Fresnillo is expected to report significantly higher revenue, pre-tax profit and earnings per share (EPS) compared to full-year 2024 results.
Revenue:
$4.36 billion, 24.7% above its FY 2024 $3.50 billion result.
Pre-tax profit:
$1.88 billion, over twice as high as a year ago ($926.18 million).
EPS:
$1.62, 4.5 times higher than a year ago.
The upcoming figures are expected to reflect a continuation of the company’s earlier guidance and production patterns, with silver output weaker than prior years but gold performance helping to sustain revenue and cash flow momentum.
Production guidance maintained through year
Operationally, Fresnillo has maintained its production guidance for 2025, anticipating attributable silver production – including Silverstream – in the range of approximately 49.0 million to 56.0 million ounces, underpinned by a framework of mine sequencing and asset optimisation rather than volume expansion.
Attributable gold production is guided between roughly 525,000 and 580,000 ounces, while base-metals output (lead and zinc) is expected to contribute meaningfully to overall silver equivalent volumes under the existing plan.
Management reconfirmed these outlooks mid-2025, signalling confidence in the company’s ability to manage operational lags and grade variability across its major assets.
Mixed production profile through 2025
The backdrop to these estimates has been a mixed production profile through the year. A third quarter (Q3) production report showed that silver output lagged earlier periods, primarily due to lower ore grades and mine-specific constraints, including the cessation of mining at San Julián DOB and throughput challenges at Saucito and Ciénega.
Nonetheless, gold production remained resilient, trending towards the upper end of the guidance range and helping to cushion the impact of softer silver volumes on total output.
Precious metals prices support revenues
With precious-metals prices remaining robust through 2025 – especially for gold and silver – Fresnillo’s revenue outlook should benefit from favourable market conditions.
Throughout 2025, the silver price saw an exponential rise of around 150% while the gold price increased by around 65%, its strength having a disproportionate impact on cash flow and profitability due to stronger margins on gold streams.
Analysts therefore expect Fresnillo’s full-year revenue growth to outpace production declines, while Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) and margins could hold up well relative to peers.
Consensus forecasts compiled ahead of the results point to continued earnings expansion and dividend growth, with dividends expected to rise meaningfully compared to prior years.
Having said that, according to LSEG Data & Analytics analysts rate Fresnillo as a ‘hold’ with a mean long-term price target at 3622p, around 15% below current levels (as of 27/02/2026).