Gold Royalty (GROY) Q2 2026 earnings summary

Executive summary

• Achieved record half-year results for 2026, with $17.3 million in total revenue, 3,677 GEOs, and adjusted EBITDA of $12.6 million, more than doubling year-over-year.

• Portfolio is 92% weighted to gold, providing strong leverage to gold prices and robust margins insulated from cost inflation.

• Maintains a debt-free balance sheet with $11.3 million in cash and a fully undrawn $150 million credit facility.

• Outperformed peers in trading liquidity and organic growth, despite sector-wide equity declines and challenging gold price environment.

• Added new royalties, including on Barrick's REN project, Sterling, Granite Creek, and Nevada assets, expanding the portfolio.

Financial highlights

• Q2 2026 revenue reached $7.9 million (1,757 GEOs), with adjusted EBITDA of $5.6 million, a 137% year-over-year increase.

• First half 2026 revenue more than doubled year-over-year to $17.3 million; adjusted EBITDA tripled to $12.6 million.

• Cash operating margin reached 86% for H1 2026, among the highest in the peer group.

• Cash balance at quarter-end was over $11.3 million, with no debt and a fully undrawn $150 million credit facility.

• GEOs for H1 2026 totaled 3,677, up from 2,595 year-over-year.

Outlook and guidance

• On track to meet full-year 2026 production guidance of 7,500–9,300 GEOs, with volumes expected to be weighted to the second half.

• Five-year outlook projects GEOs to reach 28,000–34,000 by 2030 from existing assets.

• Guidance based on $5,150/oz gold and $5.75/lb copper price assumptions.

• Key catalysts for H2 2026 include ramp-ups at Vareš and County Line, and potential production growth at Borden, Côté, and Pedra Branca.