DHT-U: Strong Q1 results aided by Orserdu strength

研报英文原文证据摘录

DHT-U: Strong Q1 results aided by Orserdu strength

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Douglas Miehm (Analyst)

Sahil Dhingra, CFA (Senior Associate)

May 14, 2026

DRI Healthcare Trust

Strong Q1 results aided by Orserdu strength

TSX: DHT-U | CAD 15.75 | Outperform | Price Target CAD 21.00

Sentiment: Positive

Our view: Overall, we view DRI's Q1/26 results as relatively positive for the units. Q1 royalty income of $46.6MM (+18% y/y) was

~7% ahead of consensus estimates, adj. EBITDA of $52.8MM was ~16% ahead of consensus, and cash receipts of $58.4MM were

~7% ahead of VA consensus. Orserdu generated strong royalty income of $16.6MM (+45% y/y) in the quarter. On tomorrow's

earnings call, we will be seeking updates regarding the Ekterly royalty and management's outlook given the Buy-Back/Put options

available under the royalty agreement following the announced acquisition of KALV by Chiesi Group (pvt.), which constitutes

a change of control. Additionally, we will seek updates on the existing portfolio of royalties including key royalty assets in the

company's portfolio that are marketed by private companies (Orserdu and Omidria) and whether management still anticipates

2025 to have been the peak year for Orserdu revenues given the strong Q1/26 performance.

Total income (revenues) ahead of estimates; cash receipts above VA consensus but slightly below RBCe. DRI reported total

income of $50.6MM, ~8% above Visible Alpha consensus ($46.6MM) and ~19% above RBCe ($42.4MM). Q1 royalty income of

$46.6MM (+18% y/y) was ~7% above VA consensus ($43.7MM) and ~26% above RBCe ($37.0MM). This strong royalty income

should flow through to royalty receipts over the coming quarters, given payment lags of one to three quarters under DRI's royalty

agreements.