Sprott Announces Year Ended 2025 Results
Executive Summary
- Sprott reported a strong year ending Dec 31, 2025 with AUM rising to $59.6 bn (up 21% QoQ and 89% YoY).
- Net income surged to $67.3 m ($2.61 per share), a 37% increase versus 2024; adjusted EBITDA reached $121.4 m ($4.71 per share), up 43%.
- Management fees grew 28% YoY to $199 m, and net fees rose 49% to $216 m on the full‑year basis.
Key Details
- Assets Under Management (AUM)
- $59.6 bn as of Dec 31, 2025 (up 21% from Sep 30, 2025; up 89% YoY).
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Post‑year AUM reached $70.1 bn on Feb 13, 2026 (↑18%).
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Revenue & Fees
- Management fees: $199 m FY25 (+28% YoY).
- Carried interest & performance fees: $54.7 m FY25 (+47.3 m YoY).
- Net fees: $216 m FY25 (+49% YoY).
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Commission revenue: $8.5 m FY25 (+49% YoY).
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Profitability
- Net income FY25: $67.3 m ($2.61/share), up $18.1 m (37%).
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Adjusted EBITDA FY25: $121.4 m ($4.71/share), up $36.2 m (43%).
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Expenses
- Net compensation expense: $75.1 m FY25 (+12% YoY).
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Stock‑based compensation expense: $75.5 m FY25 (+56.6 m YoY) – driven by transition to a cash‑settled plan and related mark‑to‑market accounting.
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Dividend
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Board declared a quarterly dividend of $0.40 per share on Feb 18, 2026.
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Operational Highlights
- Net inflows (including market value appreciation) contributed $7.7 bn of AUM growth in Q4 2025 and $2.8 bn post‑year.
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Physical precious‑metal trusts and ETFs saw strong net fee generation; uranium trust drove higher commission revenue.
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Non‑IFRS Measures
- Adjusted EBITDA margin FY25: 64% (up from 58% YoY).
- Net compensation ratio FY25: 34% (quarter) / 40% (full year).
Notable Quotes
“With our core expertise in precious metals and critical materials investments, we believe we are well positioned to capitalize on powerful macro‑economic trends to create value for shareholders in the years ahead.” – Whitney George, CEO
All figures are taken directly from Sprott’s February 19, 2026 press release.