MEXICO CITY (dpa-AFX) - Mexican precious metals miner Fresnillo plc (FRES.L) on Tuesday reported significantly higher profit and revenues in its first half, mainly due to higher silver and gold prices, partly offset by lower volumes of gold and silver sold. The company also confirmed production outlook for fiscal 2026, 2027 and 2028.
In London, the shares were gaining around 1.64 percent, trading at 2,539.00 pence.
Further, the Board of Directors has declared an increased interim dividend of 43.4 US cents per Ordinary Share, which will be paid on September 18 to shareholders on the register on August 14.
Looking ahead, Octavio Alvídrez, Chief Executive Officer, stated, '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, the company continues to expect attributable silver production of 42.0-46.5 million ounces, gold production of 500,000-550,000 ounces, lead production of 54,000-59,000 tonnes, and zinc production of 85,000-95,000 tonnes.
Expressed in silver equivalent ounces, total production for the year is expected to be 82 -91 million ounces.
Further, expected production for 2027 and 2028 remains unchanged. However the company now expects a slightly higher production of gold from the Herradura district and Fresnillo, and slightly lower production of silver from Saucito.
In the first half, profit from continuing operations before income tax increased 227.6 percent to $2.16 billion from $660.3 million last year.
Earnings per share were $1.751, up 227.9 percent from $0.534 a year ago.
Adjusted earnings per share in the prior year, excluding post-tax Silverstream revaluation effects, were $0.715.
EBITDA of $2.35 billion surged 113.2 percent from last year, and EBITDA margin improved to 69.5 percent from prior year's 56.9 percent.
Revenues surged 74.7 percent to $3.38 billion from last year's $1.94 billion, driven by the strength of precious metals prices.
Adjusted revenues were $3.41 billion, up 72.1 percent year-over-year.
First-half attributable silver production of 22.05 million ounces decreased 11.4 percent from last year, mainly due to the end of the contribution from the Silverstream contract, among others.
Attributable gold production of 290.89 thousand ounces fell 7.3 percent year-over-year mainly due to the lower ore grade, decreased volume of ore processed and lower recovery rate at Herradura.
However, the average realised silver price increased 134.4 percent from last year to $78.9 per ounce, and average realised gold price rose 47.3 percent to $4,666.8 per ounce.
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