Franco-Nevada (FNV) Corporate presentation summary

Business model and strategy

• Delivers a proven business model with a focus on shareholder alignment, financial flexibility, and adaptable investment style, avoiding long-term debt and prioritizing progressive, sustainable dividends.

• Maintains a diversified portfolio with 118 cash-flowing assets and $2.4B in available capital, supporting growth and optionality.

• Demonstrates strong technical skills in asset selection and creative capital provision to high-quality projects.

• Achieved a 16% compounded annual return since IPO and 18 consecutive dividend increases.

ESG and governance

• Recognized as the top-rated gold company by Sustainalytics and holds AA MSCI ESG ratings.

• Operates under five ESG pillars, including responsible capital allocation, community contributions, and transparent disclosure.

• Emphasizes good governance, shareholder alignment, and fostering diversity and inclusion.

Financial performance and returns

• Outperformed major indices since IPO, offering lower-risk gold investment and strong market volatility hedge.

• Paid over $2.5B in dividends since IPO, with a 13% dividend CAGR from 2008–2025 and 18 consecutive annual increases.

• Revenue, adjusted EBITDA, operating cash flow, and adjusted net income per share have all increased over 6x since IPO.

• Maintains high margins and a low-cost model, insulated from operating cost inflation.

• 2024 adjusted net income margin was 56% and adjusted EBITDA margin was 86%.