FRANCO NEVADA (FNV) Company Report

Franco-Nevada Corporation reported record quarterly results for Q3 2025, with revenue increasing 77% to $487.7 million and adjusted EBITDA rising 81% to $427.3 million compared to Q3 2024.
Total GEOs sold increased 26% to 138,772 in Q3 2025, driven by strong operations, new acquisitions, and the sale of Cobre Panama stockpiles. Adjusted net income was $275 million, or $1.43 per share, up 79% year-over-year.
The company updated its 2025 guidance, narrowing the total GEOs sold range to 495,000-525,000 and increasing precious metal GEOs sold guidance to 420,000-440,000.
Franco-Nevada remains debt-free by quarter-end and has over $1.8 billion in available capital as of September 30, 2025.
Progress was noted at Cobre Panama, including concentrate shipments and the start of an environmental audit, with the company encouraged by constructive comments from the President of Panama regarding resolution of the mine closure.

Nov 4, 2025, 4:00 PM

Transcript

Franco-Nevada Reports Record Q3 2025 Results and Updates Full-Year Guidance

FNV

Earnings

Guidance Update

New Projects/Investments

Franco-Nevada reported record financial results for Q3 2025, with revenue increasing by 77% to $487.7 million and adjusted EBITDA up 81% to $427.3 million, driven by higher gold prices, strong operations, and recent acquisitions.
Total GEOs sold increased 26% to 138,772, with precious metal GEOs sold up 41% to 119,109. Approximately 11,000 GEOs were delivered from Cobre Panamá stockpiles.
The company updated its full-year 2025 guidance, narrowing total GEOs sold to 495,000-525,000 and precious metal GEOs to 420,000-440,000, expecting to exceed the top end of original precious metal guidance.
Franco-Nevada ended the quarter debt-free with $236.7 million in cash and over $1.8 billion in total available capital. A portion of its equity investment in Discovery Silver was sold for $84.4 million, generating a $67.4 million gain and contributing to debt repayment.

Nov 4, 2025, 4:00 PM

Transcript

Franco-Nevada Reports Record Q3 2025 Financial Results and Updates Full-Year Guidance

FNV

Earnings

Guidance Update

New Projects/Investments

Franco-Nevada reported record financial results for Q3 2025, with revenue increasing 77% year-over-year to $487.7 million and adjusted EBITDA up 81% to $427.3 million.
Total GEOs sold increased 26% to 138,772, with precious metal GEOs up 41% to 119,109, accounting for 85% of revenue.
The company updated its full-year 2025 guidance, narrowing total GEOs sold to 495,000-525,000 and raising precious metal GEOs sold to 420,000-440,000.
Franco-Nevada ended Q3 2025 debt-free with $236.7 million in cash and cash equivalents, and over $1.8 billion in total available capital.
Progress at Cobre Panama included the sale of approximately 11,000 GEOs from stockpiles, and recent acquisitions position the company for roughly 50% growth in GEOs over five years.

Nov 4, 2025, 4:00 PM

Transcript

Franco-Nevada Reports Record Q3 2025 Results and Updates Guidance

FNV

Earnings

Guidance Update

Legal Proceedings

Franco-Nevada reported record Q3 2025 revenue of $487.7 million, a 77% increase from Q3 2024, and record net income of $287.5 million or $1.49 per share.
The company achieved a debt-free balance sheet in Q3 2025 after repaying its corporate revolver.
2025 Total GEO sales guidance was narrowed to 495,000 - 525,000, moving towards the higher end of original projections.
The company received 11,208 GEOs from Cobre Panama concentrate stockpiles in Q3 2025, with the power plant expected to restart in Q4 2025.
Franco-Nevada reached a settlement with the Canada Revenue Agency for 2013-2019 taxation years, requiring no tax payment on foreign earnings of its Barbadian and Mexican subsidiaries.

Nov 3, 2025, 10:42 PM

6-K

Franco-Nevada Reports Record Q3 2025 Results and Updates Guidance

FNV

Earnings

Guidance Update

New Projects/Investments

Franco-Nevada reported record Q3 2025 revenue of $487.7 million, a 77% increase from Q3 2024, and 138,772 GEOs sold, up 26%.
The company achieved record Adjusted EBITDA of $427.3 million and record net income of $287.5 million in Q3 2025.
Franco-Nevada is debt-free and has narrowed its 2025 Total GEO sales guidance range towards the higher end, now expecting 495,000 - 525,000 Total GEOs.
The company benefited from the sale of Cobre Panama copper concentrate stockpiles, contributing 11,208 GEOs in Q3 2025, and made strategic acquisitions including a $250.0 million royalty on the Arthur Gold Project.

Nov 3, 2025, 10:30 PM

Press Release

Franco-Nevada settles Canadian tax disputes

FNV

Legal Proceedings

Franco-Nevada Corporation has reached a settlement with the Canada Revenue Agency (CRA) regarding tax disputes related to reassessments under transfer pricing rules for the 2013 to 2019 taxation years.
The settlement dictates that Franco-Nevada will not be required to pay any tax in Canada on the foreign earnings of its wholly-owned foreign subsidiaries, Franco-Nevada (Barbados) Corporation and Franco-Nevada Mexico Corporation, S.A. de C.V., for the disputed period.
The service fee mark-up applied to Franco-Nevada's cost of providing services to these subsidiaries will be adjusted to 30% (up from a current range of 7-20%), resulting in Franco-Nevada being subject to Canadian tax on additional income of C$1.4 million for the 2013 to 2019 taxation years. However, no additional cash taxes are anticipated for these years due to the application of non-capital losses.
Transfer pricing penalties reflected in the reassessments will be reversed, and interest charges will be reduced.

Sep 11, 2025, 9:53 PM

6-K

Franco-Nevada Reaches Settlement on Canadian Tax Disputes

FNV

Legal Proceedings

Franco-Nevada Corporation has reached a settlement with the Canada Revenue Agency (CRA) regarding tax reassessments for the 2013 to 2019 taxation years related to income generated by its foreign subsidiaries, Franco-Nevada Barbados and Franco-Nevada Mexico.
The settlement dictates that Franco-Nevada will not be required to pay any tax in Canada on the foreign earnings of these subsidiaries for the 2013 to 2019 taxation years.
The service fee mark-up applied to Franco-Nevada's cost of providing services to its foreign subsidiaries will be adjusted from the current range of 7-20% to 30%.
This adjustment will result in Franco-Nevada being subjected to Canadian tax on an additional C$1.4 million in income for the 2013 to 2019 taxation years, but the company does not anticipate any additional cash taxes will arise due to the application of non-capital losses.
Transfer pricing penalties reflected in the reassessments will be reversed, and interest charges will be reduced. The company believes the transfer pricing principles established by this settlement will apply to years after 2019, provided there are no material changes.

Sep 11, 2025, 9:42 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for FRANCO NEVADA.

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