Franco-Nevada Reports Record 2025 Results

(in U.S. dollars unless otherwise noted)

TORONTO, March 10, 2026 /PRNewswire/ -

Strong Finish to the Year

2025 was a record-breaking year for Franco-Nevada driven by higher precious metal prices and growing production. "We achieved the top end of our revised 2025 GEO guidance range thanks to a strong fourth quarter", stated Paul Brink, CEO. "The record increase in our annual cash flow allowed us to announce a 16% dividend increase in January this year. 2025 joined 2024 as two of our best-ever years for capital deployment. That success has continued post year-end and we have announced four further attractive acquisitions, all of which add additional optionality and create real value for shareholders rather than simply adding scale. Our 2026 guidance and the five-year outlook point to a strong growth foundation and the tremendous amount of exploration capital expected to be spent by operators on projects in our deep royalty portfolio is set to provide powerful additional organic growth. A restart of Cobre Panama would add significant further growth, and the Panamanian Government's willingness to approve the processing of stockpiles is a positive step in that direction. With the industry's largest portfolio of gold royalties, no debt and $3.1 billion in available capital we are uniquely positioned to continue to create shareholder value."

Financial Highlights – Q4 2025 compared to Q4 2024

Financial Highlights – 2025 compared to 2024

GEOs Sold and Revenue

Quarterly GEOs sold and revenue by commodity

Q4 2025

Q4 2024

GEOs Sold

Revenue

GEOs Sold

Revenue

(in millions)

PRECIOUS METALS

Gold

101,140

422.3

79,532

211.6

Silver

24,078

102.4

13,689

36.2

PGM

2,741

12.8

2,344

6.5

127,959

537.5

95,565

254.3

DIVERSIFIED

Iron ore

2,175

9.0

4,330

11.6

Other mining assets

589

2.4

332

0.8

Oil

6,254

22.9

14,317

34.0

Gas

3,217

16.8

3,700

12.6

NGL

1,462

4.2

1,819

5.3

13,697

55.3

24,498

64.3

GEOs and revenue from royalty, stream and working interests

141,656

592.8

120,063

318.6

Interest revenue and other interest income

—

4.5

—

2.4

Total GEOs and revenue

141,656

597.3

120,063

321.0

Annual GEOs sold and revenue by commodity

2025

2024

GEOs Sold

Revenue

GEOs Sold

Revenue

(in millions)

PRECIOUS METALS

Gold

366,265

1,275.8

295,193

706.9

Silver

63,697

235.6

48,489

117.8

PGM

10,178

37.3

11,628

28.3

440,140

1,548.7

355,310

853.0

DIVERSIFIED

Iron ore

12,711

43.7

22,314

50.5

Other mining assets

3,804

12.4

3,555

8.2

Oil

39,665

118.8

59,030

128.6

Gas

15,294

65.4

15,147

44.1

NGL

7,492

19.6

7,978

20.3

78,966

259.9

108,024

251.7

GEOs and revenue from royalty, stream and working interests

519,106

1,808.6

463,334

1,104.7

Interest revenue and other interest income

—

14.2

—

8.9

Total GEOs and revenue

519,106

1,822.8

463,334

1,113.6

In Q4 2025, we recognized revenue of $597.3 million, an increase of 86% from Q4 2024, and sold 141,656 GEOs, an increase of 18% from Q4 2024. We benefited from record gold and silver prices during the quarter, strong production from Antamina and South Arturo, and contributions from Precious Metal assets which were acquired or commenced production over the past year. Revenue from our Diversified assets was lower than in Q4 2024, due to lower oil prices. The outperformance of the gold price relative to our other commodities also resulted in a reduction in GEOs reported from our Diversified assets.

Precious Metal assets accounted for 90% of our revenue in Q4 2025 (71% gold, 17% silver, and 2% PGM). Revenue was sourced 89% from the Americas (44% South America, 21% Canada, 15% U.S. and 9% Central America & Mexico).

