Track market-moving stories before they get noisy

DLocal Limited delivered record 2025 results, surpassing $1B in revenue and $191M in adjusted free cash flow, with no debt and $720M in cash. DLO's TPV grew from $9.2B in Q2 to $13.1B in Q4, and management guides for 50–60% TPV growth in 2026, targeting over $60B. Operating leverage is driving expanding margins and capital returns, with a 30% payout ratio, special dividends, and a new $300M buyback program.

Every fintech is not the same. Even if you narrow your focus to Latin America, MercadoLibre (MELI 0.16%), DLocal (DLO +2.97%), and Nu Holdings (NU +1.64%) are three very different companies. There may be some overlap in offerings, but they have unique specialties as well as territorial ambitions.

One thing they all have in common is spectacular growth. MercadoLibre, DLocal, and Nu grew their revenue by 45%, 65%, and 57%, respectively, in their latest quarters. This isn't a race, but consider that the two U.S. companies many investors think of in the world of fintech both grew their top lines by roughly 4% over the same three months. There's also the bonus of opportunity with Mercado Libre, DLocal, and Nu trading at 38%, 28%, and 27%, respectively, off their recent highs. Let's travel south to check out three companies with businesses heading north as their stocks go south.

Image source: Getty Images.

1. MercadoLibre As one of Latin America's largest companies by market cap, MercadoLibre doesn't need much of an introduction. Typically labeled as an e-commerce business -- because that's where it started -- its biggest gains these days are coming from the financial front.

The $83.4 billion that its Mercado Pago subsidiary helped facilitate in payment volume during its latest quarter was 4 times higher than the gross merchandise value on the e-commerce front. The business is also growing faster than its online retail sales volume.

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MercadoLibre stock is the hardest hit of the three stocks on this list. The shares are down almost 40% from the all-time highs they notched last summer. This doesn't mean it's also the cheapest of the three names. MercadoLibre is trading at a beefy 30 times this year's projected earnings. Thankfully, the multiple drops below 22 if we look out to next year.

Margins are currently being pressured. Competitive challenges in Brazil -- its largest market -- find it taking a hit by lowering the order size requirement for free shipping.

Latin American fintech stocks are still worth your due diligence. Superior growth, historically potent net margins, and serving a region still early in the online migration make MercadoLibre and its peers worth watching.

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2. DLocal Uruguay-based DLocal is laser-focused on processing payments. It was one of Thursday's biggest gainers, rising nearly 10% in an otherwise down day for the market following blowout results. Revenue rose 65% for the quarter, fueled by a 70% surge in total payment volume.

It's currently the most geographically diversified player of the three. No single country accounts for more than 19% of its revenue. A little over 20% of its business last year came from outside of Latin America (primarily Egypt, as well as other countries in Africa and Asia). It helps that the tech-first platform is a rising star in managing cross-border payments, accounting for half of its payment volume in 2025.

Net income rose 63%, and adjusted free cash flow more than doubled. That last point is particularly noteworthy for income investors, since DLocal aims to distribute 30% of its free cash flow to shareholders in the form of a springtime dividend. DLocal's distribution of $0.19 a share in June translates into a 1.5% yield, a decent payout for a stock investors are buying for its high-octane growth.

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3. Nu Holdings There is a lot that is new with Nu Holdings these days. Earlier this month, the parent company of Brazil's Nubank announced that it secured naming rights for the new stadium in Miami, where Lionel Messi's Inter Miami will kick off their new home season. It may seem like an odd choice for a company with 131 million accounts in Brazil, Mexico, and Colombia, in that order. There is a method to the brand-ness.

Nu Holdings stock received conditional approval for its U.S. national bank charter in January. Is Nu ready to cash in on both this country's growing Latin American population and the region's infatuation with soccer to ramp up stateside operations?

As we wait for that chess move to play out, Nu keeps growing. Revenue climbed 57% in its latest quarter, with net income jumping 62% higher. A whopping 62% of Brazilian adults now have a Nubank account. That explosive growth and the stock's recent retreat make it the cheapest of the three stocks on a price-to-earnings (P/E) basis. It's trading for less than 13 times next year's profit target. With strong account growth and engagement, Nu should be turning heads for its high-margin business.

MONTEVIDEO, Uruguay, April 16, 2026 (GLOBE NEWSWIRE) -- DLocal Limited (NASDAQ: DLO, “dLocal” or the “Company”), the leading cross-border payment platform connecting global merchants to emerging markets, today announced a change to the time of its previously scheduled earnings conference call.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

© Ja Crispy / Shutterstock.com

Software stocks have always been expensive, up until a few months ago. Stocks like Procore Technologies (NYSE:PCOR | PCOR Price Prediction), dLocal (NASDAQ:DLO), and Intuit (NASDAQ:INTU) have plunged significantly, and they’re not the only ones that have done so. Wall Street now believes AI will make the software-as-a-service (SaaS) business model much less profitable. And considering AI models now can easily make some basic software with prompting and no coding knowledge, it’s easy to see why. 

For example, a business like Adobe (NASDAQ:ADBE) was well-coveted. It built software that it could then sell to users ad infinitum on a monthly basis for low upkeep. Wall Street loves recurring revenue and also loves high margins, so investors paid a premium for it.

Today, you don’t really need Photoshop. Almost all casual photo editing can be done by just asking AI.

Not all software stocks have an underlying business like Adobe, though. It’s a mistake to think of all SaaS stocks as the same. AI can replace some basic software, but the following three companies have software that can’t be replaced with prompts:

Procore Technologies (PCOR) Procore Technologies makes software for the construction industry, and construction management isn’t something AI is ever going to entirely replace. AI can definitely help with the tidbits, but it cannot replicate a platform that integrates everything a construction company needs to function, which Procore sells. On top of that, the construction industry can’t trade some reliability for big-time cost savings. Procore has audit trails, compliance, and no AI is reliable enough to handle that.

PCOR stock has been relatively spared compared to most other software stocks because of this. It is “only” down some 26% below its highs, but I think that’s a serious discount for a company with bright prospects.

Analysts expect nearly 30% annual EPS growth in the latter half of this decade. I will admit that the revenue growth is expected to slow down a little to 13.4% annually, but the earnings growth still makes it worth it.

Procore is also sitting on a $768 million pile of cash with just $72 million of debt. This company has historically focused on customer acquisition, but it is pivoting quickly.

I see the stock more than doubling above $100 sometime in 2027. Analysts have a $72 price target in the next 12 months, with the highest target at $95.

DLocal (DLO) DLocal is a payments company that AI is not going to replace anytime soon because of what it does. The business makes it easier for developing countries to pay global businesses. That may sound like a trivial thing, but it certainly isn’t once you realize just how much certain countries struggle with international payments.

Lots of countries restrict U.S. dollars from flowing out of the country, and the mishmash of their regulations makes it a nightmare for businesses to support them all. DLocal deals with this by letting a customer pay in their own currency and then paying the global company in their own currency.

The 3-year free cash flow growth rate is in hypergrowth territory at over 40% annually. Analysts expect revenue growth to top nearly 40% this year. You’re paying just over 15 times earnings for it.

This isn’t even the real discount. When you look at cash flow, you’re paying just 11 times FCF for DLO stock. When you strip out the $458 million net cash from the market cap, you’re paying just over 9 times FCF.

Intuit (INTU) Out of the three stocks in this list, Intuit is probably the most “vulnerable”. Intuit has a popular product you’ve likely heard of, and it’s called TurboTax, alongside other accounting products for businesses.

I do expect some softness on the consumer side, but I think the moat around the business software is underestimated. Accounting is growing fast, and the stack Intuit offers can’t be replaced.

The stock is down nearly 40% from its highs and now trades at less than 15 times forward earnings despite sustained double-digit growth. There has been a slight slowdown, but it does not warrant a selloff of this magnitude, as both sales and earnings are growing just fine.

I don’t expect a full recovery this year, but 50%-plus upside is likely if the broader software sector starts recovering.

TPV surpassed US$14 billion for the first time (+73% year-over-year), six consecutive quarters of 50%+ year-over-year growth. 
Record gross profit: US$119 million (+40% year-over-year).
Operating profit US$57 million excluding prior years tax adjustments (+25% year-over-year).
Expected higher OPEX from 2025 carry-over; operating leverage to improve in 2H26.
Net income at US$52 million excluding prior-years tax adjustments (+11% year-over-year).
Adjusted Free Cash Flow US$15 million, driven by temporary working capital effects, expected to revert.
Guidance unchanged.

MONTEVIDEO, Uruguay, May 14, 2026 (GLOBE NEWSWIRE) -- DLocal Limited (“dLocal”, “we”, “us”, and “our”) (NASDAQ:DLO), the leading cross-border financial infrastructure platform connecting global merchants to emerging markets, today announced its financial results for the first quarter ended March 31, 2026.

dLocal’s management team will host a conference call and audio webcast on May 14, 2026 at 5:00 p.m. Eastern Time. Please click here to pre-register for the conference call and obtain your dial in number and passcode.

The live conference call can be accessed via audio webcast at the investor relations section of dLocal’s website, at https://investor.dlocal.com/. An archive of the webcast will be available for a year following the conclusion of the conference call. The investor presentation will also be filed on EDGAR at www.sec.gov.

“Ten years in, the thesis is intact, the opportunity is larger than ever, and we are better equipped to capture it than at any point in our history. The infrastructure we have built - the licenses, the payment methods, the stakeholder relationships, the data, the technology - abstracts local complexity and compounds in value over time. The combination of strong base business momentum, a product roadmap that is gaining traction, and secular tailwinds across our markets as merchants increasingly convert to local processing, gives us confidence that the next decade can be as impressive as the last,” said Pedro Arnt, CEO of dLocal.

First quarter 2026 financial highlights

dLocal reports in US dollars and in accordance with IFRS as issued by the IASB

Total Payment Volume (“TPV”) reached US$14.1 billion in the first quarter of 2026, up 73% year-over-year compared to US$8.1 billion in the first quarter of 2025 and up 7% compared to US$13.1 billion in the fourth quarter of 2025. In constant currency, TPV growth for the period would have been 63% year-over-year.Revenues amounted to US$335.9 million, up 55% year-over-year compared to US$216.8 million in the first quarter of 2025 and broadly flat compared to US$337.9 million in the fourth quarter of 2025. In constant currency, revenue growth for the period would have been 52% year-over-year. The quarter-over-quarter comparison reflects a less favorable payment method mix and narrower FX spreads.Gross profit was US$118.7 million in the first quarter of 2026, a new record, up 40% compared to US$84.9 million in the first quarter of 2025 and up 2% compared to US$115.8 million in the fourth quarter of 2025. In constant currency, gross profit growth for the period would have been 35% year-over-year. The quarter-over-quarter comparison is explained by (i) Argentina's strong volume growth and normalized funding costs; (ii) broad-based volume growth in Africa and Asia, with notable contributions from Nigeria, Mozambique, and Vietnam; partially offset by (iii) Brazil's normalization following an exceptionally strong fourth quarter of 2025; and (iv) a modest mix shift toward lower take rate merchants in Other LatAm markets.As a result, gross profit margin was 35% in this quarter, compared to 39% in the first quarter of 2025 and 34% in the fourth quarter of 2025.Gross profit over TPV was at 0.84%, decreasing from 1.05% in the first quarter of 2025 and from 0.88% in the fourth quarter of 2025, reflecting the continued strong TPV momentum and the natural margin dynamics of scaling volume with established merchants and into new payment methods, products, and countries.During the first quarter of 2026, dLocal recorded a one-off prior-periods tax adjustment of US$9.7 million related to installment payment products in certain markets. This out-of-period adjustment was not material to any previously reported annual or interim period. Of the total adjustment, approximately US$5.3 million impacted the income tax expense line and US$4.4 million in operating expenses related to indirect and other taxes. The Company does not expect to record comparable items in future quarters.Operating expenses totaled US$65.9 million for the first quarter of 2026, or US$61.5 million excluding the prior-periods adjustment, up 58% year-over-year and 16% quarter-over-quarter on a normalized basis, reflecting the expected carry-over of the last part of the investment cycle costs, which ramped up mostly towards the end of 2025.As a result, Operating profit was US$52.8 million, or would have been US$57.2 million excluding the one-off prior-periods tax adjustment, representing growth of 25% year-over-year and decrease of 9% on a normalized basis. The Operating Profit to Gross Profit ratio was 44% as reported and 48% excluding the one-off.Net financial result was US$5.2 million gain, compared to a net finance gain of US$7.0 million in the first quarter of 2025 and a net finance gain of US$3.4 million in the fourth quarter of 2025.Our effective income tax rate for the period was approximately 26% as reported, elevated by the non-recurring prior-period adjustment. Excluding the adjustment, the effective rate would have been approximately 16%, broadly in line with prior quarters.Net income for the first quarter of 2026 was US$41.9 million, or US$0.14 per diluted share, down 10% compared to a profit of US$46.7 million, or US$0.16 per diluted share, for the first quarter of 2025 and down 25% compared to a profit of US$55.6 million, or US$0.18 per diluted share for the fourth quarter of 2025. Excluding the prior-periods tax adjustment, net income would have been US$51.6 million, or US$0.17 per diluted share, up 11% year-over-year.Adjusted Free cash flow for the first quarter of 2026 amounted to US$14.7 million, down 63% year-over-year compared to US$39.7 million in the first quarter of 2025 and down 77% compared to US$64.9 million in the fourth quarter of 2025. The year-over-year and sequential variation is primarily explained by temporary working capital effects, including timing in tax credit netting and higher receivables from our advancement operations, which are expected to normalize in upcoming quarters.As of March 31, 2026, dLocal had US$815.6 million in cash and cash equivalents, which includes US$451.8 million of Corporate cash and cash equivalents. The Corporate cash and cash equivalents increased by US$95.9 million from US$355.9 million as of March 31, 2025. When compared to the US$424.5 million Corporate cash and cash equivalents position as of December 31, 2025, it increased by US$27.3 million quarter-over-quarter. The following table summarizes our key performance metrics:

