Loading...
•
Mar 31
FNV Q1 2025 Earnings Report
Franco-Nevada delivered record Q1 2025 results, achieving new highs in revenue, GEO sales, and adjusted earnings.
Key Takeaways
Franco-Nevada achieved its strongest quarter ever in Q1 2025, with $368.4 million in revenue and 126,585 GEOs sold. Elevated gold prices, increased contributions from new precious metal assets, and robust energy asset performance supported this record performance. The company maintained a high-margin business model, debt-free balance sheet, and expanded its portfolio with key acquisitions.
Record revenue of $368.4 million, driven by high gold prices and increased production
126,585 GEOs sold, a 3% increase YoY
Adjusted EBITDA reached $321.9 million, with an 87.4% margin
Operating cash flow hit a record $288.9 million, up 62% YoY
FNV
FNV
FNV Revenue by Segment
FNV Revenue by Geographic Location
Revenue by Segment
Gold Revenue
CapyFin.comSilver Revenue
CapyFin.comPGM Revenue
CapyFin.comIron ore Revenue
CapyFin.comOil Revenue
CapyFin.comGas Revenue
CapyFin.comNGL Revenue
CapyFin.comRevenue by Geographic Location
South America Revenue
CapyFin.comCentral America & Mexico Revenue
CapyFin.comCanada Revenue
CapyFin.comU.S. Revenue
CapyFin.com Forward Guidance
Franco-Nevada expects continued strong performance in 2025 with expanded contributions from recently acquired and ramping-up mining assets.
Positive Outlook
- New contributions expected from Porcupine Complex and Western Limb Mining Operations
- Ramp-ups at Tocantinzinho, Greenstone, and Salares Norte to boost production
- Ongoing development at Valentine Gold and Canadian Malartic enhances optionality
- ESG commitments and community investments continue to drive stakeholder engagement
- Debt-free balance sheet supports future acquisitions and dividends
Challenges Ahead
- Cobre Panama remains halted under Preservation and Safe Management
- Decline in iron ore royalty revenue due to lower commodity prices
- Reduced GEOs from Antapaccay due to production and strip ratio changes
- Still volatility in gas and oil prices could affect diversified segment earnings
- Potential delays in permitting or construction at new projects
Revenue & Expenses
Visualization of income flow from segment revenue to net income