Q4 2025 Franco-Nevada Corp Earnings Call Transcript
Key Points
- Franco-Nevada Corp (FNV) reported record financial results for 2025, with a 64% increase in revenue and a 74% increase in adjusted EBITDA.
- The company achieved the top end of its revised 2025 GEO guidance range, selling 519,106 GEOs.
- Franco-Nevada Corp (FNV) increased its dividend for the 19th consecutive time, with a higher-than-normal 16% increase.
- The company has a strong balance sheet with no debt and $3.1 billion in available capital, positioning it well for future growth.
- Franco-Nevada Corp (FNV) was recognized as one of the 100 most sustainable corporations globally by Corporate Knights in 2026.
- The company experienced an increase in cost of sales due to higher stream ounces sold, leading to increased depletion costs.
- Diversified GEOs sold were lower compared to the prior year, partially due to lower diversified revenue and the impact of higher gold prices when converting revenue to GEOs.
- The Cobre Panama mine's restart remains uncertain, with potential delays in receiving formal approval to process stockpiled ore.
- Franco-Nevada Corp (FNV) faces geopolitical risks and jurisdictional challenges, which could impact future acquisitions and operations.
- The company has not included potential contributions from Cobre Panama in its 2026 guidance, indicating uncertainty in production forecasts.
Good morning, and welcome to Franco Nevada Corporation's 2025 year-end results conference call and webcast. This call is being recorded on March 11, 2026. (Operator Instructions) I would now like to turn the conference over to your host, Candida Hayden, Senior Analyst, Investor Relations. Please go ahead.
Thank you, Joanna. Good morning, everyone. Thank you for joining us today to discuss Franco-Nevada's year-end 2022 results. Accompanying this call is a presentation, which is available on our website at franco-nevada.com, where you'll also find our full financial results. Presentation is also available to you on the webcast.
During our call this morning, Paul Brink, President and CEO of Franco-Nevada, will provide introductory remarks followed by Sandip Rana, Chief Financial Officer; who will provide a review of our results, followed by Eaun Gray, Chief Investment Officer, who will provide a review of our recent acquisitions. This will be followed by a Q&A period.
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