 Three months ended on March 31 2026 2025 % changeKey Performance metrics(In millions of US$ except for %)TPV14,055 8,107 73%Revenue335.9 216.8 55%Gross Profit118.7 84.9 40%Gross Profit margin35% 39% -4p.pOperating Profit52.8 45.8 15%Operating Profit/Gross Profit44% 54% -10p.pNet Income41.9 46.7 -10%Net Income margin12% 22% -9p.p
Adjusted Free Cash Flow reconciliation

We calculate “Adjusted Free Cash Flow” as net cash (used in) / generated from cash flows from operating activities, less (i) changes in working capital (merchant), and (ii) capital expenditures. The working capital (merchant) is defined as (i) changes in Trade receivables net (disclosed in Note 17 to our consolidated financial statements for the period ended March 31, 2026), plus (ii) changes in Trade payables (disclosed in Note 20 to our consolidated financial statements for the period ended March 31, 2026), plus (iii) changes in Other tax liabilities (disclosed in note 21 to our consolidated financial statements for the period ended March 31, 2026). Capital expenditures consist of acquisitions of property, plant and equipment and additions of intangible assets.

Management uses Adjusted Free Cash Flow as a measure for evaluating the Company's cash generation and the cash available for distribution to our shareholders as dividends pursuant to our dividend policy. Adjusted Free Cash Flow is not a financial measure recognized under IFRS and does not purport to be an alternative to cash generated from operating activities or as a measure of liquidity. Our presentation of Adjusted Free Cash Flow has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under IFRS. See below for a reconciliation of our Adjusted Free Cash Flow to the nearest IFRS measure.

The table below presents a reconciliation of dLocal’s Adjusted Free Cash Flow reconciliation:

$ in thousands (except percentages)Three months ended on March 31 2026 2025 Net cash (used in ) / generated from operating activities92,781 95,411 Changes in working capital (merchant)¹(68,391) (48,170) Capital expenditures²(9,738) (7,512) Adjusted Free Cash Flow14,652 39,729  Note: 1 Changes in working capital (merchant) consists of (i) changes in the period in the balance of trade receivables net, plus (ii) changes in the period in the balance of trade payables, plus (iii) changes in the period in the balance of other tax liabilities. 2 Capital expenditures consist of acquisitions of property, plant and equipment and Additions of Intangible Assets.

Operating profit excluding prior years tax adjustments reconciliation

We calculate "Operating Profit Excluding Prior Years Tax Adjustments" as operating profit for the period, excluding the impact of prior periods tax adjustments. During the three-months period ended on March 31, 2026, certain tax assessments related to prior years were adjusted, resulting in tax impacts amounting to US$9,699 corresponding to fiscal years 2023, 2024 and 2025. From the total amount, US$5,296 relates to income tax and related interest (refer to Note 12. Income tax, footnote (i)) and US$4,403 relates to indirect taxes, other taxes and related interest which were included within other operating expenses. The Company concluded that the out of period adjustment was not material to any previously reported annual or interim period.

Management uses Operating Profit Excluding Prior Years Tax Adjustments as a measure for evaluating the Company's underlying operating performance by removing the effect of non-recurring, out-of-period tax assessments. Operating Profit Excluding Prior Years Tax Adjustments is not a financial measure recognized under IFRS and does not purport to be an alternative to operating profit as a measure of operating performance. Our presentation of Operating Profit Excluding Prior Periods Tax Adjustments has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under IFRS.

The table below presents a reconciliation of dLocal’s operating profit excluding prior years tax adjustments reconciliation:

$ in thousandsThree months ended on March 31 20262025Operating profit52,77245,845Prior years tax adjustments (2023-2025)4,404-Operating profit excluding prior years tax adjustments57,17645,845
Net income excluding prior years tax adjustments reconciliation

We calculate "Net Income Excluding Prior Years Tax Adjustments" as net income (profit for the period), excluding the impact of prior periods tax adjustments. During the three-months period ended on March 31, 2026, certain tax assessments related to prior years were adjusted, resulting in tax impacts amounting to US$9,699 corresponding to fiscal years 2023, 2024 and 2025. From the total amount, US$5,296 relates to income tax and related interest (refer to Note 12. Income tax, footnote (i)) and US$4,403 relates to indirect taxes, other taxes and related interest which were included within other operating expenses. The Company concluded that the out of period adjustment was not material to any previously reported annual or interim period.

Management uses Net Income Excluding Prior Years Tax Adjustments as a measure for evaluating the Company's underlying profitability by removing the effect of non-recurring, out-of-period tax assessments. Net Income Excluding Prior Years Tax Adjustments is not a financial measure recognized under IFRS and does not purport to be an alternative to profit for the period as a measure of profitability. Our presentation of Net Income Excluding Prior Periods Tax Adjustments has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under IFRS.

The table below presents a reconciliation of dLocal’s net income excluding prior years tax adjustments reconciliation:

$ in thousandsThree months ended on March 31 20262025Net income (Profit for the period)41,93646,667Prior years tax adjustments (2023-2025)9,700-Net income excluding prior years tax adjustments51,63646,667
dLocal Limited
Certain financial information
Consolidated Statements of Comprehensive Income for the three-month period ended March 31, 2026 and 2025
(All amounts in thousands of U.S. Dollars except share data or as otherwise indicated)

 Three months ended on March 31 2026 2025 Continuing operations  Revenues335,862 216,759 Cost of services(217,178) (131,880) Gross profit118,684 84,879    Technology and development expenses(12,124) (6,767) Sales and marketing expenses(9,919) (7,135) General and administrative expenses(42,657) (24,324) Impairment (loss)/gain on financial assets(780) (386) Other operating loss(432) (422) Operating profit52,772 45,845 Finance income10,757 12,228 Finance costs(5,598) (5,259) Inflation adjustment(1,386) (885) Other results3,773 6,084 Profit before income tax56,545 51,929 Income tax expense(14,609) (5,262) Profit for the period41,936 46,667    Profit attributable to:  Owners of the Group41,975 46,630 Non-controlling interest(39) 37 Profit for the period41,936 46,667    Earnings per share (in USD)  Basic Earnings per share0.14 0.16 Diluted Earnings per share0.14 0.15    Other comprehensive Income  Items that are or may be reclassified to profit or loss:  Exchange difference on translation on foreign operations3,047 3,526 Other comprehensive income for the period, net of tax3,047 3,526 Total comprehensive income for the period44,983 50,193    Total comprehensive income for the period is attributable to:Owners of the Group45,022 50,174 Non-controlling interest(39) 19 Total comprehensive income for the period44,983 50,193 
dLocal Limited
Certain financial information
Consolidated Condensed Interim Statements of Financial Position as of March 31, 2026 and December 31, 2025
(All amounts in thousands of U.S. dollars)

 Three months ended on March 31 2026 2025  on March 31, 2026on December 31, 2025ASSETS  Current Assets  Cash and cash equivalents815,605 719,897 Financial assets at fair value through profit or loss97,995 99,089 Trade and other receivables740,432 572,024 Derivative financial instruments2,341 140 Other assets20,871 29,607 Total Current Assets1,677,244 1,420,757    Non-Current Assets  Financial assets at fair value through profit or loss - Trade and other receivables26,664 25,982 Deferred tax assets10,251 7,666 Property, plant and equipment4,043 3,985 Right-of-use assets2,808 2,995 Intangible assets92,506 73,965 Goodwill6,550 - Other assets5,701 5,614 Total Non-Current Assets148,523 120,207 TOTAL ASSETS1,825,767 1,540,964    LIABILITIES  Current Liabilities  Trade and other payables1,116,490 854,436 Lease liabilities1,003 1,076 Tax liabilities39,778 21,500 Derivative financial instruments567 1,567 Financial liabilities106,944 86,898 Provisions461 433 Total Current Liabilities1,265,243 965,910    Non-Current Liabilities  Deferred tax liabilities5,427 3,316 Lease liabilities1,761 2,309 Total Non-Current Liabilities7,188 5,625 TOTAL LIABILITIES1,272,431 971,535    EQUITY  Share Capital588 590 Share Premium7,097 7,097 Treasury Shares(10,122)- Capital Reserve48,899 42,641 Other Reserves(12,919)(15,885)Retained earnings519,584 534,818 Total Equity Attributable to owners of the Group553,127 569,261 Non-controlling interest209 168 TOTAL EQUITY553,336 569,429 TOTAL EQUITY AND LIABILITIES1,825,767 1,540,964 
dLocal Limited
Certain interim financial information.
Consolidated Statements of Cash flows for the three-month period ended March 31, 2026 and 2025
(All amounts in thousands of U.S. dollars)

 Three months ended on March 31 2026 2025 Cash flows from operating activities  Profit before income tax56,545 51,929 Adjustments:  Interest Income from financial instruments(10,590) (5,106) Interest charges for lease liabilities57 41 Other interests charges7,512 883 Finance expense related to derivative financial instruments700 414 Net exchange differences(2,616) 4,142 Fair value loss/(gain) on financial assets at FVPL(167) (7,343) Amortization of Intangible assets7,062 4,584 Depreciation and disposals of PP&E and right-of-use653 703 Share-based payment expense, net of forfeitures6,066 6,020 Other operating gain432 422 Net Impairment loss/(gain) on financial assets780 386 Inflation adjustment and other financial results2,862 6,083  69,296 63,158 Changes in working capital  Increase in Trade and other receivables(170,302) 21,082 Decrease / (Increase) in Other assets(14,279) 1,025 Increase / (Decrease) in Trade and Other payables204,843 16,346 Increase / (Decrease) in Tax Liabilities9,577 965 Increase / (Decrease) in Provisions28 43 Cash (used) / generated from operating activities99,163 102,619 Income tax paid(6,382) (7,208) Net cash (used) / generated from operating activities92,781 95,411    Cash flows from investing activities  Acquisitions of Property, plant and equipment(522) (945) Additions of Intangible assets(9,216) (6,567) Acquisition of financial assets at FVPL(26,876) (41,374) Collections of financial assets at FVPL27,179 47,416 Interest collected from financial instruments10,590 5,106 Cash acquired in a business combination791 - Payments for investments in other assets at FVPL- (10,000) Net cash (used in) / generated investing activities1,946 (6,364)    Cash flows from financing activities  Repurchase of shares(10,122) - Share-options exercise paid192 - Interest payments on lease liability(57) (41) Principal payments on lease liability(748) (663) Finance expense paid related to derivative financial instruments(3,901) (3,132) Net proceeds from financial liabilities25,353 5,790 Interest payments on financial liabilities(5,306) (2,166) Other finance expense paid(7,455) (714) Net cash used in by financing activities(2,044) (926) Net increase in cash flow92,683 88,121    Cash and cash equivalents at the beginning of the period719,897 425,172 Net (decrease)/increase in cash flow92,683 88,121 Effects of exchange rate changes on inflation and cash and cash equivalents3,025 (1,787) Cash and cash equivalents at the end of the period815,605 511,506 
About dLocal
dLocal builds financial infrastructure for markets of the future, connecting global enterprises with billions of emerging market consumers in more than 60 countries across high-growth markets in Africa, Asia, the Middle East, and Latin America. Through the "One dLocal" concept (one direct API, one platform, and one contract), global companies can accept payments, send payouts, and settle funds globally without the need to manage multiple local entities and integrations. For more information, visit www.dlocal.com

Forward-looking statements
This presentation may contain forward-looking statements. These forward-looking statements convey dLocal’s current expectations or forecasts of future events, including guidance in respect of total payment volume, gross profit and operating profit. Forward-looking statements regarding dLocal and amounts stated as guidance involve known and unknown risks, uncertainties and other factors that may cause dLocal’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” and “Cautionary Statement Regarding Forward-Looking Statements” sections of dLocal’s filings with the U.S. Securities and Exchange Commission.

