Franco-Nevada (NYSE:FNV) executives highlighted a record year in 2025, pointing to higher precious metal prices, growing production across the portfolio, and strong capital deployment that management said supports both near-term guidance and a longer-term growth outlook. The company also discussed changes to how it will calculate gold equivalent ounces (GEOs) in 2026, recent acquisitions in North America and Australia, and the potential upside from a restart of Cobre Panamá.
Record 2025 results and dividend increase
President and CEO Paul Brink said 2025 was a “record-breaking year” for Franco-Nevada, driven by higher precious metal prices and increased production. Brink said the company delivered results at the top end of its revised 2025 GEO guidance range and noted that annual earnings increased by roughly 75% to more than $1 billion. He added that the company’s earnings margin was close to 60%.
GEOs, prices, and margins
Chief Financial Officer Sandip Rana said the company posted record fourth-quarter and full-year financial results for the period ended Dec. 31, 2025. Franco-Nevada sold 519,106 total GEOs in 2025, near the top end of its revised 495,000 to 525,000 guidance range. Precious metal GEOs were 440,140, slightly above the top end of its guidance range, while diversified assets contributed 78,966 GEOs.
Rana said gold and silver prices rose significantly year-over-year, highlighting that the two strongest commodity performers in the fourth quarter were silver and platinum, up 75% and 74%, respectively. He said stronger silver prices benefited assets including Antamina, while the Western Limb platinum stream benefited from higher platinum prices. Rana added that iron ore prices were essentially flat year-over-year, oil was lower, and natural gas prices increased significantly year-over-year.
For the fourth quarter, total GEOs sold increased 18% to 141,856, and precious metal GEOs rose 34% year-over-year to 127,959. Rana said Franco-Nevada saw strong quarterly contributions from Antamina (higher deliveries and higher silver prices), Guadalupe and Antapaccay (strong production), and Hemlo, where the company benefited from the leverage in its net profit interest tied to mining on Franco-Nevada’s Interlake lands. Rana also cited new contributions from Western Limb, Porcupine, and Côté during the quarter.
Franco-Nevada reported fourth-quarter revenue of $597.3 million, an 86% increase year-over-year, with precious metals accounting for 90% of revenue. Adjusted EBITDA for the quarter rose 95% to $541.2 million, and adjusted net income was $356.2 million, or $1.85 per share, both up 94% versus the prior year period. Rana said depletion increased due to higher GEOs received from Antapaccay and Antamina and as the company began depleting recent transactions including Yanacocha, Western Limb, Porcupine, and Côté.
On portfolio diversification, Rana said 85% of 2025 revenue was generated by precious metals and 88% was sourced from the Americas, with no single asset generating more than 13% of revenue. He also pointed to the company’s profitability, stating Franco-Nevada’s adjusted EBITDA margin was 91% in 2025 and its adjusted net income margin was 59%.
2026 guidance and a change in GEO methodology
Rana provided 2026 GEO sales guidance of 510,000 to 570,000 GEOs, with approximately 90% from precious metals and 10% from diversified assets. He said the company will adopt fixed GEO conversion ratios in 2026 using disclosed pricing assumptions, replacing its previous variable conversion approach based on actual average commodity prices. Rana said the goal is for GEO guidance to better reflect production volumes. He added that revenue will continue to reflect realized prices, while GEO calculations used against guidance will be based on the disclosed pricing assumptions, noting that disclosure around reporting both figures was still “to be determined.”
Rana said drivers of expected year-over-year growth include full-year contributions from acquisitions and new mine starts such as Côté Gold, Porcupine, Casa Berardi, i-80, and Valentine Gold, along with continued ramp-ups at Greenstone and Salares Norte. He noted that the 2026 guidance assumes no contribution from Cobre Panamá.
Longer-term outlook and Cobre Panamá optionality
Rana outlined a 2030 outlook of 555,000 to 615,000 GEOs sold, citing expected contributions from new mines including Stibnite Gold, Copper World, Eskay Creek, Cascabel, and Tocantinzinho, as well as expansions at assets such as Antapaccay, Coroccohuayco, Magino, Detour Lake, and Castle Mountain. He also flagged anticipated delivery step-downs at Candelaria in the second half of 2027 and at Antapaccay in the second half of 2028. For energy assets, Rana said assumptions include increasing production over five years while holding commodity prices flat at $70 per barrel WTI and $3 per mcf for natural gas.
Rana said Franco-Nevada has about 13% built-in organic growth from 2025 to 2030 at budgeted commodity prices, excluding Cobre Panamá. He said a restart of Cobre Panamá could materially increase GEOs, noting that based on the average of the next five years of the mine plan, the stream could contribute roughly 150,000 to 175,000 GEOs per year, which would raise built-in growth to about 45% through 2030.
During Q&A, Brink referenced public comments from Panama’s President Mulino indicating a target of an upcoming summit for a potential resolution. Brink said his understanding is that once a “go decision” is made, ramp-up could take roughly six months to reach 50% production and 12 months to reach about 90%, and he suggested processing stockpiles could help accelerate the timeline by allowing the operation to begin running mill trains sooner.
Recent deals: Casa Berardi, i-80, and Bullabulling
Chief Investment Officer Eaun Gray reviewed recent portfolio additions. He discussed a Casa Berardi stream transaction supporting Patrick Downey and his team in the acquisition of the Quebec producer, saying Franco-Nevada expects increased exploration at the underexplored property. Gray also highlighted a February financing with i-80, describing it as the third financing Franco-Nevada has completed with the team and noting the royalty steps up to 3% in 2031 and covers precious metals assets and more than 200 square kilometers of gold trends in Nevada. Gray said Franco-Nevada expects cash flow immediately from Granite Creek, expansion with Archimedes, and further ramp-up with the development of Mineral Point.
Gray also described Franco-Nevada’s Bullabulling royalty in Western Australia as its first sizable acquisition in Australia in some time. He said the company expects a pre-feasibility study (PFS) in the coming months and believes the project has a “rapid path to production” given its brownfield nature and location near Kalgoorlie.
Brink added that, post-year-end, Franco-Nevada added 820,000 “royalty ounces” from recent deals—described on the call as mineral resources where economics are 100% attributable to Franco-Nevada—and said the company’s average cost was $770 per ounce. Brink also said Franco-Nevada had been named by Corporate Knights in 2026 as one of the 100 most sustainable corporations globally.
Other topics discussed on the call included energy price sensitivity—Rana said a $5 increase in WTI would equate to roughly a 7% increase in energy revenue—and balance sheet positioning, with Brink saying the company intends to remain long-term holders of equity positions received in connection with supporting G Mining Ventures and Discovery Silver, while still retaining flexibility to “take some money off the table” if opportunities arise.
Franco-Nevada said it will host an Investor Day on April 8, 2026, and expects to release first-quarter 2026 results after market close on May 12, followed by a conference call the next morning.
About Franco-Nevada (NYSE:FNV)
Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.
The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.
