Fresnillo plc (FNLPF) Q2 2026 Earnings Call Transcript
Fresnillo plc (FNLPF) Q2 2026 Earnings Call August 4, 2026 4:00 AM EDT
Company Participants
Daniel Diezas – Chief Operating Officer of Northern Region
Mario Arreguín – Chief Financial Officer
Octavio Alvidréz – Chief Executive Officer
Conference Call Participants
Jason Fairclough – BofA Securities, Research Division
Richard Hatch – Joh. Berenberg, Gossler & Co. KG, Research Division
Alain Gabriel – Morgan Stanley, Research Division
Patrick Jones – JPMorgan Chase & Co, Research Division
Marina Calero Ródenas – RBC Capital Markets, Research Division
Daniel Major – UBS Investment Bank, Research Division
Amos Fletcher – Barclays Bank PLC, Research Division
Presentation
Operator
[Audio Gap] half ’26 was another record financial performance for the company, and I have said the key highlights out here. In particular, we saw revenues up sharply, driven by higher precious metal prices, with gross profit and EBITDA more than doubling alongside a strong increase in margins. This financial strength has allowed us to more than double the interim dividends versus the prior year. Again, paying out in line with our long-standing dividend policy. We have returned over $2 billion to shareholders over the past 5 years, a record of which we are very proud. We have also used this balance sheet strength to selectively and strategically advance our business with the acquisition of Probe Gold at the beginning of the year and more recently, an investment in the project Sinda. Like Probe, Sinda meets our disciplined strict and targeted criteria, giving us additional exposure to geological silver district that complement our portfolio.
Turning to precious metal [ price ] environment going forward. The outlook for silver remains equally constructive with analysts forecasting an average 2026 silver price of $76 per ounce. In addition to our production, controlling of the cost, this [ pan ] metal prices gives us further confidence in our strategy.
Now
