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Jun 30, 2025
FNV Q2 2025 Earnings Report
Achieved record quarterly revenue, operating cash flow, adjusted EBITDA, and earnings in Q2 2025.
Key Takeaways
Franco-Nevada posted record Q2 2025 revenue of 369,400,000, driven by higher gold prices and contributions from newly acquired and producing precious metal assets. Net income reached 247,100,000, with adjusted EBITDA margin at 99% and adjusted net income margin at 64.6%. Operating cash flow also hit a record at 430,300,000.
Revenue grew 42% year-over-year to 369,400,000.
Net income rose to 247,100,000 with EPS of 1.28.
Adjusted EBITDA margin reached a record 99.0%.
Operating cash flow increased 121% to 430,300,000.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Franco-Nevada expects increased GEO sales in the second half of 2025 from Antapaccay, Porcupine, Côté, and Vale’s Southeastern System, with an additional ~10,000 GEOs from Cobre Panama shipments.
Positive Outlook
- Anticipated increase in deliveries from Antapaccay in Q3 2025.
- First full quarter of contributions from Porcupine and Côté.
- Initial contributions from Vale’s Southeastern System expected.
- Additional ~10,000 GEOs from Cobre Panama shipments.
- Strong long-term growth from recent acquisitions.
Challenges Ahead
- Lower revenue from diversified assets due to weaker commodity prices.
- Reduced GEOs from diversified assets impacted by gold price outperformance.
- Potential operational delays in some assets.
- Market and geopolitical risks in various jurisdictions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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