Fresnillo plc Q2 2026 Earnings Recap

Shares rose 10% following results that benefitted from sharply higher precious metal prices and margin expansion, driving revenues and EBITDA well above expectations.

Key Takeaways

• Revenues increased notably, supported by elevated precious metal prices, with gross profit and EBITDA more than doubling year-over-year.
• Gross margins improved significantly, contributing to a strong profitability profile despite some cost pressures.
• Interim dividends were more than doubled compared to the prior year, reflecting confident cash flow generation and balance sheet strength.
• Operational performance was largely in line with expectations, highlighted by a 47.6% increase in gold production at Fresnillo and 15% higher gold output at Ciénega.
• Near-term challenges such as the Jarillas shaft connection at Saucito and maintenance at Herradura are expected to be temporary, with no changes to 2026 guidance.