OR Royalties (OR) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues reached $97.8 million, up 62% year-over-year, with operating cash flow of $83.2 million and a cash margin of 96.8% of revenues.

• Net earnings rose to $61.4 million ($0.33 per share), with adjusted earnings at $60.5 million ($0.32 per share), nearly doubling year-over-year.

• Portfolio expanded with $335 million in acquisitions, including Gold Fields royalty portfolio, Spring Valley, and Terraco Gold Corp., funded mainly through the revolver.

• Over 1.55 million shares reacquired and cancelled year-to-date, with a quarterly dividend raised 18.2% to $0.065 per share.

• 2026 GEO guidance of 80,000–90,000 ounces reaffirmed despite operational disruptions at Canadian Malartic.

Financial highlights

• Revenues for Q2 2026 were $97.8 million, up from $60.4 million in Q2 2025.

• Cash margin was $94.7 million or 96.8% of revenues, the highest in the sector.

• Net earnings were $61.4 million ($0.33 per share); adjusted earnings $60.5 million ($0.32 per share).

• Operating cash flows reached $83.2 million, up from $51.4 million in Q2 2025.

• 20,757 gold equivalent ounces earned in Q2 2026, up from 19,700 in Q2 2025.

Outlook and guidance

• 2026 GEO guidance of 80,000–90,000 ounces remains on track, with 43,497 GEOs delivered in H1, up 12% year-over-year.

• 2030 outlook of 120,000–135,000 GEOs is unchanged and excludes recent acquisitions.

• Second half expected to be modestly lighter than the first due to Canadian Malartic and other operational factors.

• Guidance updates, including new assets, will be provided annually in February.

• Continued focus on cash generation to support dividends, share buybacks, and new investments.