Portfolio Additions

Cobre Panamá Update

Cobre Panamá remains in a phase of Preservation and Safe Management ("P&SM") with production halted. During Q4 2025, as part of the P&SM plan approved by the government of Panama (the "GOP"), the power plant was restarted, with Unit 2 hot-commissioned and synchronized to the national grid and the commissioning of Unit 1 ongoing. In addition, the integral audit, carried out by SGS Global, is ongoing and is anticipated to be concluded in April 2026.

In January 2026, President José Raúl Mulino announced that the GOP will authorize the removal, processing and export of stockpiled ore. First Quantum awaits formal approvals to undertake these activities, which will be carried out in coordination with the GOP and in strict compliance with the P&SM plan. The processing of stockpiled ore does not constitute a mine reopening. On a preliminary basis, it is currently anticipated that processing of stockpiled ore could commence about three months after receiving official regulatory notice to proceed and would require approximately one year to process the stockpiled ore. Approximately 70,000 tonnes of copper is expected to be produced from the stockpiled ore which would result in the delivery of approximately 23,100 gold ounces and 265,000 silver ounces to Franco-Nevada. As the processing of the stockpiled ore is pending formal approval by the GOP, these GEOs are not included in our 2026 guidance. Timing of the receipt of such deliveries depends on the timing of formal approval by the GOP.

Sustainability Updates

We continue to demonstrate strong sustainability performance and rank highly among leading ESG rating agencies, including recognition by Sustainalytics as a Global ESG Leader for 2026 and being named by Corporate Knights as one of the 2026 Global 100 Most Sustainable Corporations. In Q4 2025, our community contributions included advancing multi-year community investments to support reforestation and community infrastructure at Tocantinzinho in Brazil in partnership with G Mining Ventures, and supporting an anti-anemia health initiative at Antapaccay in Peru with Glencore.

Dividend Increase for 2026

As previously announced on January 12, 2026, Franco-Nevada raised its quarterly dividend to US$0.44 per share and declared a quarterly dividend payable on March 26, 2026 to shareholders of record on March 12, 2026. This is a 16% increase from the previous US$0.38 per share quarterly dividend and marks the 19th consecutive annual increase for Franco-Nevada shareholders. The increased dividend is intended to be effective for the full 2026 fiscal year. Canadian investors in Franco-Nevada's IPO in December 2007 are now receiving an effective 16.1% yield on their cost base.

Guidance and Outlook

Our 2026 guidance and five-year outlook are based on assumptions including the forecasted state of operations from our assets based on the public statements and other disclosures by the third-party owners and operators of the underlying properties and our assessment thereof.

Our 2026 guidance and five-year outlook are based on the following assumed commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas.

2026 Guidance

Beginning in 2026, we will be adopting fixed GEO conversion ratios based on the pricing assumptions outlined in our 2026 guidance. This methodology replaces our previous variable GEO conversion ratios based on prevailing market prices and is intended to make our GEO guidance better reflect production volumes.

Our Total GEOs are expected to range from 510,000 to 570,000 ounces, with approximately 90% from Precious Metal assets and 10% from our Diversified assets. The anticipated increase in our Precious Metal GEOs reflects the first full year of contribution from Côté Gold, Porcupine, and Valentine Gold, the continued ramp-up of Salares Norte and Greenstone, and the recent acquisitions of the Casa Berardi stream and i-80 royalty. With respect to our Diversified revenue, the commodity breakdown is expected to be approximately 50% oil and liquids, 25% natural gas and 25% iron ore and other minerals.

We have not assumed any contributions from Cobre Panamá in our 2026 guidance. As further discussed above, First Quantum is awaiting formal approval to process stockpiled ore, which would produce approximately 70,000 tonnes of copper and result in stream deliveries to Franco-Nevada of approximately 23,100 gold ounces and 265,000 silver ounces. The timing of stream deliveries would depend on when formal approval is received.

