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- **Record Q3 Results**: $487.7M revenue (+77% YoY), 138,772 GEOs sold (+26% YoY)
- **Strategic Acquisitions**: Six new deals add 119,109 GEOs, 50%+ growth over five years
- **Financial Strength**: Debt-free, $236.7M cash, 81% EBITDA margin
- **Cobre Panama Catalysts**: Environmental audit, gov't support for 2026 restart
- **Dividend Growth**: 2026 increase confirmed, no share buybacks

**【Management Remarks】**
- Franco-Nevada reported record Q3 2025 results with total revenue of $487.7 million, up 77% year-over-year, driven by higher gold prices and new acquisitions.
- The company completed six strategic acquisitions in 18 months, including Porcupine, Côté, and Western Limb, positioning for 50%+ GEO growth over five years.
- Debt-free balance sheet with $236.7 million in cash and $1 billion credit facility.

**【CEO Commentary】**
- Six new acquisitions (Yanacocha, Western Limb, Porcupine) added 119,109 GEOs in Q3, 41% higher than prior year.
- Cobre Panama restart progress: concentrate shipments completed, power plant pre-commissioning underway.
- Diversified portfolio: 85% revenue from precious metals, 88% from Americas, no single asset >10% revenue.

**【CFO Financial Commentary】**
- Q3 2025: 
  - Total GEOs sold 138,772 (+26% YoY)
  - Precious metal GEOs 119,109 (+41% YoY)
  - Adjusted EBITDA $427.3 million (+81% YoY)
  - Margin $3,116/geo (+42% YoY)
- 2025 guidance narrowed to 495,000-525,000 GEOs (prev 465,000-525,000)

**【Q&A Highlights】**
- **Deal Pipeline**: 60+ active opportunities, 50%+ in gold; Australia expansion with new Perth team.
- **Dividend Policy**: Sustainable & progressive; 2026 dividend increase confirmed, no buybacks.
- **Cobre Panama**: Environmental audit underway, gov't supportive; potential 2026 restart.
- **Organic Growth**: 1.8M+ GEOs in pipeline from new mines (Tocantinzinho, Stibnite Gold).

Franco Nev Corp (FNV) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FNV

FNV fundamentals

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