Franco-Nevada (FNV) investor relations material

Strategic positioning and business model

• Operates the largest and most diversified gold-focused royalty and streaming portfolio, emphasizing low-risk investments, strong balance sheet, and progressive dividends as a hedge against market instability.

• Maintains financial flexibility with $3.1B in available capital, a debt-free structure, and a focus on sustainable, progressive dividends, having paid over $2.8B since IPO with 19 consecutive increases.

• Prioritizes shareholder alignment through high insider ownership and low G&A, and adapts investment style to provide creative capital solutions and exposure to exploration optionality.

• Focuses on quality, long-life assets in safe jurisdictions, insulated from cost inflation, and leverages technical expertise for asset selection.

Financial performance and growth

• Achieved industry-leading compounded annual returns of 19% since IPO and a 12% average ROIC over the last five years, outperforming major benchmarks.

• Revenue, adjusted EBITDA, and operating cash flow have increased 12-14x since IPO, with adjusted net income per share up 12x.

• Maintains a high-margin, low-cost model with cash costs per GEO consistently below $350 from 2020-2025, providing insulation from operating cost inflation.

Portfolio diversification and optionality

• Holds 441 assets across 14 countries, with 121 cash-flowing assets and 85% of 2025 revenue from precious metals, primarily in the Americas.

• No single asset contributes more than 15% of revenue, and streams are typically precious metal by-products from long-life copper mines.

• Demonstrates significant geological optionality, with reserves and resources increasing as commodity prices rise, and a 3.6x increase in gold reserves since IPO at no additional cost.