Triple Flag Precious Metals (TFPM) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 production of 113,237 GEOs and record financial results, including net earnings of $240 million, reversing a prior year loss.

• Cash flow per share reached $1.54, up 45% from 2024, and adjusted EBITDA was $325 million.

• Over $350 million deployed in value-accretive deals and acquisitions, expanding exposure to premier mining jurisdictions.

• Ended 2025 debt-free with over $70 million in cash and $1 billion in available credit.

• Multiple assets advanced through construction, permitting, and study stages, supporting future growth.

Financial highlights

• Revenue increased to $388.7 million in 2025, with Q4 revenue at $118.9 million, up 60% year-over-year.

• Operating cash flow for 2025 was $312.8 million, and free cash flow totaled $213.5 million.

• Paid $45.8 million in dividends and repurchased $9 million in shares at $17.39 per share.

• Gross profit margin for 2025 was 68%, and asset margin was 93%.

• Adjusted net earnings for 2025 were $205.5 million ($1.01/share).

Outlook and guidance

• 2026 GEOs guidance set at 95,000–105,000, with 2030 outlook of 140,000–150,000 GEOs driven by ramp-ups at Northparkes, Arcata, and other assets.

• 2026 depletion expected at $65–75 million and G&A costs at $30–32 million; Australian cash tax rate at 25%.

• Long-term organic growth expected from Arthur, Kemess, Hope Bay, and Northparkes expansion.