Sprott (SII) Q3 2025 earnings summary

Executive summary

• Assets under management (AUM) increased by $9.1 billion in Q3 to $49.1 billion, surpassing $50 billion in October, driven by surging gold and silver prices, strong sales, and broad-based growth across funds and segments.

• Net sales for Q3 were $1.1 billion, with September marking a record month and 20 funds contributing to positive flows.

• Managed equities delivered outstanding performance, with flagship gold fund up 44% in Q3 and 105% year-to-date; new ETFs launched reached key AUM thresholds rapidly.

• Board declared a Q3 dividend of $0.40 per share, a 33% increase, reflecting confidence in future prospects.

• Executive team strengthened with new appointments, including a new President and Co-COOs.

Financial highlights

• AUM finished Q3 at $49.1 billion, up 23% from June 30 and 56% from December 31, 2024; reached $51 billion by October 31.

• Q3 net income was $13.2 million ($0.51/share), up 4% year-over-year; year-to-date net income was $38.6 million ($1.50/share), up 3%.

• Adjusted EBITDA for Q3 was $31.9 million ($1.24/share), up 54% year-over-year; year-to-date Adjusted EBITDA was $79.3 million ($3.07/share), up 26%.

• Total revenues for Q3 2025 were $65.1 million, up from $46.5 million in Q3 2024.

• Net compensation ratio improved to 39% in Q3 2025 from 46% in Q3 2024.

Outlook and guidance

• Expect continued institutional inflows as metals and critical materials benefit from macro trends like geopolitical shifts, AI infrastructure build-out, and government intervention.

• Ongoing expansion of exchange-listed product offerings and further growth in ETF and managed equity segments anticipated.

• Dividend policy remains subject to board discretion and company performance.