Franco-Nevada (FNV) Corporate presentation summary

Business model and portfolio

• Focuses on gold-focused royalties and streaming, providing exposure to commodity price upside and geological optionality while insulating from cost inflation.

• Holds the most diversified asset base in the sector, with 119 cash-flowing assets and no single asset contributing more than 15% of revenue.

• Portfolio spans 435 assets across 14 countries, with 85% of 2025 GEOs from precious metals and 87% of revenue from the Americas.

• Royalties are primarily on gold orebodies, while streams are typically precious metal by-products from long-life copper mines.

Financial performance and returns

• Achieved a 19% compounded annual return since IPO, outperforming major benchmarks including NASDAQ, S&P 500, and gold miners.

• Revenue, adjusted EBITDA, operating cash flow, and adjusted net income per share have grown 12–14x since IPO.

• Maintains a high-margin, low-cost model with cash costs per GEO consistently below $325 from 2020–2025, providing insulation from operating cost inflation.

• Paid over $2.7B in dividends since IPO, with 19 consecutive annual increases and a 13% dividend CAGR from 2008–2026.

• Holds $3.1B in available capital, is debt-free, and generates $450M–$500M in cash per quarter.

Growth pipeline and guidance

• Targets 45% production growth by 2030, contingent on Cobre Panama restart, with 2030 GEOs outlook of 555K–615K (excluding Cobre Panama).

• 2026 guidance: 510K–570K GEOs, with major contributions from Côté Gold, Porcupine, Valentine Gold, Casa Berardi, Greenstone, and Salares Norte.

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

• Long-term optionality from over 230 additional assets could contribute ~222K GEOs annually beyond the five-year outlook.