Franco-Nevada (FNV) Investor Day 2026 summary

Strategic Vision and Business Model

• Focus on low-risk, high-appeal gold and copper investments, maintaining the largest and most diversified portfolio with 121 producing assets and 441 total assets globally.

• Emphasis on long-life assets in stable jurisdictions, providing exposure to commodity price and geological optionality while being insulated from cost inflation.

• Maintains industry-leading returns, with a 19% CAGR since IPO and a five-year average ROIC of 12%, projected to exceed 20% by 2026–2027.

• Operates with no debt and over $3.1 billion in available capital, prioritizing shareholder alignment, financial flexibility, and adaptability to market cycles.

• Sustainability is central, with top ESG ratings and global recognition for responsible capital allocation and climate action.

Growth Outlook and Portfolio Expansion

• Anticipates 12–13% organic growth by 2030, with up to 45% growth possible if Cobre Panamá returns to full operation.

• Long-term options could add up to 222,000 GEOs annually, with a total inventory of 27.5 million ounces valued at $126 billion at current gold prices.

• Exploration spend exceeds $600 million across 17.8 million acres, supporting significant new discoveries and future growth.

• Recent acquisitions and partnerships, such as Casa Berardi, I-80 Gold, Discovery Silver, Equinox Gold, and Minerals 260, are driving near- and mid-term production growth.

• Key assets like Detour Lake, Côté, Porcupine, and Greenstone are highlighted for their expansion potential and ongoing resource growth.

Financial Performance, Capital Allocation, and Guidance

• Ended 2025 with $670 million in cash, $1.5 billion in credit, and $900 million in equity holdings, totaling $3.1 billion in available capital.

• Maintains a high-margin business model, with a 90% EBITDA margin and scalable G&A costs, supporting progressive dividend growth for 19 consecutive years and over $2.8 billion paid since IPO.

• Guidance for 2026 is 510,000–570,000 GEOs, rising to 555,000–615,000 GEOs by 2030, with Cobre Panamá potentially adding 150,000–175,000 GEOs annually.

• Business remains debt-free, generating $450 million–$500 million in cash per quarter, supported by a $1 billion credit facility.

• Conservative debt policy prioritizes financial flexibility, with willingness to use debt up to 1x EBITDA for strategic opportunities.