Franco-Nevada Posts 64% Revenue Gain, $1.66B EBITDA and 16% Dividend Increase
Franco-Nevada delivered record 2025 revenue of $1.82 billion (+64%), adjusted EBITDA of $1.66 billion (+74%) and net income of $1.11 billion (+101%). Q4 generated $597.3 million in revenue (+86%) and $426.5 million in operating cash flow (+76%), funding a 16% dividend increase and a C$55 million royalty acquisition.
1. Record 2025 Financial Results
Franco-Nevada achieved all-time highs with 2025 revenue of $1,822.8 million, adjusted EBITDA of $1,656.1 million and net income of $1,112.1 million, up 64%, 74% and 101% year-over-year. The company sold 519,106 GEOs, including 11,208 GEOs from Cobre Panamá, driven by higher precious metal prices and strong production.
2. Q4 Performance Highlights
In Q4 2025, revenue surged to $597.3 million (+86%) on sales of 141,656 GEOs (+18%), while operating cash flow rose 76% to $426.5 million and adjusted EBITDA jumped 95% to $541.2 million. Precious metals accounted for 90% of Q4 revenue, offsetting a decline in diversified asset income due to lower oil prices.
3. Dividend and Capital Deployment
Robust cash flow enabled a 16% dividend increase in January 2026 and supported four value-accretive acquisitions completed post year-end. With no debt and $3.1 billion in available capital, the company continues to prioritize shareholder value through disciplined capital allocation.
4. Royalty Portfolio Acquisition
On February 24, 2026, Franco-Nevada agreed to acquire six royalties from Victoria Gold Corp. for C$55 million, including a 6.0% NSR on the AurMac property and a 1.0% NSR on the Hyland project in the Yukon, plus royalties on Nevada projects. The transaction is expected to close in H1 2026.