Unless required by law, dLocal undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof.

Starting in 2026, we provide guidance in respect of Operating Profit, which management believes is useful as a measure to compare our operating results to the operations of other companies in our industry, and to assess our operating performance independently of our capital structure, tax position, and non-cash depreciation and amortization charges.

Investor Relations Contact:
[email protected]

Media Contact:
[email protected]

This press release does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, “Interim Financial Reporting” nor a financial statement as defined by International Accounting Standards 1 “Presentation of Financial Statements”. The first quarter financial information in this press release has not been audited nor has it been subject to any limited review procedures, whereas the annual results for the year ended December 31, 2025 are audited.

DLocal (DLO - Free Report) came out with quarterly earnings of $0.17 per share, beating the Zacks Consensus Estimate of $0.16 per share. This compares to earnings of $0.15 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +6.25%. A quarter ago, it was expected that this online payment company would post earnings of $0.18 per share when it actually produced earnings of $0.22, delivering a surprise of +22.22%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

DLocal, which belongs to the Zacks Financial Transaction Services industry, posted revenues of $335.86 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.93%. This compares to year-ago revenues of $216.76 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

DLocal shares have lost about 13.9% since the beginning of the year versus the S&P 500's gain of 8.8%.

What's Next for DLocal?While DLocal has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for DLocal was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.20 on $355.42 million in revenues for the coming quarter and $0.85 on $1.5 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial Transaction Services is currently in the top 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the broader Zacks Business Services sector, Full Truck Alliance Co. Ltd. Sponsored ADR (YMM - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 21.

This company is expected to post quarterly earnings of $0.13 per share in its upcoming report, which represents a year-over-year change of -27.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Full Truck Alliance Co. Ltd. Sponsored ADR's revenues are expected to be $403.53 million, up 8.5% from the year-ago quarter.

DLocal Limited (DLO) Q1 2026 Earnings Call Transcript

It's been a rough earnings season for the leading fintech stocks of Latin America. MercadoLibre (MELI 0.16%), DLocal (DLO +2.97%), and Nu Holdings (NU +1.64%) all declined after posting their latest financial results.

Shares of e-commerce and fintech leader MercadoLibre have tumbled 17% in the past six trading days since a disappointing first-quarter performance. DLocal and Nu announced their numbers after Thursday's market close. The stocks slipped 13% and 6% on Friday, respectively.

Zoom out, and the carnage gets worse. Mercado Libre, DLocal, and Nu are trading 42%, 345, and 32% off their recent highs, respectively. There are some serious headwinds picking up for the recent laggards, but this also feels like an opportunity. Let's go over some reasons this could be a great time to establish or build a position in one or more of these Latin American fintech players.

Image source: Getty Images.

1. MercadoLibre MercadoLibre has seen its market cap shrink from $134 billion to $78 billion since reaching an all-time high a year ago. But that doesn't make it any less of a leader in Latin America's e-commerce and fintech realms. Revenue accelerated in its latest quarter, rising 49%, or 46% on a foreign-exchange neutral basis. No matter which measuring stick you use, that's MercadoLibre's biggest year-over-year jump since the second quarter of 2022.

The market isn't happy with what the 87% jump in its credit portfolio over the past year is doing to MercadoLibre's bottom line. Initiating loans requires establishing bad-debt reserves, squeezing margins in the short run. There's also the fear that if the Latin American bellwether jacks up its lending offerings, through credit cards and other loan products, MercadoLibre stock could come under pressure from credit risk if the Latin American economy takes a turn for the worse.

Today's Change

(

-0.16

%) $

-2.52

Current Price

$

1585.77

There's been too much negative attention to the short-term pressure on margins. At least 10 analysts have slashed their price targets on MercadoLibre, including a pair of downgrades. Lost in the noise, MercadoLibre's Mercado Pago processed $87.2 billion in total payment volume through the first three months of this year, a 50% increase from where it was a year ago. The e-commerce business saw its gross merchandise volume rise 42% to $19 billion for the quarter.

Near-term profit forecasts have dropped precipitously in recent months. One can't say that MercadoLibre is cheap at 37 times this year's earnings or even 26 times next year's analyst target. However, free cash flow more than doubled in MercadoLibre's latest quarter. Ramping up its credit offerings elevates the risk level of the shares. Lowering its threshold for free shipping in Brazil is a one-two punch that weighs on margins while raising concerns about MercadoLibre's competitive dominance in e-commerce.

I still like MercadoLibre here. This is a short-term hit for the promise of bigger gains in the future. It's a good investing strategy, and the company has a long track record of bouncing back after near-term setbacks.

Today's Change

(

2.97

%) $

0.35

Current Price

$

12.13

2. DLocal Like MercadoLibre, global payments processing speedster DLocal posted better-than-expected revenue that failed to impress amid challenging margin contraction. The Uruguay-based company saw its revenue rise 55%, fueled largely by a 73% surge in total payment volume.

However, revenue's failure to keep pace with total payment volume, both sequentially and year over year, raised concerns about DLocal's take rate. As a geographically diverse fintech with a penchant for cross-border payments, it unsurprisingly has to offer more generous terms when partnering with larger companies. But investors weren't ready for that. After a long run of double-digit earnings beats, DLocal proved mortal in the first quarter.

DLocal points to secular tailwinds, but the stock's 13% slide on Friday suggests that the headwinds, contracting margins, are stronger. Wall Street pros will probably be narrowing their projections in the coming days, but for now DLocal is trading for less than 13 times forward earnings and just 10 times next year's multiple.

Today's Change

(

1.64

%) $

0.19

Current Price

$

11.81

3. Nu Holdings This brings us to Nu Holdings stock. It's the best performer of the three this earnings season, but the parent company of Brazil's Nubank has still shed nearly a third of its peak value. Despite growing its customer base by 14% to 135 million by the end of March, Nu delivered better-than-expected top-line revenue of $5.3 billion. The 42% jump found it cracking the $5 billion ceiling on the top line for the first time.

Net income rose 41% despite a more modest 27% step up in gross profit. But although Nu still posted the strongest bottom-line growth of the three companies, it still didn't turn in a perfect report. Customer deposits dipped sequentially. The non-performing loan rate increased for customers who were 15 to 90 days late. And it missed slightly on earnings, partly on the early-stage credit provisions that also tripped up MercadoLibre.

Nu remains a cheap fintech relative to its growth. You can buy Nu for just 11 times next year's analyst profit estimate, and less than 15 times this year's outlook. Brazil accounts for 115 million of its 135 million accounts, but with Mexico now reaching 15 million, Nu sees that country at an inflection point to duplicate the growth spurt it achieved in its home country.

Opportunity is knocking for all three companies. You don't need a translator to figure that out.

DLocal Limited (DLO) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript

Gold Royalty Corp. (NYSEAMERICAN:GROY - Get Free Report) was the target of unusually large options trading on Friday. Stock traders bought 20,174 call options on the stock. This represents an increase of approximately 932% compared to the typical daily volume of 1,955 call options. Wall Street Analyst Weigh In Several equities analysts have recently weighed

, /PRNewswire/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce the filing of its operating and financial results for year ended December 31, 2025. All amounts are expressed in U.S. dollars unless otherwise noted.

David Garofalo, Chairman and CEO of Gold Royalty, commented: "We are incredibly proud of the company we have built over the past five years. 2025 was an important inflection point in the history of the Company as we reported positive cash flow and Adjusted EBITDA, added a highly coveted royalty on BHP's cash-flowing Pedra Branca mine in Brazil and materially strengthened our balance sheet. Our 2026 and five-year outlook demonstrate the continued peer-leading growth in our asset portfolio, including over 60% year-over-year growth expected in 2026."

Full Year and Q4 2025 Highlights

Fourth quarter 2025: Record revenue of $4.5 million, $5.2 million in Total Revenue, Land Agreement Proceeds and Interest*, and 1,255 gold equivalent ounces ("GEOs") for the quarter[*] Full year 2025: Record revenue of $15.6 million and $17.8 million in Total Revenue, Land Agreement Proceeds and Interest for 5,173 GEOs for the year* Positive full year 2025 operating cash flow of $6.2 million and Adjusted EBITDA* of $9.8 million Exited 2025 with over $12 million in cash, no debt and a fully undrawn credit facility which was increased to $150 million, inclusive of a $25 million accordion feature as at February 19, 2026 2026 and Five-Year Outlook

2026 guidance: Total GEOs are currently expected to increase to 7,500-9,300 in 2026, thanks to the continued ramp-up of our cash flowing assets and incorporates the addition of the Pedra Branca and an additional royalty on Borborema in late 2025 and early 2026, respectively. This outlook represents a mid-point increase of over 60% from 2025 results. Five-year outlook: GEOs are forecasted to increase to between 28,000 and 34,000 GEOs in 2030, representing peer-leading growth of over 490% based on the midpoint of guidance from 2025 results. The projected five-year outlook reflects continued contributions from our cornerstone producing assets, as well as new production from assets currently in development. See "2026 Outlook" and "Five-Year Outlook" below for further information regarding the Company's outlook. ___________

* Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA, and GEOs are each non-IFRS measures and do not have a standardized meaning under IFRS. See "Non-IFRS Measures" for further information.

Selected Financial Highlights

The following table sets forth selected financial information for the three months and year ended December 31, 2025:

For the three months ended

For the years ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

(in thousands of dollars, except per share and GEOs amounts)

($)

($)

($)

($)

Revenue

4,501

3,355

15,610

10,103

Net loss(1)

(920)

(3,193)

(4,130)

(3,411)

Net loss per share, basic and diluted

(0.00)

(0.02)

(0.02)

(0.02)

Cash provided by operating activities

176

1,262

6,170

2,543

Non-IFRS

Total Revenue, Land Agreement Proceeds and Interest(2)

5,206

3,846

17,768

12,847

Adjusted EBITDA(2)

3,198

1,240

9,751

4,779

Adjusted Net Loss(1)(2)

(22)

(2,721)

(1,749)

(1,150)

Adjusted Net Loss Per Share, basic and diluted(2)

(0.00)

(0.02)

(0.01)

(0.01)

GEOs(2)

1,255

1,445

5,173

5,462

Statement of Financial Position

Total assets

822,756

737,515

822,756

737,515

Total non-current liabilities

118,943

175,353

118,943

175,353

__________

Notes:

1)

Net loss and Adjusted Net Loss for the year ended December 31, 2024, includes a $6.5 million deferred tax recovery that was recognized as a result of an internal reorganization to streamline operations, which was completed in the third quarter of 2024. See "Discussion of Operations" for further information.

2)

Total Revenue, Land Agreement Proceeds and Interest, Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) Per Share, basic and diluted and GEOs are each non-IFRS measures and do not have a standardized meaning under IFRS. See "Non-IFRS Measures" below for further information.

Please refer to the Company's Annual Report Form 20-F, including the audited financial statements included therein, copies of which are available under the Company's profile at www.sedarplus.ca and www.sec.gov.

Portfolio Update

Borborema mine (2.75% NSR): On February 26, 2026, Aura Minerals Inc. ("Aura") issued a news release announcing the signing of a road relocation agreement at the Borborema mine. Aura also announced an updated feasibility study for the project, which increased Probable Reserves to 40.7 Mt at 1.13 g/t gold containing approximately 1,479 koz of gold and extends the mine life to over 20 years. These estimates were prepared by Aura under U.S. S-K 1300 definitions. For further information, please see Aura's news release dated February 26, 2026 and its technical report summary titled "Technical Report Summary on the Feasibility Study for the Borborema Gold Project, Currais Novos Municipality, Rio Grande do Norte, Brazil" with an effective date of September 19, 2025, available under its profiles at www.sedarplus.ca and www.sec.gov.

