Fresnillo plc (FRES.L), the Mexican precious metals miner, delivered a dramatic jump in first-half earnings driven by surging silver and gold prices across global markets.
Profit from continuing operations before income tax soared 227.6 percent to $2.16 billion, compared with $660.3 million in the same period last year.
Revenues climbed 74.7 percent to $3.38 billion from last year’s $1.94 billion, with the company attributing the gains directly to the strength of precious metals prices.
Adjusted revenues reached $3.41 billion, representing a 72.1 percent increase year-over-year, reflecting broad momentum across the company’s high-margin portfolio.
EBITDA surged 113.2 percent to $2.35 billion, while the EBITDA margin improved sharply to 69.5 percent from 56.9 percent in the prior year period.
Earnings per share came in at $1.751, a 227.9 percent increase compared with $0.534 recorded in the same period a year ago.
The average realised silver price jumped 134.4 percent from last year to $78.9 per ounce, while the average realised gold price rose 47.3 percent to $4,666.8 per ounce.
Despite the strong financial performance, attributable silver production fell 11.4 percent to 22.05 million ounces, mainly due to the end of contributions from the Silverstream contract.
Attributable gold production declined 7.3 percent year-over-year to 290.89 thousand ounces, driven by lower ore grades, reduced ore processing volumes, and weaker recovery rates at Herradura.
The Board of Directors declared an increased interim dividend of 43.4 US cents per Ordinary Share, payable on September 18 to shareholders on the register as of August 14.
In London trading, Fresnillo shares were gaining around 1.64 percent, changing hands at 2,539.00 pence following the results announcement.
Chief Executive Officer Octavio Alvídrez struck a confident tone on the outlook, stating, “Our full-year production guidance remains unchanged, and our high-margin portfolio puts us in a strong position to capitalise on ongoing market tailwinds.”
For fiscal 2026, Fresnillo continues to expect attributable silver production of 42.0 to 46.5 million ounces and gold production of 500,000 to 550,000 ounces.
The company also maintains its lead production guidance of 54,000 to 59,000 tonnes and zinc production of 85,000 to 95,000 tonnes for the current fiscal year.
In silver equivalent ounces, total production for 2026 is expected to fall between 82 million and 91 million ounces across the portfolio.
Production expectations for 2027 and 2028 remain broadly unchanged, though Fresnillo now anticipates slightly higher gold output from the Herradura district and Fresnillo operations, alongside marginally lower silver production from Saucito.
