Franco-Nevada (FNV) Corporate Presentation summary

Business model and strategy

• Focuses on a diversified, non-operating royalty and streaming model with 117 cash-flowing assets and $2.3B available capital.

• Maintains low risk through asset diversification, high margins, and limited exposure to cost inflation.

• Prioritizes shareholder alignment, financial flexibility, and creative capital deployment to high-quality projects.

• Avoids long-term debt and emphasizes progressive, sustainable dividends.

• Strong technical skills guide asset selection and exploration optionality.

Financial performance and returns

• Achieved a 15% compounded annual return since IPO and 17 consecutive dividend increases.

• 2023 revenue reached $1.2B, with adjusted EBITDA margin at 83% and net income margin at 56%.

• G&A expenses remain low at 2.4% of revenue and 13 basis points of market cap.

• Over $2.3B in dividends paid since IPO, with a 9.4% yield for original shareholders.

• Market capitalization has grown significantly since 2008.

ESG and governance

• Top-rated ESG performer, ranked #1 by Sustainalytics and rated AA by MSCI.

• Allocates capital to responsible operators and supports community initiatives.

• Board and management own over C$200M in stock, ensuring alignment with shareholders.

• Targets 30% women on board by 2022 and 40% diverse persons in senior management and board by 2025.

• Aims for net-zero corporate emissions by 2050 and 42% reduction in Scope 2 emissions by 2030.