Gold Royalty (GROY) Q2 2026 earnings summary

Executive summary

• Achieved record half-year results for 2026, with total revenue of $17.3 million and 3,677 GEOs, more than doubling year-over-year and over 40% growth in GEOs.

• Portfolio is 92% weighted to gold, providing high leverage to gold prices and strong organic growth prospects, with exposure to copper and assets in Tier One jurisdictions.

• Maintains a debt-free balance sheet with $11.3 million in cash and a fully undrawn $150 million credit facility.

• Cash operating margins are near the top of the peer group, reflecting a scalable business model with relatively fixed costs as revenue grows.

• Outperformed peers in 2025 but experienced a 23% share price decline in Q2 2026, attributed to broader sector weakness despite strong fundamentals.

Financial highlights

• Q2 2026 revenue reached $7.9 million (1,757 GEOs), with adjusted EBITDA of $5.6 million, a 137% year-over-year increase.

• First half 2026 revenue more than doubled year-over-year to $17.3 million; adjusted EBITDA tripled to $12.6 million.

• Cash operating margin reached 86% for the six months ended June 30, 2026.

• Net income for Q2 2026 was $1.8 million, compared to a loss of $0.8 million in Q2 2025.

• Cash balance at quarter-end was over $11.3 million, with no debt and a fully undrawn $150 million credit facility.

Outlook and guidance

• On track to meet full-year 2026 production guidance of 7,500–9,300 GEOs, with volumes expected to be weighted to the second half.

• Production expected to grow to 28,000–34,000 GEOs by 2030, approximately six times 2025 levels, from assets already in the portfolio.

• Guidance based on a $5,150/oz gold price and $5.75/lb copper price; lower gold prices could increase GEO conversion.

• Sensitivity to commodity prices noted, with guidance variability tied to gold and copper price movements.