11:45 AM EDT, 08/11/2025 (MT Newswires) -- (Adds analyst comment and updates shares.)

Franco-Nevada ( FNV ) on Monday reported a higher second-quarter adjusted profit as revenue increased due to higher gold prices.

The royalty and streaming company reported an adjusted, excluding most one-time items, of US$238.5 million, or US$1.24 per share, up from US$144.9 million, or US$0.75, in the year-prior quarter.

Revenue rose 42% to a record US$369.4 million from US$260.1 million.

Adjusted EBITDA rose to US$365.7 million, or US$1.90 per share, compared with US$221.9 million, or US$1.15 per share.

The company sold 112,093 gold equivalent ounces, up from 110,264 GEOs.

Franco-Nevada ( FNV ) maintained its 2025 full-year sales guidance of 465,000 to 525,000 GEOs. The company expects an increase in GEO sales for the latter part of 2025, driven by an increase in deliveries from Antapaccay and contributions from Porcupine, Cote and Vale's Southeastern System. Franco-Nevada ( FNV ) remains on track to meet its 2025 GEO sales guidance.

The company's board also declared a quarterly dividend of US$0.38 per share, to be paid Sept. 25 to shareholders of record on Sept. 11.

National Bank of Canada maintained its sector-perform rating and C$265 price target following the results.

The bank said the rating offsets the company's stable five-year production outlook and industry-leading financial strength with its premium valuation, uncertainty around long-term recoverable value from Cobre Panama, and a competitive deal environment for new royalty/stream origination.

The price target was based on multiples of 2.20x NAV (33%) + 30.0x EV/2026E CF (67%).

Franco-Nevada ( FNV ) shares were last seen up $3.90 to $239.99 on the Toronto Stock Exchange.

Price: 239.55, Change: +3.46, Percent Change: +1.47