Franco-Nevada (FNV) Corporate presentation summary

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 high-margin, low-cost operations insulated from inflation, with 121 cash-flowing assets and a focus on quality, long-life assets in safe jurisdictions.

• Prioritizes shareholder alignment through high insider ownership and low G&A, and adapts investment style to provide creative capital and financial backing to strong teams.

• Focuses on exploration and geological optionality, thriving in both bull and bear commodity markets.

Financial performance and growth

• Achieved 17% compounded annual share price returns since IPO and 12% average ROIC over the last five years.

• Revenue, adjusted EBITDA, and operating cash flow have increased 16-18x since IPO, with adjusted net income per share up 17x.

• Industry-leading ROIC, projected to exceed 20% in 2026 and 2027, outpacing major peers.

• Outperformed all major market benchmarks, including NASDAQ, S&P 500, and gold indices, since inception.

Portfolio diversification and asset base

• Portfolio includes 447 assets across 14 countries, with 85% of 2025 GEOs from precious metals and 87% from the Americas.

• No single asset contributes more than 15% of total revenue, reducing concentration risk.

• Streams are typically precious metal by-products from long-life copper mines, while royalties are mostly on gold orebodies with high optionality.

• Embedded optionality has led to a 3.6x increase in gold reserves since IPO, with over 55 Moz produced and $2.7B in revenue from the original portfolio.