Fresnillo reported a sharp 27.6% year-on-year surge in adjusted revenue to $4.65 billion in 2025, driven by soaring precious metals prices and improved cost discipline. Total revenue climbed 30.5% to $4.56 billion, while EBITDA jumped an impressive 80.7% to $2.80 billion. Profit before income tax reached $2.08 billion, and the company's bottom line more than doubled to $1.57 billion from $226.7 million in 2024. Basic earnings per share (EPS) excluding Silverstream effects leapt to $2.058 from just $0.364 a year earlier. The Mexico-focused miner ended the year with robust cash reserves of $2.76 billion and a net cash position of $1.92 billion. Despite a production dip to 48.7 million ounces from 56.3 million ounces, output of 600,287 ounces exceeded expectations, showcasing operational resilience.

This strong performance stems from a high precious metals price environment, as CEO Octavio Alvídrez emphasized. Fresnillo's focus on operational consistency and cost control paid dividends, turning a challenging production volume into a record financial result. The company's gross profit more than doubled to $2.66 billion, underscoring the significant margin expansion achieved despite lower output volumes. This demonstrates the powerful leverage effect of rising metal prices on a miner's profitability.

Fresnillo expects 2026 attributable silver production of 42.0–46.5 million ounces and gold production of 500–550 thousand ounces. Capex is projected at around $765 million, with exploration spending of about $260 million. Alvídrez reiterated the company's commitment to "responsible growth" while continuing to monitor costs and advance its exploration pipeline to support long-term performance. The sharp earnings rebound positions Fresnillo well for sustained shareholder returns in a volatile metals market.