Sprott Announces Second Quarter 2025 Results
Sprott (NYSE/TSX: SII) reported strong Q2 2025 financial results, with Assets Under Management (AUM) reaching $40 billion, up 14% from Q1 2025 and 27% from December 2024. The company saw $1.2 billion in net sales during Q2, primarily in physical trusts.
Key financial metrics include management fees of $44.4 million (up 16% YoY), carried interest and performance fees of $14.8 million (up from $0.7M), and net income of $13.5 million ($0.52 per share). The company's growth was driven by rising precious metals and uranium prices, strong managed equities performance, and increased investor allocations to precious metals and critical materials strategies.
The Board declared a quarterly dividend of $0.30 per share. As of August 1, 2025, AUM slightly increased to $40.1 billion.
Sprott (NYSE/TSX: SII) ha riportato solidi risultati finanziari per il secondo trimestre 2025, con un patrimonio gestito (AUM) che ha raggiunto 40 miliardi di dollari, in aumento del 14% rispetto al primo trimestre 2025 e del 27% rispetto a dicembre 2024. L'azienda ha registrato 1,2 miliardi di dollari in vendite nette durante il secondo trimestre, principalmente nei trust fisici.
I principali indicatori finanziari includono commissioni di gestione per 44,4 milioni di dollari (in crescita del 16% su base annua), interessi di performance e commissioni di carried interest per 14,8 milioni di dollari (in aumento rispetto a 0,7 milioni), e utile netto di 13,5 milioni di dollari (0,52 dollari per azione). La crescita della società è stata trainata dall’aumento dei prezzi dei metalli preziosi e dell’uranio, dalla solida performance delle azioni gestite e dall’aumento delle allocazioni degli investitori verso strategie su metalli preziosi e materiali critici.
Il Consiglio ha dichiarato un dividendo trimestrale di 0,30 dollari per azione. Al 1° agosto 2025, il patrimonio gestito è leggermente aumentato a 40,1 miliardi di dollari.
Sprott (NYSE/TSX: SII) reportó sólidos resultados financieros en el segundo trimestre de 2025, con activos bajo gestión (AUM) que alcanzaron los 40 mil millones de dólares, un aumento del 14% respecto al primer trimestre de 2025 y del 27% respecto a diciembre de 2024. La compañía registró 1.2 mil millones de dólares en ventas netas durante el segundo trimestre, principalmente en fideicomisos físicos.
Los principales indicadores financieros incluyen honorarios de gestión de 44.4 millones de dólares (un aumento del 16% interanual), intereses de desempeño y honorarios de carried interest de 14.8 millones de dólares (subiendo desde 0.7 millones), y ingreso neto de 13.5 millones de dólares (0.52 dólares por acción). El crecimiento de la empresa fue impulsado por el aumento en los precios de metales preciosos y uranio, el sólido desempeño de las acciones gestionadas y el incremento en las asignaciones de los inversores hacia estrategias de metales preciosos y materiales críticos.
La Junta declaró un dividendo trimestral de 0.30 dólares por acción. Al 1 de agosto de 2025, los activos bajo gestión aumentaron ligeramente a 40.1 mil millones de dólares.
Sprott (NYSE/TSX: SII)는 2025년 2분기 강력한 재무 실적을 보고했으며, 운용자산(AUM)은 400억 달러에 달해 2025년 1분기 대비 14%, 2024년 12월 대비 27% 증가했습니다. 회사는 2분기 동안 주로 물리적 신탁에서 12억 달러의 순매출을 기록했습니다.
주요 재무 지표로는 관리 수수료 4,440만 달러(전년 대비 16% 증가), 성과 수수료 및 캐리드 이자 1,480만 달러(700만 달러에서 증가), 그리고 순이익 1,350만 달러(주당 0.52달러)이 포함됩니다. 회사의 성장은 귀금속 및 우라늄 가격 상승, 강력한 관리 주식 실적, 그리고 투자자들의 귀금속 및 핵심 소재 전략에 대한 할당 증가에 힘입었습니다.
이사회는 주당 0.30달러 분기 배당금을 선언했습니다. 2025년 8월 1일 기준으로 운용자산은 소폭 증가하여 401억 달러가 되었습니다.
Sprott (NYSE/TSX : SII) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec des actifs sous gestion (AUM) atteignant 40 milliards de dollars, en hausse de 14 % par rapport au premier trimestre 2025 et de 27 % par rapport à décembre 2024. La société a enregistré 1,2 milliard de dollars de ventes nettes au cours du deuxième trimestre, principalement dans les fonds physiques.
