Fresnillo's Record Profit, Dividend Fail to Offset Investor Concerns Over $765M Capex

Adjusted revenue increased by 27.6% to $4.65 billion, while EBITDA surged by 80.7% to $2.80 billion. Profit for the year more than doubled to $1.57 billion.

Despite the strong earnings, the company's shares dipped due to a capital expenditure outlook for 2026 that was notably above expectations, projected at around $765 million. Analysts at Morgan Stanley highlighted this higher spending, citing deferrals and increased maintenance.

The company also provided production guidance for 2026, with silver production expected between 42.0–46.5 million ounces and gold production between 500–550 thousand ounces.