Franco-Nevada Q3 Earnings Beat Estimates, Revenues Surge 77% Y/Y

Core Insights - Franco-Nevada Corporation reported record adjusted earnings of $1.43 per share in Q3 2025, exceeding the Zacks Consensus Estimate of $1.37, with a year-over-year increase of 79% [1][7] - The company achieved record revenues of $488 million in the reported quarter, a surge of 76.9% year over year, primarily driven by high gold prices [2][7] - Adjusted EBITDA rose 62.3% year over year to $427 million, with an adjusted EBITDA margin of 87.6%, up from 85.7% in the prior year [3] Financial Performance - Franco-Nevada sold 138,772 Gold Equivalent Ounces (GEOs) in Q3 2025, a 26% increase from 110,110 GEOs in the same quarter last year, supported by deliveries from Cobre Panama [3] - The company had $0.24 billion in cash at the end of Q3 2025, down from $1.45 billion at the end of 2024, while operating cash flow for the first nine months of 2025 was $1.07 billion, up from $0.59 billion in the prior-year period [4] - Franco-Nevada remains debt-free and utilizes its free cash flow for portfolio expansion and dividend payments [4] Future Outlook - The company updated its total GEO sales outlook for 2025 to a range of 495,000-525,000, an increase from the previous estimate of 465,000-525,000 [5] Stock Performance - Franco-Nevada's shares have increased by 39.5% over the past year, compared to the industry's growth of 77.9% [6]