OR Royalties (OR) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenues of $102.8 million, up from $54.9 million in Q1 2025, and peer-leading cash margin of 96.8%.

• Delivered 22,740 gold equivalent ounces (GEOs), tracking well toward annual guidance of 80,000–90,000 GEOs, with year-over-year GEO growth.

• Net earnings per share rose to $0.39, with adjusted EPS up 125% year-over-year to $0.40.

• Ended Q1 with $94.9 million in cash and no debt; subsequent transactions funded with credit facility.

• Announced and closed four new royalty transactions in 2026, deploying $438.5 million and enhancing portfolio quality.

Financial highlights

• Quarterly revenues reached a record $102.8 million, driven by higher GEOs and strong precious metals prices.

• Cash margin was 96.8%, among the highest in the sector.

• Net earnings for Q1 2026 were $73.9 million ($0.39 per share), with adjusted EPS of $0.40, up 125% year-over-year.

• Cash flows from operating activities totaled $71.9 million, up 56% year-over-year.

• Ended Q1 with $94.9 million in cash and no debt; after recent deals, drawn debt is ~$230 million and cash ~$30 million.

Outlook and guidance

• Annual GEO delivery guidance remains 80,000–90,000 ounces, with balanced quarterly performance expected.

• 2030 five-year outlook targets 120,000–135,000 GEOs, representing 50% growth over 2026, with upside from recent acquisitions.

• Outlooks are based on partner forecasts and internal estimates using current consensus commodity prices.