Sprott (SII) Q3 2025 earnings summary

Executive summary

• Assets under management (AUM) increased by $9.1 billion in Q3 to $49.1 billion, up 23% from June 30 and 56% from December 31, 2024, surpassing $50 billion in October, driven by surging gold and silver prices, strong sales, and broad-based growth across funds and segments.

• Managed equities delivered outstanding performance, with flagship gold fund up 44% in Q3 and 105% year-to-date; active ETF launches have been among the most successful to date, with ETF AUM growing from under $400 million in 2022 to over $4.5 billion.

• 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-Chief Operating Officers.

• Net sales for Q3 were $1.1 billion, with September marking a record sales month with $879 million in inflows across 20 strategies.

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%.

• Management fees for Q3 were $50.7 million, up 30% year-over-year; net fees for Q3 were $46.7 million, up 20% year-over-year.

• Strong cash and liquidity profile with $79.9 million in cash and no outstanding debt at quarter-end.

Outlook and guidance

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

• Management expects the constructive environment for precious metals and critical materials to persist, supporting further growth in ETF and managed equity segments.

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