Fresnillo PLC (LSE:FRES), the FTSE 100 precious metals miner, posted record financial results for 2025 after gold production exceeded guidance and soaring precious metals prices pushed profits sharply higher.
Full-year attributable gold production of 600,287 ounces beat the company's own targets, despite falling 5% against 2024, while silver production of 48.7 million ounces came in line with guidance.
The strong performance, combined with higher metals prices, drove adjusted revenues up 27.6% to $4.6 billion and EBITDA (earnings before interest, taxes, depreciation and amortisation) up 80.7% to $2.8 billion.
Profit for the year attributable to shareholders surged to $1.38 billion, compared with $140.9 million in 2024.
Looking ahead, Fresnillo forecast attributable silver production of 42 to 46.5 million ounces in 2026, and gold production of 500,000 to 550,000 ounces, both below last year's output.
Capital expenditure for 2026 is expected to reach approximately $765 million, focused on mining works, sustaining investment and key projects including the deepening of the Jarillas shaft at its Saucito mine and a haulage conveyor at Juanicipio.
Exploration spending is expected to rise sharply to around $260 million, up from $173.5 million in 2025, as the company steps up drilling at operating mines and begins work at Probe Gold, the Canadian exploration company it acquired in the first quarter of 2026.
The Probe Gold acquisition added 10 million ounces of gold to Fresnillo's resource base and gave it access to the Val d'Or district in Quebec, one of Canada's most established gold-mining regions.
Chief executive Octavio Alvídrez said the results demonstrated the company's ability to leverage its asset base while managing costs carefully.
The board proposed a final ordinary dividend of 108.12 cents per share, bringing total shareholder distributions for 2025 to $950 million, or 128.92 US cents per share, the highest since the company's stock market listing.
That payout exceeds Fresnillo's traditional policy of distributing 50% of adjusted profit, with the board citing strong cash generation throughout the year.
The company ended 2025 with a net cash position of $1.92 billion, up from $458.3 milliona year earlier.