Borden mine (0.5% NSR, partial royalty coverage): On February 19, 2026, Discovery Silver Corp. ("Discovery") reported its results for the year ended December 31, 2025 and noted that it is targeting a return to full capacity of the Dome Mill by 2027 or sooner. It has disclosed that the mill is a 12,000 tonne-per-day processing facility that in recent years has operated below its nominal production rate. For further information see Discovery's news release dated February 19, 2026, available under its profile on www.sedarplus.ca.

Canadian Malartic / Odyssey mine (3.0% NSR, partial royalty coverage): On February 12, 2026, Agnico Eagle Mines Limited ("Agnico Eagle") reported its financial and operational results for the year ended December 31, 2025. The company confirmed that development activities at Odyssey remain on schedule, with ongoing ramp development and shaft sinking progressing as planned. Agnico Eagle also reiterated the advancement of the technical evaluation of a potential second shaft at the Odyssey mine, outlining in their release that the technical evaluation will assess the potential for an 8,000 to 10,000 tpd operation and is expected to be completed at the end of 2026, potentially followed by permit submission in early 2027 and subject to a series of approvals, could be positioned for initial production in 2033. For further information see Agnico Eagle's news release dated February 12, 2026, available under its profile on www.sedarplus.ca.

Côté Gold mine (0.75% NSR, partial royalty coverage): On February 17, 2026, IAMGOLD Corporation ("IAMGOLD") reported its financial and operational results for the year ended December 31, 2025. IAMGOLD highlighted that the Côté Gold mine achieved the top-end of its production guidance having produced 399,800 ounces in 2025 relative to its guidance of 360,000 – 400,000 ounces on a 100% basis. The 2026 guidance for the Côté Gold mine has increased to range from 390,000 to 440,000 ounces on a 100% basis, with the focus in 2026 being stabilization and optimization, improving the cost structure and preparing for the potential expansion at Côté. For further information see IAMGOLD's news release dated February 17, 2026, available under its profile on www.sedarplus.ca.

Cozamin mine (1.0% NSR, partial royalty coverage): On February 17, 2026, Capstone Copper Corp. ("Capstone") announced its 2026 guidance for Cozamin copper production between 21,000 – 24,000 tonnes at C1 cash costs of $1.55 - $1.85 per payable copper pound produced. It disclosed that copper production at Cozamin is expected to be consistently weighted across the year and slightly lower in 2026 compared to 2025 due to lower copper grades.

Additionally, on March 2, 2026, Capstone reported its financial and operational results for the year ended December 31, 2025 stating that Cozamin had produced 25,348 tonnes of copper in 2025 at C1 cash costs of $1.32 per payable copper pound produced. For further information see Capstone's news releases dated February 17, 2026 and March 2, 2026, available under its profile on www.sedarplus.ca.

Fenelon gold project (2.0% NSR): On February 17, 2026, Wallbridge Mining Company Ltd. ("Wallbridge") announced the start of the 2026 exploration drilling program at Fenelon with approximately 2,000 metres of large-diameter core drilling to support metallurgical test work and related technical studies. Upon completion of this first portion of the drilling campaign, a 1,500 metres reconnaissance drilling program is expected to test prospective areas within 2,500 metres of the main deposit area. For further information see Wallbridge's news release dated February 17, 2026, available under its profile on www.sedarplus.ca.

Granite Creek project (10.0% NPI): On February 19, 2026, i-80 Gold Corp. ("i-80") reported its financial and operational results for the year ended December 31, 2025. i-80 stated that Granite Creek underground generated a gross profit for the second half of 2025 and that it was successful in stabilizing groundwater inflow. i-80 also disclosed that a feasibility study over the underground is planned for completion in the second quarter of 2026 with the timeline for a pre-feasibility / feasibility study on the open pit portion of Granite Creek under review to optimize its future growth plan.

i-80 announced total production of 22,977 ounces of gold at Granite Creek for 2025, within previously announced guidance of 20,000–30,000 ounces. A water treatment plant is expected to be completed in the second quarter of 2026 and development activities are expected to support further ramp-up and the updated resource and feasibility study planned for the second quarter of 2026. For further information see i-80's news release dated February 19, 2026, available under its profiles on www.sedarplus.ca and www.sec.gov.

Ren project (1.5% NSR and 3.5% NPI): In its management discussion and analysis for the year ended December 31, 2025, Barrick Mining Corporation ("Barrick") noted that, as at the end of 2025, total project spending was $167 million (including $29 million in the fourth quarter of 2025) of an estimated capital cost of $410 to $470 million (100% basis). For further information see Barrick's management's discussion and analysis for the three and twelve months ended December 31, 2025, available under its profiles on www.sedarplus.ca and sec.gov.

South Railroad project (0.44% NSR, partial royalty coverage): On March 2, 2026, Orla Mining Ltd. ("Orla") disclosed that it had released an updated feasibility study over the South Railroad project and outlined that construction of the mine is expected in mid-2026 pending receipts of the final project permits. The study envisions an open-pit and heap-leach operation with a mine life of 10 years, producing 1,072,300 ounces of payable gold and 760,000 ounces of payable silver. For further information see Orla's news release dated March 2, 2026 and its technical report dated effective September 30, 2025 titled "South Railroad Project - NI 43-101 Feasibility Study Update", available under Orla's profiles on www.sedarplus.ca and www.sec.gov.

Tonopah West project (3.0% NSR): On March 3, 2026, Blackrock Silver Corp. ("Blackrock Silver") disclosed that it received its Class II Air Quality and Surface Disturbance Permit from the Nevada Department of Environmental Protection ("NDEP"), through the Bureau of Air Pollution Control. The permitting process is on schedule with all permits anticipated by mid-2027. It disclosed that once all permits are in hand, Blackrock Silver will decide when to commence with the exploration decline, test mining and bulk sample extraction programs. For further information see Blackrock Silver's news release dated March 3, 2026.

Vareš mine (100% copper stream with ongoing payments of 30% of the spot copper price): On February 10, 2026, DPM Metals ("DPM") reported its financial and operational results for the year ended December 31, 2025, and announced that integration activities had progressed well and it continued to advance its priorities for Vareš with a focus on ramping up to full production by year-end 2026. Development rates continued to progress as planned and DPM announced that the mine resumed production in January 2026. At the time of the news release, construction of the paste backfill plant was well-advanced and is expected to be commissioned in the third quarter of 2026.

Additionally, DPM provided guidance including that expected production in 2026 from Vareš is expected to be better as compared to estimates in its most recent technical report for the project. For further information see DPM's announcement dated February 10, 2026, available under its profile on www.sedarplus.ca.

Whistler project (1.0% NSR and right to acquire an additional 0.75% NSR): On March 2, 2026, U.S. GoldMining Inc. ("U.S. GoldMining") announced a positive preliminary economic assessment ("PEA") on the Whistler project. The PEA included an after-tax NPV(5%) of $2.04 billion and internal rate of return of 33.0% with an initial payback of 2.1 years under base case metals prices of $3,200/oz gold, $4.50/lb copper and $37.50/oz silver. The PEA envisions an average annual production of 345,000 ounces gold equivalent estimated during the first three years of operations and total life of mine production of 2.6 Moz gold, 6.9 Moz silver and 592 Mlb copper, over a 14.6 year mine life. For further information see U.S. GoldMining's news release dated March 2, 2026, available under its profiles at www.sedarplus.ca and www.sec.gov.

2026 Outlook

The Company currently forecasts total GEOs of between 7,500 and 9,300 for 2026, which includes approximately 684 GEOs relating to Land Agreement Proceeds credited against other mineral interest and interest payments, and is based on an assumed gold price of $5,150 per ounce, and an assumed copper price of $5.75 per pound.

Commodity prices will affect calculation of gold equivalent ounces from copper (and other metals) stream and royalties and from Land Agreement Proceeds and other payments; we present below a sensitivity table to illustrate the potential variability of our 2026 guidance to gold and copper metal prices.

Gold price ($/oz)

$4,150

$5,150

$6,150

Copper price
($/lb)

$4.75

7,800 - 10,300

7,400 - 9,700

7,200 - 9,300

$5.75

8,200 - 10,800

7,500 – 9,300

7,400 - 9,700

$6.75

8,500 - 11,300

8,000 - 10,500

7,700 - 10,000

Five-Year Outlook

In 2030, we expect GEOs to increase to between 28,000 and 34,000, which includes approximately 600 GEOs of Land Agreement Proceeds credited against other mineral interests and interest payments. The mid-point of this outlook represents an over 490% increase in GEOs relative to actual 2025 results.

All production and expected production growth implied by our guidance is sourced from assets already held in our portfolio and is based on public forecasts, expected development timelines and other disclosures by the owners and operators of the properties underlying our interests. In addition to the current mining operations in production for 2026, our 2030 outlook includes contributions from the Granite Creek, Ren and South Railroad development projects.

We assume a gold price of $3,500 per ounce and a copper price of $5.00 per pound in our projected five-year outlook.

In addition to the price assumptions outlined above, the 2026 and five-year outlooks included herein are based on the disclosed forecasts and expectations of the owners and operators of the properties underlying out royalty and stream interests and our assessments thereof. The outlooks respecting land agreement proceeds are based on contractual payments under existing agreements.

Royalty Generator Model Update

Our royalty generator model continues to generate positive results with eight new royalties added in 2025. We have generated 56 royalties since the acquisition of Ely Gold Royalties Inc. in 2021 through this model.

We currently have 38 properties subject to land agreements and six properties under lease generating land agreement proceeds. The model continues to incur low operating costs with only $0.1 million spent on maintaining mineral interests in 2025.

2025 Results Conference Call Details

A conference call will be held on Thursday, March 19, 2026, starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods:

Webinar: Click Here
US (toll-free): 1-866-652-5200
Canada (toll-free): 1-855-669-9657
International: 1-412-206-6408

The fourth quarter and year end 2025 presentation materials will be available on Gold Royalty's website at www.goldroyalty.com and a replay of the event will be available following the presentation.

About Gold Royalty Corp.

Gold Royalty Corp. is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its mission is to invest in high-quality, sustainable and responsible mining operations to build a diversified portfolio of precious metals royalty and streaming interests that generate superior long-term returns for our shareholders. Gold Royalty's diversified portfolio currently consists primarily of net smelter return royalties on gold properties located in the Americas.

Qualified Person

Alastair Still, P.Geo., Director of Technical Services of the Company, is a "qualified person" as such term is defined under Canadian National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.

Notice to Investors

For further information regarding the project updates regarding properties underlying the Company's royalties, stream and other interests, please refer to the disclosures of the operators thereof, including the news releases referenced herein and the other disclosures of such operators. Disclosure relating to properties in which Gold Royalty holds interests is based on information publicly disclosed by the owners or operators of such properties. The Company generally has limited or no access to the properties underlying its interests and is largely dependent on the disclosure of the operators of its interests and other publicly available information. The Company generally has limited or no ability to verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate.

Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this news release, including any references to mineral resources or mineral reserves, was prepared by the project operators in accordance with Canadian National Instrument 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission applicable to domestic issuers. Accordingly, the scientific and technical information contained or referenced in this news release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.

Forward-Looking Statements:

Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"), including but not limited to statements regarding: estimated future GEOs and contractual payments, expectations regarding the Company's portfolio growth, the operations and/or development of the projects underlying the Company's royalties, stream and other interests, including the estimates of the operators thereof; statements related to the Company's projected 2026 and five-year outlook and other statements regarding the Company's plans and strategies. Such statements can be generally identified by the use of terms such as "may", "will", "expect", "intend", "believe", "plans", "anticipate" or similar terms. Forward-looking statements are based upon certain assumptions and other important factors, including assumptions of management regarding the accuracy of the disclosure of the operators of the projects underlying the Company's interests, their ability to achieve disclosed plans and targets, macroeconomic conditions, commodity prices and the Company's ability to finance future growth and acquisitions. Forward-looking statements are subject to a number of risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements including, among others, any inability to any inability of the operators of the properties underlying the Company's royalties, stream and other interests to execute proposed plans for such properties or to achieved planned development and production estimates and goals, risks related to the operators of the projects in which the Company holds interests, including the successful continuation of operations at such projects by those operators, risks related to exploration, development, permitting, infrastructure, operating or technical difficulties on any such projects, the influence of macroeconomic developments, commodity price and counterparty risks, the ability of the Company to carry out its growth plans and other factors set forth in the Company's Annual Report on Form 20-F for the year ended December 31, 2025, and its other publicly filed documents under its profiles at www.sedarplus.ca and www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

Non-IFRS Measures

We have included, in this document, certain performance measures, including: (i) Total Revenue, Land Agreement Proceeds and Interest; (ii) Adjusted EBITDA; (iii) Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share, basic and diluted; and (iv) GEOs which are each non-IFRS measures. The presentation of such non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS measures do not have any standardized meaning prescribed by IFRS and other companies may calculate these measures differently.

