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Research Alert: Franco-nevada Posts Q1 Beat, Elevated Metal Prices Drive Record Results

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

FNV reported Q1 adjusted EPS of $2.38 vs. $1.07 prior year, $0.30 above consensus, with record revenue of $650.7M (+77% Y/Y) driven by gold averaging $4,875/oz (+70% Y/Y) and silver at $84.39/oz (+165% Y/Y). Adjusted EBITDA margins expanded to 91.0% from 87.4%, generating record adjusted EBITDA of $591.9M (+84% Y/Y). We believe FNV's capital-light model provides superior leverage to commodity prices while avoiding operational risks including cost inflation and technical challenges. Management maintained 2026 guidance of 510,000-570,000 GEOs, with ~90% from precious metals. Recent acquisitions totaling ~$515M, including i-80 Gold ($250M) and Casa Berardi ($100M), enhance growth while maintaining the debt-free balance sheet with $3.4B available capacity. Panama's authorization to process Cobre Panama stockpiled ore provides optionality, with potential for 150,000-175,000 annual GEOs if full restart occurs, though timing remains uncertain.

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