Franco-Nevada Corp

Latest Results (28.08.2026):

Franco-Nevada Corp reported Q2 2026 results with strong year‑over‑year growth: revenue of $580.9 million (+57%) on 132,405 GEOs sold (+18%), net income of $354.0 million (+43%) and Adjusted EBITDA of $529.7 million (+45%). The company generated $482.5 million of operating cash flow in the quarter and held $4.3 billion of available capital at June 30, 2026. Management says the portfolio is tracking toward the upper half of 2026 guidance, supported by elevated oil prices and expected stream deliveries from Cobre Panamá stockpile processing.

Revenue and volumes

Q2 2026 revenue: $580.9M (+57% vs Q2 2025). GEOs sold: 132,405 (+18%). Precious metals made up ~86% of Q2 revenue (70% gold, 14% silver, 2% PGM); revenue was 88% sourced from the Americas.

Profitability

Net income: $354.0M (US$1.84/share), up 43% yoy. Adjusted EBITDA: $529.7M (US$2.75/share), up 45%. Adjusted Net Income: $349.2M (US$1.81/share), up 46%.

Cash flow and balance sheet

Operating cash flow: $482.5M in Q2 (+12%). Available capital was $4.3B at June 30, 2026 (cash, investments and undrawn credit capacity). Franco‑Nevada remains debt‑free on a reported basis.

Guidance and Cobre Panamá impact

The company is tracking to the upper half of 2026 GEO guidance (510k–570k GEOs) aided by anticipated deliveries from Cobre Panamá’s processing of stockpiles (expected to deliver ~23,100 oz Au and ~265,000 oz Ag to Franco‑Nevada, with deliveries beginning Q3 2026 and ~1/3 in H2 2026) and higher oil/NGL prices.

Commodity and asset drivers

Q2 contributors included Antapaccay, Antamina, South Arturo, Musselwhite and incremental contributions from recently added/commissioned assets (Côté Gold, Casa Berardi, Valentine, Porcupine). Diversified assets (iron ore and energy) generated $82.2M in Q2 2026, up from $62.7M.

Portfolio activity

Notable Q2 / post‑quarter transactions: acquisitions of royalties/streams including Comet Vale (A$12M), Youanmi (A$47M), Greenstone interests, a six‑royalty portfolio from Victoria Gold (C$55M), the Casa Berardi gold stream, Bullabulling royalty support and an i‑80 NSR. Continued contributions to the Continental Royalty Acquisition Venture.

Dividend

Board declared a quarterly dividend of US$0.44 per share payable September 24, 2026 (record date September 10, 2026); DRIP available with a 1% treasury discount for treasury issuances.

Operational notes and near‑term outlook

Production expected to be H2‑weighted (Candelaria, Tocantinzinho, Côté Gold, Greenstone, Valentine). Management highlights resource growth, planned expansions and $4.3B of available capital to pursue further deals and portfolio growth.