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Franco-Nevada (3FO) Q3 2026 Earnings Report

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DE:3FO Q3 2026 EPS Results

Actual EPS
EUR 1.71
Consensus EPS
EUR 1.57
Beat/Miss
Beat by +EUR 0.14
One Year Ago EPS
EUR 1.30

DE:3FO Q3 2026 Revenue Results

Actual Revenue
EUR 488.80M
Expected Revenue
EUR 515.66M
Beat/Miss
Missed by -EUR 26.87M
YoY Revenue Growth
+14.45%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/11/2026
Time
After Close
Conference Call
Wednesday, November 11, 2026
DE:3FO Upcoming Earnings

Franco-Nevada's next earnings date is estimated for March 10, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

DE:3FO Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 11, 2026|% Change Since:-2.43%|
Earnings Call Sentiment|Positive

The call was strongly positive overall. Management reported double-digit growth in revenue and adjusted EBITDA, 33% adjusted net income growth, record year-to-date financial results, higher diversified revenue, a $4.8 billion debt-free capital position, a growing deal pipeline and broad exploration success. The main challenges were lower precious-metal GEO deliveries, operational issues at Guadalupe, lower or delayed deliveries from certain assets, the continued closure of Cobre Panamá and some expected 2027 portfolio offsets.

Company Guidance

Franco Nevada narrowed 2026 total GEO sold guidance to 525,000 to 555,000, with guidance including Cobre Panamá GEOs from stockpile processing and approximately 10,000 GEOs expected from Cobre Panamá in 2026; diversified revenue is expected to be between $300 million and $330 million, with energy revenue expected to carry through the fourth quarter as WTI remains above $85 a barrel. Guadalupe Q4 guidance is between 8000 to 9000 GEOs, while Cobre Panamá estimates are around 27,000 to 28,000 GEOs, with about 10,000 or a little ahead in Q3 than we expected and the balance in 2020, likely over the first 2 quarters of next year. Management said the company is now tracking towards the midrange of its annual guidance, expects Eskay Creek in H1 of 2027, a full year of Casa Berardi next year, and will raise the dividend next year, with the quantum to be decided in January.

