WPM Q2 Earnings Call Keeps 2026 Outlook and Deal Appetite Intact

WPM Keeps 2026 Production Outlook Intact

Haytham Hodaly, president and chief executive officer, said the first half delivered records across production, sales volumes, revenue, earnings and cash flow.

Wesley Carson, vice president of operations, maintained 2026 production guidance of 860,000 to 940,000 gold equivalent ounces, or GEOs. Q2 production was 202,000 GEOs, up 6% year over year.

A UBS analyst asked what would drive the second-half increase. Carson, operations vice president, said ramping assets represent only about 3% of annual production, with mine sequencing at Salobo and Peñasquito and the full Antamina stream contribution doing most of the work.

Wheaton Sees Sales Tracking Production More Closely

Vincent Lau, senior vice president and chief financial officer, said Q2 sales reached 209,000 GEOs, above production as Wheaton drew down ounces produced but not yet delivered, or PBND.

A Scotiabank analyst pressed on second-half sales. Lau, CFO, said PBND at roughly 158,000 GEOs, or 2.6 months of payable production, was more likely to stay flat or rise modestly toward year-end.

Reported revenue of $929.2 million exceeded the Zacks Consensus Estimate of $876.78 million, while reported EPS of $1.19 topped the $1.15 consensus.

WPM Expects Better Antamina Silver Grades

Carson, operations vice president, said Antamina produced 2.3 million attributable silver ounces in Q2, up 56% year over year, helped by the BHP stream that increased Wheaton's silver share to 67.5%.

A CIBC analyst asked whether lower silver grades reflected commodity-price-driven feed choices. Carson, operations vice president, said pit sequencing, not selective processing, drove the result and pointed to more silver-rich ore ahead.

Carson, operations vice president, expects higher silver grades later in 2026 and over the following 12 to 18 months. Lau, CFO, said there were no impairment indicators for the BHP stream and the asset was performing as expected.

Wheaton Keeps Deal Pipeline Active

Hodaly, CEO, said Wheaton had about $2.6 billion of unused capacity and was generating more than $200 million of free cash flow per month, leaving room for accretive transactions.

Neil Burns, vice president of corporate development, said softer equity markets had increased opportunities among smaller companies. He described the pipeline as weighted toward gold, with many transactions in the $200 million to $500 million range.

A Scotiabank analyst asked about larger opportunities. Hodaly, CEO, said most remain below $500 million, but occasional $1 billion to $2 billion deals could emerge sooner, while large copper financing needs are further out.

WPM Leans on Organic Projects Beyond Deals

Carson, operations vice president, highlighted progress at Blackwater, Kurmuk and Koné. Blackwater's Phase 1A expansion remained on schedule for Q4 2026 commissioning, while Kurmuk was expected to start operations in August and Koné targeted first gold in Q4.

Hodaly, CEO, emphasized that Wheaton's growth does not depend on additional transactions. Management continues to project approximately 50% growth to 1.2 million GEOs by 2030.

A Bloomberg Intelligence analyst asked whether the 2030 outlook now carried upside. Hodaly, CEO, kept the forecast unchanged, saying Wheaton would stick with 1.2 million GEOs until additional transactions are completed.

Wheaton Stays Disciplined on Growth

Hodaly, CEO, closed with an emphasis on disciplined capital deployment, long-life precious-metal streams and portfolio diversification while balancing debt repayment with existing commitments and new opportunities.

The call framed the second-half production step-up around established mines and Antamina rather than a large contribution from newer projects, keeping execution at core assets central to the 2026 outlook.

WPM's Zacks Signals Favor Growth Over Value

WPM carries a Zacks Rank #3 (Hold), indicating a more neutral earnings estimate-revision outlook. Under the Zacks framework, stocks with a Zacks Rank #3 can still be held, while Style Scores help distinguish their value, growth and momentum characteristics. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The stock has a Growth Score of A, Value Score of D, Momentum Score of C and VGM Score of C. The mix points to stronger growth characteristics than value or momentum, while the VGM Score remains outside the A-or-B range. The Zacks Rank can change as analysts revise estimates following the latest results.

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