Franco-Nevada (FNV) Corporate presentation summary

Investment proposition

• Gold-focused royalty and streaming model combines a diversified cash-flow portfolio with exposure to commodity prices and geological optionality.

• Portfolio spans 447 assets across ~72,000 km², including 121 producing, 47 advanced and 279 exploration assets.

• 2025 GEOs were 85% precious metals and 87% Americas-based across 14 countries; no individual asset exceeded 15%.

Returns and financial profile

• Compounded annual total returns since IPO were 17% to July 31, 2026; average ROIC was 12% over the last five years.

• Since IPO, revenue increased 16x, adjusted EBITDA 17x, operating cash flow 16–18x and adjusted net income per share 17x; 2026 figures are annualized to June 30.

• H1 2026 revenue was $1.232B, adjusted EBITDA $1.122B and adjusted net income $807.5M; adjusted EBITDA margin was 91.1%.

• Available capital was $4.3B as of June 30, 2026; quarterly dividend was US$0.44 per share, with 19 consecutive annual increases and over $3.0B paid since IPO.

Growth outlook and optionality

• 2026 guidance is 510K–570K GEOs; 2030 outlook is 555K–615K GEOs, with ~50% of the five-year growth pipeline already under construction.

• Cobre Panamá restart at full capacity could add 150K–170K GEOs; a decision on the ministerial commission’s recommendation was expected by year-end 2026.

• Long-term development assets represent potential annual contribution of ~213K GEOs, alongside additional optionality from 230 smaller and exploration assets.

• Exploration coverage totals 17.779M acres, with estimated operator exploration spend exceeding $600M.