Sprott (SII) Q4 2025 earnings summary

Executive summary

• Assets under management (AUM) reached $59.6 billion at year-end 2025, up $28.1 billion year-over-year and 89%, with subsequent AUM rising to $70.1 billion by mid-February 2026, driven by strong ETF, physical trust, and managed equity inflows.

• Net sales for 2025 totaled $3.9 billion, with significant contributions from ETF business, managed equity/private strategies, and robust performance in precious metals and critical materials.

• ETF AUM grew from $0.4 billion to $4.6 billion at year-end and nearly $7 billion by February 2026, with six ETFs ranked in the top 25 for performance among U.S.-listed non-leveraged ETFs.

• Physical trusts AUM increased 97% to $47 billion in 2025, with strong net flows in gold, silver, uranium, and copper products.

• Managed equity strategies AUM reached $5.7 billion, with flagship gold equity fund up 148% for the year.

Financial highlights

• Net income for Q4 2025 was $28.7 million ($1.11/share), up from $11.7 million in Q4 2024; full-year net income reached $67.3 million ($2.61/share), up 37%.

• Adjusted EBITDA for Q4 was $42.1 million ($1.63/share), up 88% year-over-year; full-year Adjusted EBITDA was $121.4 million ($4.71/share), up 43%.

• Q4 2025 total revenues were $111.4 million, with full-year revenues at $285.1 million.

• Carried interest and performance fees for 2025 were $54.7 million, up from $7.3 million in 2024.

• Dividend raised by 33% in November 2025 to $0.40 per share, reflecting improved earnings and liquidity.

Outlook and guidance

• Expect continued market volatility in 2026, with technical corrections seen as opportunities and fundamental drivers for precious metals remaining strong.

• Anticipate increased government involvement in critical materials markets and growing investor allocations to natural resources.

• Plans to launch at least one new ETF in H1 2026, expand offerings in Europe, and drive scale in physical trusts.