Total Revenue, Land Agreement Proceeds and Interest

Total Revenue, Land Agreement Proceeds and Interest are determined by adding land agreement proceeds credited against other mineral interests and interests earned on gold-linked loan to total revenue. We have included this information as management believes certain investors use this information to evaluate our performance in comparison to other gold royalty companies in the precious metal mining industry.

Below is a reconciliation of our Total Revenue, Land Agreement Proceeds and Interest to total revenue for the periods indicated:

For the three months ended

For the years ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

(in thousands of dollars)

($)

($)

($)

($)

Royalty

2,390

1,629

7,122

4,806

Streaming

808

893

3,224

893

Advance minimum royalty and pre-production royalty

1,158

732

4,212

2,982

Land agreement proceeds

369

297

1,613

3,085

Interest income on gold-linked loan

481

295

1,597

1,081

Total Revenue, Land Agreement Proceeds and Interests

5,206

3,846

17,768

12,847

Land agreement proceeds credited against other mineral interests

(224)

(196)

(561)

(1,663)

Interest income credited against gold-linked loan

(481)

(295)

(1,597)

(1,081)

Revenue

4,501

3,355

15,610

10,103

Adjusted EBITDA

Adjusted EBITDA is determined by adjusting net loss for the impact of: depletion, depreciation, finance costs, current and deferred tax expense (recovery), interest income credited against gold-linked loan, transaction related and non-recurring general and administrative expenses1, non-cash share-based compensation, share of loss and dilution loss (gain) in associate, change in fair value of gold-linked loan, short-term investments and embedded derivative, foreign exchange (gain) loss, loss (gain) on loan modification, partial make-whole payment for redemption of convertible debentures and other income. We have included this information as management believes certain investors use this information to evaluate our performance in comparison to other gold royalty companies in the precious metal mining industry. The table below provides a reconciliation of net loss (income) to Adjusted EBITDA.

For the three months ended

For the years ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

(in thousands of dollars)

($)

($)

($)

($)

Net loss

(920)

(3,193)

(4,130)

(3,411)

Depletion

1,287

1,771

2,658

3,204

Depreciation

20

20

78

79

Finance costs

1,533

2,188

8,266

8,043

Current tax expense (recovery)

205

(80)

323

506

Deferred tax recovery

(291)

(291)

(528)

(6,480)

Land agreement proceeds credited against other mineral interests

224

196

561

1,663

Interest income credited against gold-linked loan

481

295

1,597

1,081

Transaction related and non-recurring general and administrative expenses

230

8

409

424

Share-based compensation

851

839

2,754

2,338

Share of loss in associate

—

97

80

64

Dilution loss (gain) in associate

—

—

73

(9)

Change in fair value of gold-linked loan

(693)

(331)

(1,685)

(1,681)

Change in fair value of short-term investments

(368)

(19)

(548)

(38)

Change in fair value of embedded derivative

(70)

(143)

(483)

(612)

Foreign exchange (gain) loss

5

(102)

(34)

14

Loss (gain) on loan modification

933

—

240

(310)

Partial make-whole payment for redemption of convertible debentures

4,222

—

4,222

—

Other income

(4,451)

(15)

(4,102)

(96)

Adjusted EBITDA

3,198

1,240

9,751

4,779

__________

1 Transaction related and non-recurring general and administrative expenses comprised of operating expenses that are not expected to be incurred on an ongoing basis. During the year ended December 31, 2025, transaction related and non-recurring general and administrative expenses primarily consisted of professional fees related to implementation of new accounting system and evaluation of royalty and other asset acquisitions.

Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share, basic and diluted

Adjusted Net Income (Loss) is calculated by adjusting net (loss) income for the impact of: land agreement proceeds credited against other mineral interests, interest income credited against gold-linked loan, accretion of convertible debentures, transaction related and non-recurring general and administrative expenses2, share of loss (gain) and dilution loss (gain) in associate, changes in fair value of gold-linked loan, short-term investments and embedded derivative, foreign exchange (gain) loss, gain on loan modification and other expense (income). Adjusted Net Income (Loss) Per Share, basic and diluted, have been determined by dividing the Adjusted Net Income (Loss) by the weighted average number of common shares for the applicable period. Management believes that they are useful measures of performance as they adjust for items which are not always reflective of the underlying operating performance of our business and/or are not necessarily indicative of future operating results. The following is a reconciliation of net loss to Adjusted Net (Loss) Income, Per Share, basic and diluted for the periods indicated:

For the three months ended

For the years ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

(in thousands of dollars, except per share amounts)

($)

($)

($)

($)

Net loss

(920)

(3,193)

(4,130)

(3,411)

Land agreement proceeds credited against other mineral interests

224

196

561

1,663

Interest income credited against gold-linked loan

481

295

1,597

1,081

Accretion of convertible debentures

385

486

2,051

1,761

Partial make-whole payment for redemption of convertible debentures

4,222

—

4,222

—

Transaction related and non-recurring general and administrative expenses

230

8

409

424

Share of loss in associate

—

97

80

64

Dilution loss (gain) in associate

—

—

73

(9)

Change in fair value of gold-linked loan

(693)

(331)

(1,685)

(1,681)

Change in fair value of short-term investments

(368)

(19)

(548)

(38)

Change in fair value of embedded derivative

(70)

(143)

(483)

(612)

Foreign exchange (gain) loss

5

(102)

(34)

14

Loss (gain) on loan modification

933

—

240

(310)

Other income

(4,451)

(15)

(4,102)

(96)

Adjusted Net Income (Loss)

(22)

(2,721)

(1,749)

(1,150)

Weighted average number of common shares

188,005,702

169,505,388

174,986,972

159,516,299

Adjusted Net Income (Loss) Per Share, basic and diluted

(0.00)

(0.02)

(0.01)

(0.01)

___________

2 Transaction related and non-recurring general and administrative expenses comprised of operating expenses that are not expected to be incurred on an ongoing basis. During the year ended December 31, 2025, transaction related and non-recurring general and administrative expenses primarily consisted of professional fees related to implementation of new accounting system and evaluation of royalty and other asset acquisitions.

GEOs

GEOs are determined by dividing Total Revenue, Land Agreement Proceeds and Interest by the average gold prices for the applicable period:

(in thousands of dollars, except Average Gold Price/oz
and GEOs)

Average
Gold
Price/oz

Total Revenue,
Land Agreement
Proceeds and
Interest

GEOs

For the three months ended December 31, 2024

2,661

3,846

1,445

For the year ended December 31, 2024

12,847

5,462

For the three months ended December 31, 2025

4,149

5,206

1,255

For the year ended December 31, 2025

17,768

5,173

SOURCE Gold Royalty Corp.

Gold Royalty Corp. (GROY) Q4 2025 Earnings Call Transcript

, /PRNewswire/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce its preliminary results for the first quarter of 2026 and dates for the release of its results for the first quarter, related earnings call and upcoming capital markets day. All amounts are expressed in U.S. dollars, unless otherwise noted.

Preliminary First Quarter 2026 Results

In the first quarter of 2026, the Company achieved record Total Revenue, Land Agreement Proceeds and Interest* of $9.4 million and record revenue of $7.2 million. Total Revenue, Land Agreement Proceeds and Interest* equates to 1,920 gold equivalent ounces ("GEOs")* in the first quarter, a 162% increase relative to the same period last year, and an increase of almost 80% from the previous quarter.

Gold Royalty maintains its 2026 full-year production guidance of 7,500 - 9,300 GEOs as released on March 18, 2026, with production more heavily weighted to the second half as DPM Metals' Vareš mine production is expected to reach its full run rate of 850,000 tonnes per year in 2026 and as Fortitude Gold's County Line mine ramps up after commencing operations in January.

David Garofalo, Chairman and CEO of Gold Royalty, commented: "2026 has started strongly for Gold Royalty. These new operating records reflect the success of our acquisition strategy, as recently acquired royalties on the Pedra Branca and Borborema mines contributed significantly to the quarterly result. We look forward to continued GEO growth as the year progresses."

* Total Revenue, Land Agreement Proceeds and Interest and GEOs are non-IFRS financial measures. See "Non-IFRS Measures" below.

First Quarter 2026 Results and Webcast Details

Gold Royalty expects to release its financial and operating results for first quarter of 2026 after market close on Wednesday, May 6, 2026.

A conference call will be held at 11:00 a.m. ET (8:00 a.m. PT) on Thursday, May 7, 2026 to discuss these results. To participate, please use one of the following methods:

Webinar: Click Here
US and Canada (toll-free): 1-833-890-3060
International: 1-412-206-6408

The first quarter 2026 results presentation will be available on Gold Royalty's website at www.goldroyalty.com and a replay of the event will be available following the presentation.

2026 Capital Markets Day

Gold Royalty will host its 2026 capital markets day on June 18, 2026 at 9:30 a.m. ET (6:30 a.m. PT). The event will be held in-person in Toronto and virtually. To register, please use the link below:

2026 capital markets day registration: Click Here

A replay of the event will be available following the presentation.

About Gold Royalty Corp.

Gold Royalty Corp. is a gold-focused royalty and streaming company offering creative financing solutions to the metals and mining industry. Its mission is to invest in high-quality, sustainable, and responsible mining operations to build a diversified portfolio of precious metals royalty and streaming interests that generate superior long-term returns for our shareholders. Gold Royalty's diversified portfolio currently consists primarily of net smelter return royalties on gold properties located in the Americas.

Notice to Investors

For further information regarding the properties underlying the Company's royalties, stream and other interests, please refer to the disclosures of the operators thereof, including the news releases referenced herein and the other disclosures of such operators. Disclosure relating to properties in which Gold Royalty holds interests is based on information publicly disclosed by the owners or operators of such properties. The Company generally has limited or no access to the properties underlying its interests and is largely dependent on the disclosure of the operators of its interests and other publicly available information. The Company generally has limited or no ability to verify such information. Although the Company does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate.

Forward-Looking Statements:

Certain of the information contained in this news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"), including but not limited to statements regarding: expectations regarding the operations and/or development of the projects underlying the Company's royalty interests;; and statements regarding the Company's outlook for 2026. Such statements can be generally identified by the use of terms such as "may", "will", "expect", "intend", "believe", "plans", "anticipate" or similar terms. Forward-looking statements are based upon certain assumptions and other important factors, including assumptions of management regarding the accuracy of the disclosure of the operators of the projects underlying the Company's projects, their ability to achieve disclosed plans and targets, macroeconomic conditions, commodity prices, and the Company's ability to finance future growth and acquisitions. Forward-looking statements are subject to a number of risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements including, among others, any inability to any inability of the operators of the properties underlying the Company's royalty interests to execute proposed plans for such properties or to achieved planned development and production estimates and goals, risks related to the operators of the projects in which the Company holds interests, including the successful continuation of operations at such projects by those operators, risks related to exploration, development, permitting, infrastructure, operating or technical difficulties on any such projects, the influence of macroeconomic developments, the ability of the Company to carry out its growth plans and other factors set forth in the Company's Annual Report on Form 20-F for the year ended December 31, 2025 and its other publicly filed documents under its profiles at www.sedarplus.ca and www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

Non-IFRS Measures

We have included, in this document, certain performance measures, including: (i) Total Revenue, Land Agreement Proceeds and Interest; and (ii) GEOs, which are each non-IFRS measures. The presentation of such non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-IFRS measures do not have any standardized meaning prescribed by IFRS, and other companies may calculate these measures differently.

Total Revenue, Land Agreement Proceeds and Interest

Total Revenue, Land Agreement Proceeds and Interest are determined by adding land agreement proceeds credited against other mineral interests and interests earned on gold-linked loan to total revenue. We have included this information as management believes certain investors use this information to evaluate our performance in comparison to other gold royalty companies in the precious metal mining industry.

The following is a reconciliation of Total Revenue, Land Agreement Proceeds and Interest to total revenue for the three months ended March 31, 2025 and 2026:

For the three months ended
March 31

2026

2025

(in thousands of dollars)

($)

($)

Royalty

7,033

1,116

Streaming

973

484

Advance minimum royalty and pre-production royalty

346

1,078

Land agreement proceeds

508

573

Interest income credited against gold-linked loan

502

326

Total Revenue, Land Agreement Proceeds and Interest

9,362

3,577

Land agreement proceeds credited against other mineral interests

(20)

(113)

Interest income credited against gold-linked loan

(502)

(326)

One-time working capital adjustment related to the purchase of Pedra Branca Royalty 

(1,000)

—

Equity accounted revenue from Borborema(1)

(662)

—

Revenue

7,178

3,138

Note:

(1) Represents our share of revenue in Borborema Royalty Limited Partnership, an entity that holds a NSR on the Borborema mine and is jointly controlled by the Company and Taurus.

