Franco-Nevada (FNV) Corporate Presentation summary

Business model and financial performance

• Delivers a 15% compounded annual return since IPO, with 17 consecutive dividend increases and $2.4B in available capital.

• Operates a diversified, non-operating royalty and streaming model with 118 cash-flowing assets and low overhead, generating strong free cash flow and high margins throughout commodity cycles.

• Maintains a debt-free balance sheet, progressive and sustainable dividends, and high shareholder alignment through significant management ownership.

• 2023 adjusted net income margin was 56% and adjusted EBITDA margin was 83%, with G&A expenses at just 2.4% of revenue.

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

Portfolio and growth strategy

• Portfolio includes 432 assets across ~67,600 km², with 118 producing and 276 exploration assets, and 85% of revenue from the Americas.

• 2024 guidance for 480,000–540,000 GEOs, with 2028 outlook of 540,000–600,000 GEOs, driven by new mine starts and expansions.

• Recent major transactions include a $750M gold stream for SolGold's Cascabel project and a 1.8% NSR royalty acquisition on Yanacocha.

• Organic growth pipeline includes expansions and new projects such as Detour Lake, Tocantinzinho, Salares Norte, and Valentine Gold.

• Long-term optionality from advanced and exploration assets, with 4.1 million M&I royalty ounces and significant exposure to copper, gold, and nickel projects.

ESG leadership and recognition

• Ranked #1 by Sustainalytics and holds AA MSCI ESG rating, with top industry and regional ESG recognition.

• Allocates capital to responsible operators, supports community initiatives, and maintains strong governance and shareholder alignment.

• Board and management own over C$200M in stock, with G&A kept low even compared to ETF fees.

• Diversity targets include 30% women on the board by 2022 and 40% diverse persons in senior management and board by 2025.

• Transparent ESG disclosure and annual reporting aligned with SASB, GRI, and TCFD standards.