Franco-Nevada Reports Record Q2 2025 Results
Press Release
August 11, 2025
Acquisitions Increase Growth Outlook
“I am very pleased with our record financial results this quarter,” stated Paul Brink, CEO. Our portfolio largely produced as expected for the quarter and higher gold prices contributed to record revenue, operating cash flow, Adjusted EBITDA margins2 and earnings. We also saw constructive developments in Panama, including the shipment of the remaining copper concentrate from Cobre Panama. During the quarter, we acquired a royalty on IAMGOLD’s Côté Gold Mine, one of Canada’s newest large-scale gold mines and, post quarter-end, a royalty on AngloGold’s Arthur Project, one of the largest gold discoveries in Nevada. We anticipate new contributions from Côté and growing contributions from Porcupine and Tocantinzinho to be the main drivers for higher GEOs in the second half of the year. Our acquisitions over the last 18 months have positioned us for strong long-term growth that may be further enhanced by a potential restart at Cobre Panama.
Financial Highlights – Q2 2025 compared to Q2 2024
⦁ $369.4 million in revenue (a new record), +42%
⦁ 112,093 GEOs1 sold, +2%
⦁ 101,876 Net GEOs1 sold, +4%
⦁ $430.3 million in operating cash flow (a new record), +121%
⦁ $365.7 million in Adjusted EBITDA2 or $1.90/share (new records), +65%
⦁ $247.1 million in net income or $1.28/share (new records), +211%
⦁ $238.5 million in Adjusted Net Income2 or $1.24/share (new records), +65%
Financial Highlights – H1 2025 compared to H1 2024
⦁ $737.8 million in revenue (a new record), +43%
⦁ 238,678 GEOs sold, +2%
⦁ 215,014 Net GEOs sold, +5%
⦁ $719.2 million in operating cash flow (a new record), +93%
⦁ $687.6 million in Adjusted EBITDA or $3.57/share (new records), +57%
⦁ $456.9 million in net income or $2.37/share (new records), +104%
⦁ $444.0 million in Adjusted Net Income or $2.31/share (new records), +58%
Strong Financial Position
⦁ High Adjusted EBITDA and Adjusted Net Income Margins2 further boosted by gain on sale of gold bullion in the quarter
⦁ Strong financial position with $1.1 billion in available capital3 as at June 30, 2025
⦁ Quarterly dividend of $0.38/share effective Q1 2025, an annual increase of 5.6%
Diverse, Long-Life Portfolio
⦁ Most diverse royalty and streaming portfolio by asset, operator and country
⦁ Attractive mix of long-life streams and high optionality royalties
⦁ Revenue mix for the quarter comprised of 82% precious metal, 14% energy and 4% iron ore and other
⦁ Long-life mineral resources and mineral reserves
Growth and Optionality
⦁ Mine expansions and new mines driving 5-year growth profile
⦁ Long-term optionality in gold, copper and nickel and exposure to some of the world’s greatest mineral endowments
⦁ Exposure to greater than 17 million acres of land with strong geological potential
⦁ Strong pipeline of precious metal and diversified opportunities
Sector-Leading Sustainability
⦁ Industry Top Rated by Sustainalytics, AA by MSCI and Prime by ISS ESG
⦁ Committed to the World Gold Council’s Responsible Gold Mining Principles
⦁ Partnering with our operators on community and sustainability initiatives
GEOs Sold and Revenue
ILR4