  • Strong Third-Quarter Financial ResultsRevenue, cash flow and earnings were higher than the prior-year period, driven by stronger gold and oil prices.
  • Record Year-to-Date Financial PerformanceFor the nine months ended September 30, 2026, revenue, adjusted EBITDA, adjusted net income and operating cash flow were all record financial results.
  • Revenue, EBITDA and Net Income GrowthThird-quarter revenue increased 13% to $549.3 million, adjusted EBITDA increased 15% to $493.9 million from $427.3 million, and adjusted net income increased 33% to $364.5 million, or $1.89 per share.
  • Higher Commodity PricesAverage gold and silver prices increased 24% and 59%, respectively, year over year during the quarter. WTI remained above $85 a barrel, and management expects the higher oil price to carry through the fourth quarter.
  • Energy Portfolio OutperformanceDiversified revenue increased 29% year over year to $86.8 million, primarily due to energy pricing, with some production increases also contributing. Full-year diversified revenue guidance was increased to between $300 million and $330 million.
  • Updated GEO GuidanceBased on the first nine months of performance and fourth-quarter projections, total GEO sold guidance was narrowed to 525,000 to 555,000, with the individual gold, silver and PGM guidance ranges also narrowed.
  • Cobre Panamá Stockpile DeliveriesFranco Nevada received and sold 3,720 GEOs from Cobre Panamá during the quarter related to stockpile processing. Management estimates approximately 10,000 GEOs from Cobre Panamá in 2026 and expects the balance of the estimated 27,000 to 28,000 GEOs over the first two quarters of 2027.
  • Strong Contributions from Selected AssetsSouth Arturo benefited from higher open-pit production, Valentine continued to ramp up, and Casa Berardi contributed as a new stream entered into in 2026.
  • Lower Cost of Sales and DepletionCost of sales decreased to $43.1 million from $47.2 million in the prior-year quarter, while depletion decreased to $78.6 million from $87.0 million, due to lower stream ounces delivered and lower depletion recorded for Cobre Panamá and Antapaccay.
  • Expanded Margin per GEOMargin per GEO increased to just over $4,200 in 2026 from $1,020 in 2022, an increase of 2.7 times.
  • Diversified Portfolio and Revenue BasePrecious metals generated 84% of third-quarter revenue, 89% of revenue was sourced from the Americas, and Candelaria was the only asset generating more than 10% of revenue.
  • Strong Capital PositionAs of September 30, 2026, Franco Nevada had $4.8 billion of available capital, including $1.2 billion in cash, $2.25 billion available under its credit facility including accordions, and $1.3 billion in liquid marketable securities. The company remains debt free.
  • Expected Côté Royalty Buyback ProceedsIAMGOLD gave notice that it will exercise its 50% buyback right on the Côté gross margin royalty. Franco Nevada expects to receive approximately $525 million in early December, with the amount potentially slightly higher because of payments due under the agreement.
  • Progress Across the Development PortfolioGlencore completed surface land acquisitions for the Coricowaco project at Antapaccay and reiterated its first-production timeline; Bay and Mitsubishi sanctioned construction of Copper World; and the federal government committed $1 billion to the Ring of Fire Road, matching the province's $1 billion commitment. Franco Nevada also completed the second tranche of financing for development of the Bulleit Bulling deposit.
  • Cobre Panamá Negotiation ProcessThe Panamanian Commission recommended that the government begin formal negotiations with First Quantum regarding Cobre Panamá. Management said it hopes the process will resume after the response to the earthquake is addressed.
  • Broad Exploration SuccessAt the Porcupine Complex, mineralization at AurMac continued to expand east and west of the existing pit, while mineralization at Dome's newly discovered North Contact Zone extended up to 600 meters south. Updated resources for both are expected in early 2027; Dome already has approximately 11 million ounces, and the company indicated that the broader exploration success and a potential large central mill could ultimately support annual production of 500,000 to 1 million ounces of gold.
  • Exploration Advancements at Multiple AssetsAt Stibnite, Perpetua identified new high-grade gold-antimony mineralization at Yellow Pine and a new gold-tungsten zone between Yellow Pine and West End. At Gurupi, drilling extended the Mendocall and Blanket deposits and confirmed the near-surface ground occult discovery, with a preliminary economic assessment targeted for year-end 2026.
  • Musselwhite Drill ResultEquinox drilling at Musselwhite is testing a 2-kilometer mine-trend extension from existing operations, including an intersection of 22.9 meters grading 10 grams per tonne.
  • Sustainability and Community CommitmentsFranco Nevada awarded eight new scholarships for university and trade programs, bringing its total supported students to 23, with seven expected to graduate next year. Subsequent to quarter end, it entered a multiyear commitment supporting community development and environmental initiatives at Cobre Panamá, and renewed its commitment to Enseña Perú.
  • Vibrant and Expanding Deal PipelineManagement described the pipeline as exceptionally vibrant and diverse, with some larger deals than a year ago and activity expected over the next 12 months. The opportunity set has grown year over year in both the number of opportunities and the overall quantum of dollars to be deployed and potential GEOs, spanning North America, Australia, Africa and Latin America, with a trend toward larger transactions.
  • Long-Term Dividend Track RecordFranco Nevada paid $84.1 million in quarterly dividends and increased its dividend for the 19th consecutive year. The dividend is currently $1.76 per share annualized, and management said it expects to raise it again next year, with the amount to be determined by the board in January.
  • Potential 2027 Portfolio ContributorsManagement identified Eskay Creek in the first half of 2027, Valentine's ramp-up, a full year of Casa Berardi, potentially higher energy-related GEOs if prices remain elevated, and Côté returning as key 2027 portfolio changes. The Candelaria step-down was also identified as a 2027 factor.
  • Bullion Inventory Managed Through Regular SalesThe company said it sells royalty-related bullion inventory on a regular basis and has no intention of building up the balance. The gain on sale of bullion was $2.1 million for the year to date.

DE:3FO Earnings History

DE:3FO earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Mar 10, 20272026 (Q4)1.82-1.68――
Nov 11, 20262026 (Q3)1.571.711.332.17% (+0.42)
Aug 11, 20262026 (Q2)1.781.641.1245.97% (+0.52)
May 12, 20262026 (Q1)1.912.160.97122.43% (+1.19)
Mar 10, 20262025 (Q4)1.521.680.8694.74% (+0.82)
Nov 03, 20252025 (Q3)1.251.300.7378.75% (+0.57)
Aug 11, 20252025 (Q2)1.011.120.6865.33% (+0.44)
May 08, 20252025 (Q1)0.900.970.6940.79% (+0.28)
Mar 10, 20252024 (Q4)0.810.860.825.56% (+0.05)
Nov 06, 20242024 (Q3)0.750.730.83-12.09% (-0.10)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed