Slide 1: Half Year Interim Results
HALF YEAR I N T E R I M R E S U LT S 04 AUGUST 2026 LSE: FRES BMV: FRES www.fresnilloplc.com
Slide 2: Disclaimer
DISCLAIMER 2 This document includes statements that are, or may be deemed to be, “forward-looking A number of factors could cause results and developments to differ materially from those statements”. These forward-looking statements can be identified by the use of forward- expressed or implied by th
Slide 3: Agenda
3 AGENDA 01 1H26 Highlights 02 Operational Performance 03 Financial Performance 04 Outlook 05 Appendix
Slide 4: 1H26 Highlights
1H26 HIGHLIGHTS OCTAVIO ALVÍDREZ
Slide 5: Operational Performance Highlights
1 H 2 6 I N T E R I M R E S U LT S – O P E R AT I O N A L P E R F O R M A N C E H I G H L I G H T S 5 WORLD’S #1 SILVER SIZEABLE GOLD HIGH QUALITY PRODUCER PRODUCTION MINING ASSETS1 22.0 Moz of silver in H1 26 290.9 koz of gold in H1 26 2.06 Boz Silver Resources 44.0 Moz Gold Resources in 20252 In 2
Slide 6: Financial Performance Highlights
1 H 2 6 I N T E R I M R E S U LT S – F I N A N C I A L P E R F O R M A N C E H I G H L I G H T S 6 TOTAL REVENUE (US$) GROSS PROFIT (US$) 3,382.6M +74.7% vs 1H25 2,359.4M +130.7% vs 1H25 EBITDA (US$) EBITDA MARGIN (%) 2,349.7M +113.2% vs 1H25 69.5% +12.6ppts vs 1H25 PROFIT FOR THE PERIOD (US$) CASH
Slide 7: Silver & Gold Markets
1 H 2 6 I N T E R I M R E S U LT S – S I LV E R & G O L D M A R K E T S 7 FORECASTS SUGGEST A HIGHER LONG-TERM PRICE ENVIRONMENT Analyst Gold Price Forecast ANALYST GOLD PRICE FORECAST ($/oz) Average Analyst Forecast Average Annual Gold Price (Historical) Spot Price • Gold prices remain significantl
Slide 8: Operational Performance
O P E R AT I O N A L PERFORMANCE OCTAVIO ALVÍDREZ & DANIEL DIEZ
Slide 9: Fresnillo
1 H 2 6 I N T E R I M R E S U LT S – O P E R AT I O N S 9 FRESNILLO Silver Production Silver Ore Grade Production Grade KEY DEVELOPMENTS 15 200 • Gold production increased 47.6% vs 1H25, mainly due to the higher ore grade. 150 Million Ounces • Silver production decreased 5.8% vs 1H25, mainly due to
Slide 10: Saucito
1 H 2 6 I N T E R I M R E S U LT S – O P E R AT I O N S 10 SAUCITO Silver Production Silver Ore Grade Production Grade 20 240 15 180 Million Ounces Grams/tonne 10 120 5 60 0 0 2019 2020 2021 2022 2023 2024 2025 KEY OPERATING HIGHLIGHTS 1H26 1H25 Silver production – moz 6.2 6.7 KEY DEVELOPMENTS Gold
Slide 11: Juanicipio
1 H 2 6 I N T E R I M R E S U LT S – O P E R AT I O N S 11 JUANICIPIO KEY DEVELOPMENTS • 1H26 silver production decreased 9.0% vs 1H25 due to the expected lower ore grade. • In contrast, 1H26 gold production increased 19.1% vs 1H25 due to higher ore grade. • Work progresses on the underground convey
Slide 12: Herradura
1 H 2 6 I N T E R I M R E S U LT S – O P E R AT I O N S 12 HERRADURA Gold Production Gold Ore Grade Production Grade KEY DEVELOPMENTS 6 1 • As expected, gold production decreased 15.1% year on year mainly due to the 0.9 5 0.8 Thousand Ounces decrease in head grades, according to plan. 0.7 4 Grams/to
Slide 13: Ciénega
1 H 2 6 I N T E R I M R E S U LT S – O P E R AT I O N S 13 CIÉNEGA KEY DEVELOPMENTS • Gold production increased 15.3% due to the accelerated development of the newly discovered Victoria area, allowing production from this area to be bought forward. • Silver production decreased 26.3% due to lower gr
Slide 14: San Julián (Vein System)
1 H 2 6 I N T E R I M R E S U LT S – O P E R AT I O N S 14 SAN JULIÁN (VEIN SYSTEM) KEY DEVELOPMENTS • Gold and Silver production decreased 14.4% and 5.8% respectively, due to lower ore grades and a slight increase in dilution year on year. • Higher throughput compared to 1H25 mitigated the decrease
