Royal Gold (RGLD) Investor presentation summary

Business model and portfolio

• Operates a gold-focused royalty and streaming model, providing gold exposure with high returns and limited operating risk.

• Portfolio is highly diversified, with interests in 364 properties across 30 countries and 81 producing assets.

• 78% of 2025 revenue is from gold, with 68% of revenue sourced from North America.

• No direct exposure to operating or capital costs, reducing inflation and commodity price risk.

• Embedded growth and optionality from long-life assets and a robust organic growth pipeline.

Financial performance and efficiency

• Achieved $1.03B in 2025 revenue, $848M adjusted EBITDA, and $705M operating cash flow.

• Maintained an adjusted EBITDA margin of ~80% over the last five years.

• Cash G&A expenses are only 4% of revenue, reflecting a highly efficient and scalable business model.

• Revenue and operating cash flow have grown 23x and 12x respectively since 2000, with minimal equity dilution.

• Trades at a premium to peers due to consistent cash flow, embedded growth, and low operating risk.

Dividend and shareholder returns

• Sustained a 15% dividend CAGR from 2000 to 2026, with cumulative dividends paid of $1.2B.

• Only precious metals company in the S&P High Yield Dividend Aristocrats Index.

• Dividend payout ratio has remained stable despite gold price volatility.

• 84.5M shares outstanding, the lowest share count in the GDX.