Alaris Royalty (TSE:AD.UN)
TSX:AD.UN
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Earnings Data
Report Date
Aug 12, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.44Last Year’s EPS
-0.39Same Quarter Last Year
Strong Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a generally positive operational and financial picture: revenue, partner distributions, distributable cash flow and net book value improved, management deployed capital actively (including a $75M Kubik investment), realized and unrealized gains were reported, and liquidity remains available to fund additional deals. Key challenges include modestly lower operating earnings driven by higher compensation expense, some partner-specific softness (Shipyard, partial distributions at FMP) and short-term volatility in certain portfolio companies (Sono Bello TTM weakness). Cash tax lumpiness and uncertainty around timing of common equity realizations add caution, but overall the positives (growth in cash flow, conservative payout, strong pipeline, redeployment capacity and partner recoveries) outweigh the negatives.Company Guidance
Revenue and Partner Distribution Growth
Total revenue and operating income increased 2.7% in the quarter. Partner distribution revenue rose 11% year-over-year, with preferred distributions up ~10% (driven by 2025 investments and distribution resets) and common distributions higher quarter-over-quarter (timing/variability).
Distributable Cash Flow Improvement
Distributable cash flow increased approximately 6% Q1 '26 vs Q1 '25, supported by higher distributions and lower transaction costs. Payout ratio remains conservative at 51.9% for the quarter (prior year just over 51%).
Net Book Value and Earnings Upside
Net book value per unit rose to $25.31, up $0.52 in the quarter (driven by $0.55/unit earnings from operations and $0.44/unit foreign exchange gains). Earnings and comprehensive income increased significantly this quarter due to an unrealized foreign exchange gain versus a prior-year loss.
Fair Value and Realized Gains
Positive fair value movement of ~USD 8 million in the quarter (Fleet +USD 10M; Shipyard -USD 6M). Partial redemption from 3E generated a realized gain of ~CAD 3.8 million and returned capital for redeployment.
Active Deployment and Strong Pipeline
Continued capital deployment with a $75 million investment in Kubik subsequent to quarter end. Company reports record deployment in 2025 and expects deployment to remain strong. Run-rate revenue for the next 12 months is ~CAD 203 million and Q2 partner revenue is expected to be ~CAD 48 million.
Liquidity and Financial Capacity
Available liquidity includes USD 115 million on the credit facility (able to fund 1–2 transactions) plus a pre-approved incremental USD 50 million (expandable line from USD 450M to USD 500M), and anticipated further redemptions during the year to support redeployment.
Partner Operational Recoveries
Several partners show positive momentum: Fleet reported strong backlog and new customer wins (notably added a major customer, now serving 5 of the top 10 fleet companies globally) contributing to mark-ups; GWM restarted distributions and is operating above budget; Sono Bello is ahead of this year’s budget and management expects ~25% improvement versus last year (despite trailing weakness at end-2025).
Dividend Increase and Conservative Payout
Annual distribution increased to CAD 1.52 per unit. On a pro forma basis the quarterly payout ratio would be ~53% with the increased distribution, remaining well below the company’s 65%–70% target range and leaving room for redeployment and potential future dividend increases.
Compensation Aligned to Equity Performance (Non-Cash Going Forward)
New TRP compensation plan introduces a 10% carried-equity style incentive on common equity gains with a 2-year lag and is settled in units (subject to shareholder approval), aligning employee incentives with long-term capital gains while being unit-settled (non-cash impact going forward).
TSE:AD.UN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:AD.UN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 06, 2026 | C$22.40 | C$22.60 | +0.89% |
Mar 09, 2026 | C$20.95 | C$20.32 | -3.00% |
Nov 05, 2025 | C$18.81 | C$18.52 | -1.54% |
Aug 07, 2025 | C$17.67 | C$17.11 | -3.21% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Alaris Royalty (TSE:AD.UN) report earnings?
Alaris Royalty (TSE:AD.UN) is schdueled to report earning on Aug 12, 2026, After Close (Confirmed).
What is Alaris Royalty (TSE:AD.UN) earnings time?
Alaris Royalty (TSE:AD.UN) earnings time is at Aug 12, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is TSE:AD.UN EPS forecast?
TSE:AD.UN EPS forecast for the fiscal quarter 2026 (Q2) is 0.44.