Fresnillo dividend
Fresnillo’s dividend per share rose from US$0.06 in 2023 to US$1.29 in 2025. Free cash flow reached US$1,844,252 thousand in 2025, but dividends also continued when free cash flow was negative.
How much does Fresnillo pay in dividends?
Dividends follow the same cycle. Base DPS is US$1.50 in the first window, then US$1.40 and US$1.50, supported by the 50% adjusted-profit policy and production recovery. Bear DPS is US$0.50, then US$0.30 and US$0.50, while bull DPS is US$2.50, US$2.50 and US$2.80. The wide spread reflects the move from US$0.06 in 2023 to US$1.29 in 2025 and the possibility, but not certainty, of special distributions.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Real free cash flow per share | 2.50 | 1.19 | -0.17 | -0.20 | 0.34 |
| Free cash flow per share | 2.50 | 1.19 | -0.17 | -0.20 | 0.34 |
| − Dividends paid, per share | 0.89 | 0.11 | 0.15 | 0.27 | 0.33 |
| = FCF not paid out, per share | 1.47 | 1.05 | 0.00 |
What this means. In 2023 and 2022, the company paid shareholders more cash than it generated after business spending, so it had to use other cash or borrow.
Is Fresnillo’s dividend covered by its cash?
From 2021 to 2023, free cash flow fell from positive to negative, but dividends continued. In 2023, Fresnillo also repaid debt. A household can pay a bill during a low-income month from savings accumulated earlier; the payment happened, but that month’s income did not cover it. Fresnillo’s dividends similarly drew on financial resources built elsewhere or earlier.
After capital spending, lease payments and interest, free cash flow reached US$1,844,252 thousand. Earlier years consumed cash: free cash flow was negative US$150,377 thousand in 2022. Across the five years, cumulative free cash flow was US$2,693,040 thousand, most of it arriving in the final two years.
The recovery changed the choices available. By 2025, higher precious-metals prices had sharply increased cash generation. Fresnillo paid dividends, made payments to minority owners and accumulated substantial cash. Investment sales also helped rebuild liquidity, but releasing invested money is different from earning it through mining. By year-end, cash and short-term investments exceeded total debt, leaving the company with net cash.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,844,252 | 877,900 | -126,519 | -150,377 | 247,784 |
| − Dividends paid | 654,313 | 78,156 | 108,351 | 201,950 | 245,561 |
| − Share buybacks | 0 | 0 | 0 | 0 | 0 |
| = Free cash flow not paid out | 1,086,539 | 773,344 | 2,223 | ||
| Paid out, % of free cash flow | 35.5% | 8.9% | not meaningful | not meaningful | 99.1% |
What this means. In 2023 and 2022, the company paid shareholders more cash than the business generated, so it had to use savings or borrow money to cover the difference.
What could change Fresnillo’s dividend?
From 2027 to 2028, missing the guided production recovery through grade, access or metallurgy problems would reduce revenue and margins. From 2027 to 2029, a retreat in metal prices would lower EBITDA, cash flow, dividends and the multiple.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 3,720 (2,408 / 4,489) | 3,410 (1,900 / 4,824) | 3,198 (1,786 / 5,025) |
| Dividends per share | 1.50 (0.50 / 2.50) | 1.40 (0.30 / 2.50) | 1.50 (0.50 / 2.80) |
| Net debt | -2,042 (-1,892 / -1,881) | -2,676 (-2,204 / -2,766) | -3,078 (-2,282 / -3,580) |
What this means. Negative net debt means the company has more cash than borrowed money, which is generally safer.