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Jun 30
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.
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.comOther mining assets 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 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.
- Dependency on third-party operators’ performance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income