Franco-Nevada (FNV) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 financial results, driven by higher commodity prices, new asset contributions, and a partial buy-back and refund from the Canada Revenue Agency.

• Revenue reached $650.7 million, up 77% year-over-year, with 136,353 GEOs sold (+8%).

• Net income rose 123% to $468.6 million, with adjusted EBITDA up 84% to $591.9 million.

• Tom Albanese appointed as independent non-executive Chair, succeeding David Harquail.

Financial highlights

• Operating cash flow hit $520.4 million (+80%), including a $49.5 million CRA refund.

• Adjusted net income was $458.3 million (+123%), including $55.1 million from Cascabel buy-backs.

• Adjusted EBITDA margin reached 91.0%, and adjusted net income margin was 70.4%.

• Available capital stood at $3.4 billion as of March 31, 2026.

Outlook and guidance

• 2026 GEO sales guidance remains 510,000–570,000 ounces, excluding Cobre Panamá.

• Cobre Panamá expected to contribute 23,100 gold ounces and 265,000 silver ounces in 2026, with most deliveries in 2027.

• Guidance based on commodity price assumptions: $4,500/oz Au, $75/oz Ag, $70/bbl WTI oil.