Les principaux indicateurs financiers comprennent des frais de gestion de 44,4 millions de dollars (en hausse de 16 % sur un an), des intérêts portés et des frais de performance de 14,8 millions de dollars (en hausse par rapport à 0,7 million), et un bénéfice net de 13,5 millions de dollars (0,52 dollar par action). La croissance de l'entreprise a été stimulée par la hausse des prix des métaux précieux et de l'uranium, la solide performance des actions gérées et l'augmentation des allocations des investisseurs aux stratégies sur les métaux précieux et les matériaux critiques.
Le conseil d'administration a déclaré un dividende trimestriel de 0,30 dollar par action. Au 1er août 2025, les actifs sous gestion ont légèrement augmenté pour atteindre 40,1 milliards de dollars.
Sprott (NYSE/TSX: SII) meldete starke Finanzergebnisse für das zweite Quartal 2025, wobei das verwaltete Vermögen (AUM) 40 Milliarden US-Dollar erreichte, ein Anstieg von 14 % gegenüber dem ersten Quartal 2025 und 27 % gegenüber Dezember 2024. Das Unternehmen verzeichnete im zweiten Quartal Nettoverkäufe von 1,2 Milliarden US-Dollar, hauptsächlich in physischen Trusts.
Wichtige Finanzkennzahlen umfassen Verwaltungsgebühren von 44,4 Millionen US-Dollar (plus 16 % gegenüber dem Vorjahr), Carried Interest und Performance-Gebühren von 14,8 Millionen US-Dollar (gestiegen von 0,7 Millionen), sowie Nettoeinkommen von 13,5 Millionen US-Dollar (0,52 US-Dollar pro Aktie). Das Wachstum des Unternehmens wurde durch steigende Preise für Edelmetalle und Uran, starke Performance der verwalteten Aktien und erhöhte Anlegerallokationen in Edelmetall- und kritische Materialstrategien angetrieben.
Der Vorstand erklärte eine Quartalsdividende von 0,30 US-Dollar pro Aktie. Zum 1. August 2025 stieg das verwaltete Vermögen leicht auf 40,1 Milliarden US-Dollar.
- AUM reached all-time high of $40 billion, up 27% from December 2024
- Management fees increased 16% YoY to $44.4 million in Q2
- Carried interest and performance fees surged to $14.8 million from $0.7 million YoY
- Strong net sales of $1.2 billion in Q2, primarily in physical trusts
- Adjusted EBITDA grew 14% YoY to $25.5 million
- Commission revenues declined 48% YoY to $1.7 million
- Finance income decreased 70% YoY to $1.2 million
- Stock-based compensation expenses increased significantly by $14.3 million YoY
- Net income growth was flat at 1% YoY due to higher stock-based compensation costs
Insights
Sprott reports 27% AUM growth to $40B with strong inflows to physical trusts despite accounting changes tempering bottom-line growth.
Sprott delivered impressive asset growth in Q2 2025, with Assets Under Management reaching an all-time high of $40 billion, up 14% quarter-over-quarter and 27% since December 2024. This growth was driven by two key factors: $1.2 billion in net inflows (primarily into physical trusts) and substantial market value appreciation across their product suite as precious metals and uranium prices rose.
The company's management fees increased 16% year-over-year to
Despite this strong operational performance, net income remained relatively flat at
The company's Adjusted EBITDA, which provides a clearer picture of operational performance, increased 14% to
While commission revenues declined 48% year-over-year to
The board declared a quarterly dividend of
TORONTO, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Sprott Inc. (NYSE/TSX: SII) (“Sprott” or the “Company”) today announced its financial results for the three and six months ended June 30, 2025.
Management commentary
"Sprott’s Assets Under Management (“AUM”) were
"We are pleased with how our balanced product offerings have performed so far this year, providing clients both safe-haven and growth opportunities. Our AUM is currently at an all-time high and investor allocations to our precious metals and critical materials strategies are steadily increasing with
Key AUM highlights1
- AUM was
$40 billion as at June 30, 2025, up14% from$35.1 billion as at March 31, 2025 and up27% from$31.5 billion as at December 31, 2024. On a three and six months ended basis, we benefited from positive market value appreciation across the majority of our fund products and positive net inflows to our physical trusts.
Key revenue highlights
- Management fees were
$44.4 million for the quarter, up16% from$38.3 million for the quarter ended June 30, 2024 and$84.4 million on a year-to-date basis, up13% from$74.9 million for the six months ended June 30, 2024. Carried interest and performance fees were$14.8 million in the quarter and on a year-to-date basis, up from$0.7 million for the quarter and six months ended June 30, 2024. Net fees were$53.2 million for the quarter, up54% from$34.4 million for the quarter ended June 30, 2024 and$88.9 million on a year-to-date basis, up32% from$67.1 million for the six months ended June 30, 2024. Our revenue performance in the quarter and on a six months ended basis was primarily due to higher average AUM on positive market value appreciation and inflows to our precious metals physical trusts. We also benefited from carried interest crystallization on the wind down of a legacy fixed-term exploration LP and performance fee crystallization in an active mining equities fund, both of which were housed in our managed equities segment. - Commission revenues were
$1.7 million for the quarter, down48% from$3.3 million for the quarter ended June 30, 2024 and$2 million on a year-to-date basis, down54% from$4.4 million for the six months ended June 30, 2024. Net commissions were$0.8 million for the quarter, down49% from$1.5 million for the quarter ended June 30, 2024 and$1 million on a year-to-date basis, down53% from$2 million for the six months ended June 30, 2024. Commission revenue decreased in the quarter and on a six months ended basis primarily due to last year's higher commissions earned on the physical copper trust offering and last year's higher ATM activity in our physical uranium trust. - Finance income was
$1.2 million for the quarter, down70% from$4.1 million for the quarter ended June 30, 2024 and$2.6 million on a year-to-date basis, down56% from$5.9 million for the six months ended June 30, 2024. Finance income decreased in the quarter and on a six months ended basis mainly due to last year's syndication activity in the first half of the year in our private strategies segment.
Key expense highlights
- Net compensation expense was
$17.8 million for the quarter, up5% from$16.9 million for the quarter ended June 30, 2024 and$35.3 million on a year-to-date basis, up7% from$33.1 million for the six months ended June 30, 2024. The increase in the quarter and on a six months ended basis was primarily due to higher incentive compensation on increased net fee generation. Our net compensation ratio was43% in the quarter (June 30, 2024 -44% ) and45% on a year-to-date basis (June 30, 2024 -45% ).
Stock-based compensation was$18.6 million for the quarter, up$14.3 million from$4.3 million for the quarter ended June 30, 2024 and$24.8 million on a year-to-date basis, up$15.8 million from$9 million for the six months ended June 30, 2024. The increase in the quarter and on a year-to-date basis was primarily due to a change in accounting requirements as we moved our employees to a new cash-settled stock-based compensation plan this year. Cash-settled stock plans require the use of mark-to-market and graded vest accounting under IFRS 2, which creates the dual impact of: (1) accelerating the amount of vesting that occurs each period; and (2) adding market volatility to each vested amount, in our case, at a time when our stock has appreciated54% in the quarter and64% on a year-to-date basis. In contrast, last year, we had an equity-settled program that required each vest to be valued at the original grant date fair value on a constant basis over the entire amortization period.
- SG&A expense was
$4.8 million for the quarter, down4% from$5 million for the quarter ended June 30, 2024 and$9 million on a year-to-date basis, down3% from$9.2 million for the six months ended June 30, 2024. The decrease in the quarter and on a six months ended basis was primarily due to lower technology costs.
1 See “non-IFRS financial measures” section in this press release and schedule 2 and 3 of "Supplemental financial information"
Earnings summary
- Net income for the quarter was
$13.5 million ($0.52 per share), up1% from$13.4 million ($0.53 per share) for the quarter ended June 30, 2024 and was$25.5 million ($0.99 per share) on a year-to-date basis, up2% from$24.9 million ($0.98 per share) for the six months ended June 30, 2024. Our flat net income performance was primarily due to a change in accounting requirements brought on by our new cash-settled stock plan that took effect this year, largely offsetting much of the net income we otherwise generated on market appreciation and flows into our physical trusts and carried interest and performance fee crystallizations in our managed equities segment. Cash-settled stock plans like the one we implemented this year require the use of mark-to-market and graded vest accounting under IFRS 2, which creates the dual impact of: (1) accelerating the amount of vesting that occurs each period; and (2) adding market volatility to each vested amount, in our case, at a time when our stock has appreciated54% in the quarter and64% on a year-to-date basis. In contrast, last year we had an equity-settled stock program that required each vest to be valued at the original grant date fair value on a constant basis over the entire amortization period. - Adjusted EBITDA was
$25.5 million ($0.99 per share) for the quarter, up14% from$22.4 million ($0.88 per share) for the quarter ended June 30, 2024 and$47.4 million ($1.83 per share) on a year-to-date basis, up12% from$42.1 million ($1.66 per share) for the six months ended June 30, 2024. Adjusted EBITDA in the quarter and on a year-to-date basis benefited from higher average AUM on market value appreciation and inflows to our precious metals physical trusts. However, offsetting these positives was our finance income being down due to last year's higher syndication fees and our net commissions also being down due to last year's physical copper trust IPO and higher ATM activity in our physical uranium trust.
Subsequent events
- Subsequent to quarter-end, as at August 1, 2025, AUM was
$40.1 billion , up slightly from$40 billion as at June 30, 2025. - On August 5, 2025, the Sprott Board of Directors announced a quarterly dividend of
$0.30 per share.
Supplemental financial information
Please refer to the June 30, 2025 quarterly financial statements of the Company and the related management discussion and analysis filed earlier this morning for further details into the Company's financial position as at June 30, 2025 and the Company's financial performance for the three and six months ended June 30, 2025
Schedule 1 - AUM continuity
| 3 months results | |||||||||||||
| (In millions $) | AUM Mar. 31, 2025 | Net inflows (1) | Market value changes | Other net inflows (1) | AUM Jun. 30, 2025 | Net management fee rate (2) | |||||||
| Exchange listed products | |||||||||||||
| - Precious metals physical trusts and ETFs | |||||||||||||
| - Physical Gold Trust | 10,732 | 617 | 614 | — | 11,963 | 0.35 | % | ||||||
| - Physical Silver Trust | 6,235 | 313 | 382 | — | 6,930 | 0.45 | % | ||||||
| - Physical Gold and Silver Trust | 5,764 | (26 | ) | 326 | — | 6,064 | 0.40 | % | |||||
| - Precious Metals ETFs | 518 | 70 | 103 | — | 691 | 0.29 | % | ||||||
| - Physical Platinum & Palladium Trust | 196 | 104 | 53 | — | 353 | 0.50 | % | ||||||
| 23,445 | 1,078 | 1,478 | — | 26,001 | 0.39 | % | |||||||
| - Critical materials physical trusts and ETFs | |||||||||||||
| - Physical Uranium Trust | 4,262 | 233 | 941 | — | 5,436 | 0.31 | % | ||||||
| - Critical Materials ETFs | 1,707 | 5 | 778 | — | 2,490 | 0.49 | % | ||||||
| - Physical Copper Trust | 100 | (1 | ) | 3 | — | 102 | 0.33 | % | |||||
| 6,069 | 237 | 1,722 | — | 8,028 | 0.36 | % | |||||||
| Total exchange listed products | 29,514 | 1,315 | 3,200 | — | 34,029 | 0.38 | % | ||||||
| Managed equities (3) | 3,378 | (61 | ) | 566 | — | 3,883 | 0.79 | % | |||||
| Private strategies | 2,185 | (83 | ) | 27 | — | 2,129 | 0.84 | % | |||||
| Total AUM (4) | 35,077 | 1,171 | 3,793 | — | 40,041 | 0.45 | % | ||||||
| 6 months results | |||||||||||||
| (In millions $) | AUM Dec. 31, 2024 | Net inflows (1) | Market value changes | Other net inflows (1) | AUM Jun. 30, 2025 | Net management fee rate (2) | |||||||
| Exchange listed products | |||||||||||||
| - Precious metals physical trusts and ETFs | |||||||||||||
| - Physical Gold Trust | 8,608 | 1,092 | 2,263 | — | 11,963 | 0.35 | % | ||||||
| - Physical Silver Trust | 5,227 | 393 | 1,310 | — | 6,930 | 0.45 | % | ||||||
| - Physical Gold and Silver Trust | 5,013 | (188 | ) | 1,239 | — | 6,064 | 0.40 | % | |||||
| - Precious Metals ETFs | 354 | 113 | 222 | 2 | 691 | 0.29 | % | ||||||
| - Physical Platinum & Palladium Trust | 168 | 118 | 67 | — | 353 | 0.50 | % | ||||||
| 19,370 | 1,528 | 5,101 | 2 | 26,001 | 0.39 | % | |||||||
| - Critical materials physical trusts and ETFs | |||||||||||||
| - Physical Uranium Trust | 4,862 | 233 | 341 | — | 5,436 | 0.31 | % | ||||||
| - Critical Materials ETFs | 2,020 | 95 | 375 | — | 2,490 | 0.49 | % | ||||||
| - Physical Copper Trust | 90 | (1 | ) | 13 | — | 102 | 0.33 | % | |||||
| 6,972 | 327 | 729 | — | 8,028 | 0.36 | % | |||||||
| Total exchange listed products | 26,342 | 1,855 | 5,830 | 2 | 34,029 | 0.38 | % | ||||||
| Managed equities (3) | 2,873 | (54 | ) | 1,091 | (27 | ) | 3,883 | 0.79 | % | ||||
| Private strategies | 2,320 | (198 | ) | 7 | — | 2,129 | 0.84 | % | |||||
| Total AUM (4) | 31,535 | 1,603 | 6,928 | (25 | ) | 40,041 | 0.45 | % | |||||
| (1) See "Net inflows" and "Other net inflows" in the key performance indicators and non-IFRS and other financial measures section of the MD&A. | |||||||||||||
| (2) Net management fee rate represents the weighted average fees for all funds in the category, net of fund expenses. | |||||||||||||
| (3) Managed equities is made up of primarily precious metal strategies ( | |||||||||||||
| (4) No performance fees are earned on exchange listed products. Certain managed equities products earn either performance fees based on returns above relevant benchmarks or earn carried interest calculated as a predetermined net profit over a preferred return. Private strategies LPs primarily earn carried interest calculated as a predetermined net profit over a preferred return. | |||||||||||||
Schedule 2 - Summary financial information
| (In thousands $) | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | ||||||||
| Management fees | 44,446 | 39,989 | 41,441 | 38,968 | 38,325 | 36,603 | 34,485 | 33,116 | ||||||||
| Fund expense recoveries | (327 | ) | (279 | ) | (280 | ) | (275 | ) | (260 | ) | (231 | ) | (241 | ) | (249 | ) |
| Fund expenses | (2,699 | ) | (2,464 | ) | (2,708 | ) | (2,385 | ) | (2,657 | ) | (2,234 | ) | (2,200 | ) | (1,740 | ) |
| Direct payouts | (1,709 | ) | (1,602 | ) | (1,561 | ) | (1,483 | ) | (1,408 | ) | (1,461 | ) | (1,283 | ) | (1,472 | ) |
| Carried interest and performance fees | 14,807 | — | 2,511 | 4,110 | 698 | — | 503 | — | ||||||||
| Carried interest and performance fee payouts | (1,298 | ) | — | (830 | ) | — | (251 | ) | — | (222 | ) | — | ||||
| Net fees | 53,220 | 35,644 | 38,573 | 38,935 | 34,447 | 32,677 | 31,042 | 29,655 | ||||||||
| Commissions | 1,725 | 286 | 819 | 498 | 3,332 | 1,047 | 1,331 | 539 | ||||||||
| Commission expense - internal | (180 | ) | (52 | ) | (146 | ) | (147 | ) | (380 | ) | (217 | ) | (161 | ) | (88 | ) |
| Commission expense - external | (779 | ) | (47 | ) | (290 | ) | (103 | ) | (1,443 | ) | (312 | ) | (441 | ) | (92 | ) |
| Net commissions | 766 | 187 | 383 | 248 | 1,509 | 518 | 729 | 359 | ||||||||
| Finance income | 1,213 | 1,402 | 1,441 | 1,574 | 4,084 | 1,810 | 1,391 | 1,795 | ||||||||
| Co-investment income | 280 | 151 | 296 | 418 | 416 | 274 | 170 | 462 | ||||||||
| Less: Carried interest and performance fees (net of payouts) | (13,509 | ) | — | (1,681 | ) | (4,110 | ) | (447 | ) | — | (281 | ) | — | |||
| Total net revenues (1) | 41,970 | 37,384 | 39,012 | 37,065 | 40,009 | 35,279 | 33,051 | 32,271 | ||||||||
| Add: Carried interest and performance fees (net of payouts) | 13,509 | — | 1,681 | 4,110 | 447 | — | 281 | — | ||||||||
| Gain (loss) on investments | 2,703 | 1,534 | (3,889 | ) | 937 | 1,133 | 1,809 | 2,808 | (1,441 | ) | ||||||
| Fund expenses (2) | 3,478 | 2,511 | 2,998 | 2,488 | 4,100 | 2,546 | 2,641 | 1,832 | ||||||||
| Direct payouts (3) | 3,187 | 1,654 | 2,537 | 1,630 | 2,039 | 1,678 | 1,666 | 1,560 | ||||||||
| Fund expense recoveries | 327 | 279 | 280 | 275 | 260 | 231 | 241 | 249 | ||||||||
| Total revenues | 65,174 | 43,362 | 42,619 | 46,505 | 47,988 | 41,543 | 40,688 | 34,471 | ||||||||
| Compensation | 33,825 | 19,597 | 19,672 | 18,547 | 19,225 | 17,955 | 17,096 | 16,939 | ||||||||
| Direct payouts (3) | (3,187 | ) | (1,654 | ) | (2,537 | ) | (1,630 | ) | (2,039 | ) | (1,678 | ) | (1,666 | ) | (1,560 | ) |
| Severance, new hire accruals and other | (32 | ) | (52 | ) | (166 | ) | (58 | ) | — | — | (179 | ) | (122 | ) | ||
| Impact of market value fluctuation and graded vesting amortization on cash-settled equity plans (4) | (12,758 | ) | (412 | ) | 71 | (114 | ) | (252 | ) | (155 | ) | (157 | ) | 79 | ||
| Net compensation | 17,848 | 17,479 | 17,040 | 16,745 | 16,934 | 16,122 | 15,094 | 15,336 | ||||||||
| Net compensation ratio | 43 | % | 47 | % | 44 | % | 46 | % | 44 | % | 47 | % | 47 | % | 50 | % |
| Fund expenses (2) | 3,478 | 2,511 | 2,998 | 2,488 | 4,100 | 2,546 | 2,641 | 1,832 | ||||||||
| Direct payouts (3) | 3,187 | 1,654 | 2,537 | 1,630 | 2,039 | 1,678 | 1,666 | 1,560 | ||||||||
| Severance, new hire accruals and other | 32 | 52 | 166 | 58 | — | — | 179 | 122 | ||||||||
| Impact of market value fluctuation and graded vesting amortization on cash-settled equity plans (4) | 12,758 | 412 | (71 | ) | 114 | 252 | 155 | 157 | (79 | ) | ||||||
| Selling, general, and administrative ("SG&A") | 4,825 | 4,127 | 4,949 | 4,612 | 5,040 | 4,173 | 3,963 | 3,817 | ||||||||
| Interest expense | 286 | 280 | 613 | 933 | 715 | 830 | 844 | 882 | ||||||||
| Depreciation and amortization | 637 | 541 | 600 | 502 | 568 | 551 | 658 | 731 | ||||||||
| Foreign exchange (gain) loss | 3,263 | 554 | (2,706 | ) | 1,028 | 122 | 168 | 1,295 | 37 | |||||||
| Other (income) and expenses | — | — | — | — | (580 | ) | — | 3,368 | 4,809 | |||||||
| Total expenses | 46,314 | 27,610 | 26,126 | 28,110 | 29,190 | 26,223 | 29,865 | 29,047 | ||||||||
| Net income | 13,501 | 11,957 | 11,680 | 12,697 | 13,360 | 11,557 | 9,664 | 6,773 | ||||||||
| Net income per share | 0.52 | 0.46 | 0.46 | 0.50 | 0.53 | 0.45 | 0.38 | 0.27 | ||||||||
| Adjusted EBITDA (5) | 25,453 | 21,901 | 22,362 | 20,675 | 22,375 | 19,751 | 18,759 | 17,854 | ||||||||
| Adjusted EBITDA per share | 0.99 | 0.85 | 0.88 | 0.81 | 0.88 | 0.78 | 0.75 | 0.71 | ||||||||
| Total assets | 439,429 | 386,131 | 388,798 | 412,477 | 406,265 | 389,784 | 378,835 | 375,948 | ||||||||
| Total liabilities | 93,955 | 59,986 | 65,150 | 82,198 | 90,442 | 82,365 | 73,130 | 79,705 | ||||||||
| Total AUM | 40,040,822 | 35,076,761 | 31,535,062 | 33,439,221 | 31,053,136 | 29,369,191 | 28,737,742 | 25,398,159 | ||||||||
| Average AUM | 37,580,867 | 33,265,327 | 33,401,157 | 31,788,412 | 31,378,343 | 29,035,667 | 27,014,109 | 25,518,250 | ||||||||
(1) Prior period net revenues includes revenues from non-reportable segments: Q4 2024 -
(2) Includes fund expenses and commission expense - external. Together, these amounts are included in "Fund expenses" on the income statement.
(3) Includes direct payouts, internal carried interest and performance fee payouts and commission payouts. Together, these amounts are included in "Compensation" on the income statement.
(4) The increase in the quarter and on a year-to-date basis was primarily due to the Company transitioning its employees, effective January 1, 2025, to a "cash-settled" stock-based compensation plan. This required mark-to-market accounting under IFRS 2 which led to market value fluctuations that were driven by NYSE:SII being up
(5) Effective Q1 2025, we changed the name of one of our key non-IFRS measures: "adjusted base EBITDA" to "adjusted EBITDA". This was made to simplify wording and there was no impact to its calculation.
Schedule 3 - EBITDA reconciliation
| 3 months ended | 6 months ended | |||||||
| (In thousands $) | Jun. 30, 2025 | Jun. 30, 2024 | Jun. 30, 2025 | Jun. 30, 2024 | ||||
| Net income for the period | 13,501 | 13,360 | 25,458 | 24,917 | ||||
| Net income margin (1) | 21 | % | 28 | % | 23 | % | 28 | % |
| Adjustments: | ||||||||
| Interest expense | 286 | 715 | 566 | 1,545 | ||||
| Provision for income taxes | 5,359 | 5,438 | 9,154 | 9,201 | ||||
| Depreciation and amortization | 637 | 568 | 1,178 | 1,119 | ||||
| EBITDA | 19,783 | 20,081 | 36,356 | 36,782 | ||||
| Adjustments: | ||||||||
| (Gain) loss on investments (2) | (2,703 | ) | (1,133 | ) | (4,237 | ) | (2,942 | ) |
| Stock-based compensation (3) | 18,587 | 4,332 | 24,843 | 9,023 | ||||
| Foreign exchange (gain) loss | 3,263 | 122 | 3,817 | 290 | ||||
| Severance, new hire accruals and other | 32 | — | 84 | — | ||||
| Revaluation of contingent consideration | — | (580 | ) | — | (580 | ) | ||
| Carried interest and performance fees | (14,807 | ) | (698 | ) | (14,807 | ) | (698 | ) |
| Carried interest and performance fee payouts (4) | 1,298 | 251 | 1,298 | 251 | ||||
| Adjusted EBITDA (5) | 25,453 | 22,375 | 47,354 | 42,126 | ||||
| Adjusted EBITDA margin (6) | 61 | % | 58 | % | 60 | % | 58 | % |
(1) Calculated as IFRS net income divided by IFRS total revenue.
(2) This adjustment removes the income effects of gains or losses on short-term investments, co-investments, and private holdings to ensure the reporting objectives of our adjusted EBITDA metric are met.
(3) The increase in the quarter and on a year-to-date basis was primarily due to the Company transitioning its employees, effective January 1, 2025, to a "cash-settled" stock-based compensation plan. This required mark-to-market accounting under IFRS 2 which led to market value fluctuations that were driven by NYSE:SII being up
(4) Includes both internal and external carried interest and performance fee payouts.
(5) Effective Q1 2025, we changed the name of one of our key non-IFRS measures: "adjusted base EBITDA" to "adjusted EBITDA". This was made to simplify wording and there was no impact to its calculation.
(6) Prior period adjusted EBITDA margin excludes adjusted EBITDA from non-reportable segments of (
Conference Call and Webcast
A webcast will be held today, August 6, 2025 at 10:00 am ET to discuss the Company's financial results.
To listen to the webcast, please register at: https://edge.media-server.com/mmc/p/s7hknd79
Please note, analysts who cover the Company should register at: https://register-conf.media-server.com/register/BI5667904652564dc48b47adb69137c413
This press release includes financial terms (including AUM, net commissions, net fees, expenses, adjusted EBITDA, adjusted EBITDA margin and net compensation) that the Company utilizes to assess the financial performance of its business that are not measures recognized under International Financial Reporting Standards (“IFRS”). These non-IFRS measures should not be considered alternatives to performance measures determined in accordance with IFRS and may not be comparable to similar measures presented by other issuers. Non-IFRS financial measures do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Our key performance indicators and non-IFRS and other financial measures are discussed below. For quantitative reconciliations of non-IFRS financial measures to their most directly comparable IFRS financial measures please see schedule 2 and schedule 3 of the "Supplemental financial information" section of this press release.
Net fees
Net fees are calculated as: (1) total management fees net of fund expense recoveries, fund expenses and direct payouts and (2) carried interest and performance fees, net of their related payouts. Net fees is a key revenue indicator as it represents revenue contributions after directly associated costs in managing our AUM.
Net commissions
Net commissions are calculated as total commissions, net of commission expenses. Net commissions primarily arise from the purchase and sale of critical materials in our exchange listed products segment.
Net revenues
Net revenues are calculated as the total of: (1) net fees, excluding carried interest and performance fees, net of their related payouts; (2) net commissions; (3) finance income; and (4) co-investment income.
Net compensation & net compensation ratio
Net compensation is calculated as total compensation expense before: (1) commission expenses paid to employees; (2) direct payouts to employees; (3) carried interest and performance fee payouts to employees; (4) severance and new hire accruals; and (5) impact of market value fluctuations and graded vesting amortization on cash-settled equity plans. Net compensation ratio is calculated as net compensation divided by net revenues.
