Franco-Nevada Corp (FNV) Reports Record Revenue In Q2 2025 Results

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.

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.

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.