GEOs

GEOs are determined by dividing Total Revenue, Land Agreement Proceeds and Interest by the average gold prices for the applicable period:

(in thousands of dollars, except Average Gold Price/oz
and GEOs)

Average
Gold Price/oz

Total
Revenue,
Land
Agreement
Proceeds
and Interest

GEOs

For the three months ended March 31, 2025                                                  

2,865

3,577

1,249

For the three months ended March 31, 2026

4,875

9,362

1,920

SOURCE Gold Royalty Corp.

Gold Royalty Corp. (GROY) Q1 2026 Earnings Call Transcript

Investors in Gold Royalty Corp. (GROY - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the July 17, 2026 $1.50 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Gold Royalty shares, but what is the fundamental picture for the company? Currently, Gold Royalty is a Zacks Rank #4 (Sell) in the Mining - Gold industry that ranks in the Bottom 38% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their earnings estimates for the current quarter, while one analyst has revised the estimate downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from 2 cents per share to 1 cent in that period.

Given the way analysts feel about Gold Royalty right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

MONTRÉAL, March 23, 2026 (GLOBE NEWSWIRE) -- OR Royalties Inc. (“OR Royalties” or the “Company”) (OR: TSX & NYSE) is pleased to announce the appointment of Mr. Patrick Godin as an Independent Director to its Board of Directors (the “Board”).

Shares of Osisko Gold Royalties Ltd (TSE:OR – Get Free Report) have been assigned an average rating of “Moderate Buy” from the six analysts that are covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among analysts that have covered the stock in the last year is C$50.50.

Several equities analysts have issued reports on the stock. Stifel Nicolaus upped their price objective on shares of Osisko Gold Royalties from C$61.00 to C$70.00 in a research note on Tuesday, February 10th. TD Securities cut their target price on Osisko Gold Royalties from C$67.00 to C$64.00 and set a “hold” rating on the stock in a research report on Monday, February 23rd.

Read Our Latest Analysis on OR

Osisko Gold Royalties Price Performance Osisko Gold Royalties stock opened at C$55.40 on Friday. The company’s 50 day simple moving average is C$56.36 and its 200-day simple moving average is C$52.60. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.98 and a current ratio of 4.53. Osisko Gold Royalties has a 1 year low of C$27.08 and a 1 year high of C$65.54. The company has a market capitalization of C$10.39 billion, a price-to-earnings ratio of 50.83, a price-to-earnings-growth ratio of 1.31 and a beta of 1.69.

About Osisko Gold Royalties (Get Free Report)

OR Royalties is a precious metals royalty and streaming company focused on Tier-1 mining jurisdictions defined as Canada, the United States, and Australia. OR Royalties commenced activities in June 2014 with a single producing asset, and today holds a portfolio of over 195 royalties, streams and similar interests. OR Royalties’ portfolio is anchored by its cornerstone asset, the 3-5% net smelter return royalty on Agnico Eagle Mines Limited’s Canadian Malartic Complex, one of the world’s largest gold mines.

Further Reading Five stocks we like better than Osisko Gold Royalties

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Gold colored crown on black background. Horizontal composition.

getty

Gold has endured for centuries not because it’s the “next big thing,” but because it’s historically been seen as reliable when confidence in everything else starts to crack.

Take today’s environment. Inflation pressures persist, geopolitical tensions continue to simmer and fiscal discipline is, at best, optional. Against this backdrop, gold has once again stepped into the spotlight.

But I believe there’s a smarter way to gain exposure than simply owning bullion or mining companies.

Royalty and streaming companies have built one of the most attractive business models in the resource sector. They finance mines rather than operate them, securing rights to future production at fixed costs. This has resulted in strong margins, consistent cash flow and meaningful leverage to rising gold prices.

Below are the top 10 gold royalty and streaming companies based on market cap, counting down from 10. All figures are in U.S. dollars.

MORE FOR YOU

10. Metalla Royalty & StreamingMetalla Royalty & Streaming

Bloomberg

Metalla Royalty & Streaming represents a newer generation of royalty companies focused on growth. With a portfolio approaching 100 mines and other assets, the company has built exposure across gold, silver and copper projects in well-established mining jurisdictions.

What distinguishes Metalla is its emphasis on partnering with large, experienced operators. That approach has helped reduce operational risk while preserving upside tied to exploration success.

9. Gold Royalty Corp.Gold Royalty Corp.

Bloomberg

Gold Royalty has taken a different path, building its portfolio through a “royalty generation” model. Instead of simply acquiring royalties, it helps create them by advancing projects and then monetizing them.

This strategy has resulted in a large and growing portfolio with strong exposure to North America. While still developing its cash flow base, the company offers long-term optionality tied to project advancement and discovery.

8. Versamet RoyaltiesVersamet Royalties

Bloomberg

Versamet is in the middle of a transition. Having listed on Nasdaq as recently as March 2026, it’s now evolving into a mid-tier company anchored by a major gold stream on the Eskay Creek project in Canada.

That property provides near-term production visibility and scale, positioning Versamet for a potential re-rating as the project moves closer to full production. It’s a classic example of how one well-executed transaction can redefine a company’s trajectory.

7. LunR RoyaltiesLunR Royalties

Bloomberg

Founded in 2025, LunR is an emerging name built to bridge the gap between junior and senior royalty companies. Its strategy centers on acquiring high-quality, large-scale assets early, before they reach full production.

That timing introduces risk, but it also creates the potential for outsized returns if projects are successfully developed. As its portfolio matures, I believe LunR could develop into an important player in the space.

6. Altius MineralsAltius Minerals

Bloomberg

Altius offers something different. While it has exposure to precious metals, it also includes royalties tied to commodities such as potash, copper and even renewable energy.

This diversification can help smooth returns across cycles, while recent acquisitions have strengthened its balance sheet. It’s not a pure gold play, but that’s part of what some investors find interesting.

5. Triple Flag Precious MetalsTriple Flag Precious Metals

Bloomberg

Triple Flag has quickly established itself as a leading mid-tier company. Its portfolio spans more than 200 assets, supported by a disciplined investment approach and a strong pipeline of development-stage projects.

I believe the company’s focus on high-quality properties and stable jurisdictions gives it a balanced profile, combining growth potential with a measure of risk control.

4. OR RoyaltiesOR Royalties

Bloomberg

OR Royalties stands out for its emphasis on relatively safe jurisdictions such as Canada, the U.S. and Australia. In a world where geopolitical risk is rising, that can make a big difference.

The company’s assets have generated high cash margins and consistent performance, reflecting the strength of the royalty model when paired with high-quality locations. It offers investors a combination of safety and growth that is increasingly difficult to find.

3. Royal GoldRoyal Gold

Bloomberg

Royal Gold is one of the pioneers of the royalty and streaming model and remains a giant in the industry. Its portfolio spans hundreds of properties, providing broad exposure to gold and silver.

The company’s long track record of disciplined capital allocation and dividend growth speaks to the durability of its approach. For many investors, including us, Royal Gold represents a steady way to participate in the precious metals sector.

2. Franco-NevadaFranco-Nevada

Bloomberg

Many investors view Franco-Nevada as the gold standard for the entire industry. Its portfolio is highly diversified, with more than 100 producing assets and exposure that extends beyond precious metals into energy.

That diversification provides resilience while still delivering strong leverage to gold prices. Combined with a strong balance sheet and a history of attractive returns, I believe Franco-Nevada has more than earned its reputation as a core holding.

1. Wheaton Precious MetalsWheaton Precious Metals

Bloomberg

Wheaton Precious Metals sits at the top for a reason. It’s one of the largest and most focused streaming companies, with the majority of its revenue tied directly to gold and silver.

Wheaton’s portfolio consists largely of long-life, low-cost assets, giving it a powerful margin profile. Because its costs are fixed, rising gold prices flow directly to the bottom line. With a strong growth pipeline and proven ability to execute large transactions, Wheaton remains one of the most compelling ways to gain exposure to precious metals.

A Smarter Way to ParticipateRoyalty and streaming companies have reshaped how investors think about the gold industry. By removing many of the operational risks associated with mining, they offer what I see as a more efficient path to capturing the benefits of higher metal prices.

That said, many investors prefer not to rely on a single company. A diversified approach can provide broader exposure across the sector while helping manage risk.

Q1 2026 revenue was $3.00 billion. This is higher than the estimated revenue of $2,997.59 million.GAAP diluted EPS was $2.43. This is below the estimated EPS of $2.53.Adjusted diluted EPS was $2.65. This is higher than the estimated EPS of $2.53.Income from railway operations was $877 million; adjusted income from railway operations was $939 million.Operating ratio was 70.7%; adjusted operating ratio was 68.7%.Railway operating revenue increased by $5 million year over year and volumes declined by 1%.Prior-year GAAP diluted EPS was $3.31; prior-year adjusted diluted EPS was $2.69.Prior-year operating ratio was 61.7%; prior-year adjusted operating ratio was 67.9%.Current annual estimates: EPS of 12.06 and revenue of $12,589.00 million. On April 24, 2026, Norfolk Southern Corp NSC released its 8-K filing detailing first quarter 2026 results. The Class I railroad operates in the Eastern United States. On more than 20,000 miles of track, the rail hauls shipments of coal, intermodal traffic, and a diverse mix of automotive, agricultural, metal, chemical, and forest products.

Quarterly performance and estimate comparison Norfolk Southern Corp NSC reported first quarter 2026 revenue of $3.0 billion, described as flat year over year with a $5 million increase on a 1% volume decline. Revenue was $3.00 billion, which is higher than the estimated revenue of $2,997.59 million. GAAP diluted EPS was $2.43, down 27% from $3.31 a year ago. GAAP diluted EPS was $2.43, which is below the estimated EPS of $2.53.

Adjusting for merger-related expenses and the effects of the Eastern Ohio incident, adjusted diluted EPS was $2.65, down 1% from $2.69 a year ago. Adjusted diluted EPS was $2.65, which is higher than the estimated EPS of $2.53. On the operating line, income from railway operations was $877 million, down 23% year over year, while adjusted income from railway operations was $939 million, down 2% versus the adjusted prior-year period.

“In the first quarter, our team stayed focused on what we could control, operating with discipline amid volatile volumes, severe winter weather, and a rapidly shifting macroeconomic environment including the dramatic rise in fuel prices in March,” said Mark George, president and chief executive officer of Norfolk Southern. “Despite these challenges, our employees safely delivered a solid service product, managed costs effectively, and earned the continued trust of our customers. As conditions improved, we captured momentum exiting the quarter, reinforcing the strength of our operating foundation and the dedication of the entire Norfolk Southern team.”Operating efficiency and adjustments The operating ratio (OR) was 70.7% versus 61.7% a year ago. The adjusted operating ratio was 68.7%, which is 80 basis points higher than the adjusted 67.9% in the prior year. For railroads, the operating ratio is a core efficiency metric; higher ratios indicate greater cost intensity against revenue, which can pressure margins when volumes soften or fuel costs rise.

Management provided a non-GAAP reconciliation to isolate the impact of merger-related expenses and the Eastern Ohio incident. These adjustments are important for investors seeking to evaluate underlying operations amid one-time items and episodic disruptions.

Q1 2026 (in millions, except per-share and %) Income from railway operations$877 Merger-related expenses and effect of the Eastern Ohio incident+62 Adjusted income from railway operations$939 Operating ratio70.7% Adjustment (merger-related and incident)-2.0% Adjusted operating ratio68.7% Diluted EPS$2.43 Adjustment (merger-related and incident)+0.22 Adjusted diluted EPS$2.65 Q1 2025 (comparative) Income from railway operations$1,146 Effect of the Eastern Ohio incident(185) Adjusted income from railway operations$961 Operating ratio61.7% Effect of the Eastern Ohio incident+6.2% Adjusted operating ratio67.9% Diluted EPS$3.31 Effect of the Eastern Ohio incident(0.62) Adjusted diluted EPS$2.69Performance context, challenges, and what matters for investors The quarter unfolded against volatile volumes, severe winter weather, and a spike in fuel prices. For a network railroad, each of these factors can inflate operating expenses and elongate cycle times, which tend to raise the operating ratio and dampen income from railway operations. The 1% volume decline and fuel cost pressures help explain the year-over-year deterioration in GAAP operating ratio and the decline in GAAP EPS.

