Fresnillo Plc Reports 130.7% Surge in First-Half Gross Profit

The Tip Desk · August 4, 2026 · 1 min read

Higher precious metals prices drive strong financial performance despite declines in silver and gold production.

Fresnillo plc reported a significant increase in financial performance for the six months ended 30 June 2026, with revenues rising 74.7% to US$3.4 billion. Gross profit grew 130.7% to US$2.4 billion, primarily driven by higher silver and gold prices [1, 7]. EBITDA doubled to US$2,349.7 million, increasing the EBITDA margin from 56.9% in 1H25 to 69.5% in 1H26.

Operational output saw declines during the period. Attributable silver production fell 11.4% to 22.0 moz, impacted by the end of Silverstream contributions and lower ore grades at several mines. Attributable gold production decreased 7.3% to 290.9 koz, attributed to lower ore grades at Herradura and disruptions including a ball mill fissure and weather-related delays. Conversely, by-product lead production increased by 8.8%.

The company utilized its financial position to fund the US$547.8 million acquisition of Probe Gold and invest US$236.2 million in capital expenditure. Fresnillo also declared an increased interim dividend of 43.4 cents per share. As of 30 June 2026, the company held US$2,503.1 million in cash, cash equivalents, and short-term investments, resulting in a net cash position of US$1,663.1 million [2, 3].

Looking ahead, Fresnillo stated that its full-year 2026 production guidance remains unchanged. This includes expected attributable silver production between 42.0 and 46.5 moz and gold production between 500.0 and 550 koz. The company revised its 2026 capex guidance to a range of US$500-550 million.