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Franco-Nevada Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved record Q3 2025 results with revenue of $487.7 million, up 77% year-over-year, and net income of $287.5 million, up 89% year-over-year, driven by high gold prices, strong operations, and new acquisitions.
Precious metals contributed 85% of total revenue, with gold representing 72%, and strong diversification across commodities and geographies.
Six major gold acquisitions over the past 18 months, with Porcupine, Yanacocha, and Western Limb now producing and boosting five-year growth outlook.
Maintained a debt-free position by quarter-end after funding acquisitions through the corporate revolver and equity sales.
Settlement reached with Canada Revenue Agency on transfer pricing dispute for 2013–2019; no Canadian tax payable on foreign earnings for the period.
Financial highlights
Q3 2025 revenue: $487.7 million (+77% YoY); net income: $287.5 million (+89% YoY); Adjusted EBITDA: $427.3 million (+81% YoY); Adjusted Net Income: $275 million (+79% YoY).
138,772 GEOs sold in Q3 2025 (+26% YoY); precious metal GEOs up 41% to 119,109.
Margin per GEO was $3,116, up 42% year-over-year; cash cost per GEO was $340.
Cost of sales increased to $47.2 million due to higher stream ounces; depletion rose to $87 million.
Sold a portion of Discovery Silver equity for $84.4 million, realizing a $67.4 million gain.
Outlook and guidance
2025 GEOs sold guidance updated to 495,000–525,000; precious metal GEOs guidance raised to 420,000–440,000.
Full-year contributions expected from new mines and acquisitions, including Côté, Valentine Gold, and others.
Anticipate roughly 50% growth in GEOs over five years if Cobre Panamá restarts and recent acquisitions contribute as planned.
Dividend will be increased in 2026, maintaining a sustainable and progressive policy.
Estimated tax rate for 2025 is 19–21%; depletion estimate $300M–$315M.
Cobre Panama restart path given audit?
Gold price impact on diversified GEOs?
Capital deployment strategy with unrealized gains?
What is the realistic Cobre Panama restart timeline?
Diversified deal focus and expected size?
How do high gold prices drive organic growth?
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Next Franco-Nevada earnings date
Q4 20256 Mar, 2026
Next Franco-Nevada earnings date
Q4 20256 Mar, 2026
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Frequently asked questions
Franco-Nevada operates as a gold-focused royalty and streaming company in Latin America, the United States, Canada, and internationally. The company also seeks to acquire interest in base-metal properties. It controls more than 3 gigatonnes of net gold reserves; and more than 6 gigatonnes of silver reserves and resources globally. Franco-Nevada was founded in 1983 and is based in Toronto, Canada.
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