Franco-Nevada (FNV) Corporate presentation summary

Investment highlights

• Delivers 17% compounded annual 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 and exposure to 14 countries, with 85% of 2025 revenue from precious metals and 87% from the Americas.

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

• Progressive dividend policy with 19 consecutive increases and over $2.8B paid since IPO.

• Top-ranked by ESG rating agencies, emphasizing responsible capital allocation and sustainability.

Business model and strategy

• Focuses on gold-focused royalties and streams, insulated from cost inflation and commodity price volatility.

• Limits debt usage, prioritizes progressive dividends, and maintains financial flexibility.

• Seeks exposure to exploration optionality and adapts investment style to market cycles.

• Provides creative capital solutions and partners with strong management teams.

Growth and portfolio optionality

• Achieved 12–14x growth in revenue, adjusted EBITDA, and operating cash flow since IPO.

• Projects 45% growth in GEOs by 2030, with a 5-year pipeline including new mines and expansions.

• Embedded optionality: gold reserves in top assets have increased 3.6x since IPO, with no additional cost.

• Long-term pipeline includes over 230 additional assets and potential annual contribution of 222k GEOs beyond 2030.