Ecora Royalties (ECOR) H1 2026 earnings summary

Executive summary

• Portfolio contribution rose 75% year-over-year to $31.3 million in H1 2026, driven by critical minerals, especially copper and cobalt, and base metals up 159%.

• Adjusted earnings surged 509% to $19.5 million, with adjusted EPS up to 7.81c, reflecting scalability and efficiency of the royalty model.

• Free cash flow reached $12.1 million, a significant rise from $2.0 million in H1 2025.

• Net debt reduced to $74.9 million from $124.6 million a year ago, with further deleveraging expected.

• Interim dividend of 1.90c per share declared, representing ~25% of free cash flow.

Financial highlights

• Royalty and metal stream revenue increased 102% to $32.0 million year-over-year.

• Base metals portfolio contribution surged 159% to $22.5 million, led by Voisey's Bay cobalt and higher copper prices.

• Adjusted EPS rose to 7.81c (H1 2025: 1.27c); free cash flow per share at 4.85c.

• Dividend declared at 1.9c/share, over three times the prior year’s H1 payout.

• Net debt at $74.9 million, down from $124.6 million a year ago.

Outlook and guidance

• Further growth anticipated in H2 2026, supported by strong commodity prices and cash generation.

• Multiple near-term catalysts expected, including expansion decisions at Voisey’s Bay, Mantos Blancos, and Nifty copper restart.

• Continued deleveraging expected, with spot prices ahead of consensus for H2 2026.

• Guidance for Voisey’s Bay cobalt deliveries remains at 500–560 tons for the year.

• Portfolio cashflows to support additional royalty and stream acquisitions.