Sprott (SII) Q2 2025 earnings summary

Executive summary

• Assets under management (AUM) rose by $5 billion in Q2 to $40 billion as of June 30, 2025, up 14% sequentially and 27% year-over-year, driven by strong net sales, market appreciation, and investor interest in multiple metals, especially in physical trusts.

• Physical Trusts and managed equity strategies performed well, with new ETF launches (SLVR, GBUG) quickly achieving scale and the physical trust product suite reaching an all-time high AUM of $31 billion.

• Year-to-date AUM growth reached $8.5 billion, with $1.6 billion in net sales in the first half of 2025.

• Metals markets are experiencing scarcity, pushing gold, silver, and platinum prices to multi-year highs.

• Continued expansion of exchange-listed product offerings positions the business to benefit from macro trends.

Financial highlights

• Q2 2025 net income was $13.5 million, up 1% year-over-year; six-month net income was $25.5 million, up 2%.

• Adjusted EBITDA for Q2 2025 was $25.5 million, up 14% year-over-year; six-month adjusted EBITDA was $47.4 million, up 12%.

• Q2 2025 total revenues were $65.2 million, up from $48.0 million in Q2 2024; six-month revenues were $108.5 million, up from $89.5 million.

• Carried interest and performance fees contributed $14.8 million in Q2 2025, a significant increase from $0.7 million in Q2 2024.

• Net compensation ratio remained stable at 43% in Q2 2025 compared to 44% in Q2 2024.

Outlook and guidance

• Management expects to benefit from a constructive environment for precious metals and critical materials, with continued growth in AUM and confidence in maintaining dividend levels.

• At least one additional active ETF launch is planned before year-end.

• Dividend policy remains focused on maintaining a high payout, with potential for growth if strong results persist.

• Performance and carried interest fees are expected to remain lumpy and not modeled as a run rate.

• Well positioned to capitalize on macro trends and ongoing investor demand for metals exposure.