Franco-Nevada Reports Record 2025 Results

Core Insights - Franco-Nevada achieved record-breaking results in 2025, driven by higher precious metal prices and increased production, leading to a 16% dividend increase announced in January 2026 [1][2] - The company has a strong growth foundation with significant exploration capital expected to be spent on projects in its royalty portfolio, and potential growth from the restart of Cobre Panama [1][3] Financial Highlights - Q4 2025 Adjusted Net Income reached $356.2 million, a 94% increase from Q4 2024, with net income at $367.7 million, up 110% [1] - For the full year 2025, Adjusted Net Income was $1,075.2 million, a 74% increase year-over-year, with total revenue reaching $1,822.8 million, up 64% [1][2] - Precious Metal assets accounted for 90% of Q4 2025 revenue, with gold contributing 71% and silver 17% [1] GEOs Sold and Revenue - In Q4 2025, Franco-Nevada sold 141,656 GEOs, an 18% increase from Q4 2024, generating $597.3 million in revenue, an 86% increase [1] - For the full year 2025, the company sold 519,106 GEOs, a 12% increase from 2024, with revenue from these sales totaling $1,822.8 million [1][2] Portfolio Additions - Franco-Nevada made several acquisitions, including a 1.0% NSR on the Yilgarn Star Gold Mine for $4.7 million and a $100 million gold stream from the Casa Berardi Gold Mine [1][2] - Additional acquisitions include a $250 million NSR from i-80 Gold and a $120 million gross royalty from Minerals 260 for the Bullabulling Gold Project [1][2] Cobre Panama Update - Cobre Panama remains in a Preservation and Safe Management phase, with production halted, but the government of Panama has approved the processing of stockpiled ore, which could yield significant additional GEOs [1][2] Sustainability Updates - Franco-Nevada ranks highly among ESG rating agencies, recognized as a Global ESG Leader for 2026 and included in the 2026 Global 100 Most Sustainable Corporations [1][2] Dividend Increase - The quarterly dividend was raised to $0.44 per share, marking a 16% increase from the previous dividend and the 19th consecutive annual increase for shareholders [1][2] Guidance and Outlook - For 2026, Franco-Nevada expects total GEOs to range from 510,000 to 570,000 ounces, with approximately 90% from Precious Metal assets [2][3] - The five-year outlook anticipates total GEOs to range between 555,000 and 615,000 by 2030, reflecting planned expansions and new project developments [2][3]