Franco-Nevada (FNV) Q4 2025 earnings summary

Executive summary

• Achieved record-breaking 2025 results with revenue of $1,822.8 million, up 64% year-over-year, driven by higher precious metal prices, increased production, and 519,106 GEOs sold, meeting the upper end of guidance.

• Net income reached $1,112.1 million (+101% YoY), with adjusted EBITDA at $1,656.1 million (+74% YoY), and a 91% adjusted EBITDA margin.

• Announced a 16% dividend increase for 2026, marking the 19th consecutive annual increase, reflecting strong cash flow.

• Added multiple new long-dated assets and acquisitions, including Casa Berardi, i-80, Bullabulling, and Victoria Gold royalties, supporting a robust five-year outlook.

• Maintains a debt-free balance sheet and $3.1 billion in available capital.

Financial highlights

• Revenue rose 64% year-over-year; adjusted EBITDA and adjusted net income both increased 74% year-over-year.

• Q4 2025 revenue reached $597.3 million (+86% YoY); adjusted EBITDA for Q4 was $541.2 million (+95% YoY); Q4 net income was $367.7 million (+110% YoY).

• 2025 full-year GEOs sold: 519,106 (+12% YoY); net GEOs sold: 469,819 (+15% YoY).

• Adjusted net income for 2025: $1,075.2 million (+74% YoY); adjusted net income per share: $5.77.

• Cash cost per GEO was $325 in 2025, up from $287 in Q4 2024, but margin per GEO expanded significantly.

Outlook and guidance

• 2026 GEO sales guidance: 510,000–570,000 ounces, with 90% from precious metals; fixed GEO conversion ratios to be adopted.

• Five-year outlook projects 555,000–615,000 GEOs by 2030, with new and expanded assets contributing.

• 13% organic GEO growth expected from 2025 to 2030 at budgeted prices, excluding Cobre Panamá; restart could boost growth to 45%.

• 2026 guidance assumes commodity prices: $4,500/oz Au, $75/oz Ag; depletion estimated at $310M–$340M; tax rate expected at 20%–23%.

• Funding commitments include $10M–$20M for Continental Royalty Acquisition Venture and $12M for Cascabel Stream.