Triple Flag Precious Metals (TFPM) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 production of 113,237 GEOs, marking the ninth consecutive year-over-year increase and reaching the upper half of guidance.

• Cash flow per share reached $1.54, up 45% from 2024, with adjusted EBITDA of $325M and net earnings of $240M, a turnaround from a $23M loss in 2024.

• Over $350 million deployed in value-accretive deals in 2025, expanding exposure to premier mining jurisdictions.

• Ended 2025 debt-free with over $70 million in cash and $1 billion in available credit.

• Multiple assets advanced through construction, permitting, and study stages, supporting future growth.

Financial highlights

• 2025 revenue increased to $388.7M from $269.0M in 2024, with Q4 revenue at $118.9M, up from $74.2M in Q4 2024.

• Operating cash flow for 2025 was $312.8M ($1.54/share), up from $213.5M in 2024.

• Adjusted net earnings for 2025 were $205.5M ($1.01/share); adjusted EBITDA was $325M, a 48% increase year-over-year.

• Paid nearly $46M in dividends, reflecting a 5% mid-year increase, and repurchased $9M in shares at $17.39 per share.

• Gross profit margin for 2025 was 94%, with asset margin at 93%.

Outlook and guidance

• 2026 GEOs guidance set at 95,000-105,000, reflecting mine sequencing and a planned step-down in the Cerro Lindo stream rate.

• 2030 production expected to reach 140,000-150,000 GEOs, driven by multiple advancing assets.

• Depletion expected at $65-75M and G&A costs at $30-32M for 2026; Australian cash tax rate to remain at 25%.

• Long-term organic growth expected from Arthur, Kemess, Hope Bay, and Northparkes expansion.

• Guidance and outlook depend on third-party operator forecasts and internal estimates, with inherent uncertainties.