Summary – Release Date: August 11, 2025
- Total Revenue: $369.4 million, a record for Franco-Nevada, up 42% year-over-year.
- Adjusted EBITDA: $365.7 million, a 65% increase compared to the previous year.
- Total GEOs Sold: 112,093, a 2% increase from the previous year.
- Precious Metal GEOs Sold: 92,449, up 12% year-over-year.
- Adjusted Net Income: $238.5 million or $1.24 per share, both up 65% from the prior year.
- Cash Cost per GEO: $299, compared to $264 in the previous year.
- Cash and Cash Equivalents: $160.3 million as of June 30, 2025.
- Total Available Capital: Approximately $1.35 billion after recent acquisitions.
- Gold Price Increase: Average gold price higher by 40% year-over-year.
- Silver Price Increase: Average silver price higher by 17% year-over-year.
Positive Points
- Franco-Nevada Corp (NYSE:FNV) reported record financial results for Q2 2025, driven by high gold prices and strong portfolio performance.
- The company saw significant revenue growth, with a 42% increase to $369.4 million, marking a record for Franco-Nevada.
- Franco-Nevada’s adjusted EBITDA increased by 65% for the quarter, showcasing strong operational efficiency.
- The company has a robust pipeline of growth projects, including the potential restart of Cobre Panama and new developments like Cascabel and Castle Mountain.
- Franco-Nevada maintains a strong financial position with $1.35 billion in available capital, allowing for continued strategic acquisitions and growth opportunities.
Negative Points
- The company experienced volatility in prices for iron ore and oil, which were lower compared to the previous year.
- Antapaccay’s performance was below expectations due to timing of deliveries, impacting overall results.
- Franco-Nevada’s diversified GEOs sold decreased compared to the prior year, reflecting challenges in converting diversified revenue to GEOs.
- The company had to draw on its credit facility to fund recent acquisitions, indicating a temporary reduction in available capital.
- There is uncertainty surrounding the Cobre Panama asset, which remains offline, affecting potential revenue contributions.
