Franco-nevada Corporation · TSX:FNV
Franco-nevada — Q3 2025 Earnings Presentation
14 slides from Franco-nevada's earnings presentation, Nov 4, 2025
Slide 1: Q3 Results Presentation
2 0 2 5 Q 3 R E S U L T S P R E S E N T A T I O N N O V E M B E R 4 , 2 0 2 5
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT 2 F O R WA R D - LO O K I N G S TAT E M E N T S This presentation contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectivel
Slide 3: Speakers
SPEAKERS 3 Paul Brink Sandip Rana President & CEO CFO
Slide 4: Average Price Changes
AVERAGE PRICE CHANGES 4 1. Based on LBMA PM Fix for gold, platinum and palladium. Based on LBMA Fix for silver 2. Based on Bank of Canada daily rates.
Slide 5: Performance – GEOs Sold, Net GEOs
PERFORMANCE –GEOs SOLD, NET GEOs 5 GEOs Sold1 +26% Net GEOs1 +29% Total Revenue +77% Adjusted EBITDA1 +81% 140,000 140,000 $600 $ (million) $450 $ (million) $400 120,000 120,000 $500 $350 100,000 100,000 $400 $300 80,000 80,000 $250 $300 $200 60,000 60,000 $200 $150 40,000 40,000 $100 $100 20,000 20
Slide 6: Key Financial Metrics
KEY FINANCIAL METRICS 6 Q3 2025 Q3 2024 Variance Average Gold Price ($/oz) $3,456 $2,477 39.5% Gold Equivalent Ounces (GEOs)1 138,772 110,110 26.0% Revenue $487.7 $275.7 76.9% Adjusted EBITDA1 (millions) $427.3 $236.2 80.9% Adjusted EBITDA1 per share $2.22 $1.23 80.5% Adjusted EBITDA Margin1 87.6% 8
Slide 7: Q3 2025 Revenue Diversification
Q3 2025 REVENUE DIVERSIFICATION 7 COMMODITY GEOGRAPHY ASSETS ASSET TYPE Precious Metals 85% of Revenue
Slide 8: Growing GEO Margin
GROWING GEO MARGIN 8 4,000 FNV Margin ↑ 42% 3,500 3,000 2,500 2,000 US$ $2,980 $3,116 1,500 $2,375 $2,559 $2,187 1,000 500 $290 $287 $304 $299 $340 - Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Cash cost per GEO¹ Margin Continued margin increase as commodity prices increase 1. Please refer to the append
Slide 9: Guidance
GUIDANCE 9 G R O W T H A N D O P T I O N A L I T Y 2025 INITIAL GUIDANCE 1, 2 2025 UPDATED GUIDANCE 1 TOTAL GEOs 4 6 5 , 0 0 0 - 5 2 5 , 0 0 0 495,000-525,000 PRECIOUS METAL GEOs 3 8 5 , 0 0 0 - 4 2 5 , 0 0 0 420,000-440,000 + Full year Tocantinzinho, Greenstone, Salares Norte, Yanacocha + New acqui
Slide 10: Available Capital
AVAIL ABLE CAPITAL 10 AS AT SEPTEMBER 30, 2025 Cash $236.7M Marketable Securities ~$625.0M Corporate Revolver/Credit Facility ~$1,000.0M Available Capital1 ~$1,850.0M + Cash Generated by Operations $300M-$350M per quarter Debt Free 1. Other funding commitments will be funded with cash flow from oper
Slide 11: CRA Audit (2013-2021)
CRA AUDIT (2013-2021) 11 A P P E N D I X On September 11, 2025, the Company announced that it has reached a settlement with the Canada Revenue Agency (“CRA”) which provides for a final resolution of its tax dispute in connection with the transfer pricing reassessments for 2013 to 2019 related to inc
Slide 12: Franco-Nevada.com
FRANCO-NEVADA.COM TSX/NYSE: FNV
Slide 13: GEOs and Net GEOs
GEOS AND NET GEOs 13 A P P E N D I X 1. GEOs include Franco-Nevada’s attributable share of production from our Mining and Energy assets, after applicable 2. Net GEOs are GEOs sold, net of direct operating costs, including, for our stream GEOs, the associated ongoing cost recovery and payability fact
Slide 14: Non-GAAP Measures
NON-GAAP MEASURES 14 A P P E N D I X 1. Non-GAAP Financial Measures: Cash Costs, Cash Costs per GEO sold, Adjusted Net Income, Adjusted Net Income per Share, Adjusted Net Income Margin, Adjusted EBITDA, Adjusted EBITDA per share, and Adjusted EBITDA Margin are non-GAAP financial measures with no sta