Empress Royalty (EMPR) Q2 2026 earnings summary

Executive summary

• Six-month revenue rose 166% year-over-year to $17.3M, with Q2 revenue at $8.2M, reflecting strong portfolio performance and disciplined execution.

• Gross profit for the first half reached $12.8M, up 184% from the prior year, with Q2 contributing $6.0M.

• Operating income surged 285% to $10.0M for the six months, highlighting high-margin asset performance.

• Net income for the first half was $3.9M, up from $1.6M year-over-year, despite a $4.7M non-cash fair value loss on metal holdings due to short-term price declines.

• Liquid reserves totaled $21.1M at quarter-end, including $5.1M in cash and $16.0M in gold and silver holdings.

Financial highlights

• Revenue for the six months ended June 30, 2026, was $17.3M, a 166% increase from $6.5M in 2025.

• Gross profit for the period was $12.8M, up 184% from $4.5M in the prior year.

• Operating income reached $10.0M, a 285% increase from $2.6M in 2025.

• Net income for the first half was $3.9M, compared to $1.6M in 2025, after accounting for a $4.7M non-cash loss and $1.0M in income taxes.

Outlook and guidance

• Full-year 2026 guidance reaffirmed, with expectations for continued growth based on steady portfolio performance and stable market conditions.

• Attributable gold equivalent ounces (GEOs) for 2026 are projected between 7,045 and 7,430 ounces, calculated using conservative price assumptions of $4,000/oz gold and $70/oz silver.

• Guidance assumes stable operator performance, no major disruptions, and no significant new acquisitions or divestitures.