Franco-Nevada Corporation announced its first-quarter 2025 financial results, achieving record quarterly top and bottom-line performance. The company reported revenue of $368.4 million, marking a 43% increase from Q1 2024, and adjusted EBITDA of $321.9 million.
The company sold 126,585 Gold Equivalent Ounces (GEOs) in Q1 2025, an increase of 3% from Q1 2024. These record results were primarily driven by elevated gold prices, added leverage through the company's Net Profit Interest (NPI) interests, and strong contributions from its Energy interests.
Precious metal assets accounted for 79% of the total revenue, with 84% of revenue sourced from the Americas. CEO Paul Brink noted that these record results were achieved without any contributions from Cobre Panama, and expressed encouragement regarding President Mulino's continued willingness to discuss the mine's future.
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