Franco-Nevada (FNV) AGM 2026 summary

Opening remarks and agenda

• Chair welcomed shareholders, outlined the agenda, and announced his retirement as chair and director after 19 years of service.

• Introductions of the executive team and board members were made, with all directors present in person.

• Meeting logistics were explained, including hybrid participation and voting procedures.

Board and executive committee updates

• David Harquail stepped down as chair and director, with Tom Albanese appointed as the new chair.

• The board transition was highlighted as a planned refresh, with pride expressed in the management and board.

Financial performance review

• Over 18 years, revenues grew 12x, EBITDA 14x, and earnings 12x, with industry-leading profitability.

• Return on assets projected at 20% for the next two years, and share price CAGR of 18% since IPO.

• Dividend increased for 19 consecutive years, with a CAGR of 13% and yield nearing 12% in USD terms.

• Portfolio growth outlook includes 40%-50% growth over the next five years, contingent on Cobre Panama.

• Underlying gold inventory valued at $124 billion, nearly 3x current enterprise value.