EPS of $1.22 beat estimates of $1.05; revenue of $864.7M beat estimates of $732.4M. Elevated precious metal prices and a ramp-up in sales from recently acquired streams are set to lift Wheaton's 2026 Ebitda a further 67% to $3.15 billion, or modestly above consensus. Its $4.3 billion Antamina silver stream is set for completion on April 1 and contributes to a 13% boost in gold-equivalent production to about 890,000 ounces, near the midpoint of company guidance. Yet sales growth will likely trail and skew to 2H due to the timing of metal receipts. The Antamina stream acquisition should tip Wheaton into a 1H net-debt position of $2 billion. Still, growth investment is supported by expectations of $3.2 billion in 2026 operating cash flow, with $1.1 billion likely remaining on its revolving line of credit. We would be comfortable adding.
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