Industrias Peñoles (PE&OLES) Q4 2025 earnings summary

Executive summary

• Precious metal prices surged in 4Q25, with silver up 73.8% and gold up 55.3% year-over-year, driven by safe-haven demand, central bank purchases, and a weaker US dollar.

• Industrial metals saw mixed trends: copper rose 20.7%, zinc 3.8%, while lead declined 1.8% compared to 4Q24.

• Mining division ore processed fell 14.8% year-over-year, mainly due to delays at Herradura and depletion at San Julián.

Financial highlights

• Net sales in 4Q25 reached US$2,792.1 million, up 48.0% year-over-year; full-year 2025 net sales were US$8,647.3 million, up 30.0%.

• Gross profit for 4Q25 was US$1,254.3 million (+91.3%), EBITDA US$1,214.1 million (+85.7%), and operating income US$1,040.4 million (+119.0%).

• Net income attributable to controlling interest in 4Q25 was US$552.0 million (+478.7%); full-year net income was US$1,372.6 million, up from US$73.3 million in 2024.

• Cash and cash equivalents at 4Q25 end were US$3,483.8 million, up US$764.5 million from 3Q25.

Outlook and guidance

• Ongoing focus on exploration and resource conversion, with drilling at key domestic and international projects.

• Fresnillo plc’s acquisition of Probe Gold Inc. expands international presence and resource base.