Franco-Nevada Reports Record 2025 Results, Driven by Precious Metal Prices

Toronto, Canada – Franco-Nevada Corporation (NYSE: FNV) announced record financial results for the full year ended December 31, 2025, fueled by higher precious metal prices and increased production. The company reported significant gains in revenue, cash flow, and net income, allowing for a substantial dividend increase and continued strategic acquisitions.

Record Revenue and Profitability

For the full year 2025, Franco-Nevada achieved revenue of $1,822.8 million, a 64% increase compared to $1,113.6 million in 2024 [1]. Revenue for the fourth quarter of 2025 reached a record $597.3 million, an 86% increase year-over-year [1] and $592.8 million according to [2].

Key financial highlights include:

• Revenue: $1,822.8 million (up 64% year-over-year) [1]
• Operating Cash Flow: $1,493.7 million (up 80% year-over-year) [3]
• Adjusted EBITDA: $541.2 million (up 95% year-over-year) [1]
• Net Income: $1,112.1 million (up 101% year-over-year) [2]
• Earnings Per Share (EPS): $5.77 (basic) and $5.76 (diluted) [2]

Strategic Acquisitions and Capital Deployment

Franco-Nevada demonstrated robust capital deployment in 2025, with multiple acquisitions announced both during and after the year-end. These acquisitions are intended to enhance the company’s long-term production profile and provide additional optionality [1]. The company ended the year with $3.1 billion in available capital and no debt [1] and [4].

Dividend Increase and 2026 Outlook

In January 2026, Franco-Nevada announced a 16% increase in its dividend for 2026, reflecting the company’s strong financial performance [1]. The company’s 2026 production guidance is in the range of 510,000 to 570,000 Gold Equivalent Ounces (GEOs) [3] and [4].

Cobre Panama Restart

The potential restart of the Cobre Panama mine is viewed as a significant growth opportunity for Franco-Nevada. The Panamanian Government’s willingness to approve the processing of stockpiles is a positive development in this regard [1].