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Franco-Nevada Is Not Just A Gold Royalty Story — Acquisitions Are Expanding The Engine!

Franco-Nevada Corporation reported record financial results for the first quarter of 2026, driven by significantly higher commodity prices and contributions from recent acquisitions. The company’s revenue increased by 77% to $650.7 million, adjusted EBITDA rose by 84% to $591.9 million, and adjusted net income more than doubled, increasing by 123% to $458.3 million. These gains were supported by a 17% increase in precious metal gold equivalent ounces (GEOs) sold and strong performances from key assets including Antamina, which benefited from both higher silver deliveries and prices, and South Arturo, with GEOs increasing 322% due to Phase 1 open pit production. Franco-Nevada continued to diversify its portfolio, with 87% of revenue generated from precious metals sourced predominantly from the Americas. The company maintained high margins per GEO despite a 12% increase in cash costs per GEO over the prior year.