Triple Flag Precious Metals (TFPM) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 2026 results with revenue of $129.2 million, net earnings of $156.3 million, and record gold equivalent ounces (GEOs) sold at 28,674, marking the fifth consecutive annual dividend increase and robust operational performance.

• Completed $440 million Ravenswood gold stream acquisition, providing immediate cash flow from a large-scale, long-life Australian operation.

• Repurchased $20 million of shares in Q2 2026 as part of a disciplined capital allocation strategy.

• Portfolio expanded to 242 streams and royalties, with over $1 billion in available liquidity and an increased 2030 outlook of 150,000–160,000 GEOs.

• Announced construction decision at Hope Bay and advanced feasibility and drilling at Arthur, supporting long-term growth.

Financial highlights

• Q2 2026 revenue rose to $129.2 million from $94.1 million in Q2 2025, with net earnings up to $156.3 million and adjusted net earnings at $80.4 million.

• Adjusted EBITDA increased 54% to $117.2 million; operating cash flow reached $111.2 million, up from $76.1 million year-over-year.

• Adjusted EPS climbed 63% to $0.39; operating cash flow per share up 42% to $0.54.

• Gross profit margin improved to 68% in Q2 2026 from 66% in Q2 2025; asset margin increased to 94% from 92% year-over-year.

• $20 million in shares repurchased and $11.8 million in dividends paid in Q2.

Outlook and guidance

• 2026 GEOs sales guidance increased to 100,000–110,000, with expectations to achieve the midpoint to high end, and 2030 outlook raised to 150,000–160,000 GEOs.

• Robust GEOs growth expected from high-quality project pipeline, including Northparkes, Hope Bay, and Arthur.

• Depletion expense for 2026 expected at $70–80 million, reflecting higher GEOs guidance.

• Growth beyond 2030 supported by diversified, long-life assets in safe jurisdictions.

• No significant differences expected between Q3 and Q4; annual guidance remains the focus.