FNV Q1 2025 Earnings Report
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
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FNV Revenue by Segment
FNV Revenue by Geographic Location
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