Franco-Nevada Q2 Earnings Beat Estimates, Revenues Rise 42% Y/Y

Franco-Nevada Corporation FNV reported adjusted earnings of $1.24 per share in the second quarter of 2025, beating the Zacks Consensus Estimate of $1.10. The bottom line increased 65% year over year.

Franco-Nevada’s Q2 EBITDA Margin Rises Y/Y

The company generated record revenues of $369 million in the reported quarter, up 42% year over year. The upside was driven by record gold prices and contributions from Precious Metal assets. In the June-end quarter, 82% of revenues were sourced from Precious Metal assets (70% gold, 10% silver and 2% platinum group metals).

The company sold 92,449 Gold Equivalent Ounces (GEOs) from Precious Metal assets in the reported quarter, up from the prior-year quarter’s 82,350 GEOs. 

In the reported quarter, adjusted EBITDA surged 64.8% year over year to a record $366 million. The adjusted EBITDA margin was 99% in the quarter under review compared with the prior-year quarter’s 85.3%.

FNV’s Q2 Financial Position

The company had $0.16 billion in cash on hand at the end of the second quarter of 2025, down from $1.45 billion at the end of 2024. It recorded an operating cash flow of $719 million in the first half of 2025, up from $373 million in the prior-year period.

FNV now has an available capital of $1.1 billion.

Franco-Nevada’s 2025 Outlook

Backed by a rise in deliveries from Antapaccay, the first full quarter contributions from Porcupine and Côté, and initial contributions from Vale’s Southeastern System, the company expects an increase in GEO sales for the second part of 2025. 

FNV expects total GEO sales to be in the range of 465,000 to 525,000 GEOs for 2025.

FNV Stock’s Price Performance

Franco-Nevada’s shares have gained 43.8% in the past year compared with the industry’s growth of 53%.

Franco-Nevada’s Zacks Rank

FNV currently flaunts a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Peer Performances

Kinross Gold Corporation KGC reported adjusted earnings of 44 cents per share compared with the prior-year quarter’s 14 cents. The bottom line beat the Zacks Consensus Estimate of 33 cents.

Kinross Gold’s revenues rose 41.7% year over year to $1,728.5 million in the second quarter. It topped the Zacks Consensus Estimate of $1,347.3 million. The rise is attributed to a higher average realized gold price.

Agnico Eagle Mines Limited AEM reported adjusted earnings of $1.94 per share for the second quarter of 2025, up from $1.07 in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of $1.83.

Agnico Eagle Mines generated revenues of $2,816.1 million, up 35.6% year over year. The top line surpassed the Zacks Consensus Estimate of $2,553 million.

Newmont Corporation NEM reported second-quarter 2025 adjusted earnings were $1.43 per share, up from 72 cents in the prior-year quarter. It topped the Zacks Consensus Estimate of $1.04 per share.

NEM’s revenues for the second quarter were $5,317 million, up 20.8% from $4,402 million in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $4,582.5 million. The increase in the top line was driven primarily by higher year-over-year realized gold prices.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research