Franco-Nevada Q3 2026 earnings review

Revenue rose 13% to $549.3M, net income rose 38% to $395.5M, and 2026 GEO guidance was narrowed.

Franco-Nevada Corporation · Q3 2026 · Published Nov 12, 2026 · By DeepCell AI · Sources

Franco-Nevada Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · Franco-Nevada (FNV) Q3 2026 earnings review

Revenue rose 13% to $549.3M, net income rose 38% to $395.5M, and 2026 GEO guidance was narrowed

  1. 1.Revenue was $549.3M, up 13% as stated from $487.7M
  2. 2.Net income was $395.5M, or $2.05 a share, up 38% as stated; Adjusted EBITDA was $493.9M, up 15% as stated
  3. 3.GEOs sold were 130,435, down 6% as stated; 2026 guidance is 525,000 to 555,000
  4. 4.Quarterly dividend of $0.44 a share declared; available capital is $4,800M, no debt
  5. 5.Shares were -1.9% in pre-market at $243.92 (8:58 AM EST), not a close

Note: GEOs are gold equivalent ounces. The 13%, 38%, 15% and 6% year-on-year rates, and the narrowed 525,000–555,000 GEO guidance, are official. Pre-market is not a close; the regular session on Nov 11 was −2.8%. FactSet consensus is on the following page.Source: Franco-Nevada official Q3 2026 results release, Nov 11, 2026; CNBC, Nov 12, 2026 8:58 AM EST

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2 · Executive summary

Q3 adjusted EPS of $1.89 beat consensus by +8.6%, but revenue missed by 3.4%

Q3 2026 earnings vs. FactSet consensus (Nov 11, 2026)

MetricActualConsensusVarianceResult
Q3 adjusted EPS$1.89$1.74+0.15 / +8.6%Beat
Q3 revenue$549.3M$568.4M-$19.1M / -3.4%Miss

Share price, Nov 11 regular close and Nov 12 pre-market last

Franco-Nevada Corporation (NYSE)Nov 10 closeNov 11 closeNov 12 pre-market, 8:58 AM ESTChange vs close (%)
FNV$255.79$248.76$243.92-1.9%

Prices are from the CNBC quote page, fetched at 9:05 AM EST on Nov 12, 2026. Pre-market last is not a close. CNBC does not state a reason for the move.

Note: Consensus figures are FactSet adjusted EPS and revenue as published by MarketScreener Earnings Flash on Nov 11, 2026. Zacks (AP) shows an adjusted EPS estimate of $1.77. Official adjusted net income per share was $1.89 and GAAP EPS was $2.05.Source: Franco-Nevada official Q3 2026 results release, Nov 11, 2026; MarketScreener (FactSet), Nov 11, 2026; CNBC, Nov 12, 2026 8:58 AM EST

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3 · Q3 results vs. consensus

Total revenue rose 13% to $549.3M, as higher gold and oil prices lifted sales

Total revenue

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $487.7Mv · Q3 2026: $549.3MQ3 2025Q3 2026$0M$200M$400M$650M$487.7M$549.3M
“Precious metal GEO deliveries were slightly below expectations in the period, although strong oil prices boosted our diversified revenue.” Paul Brink, President and CEO

Note: PGM is platinum group metals. The 13% increase is official. The company attributes it to higher commodity prices and larger PGM and energy contributions, partly offset by lower Guadalupe-Palmarejo, Antapaccay and Cobre Panamá deliveries.Source: Franco-Nevada official Q3 2026 results release, Nov 11, 2026; analysis of company data

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4 · Revenue

Adjusted EBITDA was $493.9M, up 15% as stated, at a margin of 89.9%

Adjusted EBITDA

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $427.3Mv · Q3 2026: $493.9MQ3 2025Q3 2026$0M$200M$400M$600M$427.3M$493.9M
Adjusted EBITDA was $2.56 a share, compared with $2.22 a year earlier

Note: Adjusted EBITDA excludes income tax, finance items, depletion and depreciation, impairment reversals, and FX gains and other income. The 89.9% Adjusted EBITDA Margin is an official company non-GAAP measure.Source: Franco-Nevada official Q3 2026 results release, Nov 11, 2026; analysis of company data

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5 · Adjusted EBITDA

Net income was $395.5M, up 38% as stated, or $2.05 a share

Net income

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $287.5Mv · Q3 2026: $395.5MQ3 2025Q3 2026$0M$100M$200M$300M$400M$480M$287.5M$395.5M
Adjusted net income was $364.5M, or $1.89 a share, after excluding $10.3M of impairment reversals and $22.1M of foreign exchange gain and other income, net of a $1.4M tax effect

Note: The official Q3 bridge is impairment reversals of $10.3 million, foreign exchange gain and other income of $22.1 million, and a tax effect of adjustments of $1.4 million.Source: Franco-Nevada official Q3 2026 results release, Nov 11, 2026; analysis of company data

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6 · Net income

Gold revenue was $383.1M and oil revenue rose 61% YoY to $48.9M

  1. Gold led precious metalsGold revenue was $383.1M, up 9.0% YoY, on $462.2M of precious metals revenue in total.
  2. Silver and PGM addedSilver revenue was $68.3M, up 23.3% YoY; PGM revenue was $10.8M.
  3. Energy lifted diversified revenueDiversified revenue was $86.8M, up 29.4% YoY, with oil revenue of $48.9M.

