Franco-Nevada Reports Record Q1 2026 Results

Press Release

TORONTO, May 12, 2026 – Franco-Nevada realized record financial results in the first quarter of 2026, driven by higher commodity prices, contributions from newly acquired assets, a partial buy-back and a refund from the Canada Revenue Agency. “The sharp rise in oil prices is expected to positively impact our Q2 revenues, while our royalty and streaming model is largely insulated from the impact of energy prices on cost inflation. Franco-Nevada is unique as a mining equity that benefits from rising oil prices. We look forward to further growth from new assets, additional contributions from Cobre Panamá and the potential for a full resumption of the mine”, stated Paul Brink, President & CEO.

At today’s AGM, David Harquail gave his last address as Chair before taking on the title of Chair Emeritus. The Board thanked David for leading the IPO of Franco-Nevada and for the tremendous shareholder value he created over the ensuing 18 years.

“After almost 40 years of being in the gold royalty business, I would like to thank all of the shareholders, portfolio managers, the analysts and brokers who believed in us and helped make this latest version of Franco-Nevada “the GOLD Investment that WORKS””, commented David Harquail. “In a world confronted by political volatility and financial market instability, having Franco-Nevada as a lower-risk gold investment that is insulated from inflation and with a strong balance sheet is the right business model. I am proud of the wealth that this strategy has generated for our shareholders and that Franco-Nevada today is a financial powerhouse. I am also proud of the strong management team and Board that is in place to continue to deliver decades more of dividends to shareholders.”

Following the meeting, Tom Albanese was appointed as the independent non-executive Chair of its board of directors. Tom has most recently served as the Lead Independent Director of Franco-Nevada. He is a seasoned mining executive including prior CEO roles at both Rio Tinto plc and Vedanta Resources plc and many corporate director positions.

Financial Highlights – Q1 2026 compared to Q1 2025

$650.7 million in revenue, +77% – new record.
136,353 GEOs¹ sold, +8%.
126,020 Net GEOs¹ sold, +11%.
$520.4 million in operating cash flow, +80% – new record. Operating cash flow included a $49.5 million refund from the CRA as a result of the settlement reached in September 2025.
$591.9 million ($3.07/share) in Adjusted EBITDA², +84% – new records.
$468.6 million ($2.43/share) in net income, +123% – new records.
$458.3 million ($2.38/share) in Adjusted Net Income², +123% – new records. Adjusted Net Income included $55.1 million, or $0.28 per share, from the Cascabel buy-backs (net of tax).
$3.4 billion in Available Capital³ as at March 31, 2026.