Franco-Nevada (FNV) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 results with revenue of $487.7 million, up 77% year-over-year, and net income of $287.5 million, up 89% year-over-year, driven by high gold prices, strong operations, and new acquisitions.

• Precious metals contributed 85% of revenue, with gold representing 72%, and strong diversification across commodities and geographies.

• Six major gold acquisitions over the past 18 months, with Porcupine, Yanacocha, Western Limb, and Arthur Gold already producing and boosting long-term growth outlook.

• Maintained a debt-free position by quarter-end after repaying revolver drawn for acquisitions, aided by strong cash flow and equity sales.

• Settlement reached with Canada Revenue Agency, resolving transfer pricing dispute for 2013–2019 with no Canadian tax payable on foreign earnings.

Financial highlights

• Q3 2025 revenue: $487.7 million (+77% YoY); net income: $287.5 million (+89% YoY); Adjusted Net Income: $275.0 million (+79% YoY); Adjusted EBITDA: $427.3 million (+81% YoY).

• 138,772 GEOs sold in Q3 2025 (+26% YoY); precious metal GEOs up 41% to 119,109.

• Margin per GEO increased 42% year-over-year to $3,116; cash cost per GEO was $340.

• Sold a portion of Discovery Silver equity for $84.4 million, realizing a $67.4 million gain.

• Adjusted EBITDA margin: 87.6% in Q3 2025; Adjusted net income margin: 56.4%.

Outlook and guidance

• 2025 GEOs sold guidance: 495,000–525,000; precious metal GEOs guidance: 420,000–440,000.

• Positioned for approximately 50% GEOs growth over five years if Cobre Panamá restarts and recent acquisitions contribute as planned.

• Full-year contributions expected from new mines and acquisitions, including Côté, Valentine Gold, and others.

• Dividend will be increased in 2026, maintaining a sustainable and progressive policy.

• Estimated tax rate for 2025 is 19–21%; depletion estimate $300M–$315M.