## Fresnillo PLC Preliminary Results Summary
**Strong Performance in 2025**
* **Record Financial Performance** Fresnillo reported a 27.6% increase in Adjusted Revenues to $4.6 billion and an 80.7% rise in EBITDA to $2.8 billion, driven by high precious metal prices and operational efficiency.
* **Increased Dividend** The company proposed a final ordinary dividend above its traditional policy, bringing total shareholder distributions to $950 million, the highest in its history.
* **Production Growth** Silver production met guidance, while gold production exceeded expectations.
* **Cost Management** Structural improvements and cost control measures led to significant cash generation and margin expansion.
* **Exploration and Growth** Fresnillo advanced exploration projects and enhanced its pipeline through the acquisition of Probe Gold, adding 10 million ounces of gold resources.
**Key Financial Highlights**
* **Revenue** Up 30.5% to $4.56 billion.
* **Gross Profit** More than doubled to $2.66 billion.
* **EBITDA** Increased 80.7% to $2.79 billion.
* **Profit Before Tax** Up 179.9% to $2.08 billion.
* **Net Cash Position** Strengthened to $1.92 billion.
**Operational Performance**
* **Silver Production** 48.7 million ounces, in line with guidance.
* **Gold Production** 600.3 thousand ounces, exceeding guidance.
* **Cost Control** Adjusted production costs decreased 11.1% due to operational efficiencies and currency effects.
**Future Outlook**
* **Production Guidance** Silver production expected to be 42.0-46.5 million ounces, gold production 500-550 thousand ounces.
* **Capex** Anticipated to be $765 million, focused on mining works, sustaining capex, and optimization projects.
* **Exploration** Expenses expected to be $260 million, supporting intensified drilling and project development.
* **Commitment to Sustainability** Fresnillo remains committed to responsible growth, safety, and environmental stewardship.
**Overall**
Fresnillo delivered a strong performance in 2025, benefiting from favorable market conditions and operational excellence. The company is well-positioned for future growth through its exploration pipeline, disciplined approach to acquisitions, and focus on sustainability.