Franco-Nevada Q1 Earnings Beat Estimates on Record Revenues, High Metal Prices

Franco-Nevada's Q1 2026 earnings beat estimates with adjusted EPS of $2.38 (13.9% above $2.09 consensus) and record revenues of $650.7M (+76.6% YoY), fueled by elevated gold and silver prices plus new assets. Initially reported on May 12 as record results with $591.9M adjusted EBITDA (+84%) and $468.6M net income (+123%), the May 13 update highlighted 91% EBITDA margins, $520.4M operating cash flow, and $714.7M cash reserves. Guidance for 2026 GEOs reiterated at 510k-570k oz supports M&A; positive for XAUUSD exposure via low-risk royalty model.