Franco-Nevada (FNV) Corporate presentation summary

Investment highlights

• Delivers 17% compounded annual share price returns since IPO and 12% average ROIC over the last five years, outperforming major benchmarks and peers.

• Maintains a diversified portfolio with 121 cash-flowing assets, no single asset contributing over 15% of revenue, and 85% of 2025 GEOs from precious metals.

• Holds $3.4B in available capital, is debt-free, and generates $450M–$500M in cash per quarter, supporting financial flexibility and growth.

• Progressive dividend policy with 19 consecutive increases, $2.9B paid since IPO, and a 13% dividend CAGR from 2008–2026.

• Top-ranked by ESG rating agencies, recognized for responsible capital allocation, governance, and sustainability leadership.

Business model and strategy

• Focuses on gold and precious metals royalties and streams, providing high-margin, low-cost exposure to commodity price and geological optionality.

• Pursues profitable growth by increasing NAV/share and cash flow/share, with shareholder alignment through high insider ownership and low G&A.

• Adopts an adaptable investment style, backing strong teams and seeking exposure to exploration optionality.

• Thrives in both bull and bear commodity markets, leveraging a diversified and flexible approach.

Growth and asset pipeline

• Achieved 12x revenue, 14x adjusted EBITDA, and 12x adjusted net income per share growth since IPO.

• 5-year growth pipeline includes new mines (Stibnite Gold, Copper World, Eskay Creek, Taca Taca, Cascabel) and expansions (Vale, Antapaccay, Magino, Detour Lake, Castle Mountain).

• 2030 GEOs outlook of 555K–615K, with potential for an additional 150K–175K GEOs if Cobre Panamá restarts at full capacity.

• Significant long-term optionality from a deep pipeline of development and exploration assets, with ~222K GEOs annual potential beyond the 5-year outlook.