Franco-Nevada: Precious metals Q1’26 results conclude with FNV adjusted EPS beat

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Franco-Nevada: Precious metals Q1’26 results conclude with FNV adjusted EPS beat

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Franco-Nevada

Precious metals Q1’26 results conclude

with FNV adjusted EPS beat

Maintain Rating: NEUTRAL | PO: 379.00 CAD | Price: 326.68 CAD

Q1’26 EPS beat driven by higher revenues 14 May 2026

Franco-Nevada (FNV) reported solid Q1’26 earnings with an adjusted EPS beat vs BofAe Equity

and Bloomberg (BBG) / Visible Alpha (VA) consensus, and adjusted EBITDA that was

largely in-line with BBG / VA but a slight miss vs BofAe. FNV’s revenue, which was 650.7 LawsonResearch Winder,Analyst CFA >>

million (mn) in Q1’26, remains largely insulated from oil price and mining cost input Merrill Lynch (Canada)

+1 416 369 7592

volatility. Further FNV expects a positive impact from its energy segment revenue. We lawson.winder@bofa.com

see FNV as well-diversified with reliable long-term exposure to precious metals but think Sathish Kasinathan

the valuation correctly reflects this, and we continue to see some risk from the Research Analyst

BofAS

economics related to the restart of Cobre Panama. Maintain Neutral. +1 646 855 2769

sathish.kasinathan@bofa.com

Adam Smiarowski, CFA >>Higher realized gold price and volumes drive beat Research Analyst

FNV reported Q1’26 adjusted EBITDA of $592m, slightly below BofAe at $595m but Merrill Lynch (Canada)

above BBG at $583m and in line to VA at $591m. Q1’26 adjusted EPS of $2.38 beat +1adam.smiarowski@bofa.com416 369 7780

BofAe/ BBG/ VA at $2.24/ $2.14/ $2.14. The adjusted EPS beat vs. BofAe was driven by

higher realized commodity prices flowing through to the top line with minimal cost

impact, as well as a benefit from lower than expected depreciation. FNV’s Q1’26 sales

Stock Datavolumes of 136,353 gold equivalent ounces (GEOs) were 3% higher vs.