,916.6 million, compared to US$458.3 million at the end of 2024.

Fresnillo paid total dividends of US$654.3 million in 2025, consisting of US$346.3 million in policy dividends and US$308.0 million in extraordinary dividends. Based on 2025 performance, the directors recommended a final ordinary dividend of 108.12 US cents per share. This follows an interim dividend of 20.8 US cents per share.

The company completed the acquisition of Probe Gold Inc. on 21 January 2026. Management stated that the company continues to maintain a healthy cash balance to invest in growth-focused projects and as a buffer for future M&A opportunities.