FNV: 1Q26 results; first impressions slightly positive

Research evidence excerpt

FNV: 1Q26 results; first impressions slightly positive

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Josh Wolfson (Head of Global Metals & Mining

Research)

David Monus (Associate)

Connor Snarr (Associate)

May 12, 2026

Franco-Nevada Corporation

1Q26 results; first impressions slightly positive

NYSE: FNV | USD 237.00 | Outperform | Price Target USD 320.00

Sentiment: Positive

Event: FNV reported 1Q26 financial results

Our view: Slightly positive. 1Q production of 136kGEO was materially ahead of RBC (+10%) and modestly ahead of consensus

(+2%)—results were largely supported by Hemlo (realized additional production from 4Q), plus Antamina, Antapaccay, and

South Arturo. Higher earnings of $2.38/sh (RBCe $2.10/sh, cons. $2.25/sh) were also in part supported by higher one-time

gains related to Cascabel's buyback, while FCF was $71m (RBCe $237m, cons. $238m), primarily impacted by higher capital

spending. FNV closed the quarter with $715m in cash and no debt, plus post-quarter added a new credit facility of $500m+

$250m accordion to its existing $1.0b+$0.5b accordion. Completion of Cobre Panama's environment audit remains guided for

2Q. FNV reiterated 2026 guidance, where production remains 2H weighted, and guided to moderate additional deliveries in

2026 from Cobre Panama stockpiles.

Conference call: Wednesday, May 13, 8:00AM ET, Dial in: +1 (888) 510-2154, pass-code: (Webcast: link)

• 1Q results: 136kGEO (+10% RBCe 124kGEO, +2% cons. 134kGEO), supporting revenue of $651m (RBCe $600m; cons $648m).

Variances vs. RBCe were driven primarily by higher output at Hemlo (+$17m var) benefiting from 2.1kGEO's recognized relating to

4Q25, Antamina (+$11m var), Antapaccay (+$8m var), and South Arturo (+$6m), partially offset by lower output at Musslewhite

(-$4m).