Slide 15: Solid Project Pipeline for the Future (Brownfield)
1 H 2 6 I N T E R I M R E S U LT S – P R O J E C T S 15 SOLID PROJECT PIPELINE FOR THE FUTURE BROWNFIELD VALLES (GOLD) - Underground NOCHE BUENA (GOLD) - Open Pit • Detailed engineering completed, • Continued re-leaching of old heaps, operational model refined, delivering a delivering 6,321 oz of Au
Slide 16: Solid Project Pipeline for the Future (Greenfield)
1 H 2 6 I N T E R I M R E S U LT S – P R O J E C T S 16 SOLID PROJECT PIPELINE FOR THE FUTURE GREENFIELD RODEO GUANAJUATO SUR (GOLD) – Open Pit (SILVER / GOLD) – Underground • Priority infill drilling for PFS already • 1H26 exploration drilling continues to deliver started, 5,319m completed during 1
Slide 17: Financial Performance
FINANCIAL PERFORMANCE MARIO ARREGUÍN
Slide 18: Income Statement (IFRS)
1 H 2 6 I N T E R I M R E S U LT S – I N C O M E S TAT E M E N T ( I F R S ) 18 (USD MILLION)
Slide 19: Contribution by Metal to Adjusted Revenues
1 H 2 6 I N T E R I M R E S U LT S – C O N T R I B U T I O N B Y M E TA L T O A D J U S T E D 19 REVENUES 1H26 ADJUSTED REVENUES1 : US$3,413.2M (USD MILLION) ACCUM JUNE CHANGE BY: PRODUCT 2026 2025 VOLUME PRICE TOTAL GOLD 1,321.1 959.8 (72.7) 434.0 361.2 SILVER 1,842.2 827.7 (18.2) 1,032.8 1,014.6 L
Slide 20: Adjusted Product Cost Analysis
1 H 2 6 I N T E R I M R E S U LT S – A D J U S T E D P R O D U C T I O N C O S T A N A LY S I S 20 (CONSOLIDATED, USD MILLION) ACCUM JUNE CHANGE CONCEPT 2026 2025 $ % ADJUSTED PRODUCTION COST 811.9 673.5 138.4 20.5 PROFIT SHARING 10.1 7.9 2.3 28.7 DEPRECIATION 214.8 241.4 (26.6) (11.0) HEDGING (MXP/
Slide 21: Gross Profit Analysis
1 H 2 6 I N T E R I M R E S U LT S – G R O S S P R O F I T A N A LY S I S 21 (CONSOLIDATED, USD MILLION) CHANGE ACUM JUNE 26 ACUM JUNE 25 $ % External effects. Gross Profit 2,359.4 1,022.9 +1,336.5 +130.7% USD MILLION 1,800.0 16.3 5.6 1,502.8 26.6 ( 79.1 ) 1,500.0 ( 135.6 ) 1,336.5 1,200.0 900.0 600
Slide 22: Exploration Expenses (Income Statement)
1 H 2 6 I N T E R I M R E S U LT S – I N C O M E S TAT E M E N T ( I F R S ) 22 (USD MILLION) Operating Units Ø Fresnillo 9.1 Ø Saucito 7.0 Ø Ciénega 3.9 Ø San Julián 8.0 Ø Herradura 2.6 Ø Juanicipio 2.4 Ø Noche Buena 1.5 Ø 34.5 Ø Projects ØGuanajuato Sur 7.2 Ø Guanajuato 2.8 Ø Valles 4.2 Ø Orisyvo
Slide 23: Cash Flow (IFRS)
1 H 2 6 I N T E R I M R E S U LT S – C A S H F L O W ( I F R S ) 23 (USD MILLION) YEAR TO DATE CHANGE CONCEPT 2026 2025 $ % CASH GENERATED BY OPERATIONS BEFORE CHANGES IN WORKING CAPITAL 2,364.7 1,103.6 1,261.0 114.3 WORKING CAPITAL 18.6 191.9 (173.3) (90.3) INCOME TAX, SPECIAL MINING RIGHTS AND PRO
Slide 24: Cash Flow (IFRS)
1 H 2 6 I N T E R I M R E S U LT S – C A S H F L O W ( I F R S ) • Decrease in trade and other accounts receivables • +US$65.2M:Trade receivables from related parties 24 • +US$78.5 million, VAT -US$13.0 million and Others (USD MILLION) • -US$0.3 million • Decrease YEAR TO in trade DATEand other paya
Slide 25: Balance Sheet (IFRS)
1 H 2 6 I N T E R I M R E S U LT S – B A L A N C E S H E E T ( I F R S ) 25 (USD MILLION) Change Concept 30-JUN-26 31-DEC-25 % Assets Cash and Investments 2,503.1 2,756.5 (9.2) Trade and Other Receivables 750.9 830.6 (9.6) Inventories 518.0 502.6 3.1 Prepaid Expenses 35.8 33.4 7.1 Silverstream 0.0 0
Slide 26: Outlook
OUTLOOK OCTAVIO ALVÍDREZ
Slide 27: Expected Attributable Production Profile
1 H 2 6 I N T E R I M R E S U LT S – E X P E C T E D AT T R I B U TA B L E P R O D U C T I O N 27 PROFILE Production guidance range +/- 5% Silver Gold Million Oz Thousand Oz 60 700 50 600 500 40 400 30 300 20 200 10 100 0 0 Real Guidance Expected Expected Real Guidance Expected Expected 2025 2026 20
Slide 28: Capex Spend Expectations
1 H 2 6 I N T E R I M R E S U LT S – C A P E X S P E N D E X P E C TAT I O N S 28 Million Usd 700 550-600 600 530-580 500-550 4 • Total capex for 2026 expected to be US$500 - 550 500 million 400 400 • Disciplined exercise to review capex needs ongoing, with capex rationalisation opportunities identi
Slide 29: Project Timeline
1 H 2 6 I N T E R I M R E S U LT S – P R O J E C T T I M E L I N E 29 BF = Brownfield GF = Greennfield Note: Subject to pre-feasability and feasability assessment, final feasibility assessment and board approval
Slide 30: Conclusion
1 H 2 6 I N T E R I M R E S U LT S – C O N C L U S I O N 30 Safety & responsibility Operational discipline Cost focus Investing for growth Shareholder returns Trending improvement H1 production in line Record H1 financial Continue to invest in Higher interim dividend in workplace safety with expecta
Slide 31: Appendix
APPENDIX
Slide 32: Disciplined Approach to Development
1 H 2 6 I N T E R I M R E S U LT S – D I S C I P L I N E D A P P R O A C H T O D E V E L O P M E N T 32 Concession hectares: 1H26 Highlights: Mexico: 1.32m • Exploration expenses of US$109.3m, up 42.5% and in Peru: 290k Mine line with the increased guidance to Chile: 190k Operations intensify explor
Slide 33: Grade Expectations
G R A D E E X P E C TAT I O N S F O R 2 0 2 6 33 GOLD (G/T) MINE MINE TYPE FY 2026e FY 2025 Fresnillo Underground silver 0.80 – 1.00 0.82 Saucito Underground silver 0.95 – 1.15 1.24 Juanicipio Underground silver 1.10 – 1.30 1.27 San Julián Underground silver & gold 0.90 – 1.10 1.31 Ciénega Undergrou
Slide 34: Consolidated Cost Inflation YTD
1 H 2 6 I N T E R I M R E S U LT S – C O N S O L I D AT E D C O S T I N F L AT I O N Y T D 34 (USD BASED) Consolidated Unit Price Weighted Increase % Weight (*) Average Labour Unionized Personnel 22.3% 10.0% 2.2% Employees 20.6% 5.3% 1.1% Weighted 21.7% Operating Materials 6.6% 15.9% 1.1% Energy Ele
Slide 35: Contribution by Mine and by Metal to Adjusted Revenues
1 H 2 6 I N T E R I M R E S U LT S – C O N T R I B U T I O N B Y M I N E A N D B Y M E TA L T O 35 ADJUSTED REVENUES 1 2026 Adjusted Revenues : US$3,413.2 m By mine By metal 5% 2% 22% 18% 39% 19% 12% 1% 54% 5% 23% Fresnillo Saucito Ciénega Herradura Silver Gold Noche Buena San Julián Juanicipio Lead
Slide 36: Cost per Tonne (IFRS)
1 H 2 6 I N T E R I M R E S U LT S – C O S T P E R T O N N E ( I F R S ) 36 ACCUM JUNE CHANGE 2026 2025 % CHG. COST PER TONNE * MINE UNIT Fresnillo US$/TON 150.7 123.1 22.4% Saucito US$/TON 151.3 107.3 41.1% Ciénega US$/TON 125.9 113.5 11.0% San Julián US$/TON 131.8 128.3 2.7% Juanicipio US$/TON 123
Slide 37: Cash Cost (IFRS)
1 H 2 6 I N T E R I M R E S U LT S – C A S H C O S T ( I F R S ) 37 ACCUM JUNE CHANGE 2026 2025 % CHG. CASH COST MINE UNIT Fresnillo PER OZ. SILVER (Equiv.) 21.1 15.4 37.1% Saucito PER OZ. SILVER (Equiv.) 20.5 11.7 75.2% Ciénega PER OZ. GOLD (Equiv.) 1,550.3 1,843.6 -15.9% San Julián PER OZ. SILVER
Slide 38: All-In Sustaining Cost (US$/Oz)
1 H 2 6 I N T E R I M R E S U LT S – A L L I N S U S TA I N I N G C O S T ( U S $ / O Z ) 38 ACCUM JUNE 2026 2025 % CHG. CASH COST * MINE UNIT Fresnillo PER OZ. SILVER (Equiv.) 32.9 22.2 48.3% Saucito PER OZ. SILVER (Equiv.) 29.3 17.2 70.6% Ciénega PER OZ. GOLD (Equiv.) 2,007.5 2,341.6 -14.3% San Ju
Slide 39: Income Statement and Cash Flow Highlights per Operating Unit
1 H 2 6 I N T E R I M R E S U LT S – I N C O M E S TAT E M E N T A N D C A S H F L O W 39 H I G H L I G H T S P E R O P E R AT I N G U N I T
Slide 40: Interim Results - Notes
1 H 2 6 I N T E R I M R E S U LT S - N O T E S 40 4