Franco-Nevada (FNV) Corporate presentation summary

Business model and strategy

• Delivers a proven, diversified royalty and streaming model focused on precious metals, with 119 cash-flowing assets and a strong ESG commitment.

• Maintains financial flexibility by avoiding long-term debt and prioritizing progressive, sustainable dividends.

• Adapts investment style to provide creative capital solutions for high-quality projects and partners.

• Focuses on shareholder alignment through high insider ownership and low general and administrative costs.

• Holds approximately $1B in available capital for future growth and acquisitions.

Financial performance and returns

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

• Paid over $2.5B in dividends since IPO, with a 13% dividend CAGR from 2008 to 2025.

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

• Maintains high margins, with a 56% adjusted net income margin and 86% adjusted EBITDA margin in 2024.

• Insulated from operating cost inflation due to high-margin royalty and streaming model.

Portfolio diversification and asset base

• Portfolio includes 430 assets across 14 countries, with 119 producing, 38 advanced, and 273 exploration assets.

• 79% of revenue comes from precious metals, and 84% of assets are in the Americas.

• No single asset contributes more than 16% of total revenue, reducing concentration risk.

• Holds both royalties and streams, with streams typically on large copper mines and royalties on gold assets.

• Demonstrated significant returns on key royalty investments, with some assets generating over $1B in returns from minimal initial investments.