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Franco-Nevada (FNV) investor relations material
Franco-Nevada Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary11 Aug, 2025
Executive summary
Achieved record Q2 2025 results with revenue of $369.4M (+42% YoY), net income of $247.1M (+211% YoY), and strong margin expansion, driven by high gold prices and new asset contributions.
Portfolio remains highly diversified by asset, operator, and geography, with 82% of revenue from precious metals.
Recent acquisitions and mine expansions, including Côté Gold and Arthur projects, position the company for long-term growth.
Management highlighted robust cash generation and constructive developments at Cobre Panama, with sentiment shifting toward a restart.
Deal pipeline remains robust, supported by strong annual cash flow and available capital post-acquisitions.
Financial highlights
Q2 2025 revenue reached $369.4M (+42% YoY); Adjusted EBITDA $365.7M (+65% YoY); Adjusted Net Income $238.5M (+65% YoY); Net income $247.1M (+211% YoY).
Sold 112,093 GEOs in Q2 2025 (+2% YoY); precious metal GEOs up 12% to 92,449.
Adjusted EBITDA margin reached 99.0% (vs. 85.3% Q2 2024); Adjusted Net Income margin 64.6% (vs. 55.7% Q2 2024).
Cash cost per GEO was $299, up from $264 in prior year; margin per GEO nearly $3,000.
Declared quarterly dividend of $0.38/share, up 5.6% annually.
Outlook and guidance
2025 GEO sales guidance reaffirmed at 465,000–525,000 total GEOs and 385,000–425,000 precious metal GEOs, based on updated gold price assumptions of $3,250/oz.
H2 2025 expected to benefit from new contributions at Côté, Porcupine, Tocantinzinho, and resumed Cobre Panama shipments.
Production likely skewed to upper end of guidance range due to incremental GEOs from Côté and Cobre Panama.
Five-year growth outlook strengthened by recent acquisitions and potential new projects, including Cascabel and Castle Mountain.
Management expects $275M–$325M in operational cash flow per quarter.
How will platinum price impact Western Limb?
What's driving Permian asset performance?
What's the offset to unchanged GEO guidance?
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Next Franco-Nevada earnings date
Q3 20254 Nov, 2025
Next Franco-Nevada earnings date
Q3 20254 Nov, 2025
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Frequently asked questions
Franco-Nevada operates as a gold-focused royalty and streaming company in Latin America, the United States, Canada, and internationally. The company also seeks to acquire interest in base-metal properties. It controls more than 3 gigatonnes of net gold reserves; and more than 6 gigatonnes of silver reserves and resources globally. Franco-Nevada was founded in 1983 and is based in Toronto, Canada.
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