EarningsQ2 2026 Earnings Report
MX:FRES Q2 2026 EPS Results
Actual EPS$30.18
Consensus EPS$17.41
Beat/MissBeat by +$12.77
One Year Ago EPS$12.33
MX:FRES Q2 2026 Revenue Results
Actual Revenue$59.78B
Expected Revenue$58.79B
Beat/MissBeat by +$989.00M
YoY Revenue Growth+72.86%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
MX:FRES Upcoming Earnings
FRESNILLO's next earnings date is estimated for March 9, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:FRES Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated a strongly positive financial and strategic picture driven by exceptional H1 metal prices and record profitability, solid cash generation and shareholder returns, and clear brownfield/greenfield project progression. Material operational and cost headwinds were disclosed (higher production costs, temporary Saucito disruptions, equipment availability, permitting and long lead times for greenfields), but management presented mitigations, disciplined capital allocation (CapEx cut to $500–$550M), and confidence in meeting 2026 guidance. On balance, the positives from record earnings, cash flow, dividends, and active portfolio expansion outweigh the operational and cost challenges disclosed.Company Guidance
Record Financial Performance
First half 2026 delivered record results since IPO: gross profit up 131% YoY, operating profit up 149% YoY, profit for the period almost tripled vs prior year, EBITDA nearly doubled, and cash generated by operations ~ $2.36 billion (more than doubled). Gross profit improvement driven by increased adjusted revenues (+$1.4 billion).
Strong Precious Metal Price Realization
Realized metal prices materially higher in H1: average realized silver $76.3/oz vs $33/oz in H1 2025 (+126%), average realized gold $4,647/oz vs $3,169/oz (+47%), and zinc prices ~27% above prior year; price environment was the primary driver of revenue growth.
Robust Cash Returns and Balance Sheet Activity
Interim dividends more than doubled vs prior year; paid almost $800M final dividend in May and ~ $200M to minority shareholders (total ~ $1B paid in dividends in H1). Company returned over $2B to shareholders over the past 5 years. Acquired Probe Gold for ~ $550M and invested in Sinda while maintaining a healthy cash balance (cash down from $2.76B to $2.5B after significant uses).
Notable Operational Production Increases
Fresnillo mine gold production +47.6% YoY (H1'26 vs H1'25) with mine development rates +13.3%. Juanicipio gold production +19.1% YoY. Ciénega gold production +15% YoY, reflecting successful discovery development (Victoria area).
Brownfield Project Progress & Near-Term Production Upside
Valles project engineering complete; production expected to start Q3 with life-of-mine extended from 7 to 10 years and long-run production 50k–90k oz Au/year (avg ~65k). Noche Buena being restarted with pre-stripping in Q4 and fresh ore expected Q2 next year. Herradura underground, Tajitos and other brownfields advancing.
Updated Greenfield Project Potential
Rodeo revised PEA shows potential to increase production to ~90k–110k oz Au/year (avg) with target operation end-2029/early-2030 (permitting dependent). Guanajuato Sur estimated long-term silver production 15–17M oz/year starting ~2033 (capex guidance provided). Novador and Orisyvo remain high-production potential projects (Novador ~200k oz Au/year potential; Orisyvo ~200k oz Au potential).
CapEx Optimization and Guidance
Company expects to rationalize and optimize capital expenditure to a range of $500M–$550M (lower than prior planning), reflecting disciplined project prioritization and phasing of growth investments.
Continued Focus on Cost Control and Portfolio Development
Management emphasized disciplined cost control, targeted brownfield value extraction (Valles, Noche Buena), and selective strategic M&A/investments (Probe Gold, Sinda) to complement core districts and extend production profile.
MX:FRES Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed