Franco-Nevada (FNV) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with significant growth in revenue, net income, and adjusted EBITDA, driven by higher commodity prices, new acquisitions, and asset contributions.

• Four new acquisitions completed, expanding gold and royalty streams in favorable jurisdictions.

• Portfolio includes 121 cash flow producing assets, with diversified revenue across commodities and geographies.

• ESG leadership recognized with MSCI ESG rating upgrade to AAA.

• Tom Albanese appointed as independent non-executive Chair, succeeding David Harquail.

Financial highlights

• Revenue increased 77% year-over-year to $650.7 million, with net income up 123% to $468.6 million and adjusted EBITDA up 84% to $591.9 million (margin 91.0%).

• Adjusted net income was $458.3 million ($2.38/share), margin 70.4%.

• Precious metals accounted for 85%-87% of revenue; 87% of revenue sourced from the Americas.

• Total GEOs sold rose 8% to 136,353; precious metal GEOs up 17% year-over-year.

• Margin per GEO increased 77% to $4,534, while cash cost per GEO was $341.

Outlook and guidance

• Q2 and subsequent quarters expected to be stronger, supported by higher oil prices and ramp-up of new assets.

• 2026 GEO sales guidance is 510,000–570,000 ounces (excluding Cobre Panamá); Cobre Panamá expected to contribute 23,100 gold ounces and 265,000 silver ounces in 2026, with most deliveries in 2027.

• Estimated cash generated by operations for 2026 is $450M–$500M per quarter, based on guidance prices.

• Guidance based on commodity price assumptions: $4,500/oz Au, $75/oz Ag, $70/bbl WTI oil.

• Sequential increases anticipated, with Q2 setting a new baseline for the remainder of the year.