Franco-Nevada Corporation announced record financial results for the second quarter of 2025, with revenue reaching $369.4 million, a 42% increase from Q2 2024. The company also reported record adjusted EBITDA of $365.7 million, up 65% year-over-year, and record adjusted net income of $238.5 million, or $1.24 per share, also up 65%.
The company sold 112,093 Gold Equivalent Ounces (GEOs) in Q2 2025, a 2% increase from Q2 2024. These results were primarily driven by record gold prices and strong contributions from recently acquired or producing precious metal assets, including initial revenues from Porcupine and Côté Gold.
Franco-Nevada remains on track to meet its previously announced 2025 GEO sales guidance of 465,000 to 525,000 total GEOs, and 385,000 to 425,000 precious metal GEOs. The company's guidance for the remainder of 2025 is based on commodity price assumptions of $3,250 per ounce for gold and $37 per ounce for silver.
Significant developments regarding Cobre Panama were also reported, with the Government of Panama approving the Preservation and Safe Management Plan, including the shipment of 121 thousand dry metric tonnes of copper concentrate. Franco-Nevada expects to receive approximately 10,000 GEOs from these shipments in Q3 2025, leading to a partial impairment reversal of $4.1 million in Q2 2025. The company also confirmed the suspension of its arbitration proceeding against the Panamanian government.
The company highlighted that acquisitions over the last 18 months have positioned it for strong long-term growth, which could be further enhanced by a potential restart at Cobre Panama. Franco-Nevada also published its 2025 Sustainability Report and was recognized on Corporate Knights' list of the Best 50 Corporate Citizens in Canada.
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