Adjusted results show a narrower year-over-year variance. Adjusted income from railway operations declined 2%, and adjusted EPS declined 1%. This indicates that, excluding the merger-related items and the ongoing effects tied to the Eastern Ohio incident, underlying operations were comparatively stable. In the transportation sector, holding service levels and costs in check during weather and fuel shocks is a key differentiator, as it preserves customer trust and network fluidity.

Financial statement takeaways and key metrics The filing emphasizes the income statement and operating metrics central to rail analysis: revenue, volumes, income from railway operations, EPS, and operating ratio. These are critical because they capture pricing and mix (revenue), demand and network utilization (volumes), core profitability (income from railway operations), shareholder earnings power (EPS), and cost discipline (operating ratio). Balance sheet and cash flow details were not included in the provided excerpt, so leverage, liquidity, and free cash flow were not disclosed here.

For additional context, current annual estimates stand at EPS of 12.06 and revenue of $12,589.00 million. While these figures offer a benchmark for the full year, investors will likely monitor how service consistency, fuel dynamics, and any remaining incident or merger-related effects influence operating ratio and earnings conversion in subsequent quarters.

Analysis Norfolk Southern Corp NSC modestly exceeded revenue expectations and delivered an adjusted EPS beat, while GAAP EPS fell short. The spread between GAAP and adjusted outcomes highlights the impact of merger-related expenses and the Eastern Ohio incident in both the current and prior-year periods. The primary operational watchpoint is the operating ratio, which rose materially on a GAAP basis and was 80 basis points higher year over year on an adjusted basis. Sustained cost control and stable service will be essential to protect margins if volumes remain uneven and fuel volatility persists.

GuruFocus Valuation Check Based on GuruFocus’ proprietary metrics, Norfolk Southern Corp NSC appears overvalued relative to its GF Value. The GF Value is $246.73, while the current price is $321.44, indicating the shares trade about 30.3% above fair value. This suggests a limited margin of safety at current levels.

The company’s GF Score is 86/100, which is considered strong and reflects a compelling blend of quality and execution. A Profitability Rank of 9/10 indicates durable earnings power, while a Growth Rank of 7/10 points to solid expansion prospects within the industry context. However, Financial Strength at 4/10 is middling, signaling that investors should keep an eye on leverage and balance sheet flexibility. Predictability at 4.5 stars and a Moat Score of 7/10 reinforce the view that earnings are relatively consistent and competitive advantages are meaningful for a Class I railroad.

Insider Activity shows no insider transactions in the last 3 months. The absence of notable insider buying or selling is neutral and does not provide a strong directional signal. For a deeper dive, visit the Norfolk Southern Corp stock page on GuruFocus.

Explore the complete 8-K earnings release (here) from Norfolk Southern Corp for further details.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

MONTREAL, May 06, 2026 (GLOBE NEWSWIRE) -- OR Royalties Inc. (the “Company” or “OR Royalties”) (OR: TSX & NYSE) is pleased to announce that its Board of Directors has approved a second quarter 2026 dividend of US$0.065 per common share, an 18.2% increase over the previous quarterly dividend. The dividend will be paid on July 15, 2026 to shareholders of record as of the close of business on June 30, 2026. This increased quarterly dividend is intended to be applied to all subsequent quarters, or until further notice is provided. The declaration, timing, amount and payment of future dividends remain at the discretion of the Company's Board of Directors. This dividend is an "eligible dividend" as defined in the Income Tax Act (Canada).

OR Royalties Inc. (OR:CA) Q1 2026 Earnings Call Transcript

, /PRNewswire/ -- Smart Sand, Inc. (NASDAQ: SND) ("Smart Sand" or the "Company") announced today that its board of directors has declared a special cash dividend on the Company's common stock of $0.10 per share, payable on May 5, 2026, to stockholders of record as of the close of business on April 22, 2026.

"We are pleased to continue returning capital to our stockholders through this dividend," said Charles Young, the Company's Chief Executive Officer. "Our ongoing focus on cost discipline, operational efficiency, and maintaining a strong balance sheet positions us to continue evaluating opportunities to return value to stockholders over time."

About Smart Sand:

Smart Sand is a fully integrated frac and industrial sand supply and services company, offering complete mine to wellsite proppant and logistics solutions to our frac sand customers, and a broad offering of products for industrial sand customers. The Company produces low-cost, high quality Northern White sand, which is a premium sand used as a proppant to enhance hydrocarbon recovery rates in the hydraulic fracturing of oil and natural gas wells. The Company's sand is also a high-quality product used in a variety of industrial applications, including glass, foundry, building products, filtration, geothermal, renewables, ceramics, turf & landscaping, retail, recreation and more. The Company offers logistics solutions to its customers through in-basin transloading terminals and its SmartSystems™ wellsite storage and sand management capabilities. Smart Sand owns and operates premium sand mines and related processing facilities in Wisconsin and Illinois, which have access to four Class I rail lines, allowing the Company to deliver products substantially anywhere in the United States and Canada. For more information, please visit www.smartsand.com.

Contact:

Lee Beckelman
Phone: (281) 231-2660
Email: [email protected]

SOURCE Smart Sand, Inc.

Vancouver, British Columbia--(Newsfile Corp. - April 30, 2026) - Silver Sands Resources Corp. (CSE: SAND) (OTC Pink: SSRSF) (the "Company" or "Silver Sands") is pleased to announce that, further to its news release dated March 2, 2026, it has entered into a Definitive Agreement dated April 29, 2026 (the "Agreement") with Fairfields Gold S.A. de C.V. (the "Vendor") to acquire the 1,012.73 hectare Fairfield Gold Project, a gold silver project with underlying porphyry copper potential located in the State of Nayarit, Mexico (the "Concessions"). The Concessions are situated approximately 70 kilometres northeast of Puerto Vallarta and 25 kilometres southwest of Tepic.

Pursuant to the Agreement, the Company may earn a 100 percent interest in the Concessions by making staged cash payments totaling USD$675,000 and issuing an aggregate of 5,150,000 common shares over a four year period.

Keith Anderson, Chief Executive Officer of Silver Sands, commented, "The Fairfield Gold Project represents an excellent opportunity in a strong mining friendly jurisdiction for Silver Sands. Historical exploration by ASARCO reported gold and silver mineralization in the Miravalles Vein, while parallel vein structures have only been minimally explored, highlighting the broader exploration potential of the project."

Key Property Highlights

Initial historical exploration by American Smelting and Refining Company (ASARCO) between 1926 and 1935 included two adits driven on the 1,500 metre Miravalles Vein which reported small shoots of mineralization averaging 31.2 grams per tonne gold and 401 grams per tonne silver.1

Historical drilling completed in 2006 by Servicio Geologico Mexicano, the Mexican Geological Survey, included drill hole DDH 3 which intersected the Miravalles Vein at a shallow angle and returned the following results:2

0.55 metres true thickness grading 12.15 grams per tonne gold and 443 grams per tonne silver at a depth of 178.1 metres

3.4 metres true thickness grading 23.49 grams per tonne gold and 64.13 grams per tonne silver at a depth of 183.1 metres

An interval of undetermined true thickness from 196.15 metres to 201.2 metres averaging 4.71 grams per tonne gold and 16.8 grams per tonne silver

Historical chip sampling on the parallel Estrella Vein returned values of 43.1 grams per tonne gold and 155 grams per tonne silver over 0.10 metres.1

Geology

The Fairfield Gold Project lies on the northern margin of a locally altered Cretaceous hornblende granodiorite pluton with base and precious metal mineralization spatially and genetically related to the pluton. The Miravalles Vein lies in a 300 degree striking fault that dips 65 to 76 degrees northwest, crops out along 1,500 metres of strike and formed at least two shoots of mineralization in excess of two metres in width. Alteration consists of less than one metre thick envelopes of phyllic alteration comprised of quartz, sericite and pyrite that grade outward into propylitic alteration consisting of quartz, chlorite, calcite and pyrite. Mineralization consists of chalcopyrite, sphalerite and galena with percent level arsenic and local sulfosalts.

The data disclosed in this news release relates to historical exploration and drilling. Silver Sands has not undertaken any independent investigation of the sampling, nor has it independently verified the results of the historical exploration work. Silver Sands considers these historical drill results relevant as the Company will use this data as a guide to plan exploration programs; however, the Company cannot confirm their accuracy or reliability. The Company's current and future exploration work includes verification of the historical data through drilling.

Transaction Terms

Under the terms of the Agreement the Company has the right to acquire a 100 percent interest in the Concessions by making aggregate cash payments of USD$675,000 and issuing 5,150,000 common shares over four years to the Vendor as follows:

USD$15,000 upon the execution of the letter of intent, which amount has already been paid in full;

USD$100,000 and 1,000,000 shares upon the execution of the Agreement;

USD$110,000 and 1,000,000 shares on the first anniversary of the Agreement;

USD$125,000 and 1,000,000 shares on the second anniversary of the Agreement;

USD$155,000 and 1,000,000 shares on the third anniversary of the Agreement; and

USD$170,000 and 1,150,000 shares on the fourth anniversary of the Agreement.

Upon completion of all payments and shares issuances, the Concessions will be transferred to a wholly-owned Mexican subsidiary of the Company (the "Mexican Sub").

The Concessions are also subject to a 2.5% net smelter returns royalty (the "NSR") payable to the prior owner from whom the Vendor acquired its interest in the Concessions. Pursuant to the Agreement, the Mexican Sub will have a right to repurchase 1.5% of the NSR from the prior owner for USD$1,000,000. As a condition to closing the transaction, the Mexican Sub and prior owner will enter into an agreement reflecting the NSR and this repurchase right.

In connection with the transaction, the Company has agreed to issue to an arm's length third party 1,050,000 common shares as a finder's fee payable upon execution of the Agreement, subject to approval of the Canadian Securities Exchange. The finder's shares will be subject to applicable statutory hold periods in accordance with securities laws and CSE policies.

The Agreement is subject to the receipt of all necessary regulatory approvals including approval of the Canadian Securities Exchange.

Sources

Report On The Huicicila Miravalles Mine Gold Property Near Compostela, Nayarit, Mexico by J E Hiner and E K Schmidt dated April 5, 2007 for Pan American Gold Corp.

A Competent Person's Report on the Assets of Focus Gold Corp Huicicila Project, Mexico by A Moran and C E Nelson dated August 14, 2011 for Focus Gold Corp.

Qualified Person

R. Tim Henneberry, PGeo BC, a Director of Silver Sands and a Qualified Person under National Instrument 43-101, has reviewed and approved the technical content in this news release.

About Silver Sands Resources Corp.

Silver Sands is a Canada-based company engaged in the business of mineral exploration and the acquisition of mineral property assets in mining-friendly jurisdictions. Its objective is to locate and develop economic precious and base metal properties of merit.

On Behalf of the Board of Directors

Keith Anderson
Chief Executive Officer, President & Director

SILVER SANDS RESOURCES CORP.
Suite 830 - 1100 Melville Street
Vancouver, British Columbia V6E 4A6
https://www.silversandscorp.com

The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Forward-Looking Statements:

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation concerning the business of the Company. The forward-looking statements herein are made as of the date of this news release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. These forward-looking statements include, among other things, statements relating to: the Company's planned exploration programs on the Fairfield Gold Project, including the verification of historical exploration data through drilling; the completion of the acquisition of the Concessions on the terms and timeline contemplated by the Agreement; the transfer of the Concessions to a wholly-owned Mexican subsidiary of the Company upon completion of all payments and share issuances; the broader exploration potential of the Fairfield Gold Project; that the Mexican Sub will have the right to repurchase 1.5% of the NSR from the prior owner for USD$1,000,000 and will enter into an agreement with the prior owner to reflect this; the issuance of finder's fee shares subject to regulatory approval; and the receipt of all necessary regulatory approvals, including approval of the Canadian Securities Exchange.

Such forward-looking statements are based on a number of assumptions of the management of the Company, including, without limitation, that the Company will complete the acquisition of the Concessions on the terms and within the timeframes contemplated by the Agreement, that all necessary regulatory approvals (including approval of the Canadian Securities Exchange) will be obtained, that the prior owner of the Concessions will enter into an agreement with the Mexican Sub to reflect the NSR and the repurchase right, that the Company will be able to verify historical exploration data and that such data will prove to be reliable, that the Company will have sufficient funds to complete the staged payments and planned exploration programs, that general market and economic conditions will not materially deteriorate, and that there will be no adverse changes in applicable laws, regulations or policies that impact the acquisition or the Company's planned exploration activities.

