Elemental Royalty (ELE) Q3 2026 earnings summary

Executive summary

• Q3 revenue was US$20.813M, up 203% YoY, and adjusted EBITDA was US$16.617M, up 168%; 9M GEOs reached a record 15,092.

• Acquisitions and producing-asset growth support a portfolio outlook above 50,000 GEOs in the early 2030s; Orion is expected to contribute for a full year from 2027.

• The proposed generation-business divestiture, Orion additions and lower expected G&A are positioned to lift free cash flow and margins from 2027.

Financial highlights

• Q3 revenue was US$20.813M versus US$6.863M; 9M revenue was US$68.923M versus US$27.596M.

• Q3 adjusted EBITDA was US$16.617M versus US$6.190M; 9M adjusted EBITDA was US$51.795M versus US$26.445M.

• Q3 net income was US$3.753M versus US$1.373M; 9M net income was US$8.434M versus US$4.981M.

• Adjusted operating cash flow was US$13.191M in Q3 and US$43.217M in 9M; cash and cash equivalents were US$23.0M at September 30, 2026.

• Q3 royalty-generated free cash flow was US$13M.

Outlook and guidance

• Updated 2026 existing-portfolio guidance is 18,000–20,500 GEOs and US$80.5M–US$90.5M revenue; YTD results were 15,092 GEOs and US$68.923M revenue.

• Orion is expected to contribute an economic equivalent of ~1,500 GEOs for Aug. 1–Dec. 31, bringing 2026 expected contributions to 19,500–22,000 GEOs; accounting recognizes its revenue and GEOs only after the Oct. 26 close.

• Guidance assumes $4,000/oz gold and $6.00/lb copper for the final three months of 2026.

• Orion is expected to add ~$20M of cash flow in 2027 at current prices; management expects G&A to decline by about one-third, with savings exceeding the previously cited $6M annually.

• Management expects net debt-to-EBITDA to fall from 2.5x to just above 1x by end-2027, with total debt payoff over 2–2.5 years.