INR: 1Q26 CFPS 4% Miss; Outlook Unchanged with Robust Growth Ahead

Research evidence excerpt

INR: 1Q26 CFPS 4% Miss; Outlook Unchanged with Robust Growth Ahead

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Scott Hanold (Analyst)

Samuel Cox (Senior Associate)

Octavian Jordan (AVP)

May 12, 2026

Infinity Natural Resources Inc

1Q26 CFPS 4% Miss; Outlook Unchanged with Robust Growth Ahead

NYSE: INR | USD 15.78 | Outperform | Price Target USD 27.00

Sentiment: Neutral

RBC Take: INR's 1Q26 results were a touch below expectations related to higher cash costs, while production was marginally better

than expected. We noted a 5% variance to Street CFPS when adjusting for transaction costs that were not modeled by the Street

(or our numbers). We expect this is a neutral update for INR shares.

Key Focus Points/Highlights

• Minor updates to the hedge book.

• Added ~5,500 net horizon acres during 1Q26, excluding the Antero acquisition.

• Planning to spud its first deep dry gas Utica well in Pennsylvania in 2Q26.

• No changes made to the 2026 outlook.

1Q26 Earnings Summary

• Recurring EPS/CFPS of $0.75/$1.26 compares to our $0.78/$1.55 model and the $0.89/$1.55 consensus estimates. Compared

to our model, the variance relates to higher cash operating costs more than offsetting high commodity price realizations.

Discretionary cash flow (operating cash flow before w/c) was $1.48/share when not including transaction costs, which were not

modeled by the Street.

• EBITDA of $97 million was a touch below our/consensus $102-103 million estimate.

• Production of 299 MMcfe/d (9.6 Mb/d oil) was inline with our/consensus 295-300 MMcfe/d (9.7 Mb/d oil) estimates. There

were 4 wells turned into sales (all OH Utica), inline with our model.

• Capital spending (D&C + midstream) was $112 million, inline with our $110 million model and just below the $118 million