Additionally, forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: there can be no assurance that the acquisition of the Concessions will be completed on the terms contemplated by the Agreement or at all; the Company may not obtain all requisite regulatory approvals, including the approval of the Canadian Securities Exchange; historical exploration data may not be verified or may prove to be unreliable; exploration activities may not yield the results anticipated by the Company; that the prior owner may not enter into an agreement with the Mexican Sub to reflect the NSR and the repurchase right and the repurchase right may not be enforceable; the Company may not have sufficient funds to complete the staged payments or planned exploration programs; changes in commodity prices, general economic and market conditions, political instability, changes in legislation or regulatory requirements, and other risk factors disclosed in the Company's public filings.

Such forward-looking information represents the best judgment of the management of the Company based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295083

Source: Miravalles Gold Corp.

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After a 35-year career in the financial industry, including two decades as an institutional stockbroker at Bear Stearns, Lehman Brothers, and Morgan Stanley, I developed an institutional perspective on dividend-focused investing. My tenure at these premier Wall Street firms exposed me to fundamental analysis, credit evaluation, and risk management practices, which directly translate into selecting quality dividend-paying companies. Having witnessed firsthand the 2008 financial crisis and its aftermath—including the collapse of Bear Stearns and Lehman Brothers, from which I was fortunately spared as I had left both firms by 2004—I developed a keen appreciation for balance sheet strength, sustainable payout ratios, and the importance of dividends as a stabilizing force during market turbulence.

By analyzing cash flow generation, capital allocation strategies, and management quality, I can identify companies with durable competitive advantages and the financial discipline to maintain and grow their dividends through economic cycles. Early in my career, I realized that dividend investing is not merely an income strategy but also a comprehensive framework for building wealth through companies that consistently return capital to shareholders, maintain financial stability, and offer high total-return potential. I used those metrics to screen for high-yield dividend stocks trading under $20. The ability to buy a bigger position allows investors to generate more passive income.

Why do we cover high-yield dividend stocks under $20?

While not suited for everybody, those trying to build strong passive income streams can do exceptionally well with some of these top companies in their portfolios. Paired with more conservative blue-chip dividend giants, investors can use a barbell approach to generate substantial passive income. In addition, as mentioned, stocks trading below $20 allow investors to purchase more shares.

AES This conservative utility stock offers a hefty 4.87% dividend. AES (NYSE: AES | AES Price Prediction) operates as a diversified power generation and utility company in the United States and internationally. The company has agreed to be acquired by a consortium led by Global Infrastructure Partners (a BlackRock company) and EQT AB, in an all-cash deal that will take it private. Shareholders will receive $15.00 per share in a transaction with an enterprise value of approximately $33.4 billion. The advantage for investors is that they will receive a premium over their purchase price, plus collect dividends until the deal is completed late this year or early in 2027.

The company owns and operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries; owns and operates utilities to develop or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market.

It uses various fuels and technologies to generate electricity, such as:

Coal Gas Hydro Wind Solar Biomass Renewables comprising energy storage and landfill gas AES owns and operates a generation portfolio of approximately 34,596 megawatts and distributes power to 2.6 million customers.

Most Wall Street firms have cut their ratings and have a $15 target price, as that is the purchase price for the shares.

CTO Realty Growth With a rich 7.69% dividend yield and solid upside potential, this lesser-known real estate investment trust (REIT) makes sense for passive-income investors. CTO Realty Growth (NYSE: CTO) owns and operates a portfolio of high-quality, retail-based properties located primarily in higher-growth markets in the United States. With a 96% leased occupancy rate and a strategy targeting high-yield acquisitions, CTO offers strong income potential. In addition, CTO’s smaller market cap and focus on retail REITs in specific growth markets make it less visible compared to larger, more diversified REITs.

The company’s segments include:

Income properties Management services Commercial loans and investments Real estate operations CTO holds a stake in Alpine Income Property Trust (NYSE: PINE), further diversifying its holdings. With a 96% leased occupancy rate and a strategy targeting high-yield acquisitions, CTO offers strong income potential. It has paid dividends for 49 consecutive years, reflecting reliability.

The commercial loans and investments segment includes a portfolio of five commercial loan investments and two preferred equity investments. Its income property operations consist of income-producing properties.

CTO’s business includes its investment in Alpine. The portfolio of properties includes:

Carolina Pavilion Millenia Crossing Lake Brandon Village Crabby’s Oceanside Fidelity LandShark Bar & Grill Granada Plaza The Strand at St. Johns Town Center The Shops at Legacy Price Plaza Cantor Fitzgerald has a Strong Buy rating on the shares, with a $22 target price.

Energy Transfer Energy Transfer (NYSE: ET) is one of North America’s largest and most diversified midstream energy companies, with a strategic footprint across all major domestic production basins. This top master limited partnership (MLP) is a safe option for investors seeking energy exposure and income, as the company pays a 7.03% distribution yield.

The company is a publicly traded limited partnership with core operations that include:

Complementary natural gas midstream, intrastate, and interstate transportation and storage assets Crude oil, natural gas liquids (NGL), and refined product transportation and terminalling assets NGL fractionation Various acquisition and marketing assets Following the acquisition of Enable Partners in December 2021, Energy Transfer owns and operates over 114,000 miles of pipelines and related assets in 41 states, spanning all major U.S. producing regions and markets. This further solidifies its leadership position in the midstream sector.

Through its ownership of Energy Transfer Operating, formerly known as Energy Transfer Partners, the company also owns Lake Charles LNG; the general partner interests, the incentive distribution rights, and 28.5 million standard units of Sunoco (NYSE: SUN); and the public partner interests and 39.7 million standard units of USA Compression Partners (NYSE: USAC).

TD Cowen has a Buy rating with a $21 target price on the shares.

Healthpeak Properties This leading company invests in real estate in the healthcare industry, including senior housing, life sciences, and medical offices. Healthpeak Properties (NYSE: DOC) shares have lagged peers over the past year due to lower-than-expected rent increases. The fully integrated REIT currently trades at a significant discount to its fair value and pays a 7.02% dividend.

The company acquires, develops, owns, leases, and manages healthcare real estate across the United States. It owns, operates, and develops real estate focused on healthcare discovery and delivery, and its segments include:

Lab Outpatient medical Continuing care retirement community (CCRC) The Outpatient medical segment owns, operates, and develops outpatient medical buildings, hospitals, and lab buildings.

The Lab segment properties contain laboratory and office space, and are leased primarily to:

Biotechnology companies Medical device and pharmaceutical companies Scientific research institutions Government agencies Organizations involved in the life science industry Its CCRC segment is a retirement community that offers independent living, assisted living, memory care, and skilled nursing units, providing a continuum of care within an integrated campus.

Baird has an Outperform rating and a $19 price target.

Starwood Property Trust Starwood Capital is a well-established global investor with international investments across more than 30 countries, an affiliate of Starwood Property Trust (NYSE: STWD), which boasts a 10.60% dividend yield, and is led by real estate legend Barry Sternlicht. Starwood Property Trust operates as a REIT in the United States, Europe, and Australia. Since going public 15 years ago, it has kept its dividend intact, never once reducing it,  and has held its current payout steady for more than 10 years.

The company’s loan portfolio spans commercial, residential, and infrastructure assets, and it operates with a conservative leverage ratio below 3x. Its four operating segments are:

Commercial and Residential Lending Infrastructure Lending Property Investing and Servicing The Commercial and Residential Lending segment:

Originates, acquires, finances, and manages commercial first mortgages Non-agency residential mortgages Subordinated mortgages Mezzanine loans Preferred Equity Commercial mortgage-backed securities (CMBS) Residential mortgage-backed securities The Infrastructure Lending segment originates, acquires, finances, and manages infrastructure debt investments. In contrast, the Property segment primarily develops and manages equity interests in stabilized commercial real estate properties, including multifamily and net-leased commercial properties, held for investment purposes.

The Investing and Servicing segment:

Manages and works out problem assets Acquires and contains unrated, investment-grade, and non-investment-grade rated CMBS comprising subordinated interests of securitization and re-securitization transactions Originates conduit loans to sell these loans into securitization transactions and acquire commercial real estate assets, including properties from CMBS trusts Wells Fargo has an Outperform rating and a $21 target price.

Posted by Defense World Staff on Apr 26th, 2026

Evergreen Capital Management LLC acquired a new position in shares of Healthpeak Properties, Inc. (NYSE:DOC – Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 33,815 shares of the real estate investment trust’s stock, valued at approximately $544,000.

Other hedge funds have also made changes to their positions in the company. Mather Group LLC. acquired a new position in Healthpeak Properties in the third quarter valued at $25,000. City Holding Co. acquired a new position in Healthpeak Properties in the third quarter valued at $26,000. CYBER HORNET ETFs LLC acquired a new position in Healthpeak Properties in the second quarter valued at $33,000. Wiser Advisor Group LLC acquired a new position in Healthpeak Properties in the third quarter valued at $38,000. Finally, AlphaQuest LLC boosted its holdings in Healthpeak Properties by 49.2% in the third quarter. AlphaQuest LLC now owns 2,864 shares of the real estate investment trust’s stock valued at $55,000 after acquiring an additional 944 shares during the last quarter. Institutional investors and hedge funds own 93.57% of the company’s stock.

Analysts Set New Price Targets A number of brokerages recently weighed in on DOC. The Goldman Sachs Group began coverage on Healthpeak Properties in a report on Friday, January 9th. They issued a “neutral” rating and a $17.00 target price on the stock. Evercore reduced their target price on Healthpeak Properties from $21.00 to $19.00 and set an “outperform” rating on the stock in a report on Wednesday, February 4th. Argus cut Healthpeak Properties from a “buy” rating to a “hold” rating in a report on Thursday, February 5th. Weiss Ratings upgraded Healthpeak Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, January 26th. Finally, Scotiabank upgraded Healthpeak Properties to a “hold” rating in a report on Thursday. Six research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Healthpeak Properties currently has an average rating of “Hold” and a consensus price target of $19.04.

Get Our Latest Stock Analysis on Healthpeak Properties

Healthpeak Properties Trading Up 0.1% NYSE:DOC opened at $16.43 on Friday. The business’s 50-day moving average is $17.01 and its two-hundred day moving average is $17.22. The company has a debt-to-equity ratio of 1.21, a current ratio of 2.82 and a quick ratio of 2.82. Healthpeak Properties, Inc. has a 12 month low of $15.71 and a 12 month high of $19.68. The firm has a market capitalization of $11.42 billion, a PE ratio of 164.28, a price-to-earnings-growth ratio of 2.26 and a beta of 1.10.

Healthpeak Properties (NYSE:DOC – Get Free Report) last released its quarterly earnings data on Monday, February 2nd. The real estate investment trust reported $0.47 EPS for the quarter, beating the consensus estimate of $0.45 by $0.02. Healthpeak Properties had a return on equity of 0.84% and a net margin of 2.52%.The company had revenue of $719.40 million for the quarter, compared to analyst estimates of $685.14 million. During the same period last year, the company posted $0.46 earnings per share. The firm’s revenue was up 3.1% compared to the same quarter last year. Healthpeak Properties has set its FY 2026 guidance at 1.700-1.740 EPS. Research analysts predict that Healthpeak Properties, Inc. will post 1.74 earnings per share for the current fiscal year.

Healthpeak Properties Dividend Announcement The firm also recently announced a monthly dividend, which will be paid on Friday, June 26th. Stockholders of record on Monday, June 15th will be given a dividend of $0.1017 per share. This represents a c) dividend on an annualized basis and a dividend yield of 7.4%. The ex-dividend date of this dividend is Monday, June 15th. Healthpeak Properties’s payout ratio is presently 1,220.00%.

Healthpeak Properties Company Profile (Free Report)

Healthpeak Properties, Inc is a real estate investment trust (REIT) specializing in healthcare-related real estate. Headquartered in Irvine, California, the company owns, develops and acquires a diversified portfolio of properties that cater to the evolving needs of the healthcare industry. Its investments span life science research facilities, medical office buildings and senior housing communities, positioning Healthpeak as a key provider of specialized real estate assets.

Within its life science segment, Healthpeak develops and leases laboratory and research space to biotechnology, pharmaceutical and other life science companies.

Featured Stories Five stocks we like better than Healthpeak Properties Want to see what other hedge funds are holding DOC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Healthpeak Properties, Inc. (NYSE:DOC – Free Report).

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