Revenue by commodity

$MQ3 2025Q3 2026
Gold$351.6M$383.1M
Silver$55.4M$68.3M
Oil$30.4M$48.9M
Iron ore$15.1M$12.0M
Total revenue$487.7M$549.3M

Note: Total revenue includes PGM, other mining, gas, NGL and interest revenue not shown. PGM is platinum group metals; NGL is natural gas liquids. Year-on-year commodity rates on this slide are DeepCell calculations from the commodity table; the company did not state them.Source: Franco-Nevada official Q3 2026 results release, Nov 11, 2026; analysis of company data

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7 · Revenue by commodity

2026 GEO guidance was narrowed to 525,000–555,000, with nine-month sales at 399,193

  1. GEO guidance was narrowedRevised 2026 guidance is 525,000 to 555,000 GEOs, against 510,000 to 570,000 initially; CEO says the company is tracking to the mid-range.
  2. Diversified revenue guidance was raisedDiversified revenue guidance is now $300M to $330M, from $245M to $285M; $251.6M was earned in nine months.
  3. Balance sheet carries no debtCash was $1,232.2M and Available Capital was about $4,800M; the dividend is $0.44 a share.

Guidance and year-to-date progress

MetricLatest reading
GEOs sold, nine months 2026399,193
2026 GEOs guidance, low525,000
2026 GEOs guidance, high555,000
Diversified revenue, nine months$251.6M

Note: Guidance assumes $4,500/oz gold, $75/oz silver, $2,000/oz platinum, $70/bbl WTI oil and $3.00/mcf Henry Hub gas, as stated in the release. GEOs are gold equivalent ounces.Source: Franco-Nevada official Q3 2026 results release, Nov 11, 2026; analysis of company data

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8 · 2026 guidance and capital

Precious-metal volumes, Cobre Panamá and commodity prices are the main watch items

Indicator
What to watch
Implication
Latest reading
Precious-metal GEO deliveries
Q3 GEOs sold fell on lower gold-stream and iron-ore contributions, including Cobre Panamá, Guadalupe-Palmarejo, Antapaccay, Subika and Candelaria
The company calls precious-metal deliveries slightly below expectations
GEOs 130,435, down 6% as stated
Cobre Panamá restart
Panama’s commission urged formal talks with First Quantum
Stockpile processing continues; outcome is open
3,716 GEOs sold in Q3
Oil and gold prices
Oil lifted diversified revenue; guide assumes $4,500/oz gold, $70/bbl oil
Lower prices would reduce revenue
Diversified revenue $86.8M

GEOs is gold equivalent ounces. Source: Franco-Nevada official Q3 2026 results release, Nov 11, 2026; analysis of company data

9

9 · Key risks to the outlook

10 · Appendix: Income detail

11 · Appendix: Non-GAAP items

12 · Appendix: Cash flow

13 · Appendix: Balance sheet

Appendix: income statement detail

Revenue and profit

$M unless notedQ3 2025Q3 2026YoY
Total revenue$487.7M$549.3M12.6%
Costs of sales-$47.2M-$43.1Mn.m.
Gross profit$353.5M$427.6Mn.m.
Operating income$341.0M$425.6M24.8%

Earnings

$M unless notedQ3 2025Q3 2026YoY
Net income$287.5M$395.5M37.6%
Adjusted EBITDA$427.3M$493.9M15.6%
Adjusted net income$275.0M$364.5M32.5%
GEOs sold138,772130,435(6.0%)

Note: GEOs is gold equivalent ounces. n.m. means a percentage change is not shown for lines stored as negatives or not meaningful. YoY rates in this appendix are DeepCell calculations from the statements.Source: Franco-Nevada official Q3 2026 results release, Nov 11, 2026; analysis of company data

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14 · Appendix: Income statement

Appendix: sources

  • Results release, Q3 2026 (official company news release, Nov 11, 2026 17:30 ET) — https://www.prnewswire.com/news-releases/franco-nevada-reports-q3-2026-results-812447402.html
  • Same release on Canada Newswire — https://www.newswire.ca/news-releases/franco-nevada-reports-q3-2026-results-812447402.html
  • Consensus: MarketScreener Earnings Flash (FactSet adjusted EPS $1.74; revenue $568.4M), Nov 11, 2026 — https://de.marketscreener.com/boerse-nachrichten/ergebnis-flash-fnv-franco-nevada-meldet-bereinigten-gewinn-je-aktie-von-1-89-usd-im-3-quartal-ge-ce785edbd180f023 ; https://de.marketscreener.com/boerse-nachrichten/earnings-flash-fnv-franco-nevada-erzielt-im-3-quartal-einen-umsatz-von-549-3-mio-usd-gegenueber-d-ce785edbd180f02c ; Zacks (AP) EPS $1.77 — https://finance.yahoo.com/markets/stocks/articles/franco-nevada-q3-earnings-snapshot-223705320.html
  • Share price: CNBC FNV quote, Nov 10 close $255.79, Nov 11 close $248.76 and Nov 12 pre-market last $243.92 at 8:58 AM EST — https://www.cnbc.com/quotes/FNV
  • A Form 6-K for these results had not been confirmed on EDGAR when the page was built. Company figures are in millions of U.S. dollars as stated. Non-GAAP figures follow the company’s reconciliations.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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15

15 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Franco-Nevada Corporation’s official Q3 2026 results release dated November 11, 2026. A Form 6-K had not been confirmed on EDGAR at the time of writing. Consensus (FactSet via MarketScreener) and share prices (CNBC) are third-party data, credited on the sources page.

Basis of presentation. Figures are IFRS-based as reported by the company, in U.S. dollars, for the quarters ended September 30, 2026 and 2025. Cash flow items for nine months are labelled.

Date of analysis. Share prices are the CNBC regular-session close on November 11, 2026 and the Nov 12 pre-market last at 8:58 AM EST. Pre-market last is not a close.

Forward-looking statements. Company commentary, guidance, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.

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16

16 · Disclosures

Sources

Not investment advice; no rating or price target.

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