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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.
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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.

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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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