EBITDA, adjusted EBITDA and adjusted EBITDA margin
Effective in the first quarter of the year, we changed the name of one of our key non-IFRS measures: “adjusted base EBITDA” to “adjusted EBITDA”. The change was made to simplify wording and there was no impact to the underlying calculation.
EBITDA in its most basic form is defined as earnings before interest expense, income taxes, depreciation and amortization. EBITDA (or adjustments thereto) is a measure commonly used in the investment industry by management, investors and investment analysts in understanding and comparing results by factoring out the impact of different financing methods, capital structures, amortization techniques and income tax rates between companies in the same industry. While other companies, investors or investment analysts may not utilize the same method of calculating EBITDA (or adjustments thereto), the Company believes its adjusted EBITDA metric results in a better comparison of the Company's underlying operations against its peers and a better indicator of recurring results from operations as compared to other non-IFRS financial measures. Adjusted EBITDA margins are a key indicator of a company’s profitability on a per dollar of revenue basis, and as such, is commonly used in the financial services sector by analysts, investors and management.
Forward Looking Statements
Certain statements in this press release contain forward-looking information and forward-looking statements (collectively referred to herein as the "Forward-Looking Statements") within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify Forward-Looking Statements. In particular, but without limiting the forgoing, this press release contains Forward-Looking Statements pertaining to: (i) our positioning will benefit from a highly constructive operating environment for precious metals, critical materials and their related equities; and (ii) the declaration, payment and designation of dividends and confidence that our business will support the dividend level without impacting our ability to fund future growth initiatives.
Although the Company believes that the Forward-Looking Statements are reasonable, they are not guarantees of future results, performance or achievements. A number of factors or assumptions have been used to develop the Forward-Looking Statements, including: (i) the impact of increasing competition in each business in which the Company operates will not be material; (ii) quality management will be available; (iii) the effects of regulation and tax laws of governmental agencies will be consistent with the current environment; (iv) the impact of public health outbreaks; and (v) those assumptions disclosed under the heading "Critical Accounting Estimates and significant judgments" in the Company’s MD&A for the period ended June 30, 2025. Actual results, performance or achievements could vary materially from those expressed or implied by the Forward-Looking Statements should assumptions underlying the Forward-Looking Statements prove incorrect or should one or more risks or other factors materialize, including: (i) difficult market conditions; (ii) poor investment performance; (iii) failure to continue to retain and attract quality staff; (iv) employee errors or misconduct resulting in regulatory sanctions or reputational harm; (v) performance fee fluctuations; (vi) a business segment or another counterparty failing to pay its financial obligation; (vii) failure of the Company to meet its demand for cash or fund obligations as they come due; (viii) changes in the investment management industry; (ix) failure to implement effective information security policies, procedures and capabilities; (x) lack of investment opportunities; (xi) risks related to regulatory compliance; (xii) failure to manage risks appropriately; (xiii) failure to deal appropriately with conflicts of interest; (xiv) competitive pressures; (xv) corporate growth which may be difficult to sustain and may place significant demands on existing administrative, operational and financial resources; (xvi) failure to comply with privacy laws; (xvii) failure to successfully implement succession planning; (xviii) foreign exchange ("FX") risk relating to the relative value of the U.S. dollar; (xix) litigation risk; (xx) failure to develop effective business resiliency plans; (xxi) failure to obtain or maintain sufficient insurance coverage on favorable economic terms; (xxii) historical financial information being not necessarily indicative of future performance; (xxiii) the market price of common shares of the Company may fluctuate widely and rapidly; (xxiv) risks relating to the Company’s investment products; (xxv) risks relating to the Company's proprietary investments; (xxvi) risks relating to the Company's private strategies business; (xxvii) those risks described under the heading "Risk Factors" in the Company’s annual information form dated February 25, 2025; and (xxviii) those risks described under the headings "Managing Financial Risks" and "Managing Non-Financial Risks" in the Company’s MD&A for the period ended June 30, 2025. In addition, the payment of dividends is not guaranteed and the amount and timing of any dividends payable by the Company will be at the discretion of the Board of Directors of the Company and will be established on the basis of the Company’s earnings, the satisfaction of solvency tests imposed by applicable corporate law for the declaration and payment of dividends, and other relevant factors. The Forward-Looking Statements speak only as of the date hereof, unless otherwise specifically noted, and the Company does not assume any obligation to publicly update any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
About Sprott
Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the Company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.
Investor contact information:
Glen Williams
Senior Managing Partner
Investor and Institutional Client Relations
(416) 943-4394
gwilliams@sprott.com
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