TORONTO, Nov. 3, 2025 /PRNewswire/ - Franco-Nevada's (FNV) record quarterly results benefited from a combination of higher gold prices, strong operations, new acquisitions and the sale of Cobre Panama copper concentrate stockpiles. Our acquisition of six meaningful new gold interests over the last 18 months has positioned us for strong growth over the long-term and boosted our gold price exposure, with 85% of our revenue being from precious metals in the quarter. Following these results, we have narrowed our 2025 Total GEO sales guidance range, toward the higher end of our original guidance. After drawing on our corporate revolver to fund the Arthur Gold royalty acquisition in July, the Company is once again debt-free. We are encouraged by the recent constructive comments by the President of Panama toward resolution of the Cobre Panama mine closure. "Looking forward, our deep portfolio of producing, development and exploration stage royalties on primary gold assets is well positioned to grow organically in this strong gold price environment," stated Paul Brink, CEO.
Financial Highlights – Q3 2025 compared to Q3 2024
$487.7 million in revenue (a new record), +77%
138,772 GEOs1 sold (including 11,208 GEOs from Cobre Panama), +26%
125,115 Net GEOs1 sold, +29%
$348.0 million in operating cash flow, +63%
$427.3 million in Adjusted EBITDA2 or $2.22/share (new records), +81%
$287.5 million in net income or $1.49/share (new records), +89%
$275.0 million in Adjusted Net Income2 or $1.43/share (new records), +79%
$84.4 million in proceeds and $67.4 million in realized gains from sale of equity investments
