Franco-Nevada (FNV) investor relations material

Proven business model and financial performance

• Achieved an 18% compounded annual return since IPO and 19 consecutive dividend increases, with over $2.7B in dividends paid as of January 2026.

• Maintains a diversified portfolio with 120 cash-flowing assets and over 50% growth projected by 2029, supported by $1.85B in available capital.

• High profitability with a 59% adjusted net income margin and 91% adjusted EBITDA margin for the first nine months of 2025.

• Revenue, adjusted EBITDA, operating cash flow, and adjusted net income per share have increased 8-10x since IPO.

• Maintains a low-cost, high-margin model, largely insulated from operating cost inflation.

Portfolio diversification and growth

• Portfolio spans 434 assets across 15 countries, with 83% of revenue from precious metals and 86% from the Americas.

• No single asset contributes more than 15% of total revenue, reducing concentration risk.

• Recent large acquisitions (e.g., Côté, Porcupine, Cascabel, Yanacocha, Western Limb, Arthur Gold) add significant long-term optionality and potential for over 120,000 GEOs in medium-term outlook.

• Embedded royalty growth demonstrated by a 3.6x increase in gold reserves since IPO, with over $2.4B in revenue generated from the original portfolio.

Sustainability and ESG leadership

• Consistently top-ranked by ESG rating agencies, including Sustainalytics, MSCI, and inclusion in Global 100 and Canada’s Best 50 corporate citizens.

• Focus on responsible capital allocation, community contributions, good governance, diversity, and transparent sustainability disclosure.