Franco-Nevada (FNV) Corporate presentation summary

Business model and strategy

• Delivers a proven business model with a diversified portfolio, financial flexibility, and a focus on sustainability and shareholder alignment.

• Avoids long-term debt, maintains high share ownership, and pays progressive, sustainable dividends.

• Adapts investment style to provide creative capital to high-quality projects and leverages strong technical skills for asset selection.

• Maintains $1.85B in available capital and a debt-free balance sheet, supporting ongoing growth and acquisitions.

Financial performance and returns

• Achieved a 17% compounded annual return since IPO and 18 consecutive dividend increases.

• Paid over $2.7B in dividends since IPO, with a 13% dividend CAGR from 2008 to 2025.

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

• Maintains high margins: 59% adjusted net income margin and 91% adjusted EBITDA margin for 9M 2025.

• Cash cost per GEO remains low and insulated from operating cost inflation, supporting profitability.

Portfolio diversification and growth

• Holds 434 total assets across 15 countries, with 120 producing, 38 advanced, and 276 exploration assets.

• 83% of revenue comes from precious metals, and 86% of assets are in the Americas.

• Portfolio includes 418 royalties and 14 streams, with significant geological optionality and long mine lives.

• Recent large acquisitions (e.g., Côté, Cascabel, Porcupine) add over 120K GEOs to the medium-term outlook.

• Over 50% growth expected by 2029, with a robust pipeline of projects under construction or development.