Given the volatility in commodity prices, we are also providing volume-based guidance for our Precious Metal assets. The table below presents our guidance for 2026:

2026

GEO Sales Guidance (1) (2)

2025 Actual

Commodity

Gold ounces sold

360,000 to 400,000 ounces

366,265 gold ounces

Silver ounces sold

4.7 to 5.5 million ounces

5.4 million silver ounces

PGMs ounces sold

32,000 to 37,000 ounces

28,374 PGMs ounces

Diversified revenue

$245 to $285 million

$259.9 million

Gold Equivalent Ounces Sold

Total

510,000 to 570,000 GEOs

519,106 GEOs

Our 2026 guidance assumes the following commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas. Starting in 2026, actual GEOs will be calculated based on fixed conversion ratios based on the prices assumed in this 2026 guidance.

Our guidance and outlook reflect contributions from acquisitions we entered into subsequent to year-end as of the date of this news release but does not reflect any incremental revenue from additional contributions we may make to the Royalty Acquisition Venture with Continental. Our guidance and outlook do not reflect any buyback options which may be exercised at the discretion of our operators with the exception of the Cascabel buybacks as further detailed below.

Five-Year Outlook

For 2030, we expect Total GEOs to range between 555,000 and 615,000 GEOs. Our outlook assumes the start of production at Cascabel, Copper World, Eskay Creek, Stibnite Gold and Rebecca-Roe. It also reflects planned expansions at Detour Lake, Magino and Castle Mountain Phase 2, and the development of the Coroccohuayco project at Antapaccay. These production increases are expected to be partly offset by the step-down at Candelaria and Antapaccay, and a decrease in production at Subika (Ahafo South). For our Energy assets, we anticipate continued production growth at our Haynesville, SCOOP/STACK and Permian interests, and expect steady-state production from our Canadian assets.

We have not assumed any contributions from Cobre Panamá in our five-year outlook. Should production restart, there is potential for materially higher GEOs, depending on the conditions of such restart. Based on the average of the next five years of the Cobre Panamá mine plan which was in place at the time of suspension, the stream has the potential to contribute as much as 150,000 to 175,000 GEOs to Franco-Nevada annually once the mine has ramped up to full capacity.

Q4 2025 Portfolio Updates

Precious Metal assets: GEOs sold from our Precious Metal assets were 127,959 GEOs, an increase of 34% from 95,565 GEOs in Q4 2024. This was primarily due to robust production at Antamina and South Arturo, and contributions from our recently acquired interests in Côté Gold, Western Limb, and Porcupine.

South America:

Central America & Mexico:

Canada:

U.S.:

Rest of World:

Diversified assets: Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $55.3 million in revenue, compared to $64.3 million in Q4 2024. When converted to GEOs, our Diversified assets contributed 13,697 GEOs, compared to 24,498 GEOs in Q4 2024.

Other Mining:

Energy:

Shareholder Information and Details for 2025 Year-End Conference Call

The complete Consolidated Financial Statements and Management's Discussion and Analysis can be found on our website at www.franco-nevada.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.

We will host a conference call to review our 2025 year-end results. Interested investors are invited to participate as follows:

Conference Call and Webcast:

March 11 th 10:00 am ET

Dial‑in Numbers:

Toll‑Free: 1-888-510-2154

International: 437-900-0527

Conference Call URL (This allows participants to join

the conference call by phone without operator assistance.

Participants will receive an automated call back after

entering their name and phone number):

emportal.ink/3LNbCaA

Webcast:

www.franco-nevada.com

Replay (available until March 18 th):

Toll‑Free: 1-888-660-6345

International: 289-819-1450

Pass code: 83241#

Corporate Summary

Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.

Forward-Looking Statements

This news release 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, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding Franco-Nevada's growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, any ongoing or future audits being conducted by the Canada Revenue Agency ("CRA"), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panamá mine and related arbitration proceedings. In addition, statements relating to mineral resources and mineral reserves, GEOs or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Brazilian real, Mexican peso and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption and implementation of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained herein are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of any ongoing or future audits by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panamá mine or the outcome of any related arbitration proceedings. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date hereof only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.

ENDNOTES:

Calculation of Net Gold Equivalent Ounces:

(expressed in millions, excepts GEOs and

Average Gold Price)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

For the year ended

December 31, 2025

GEOs

126,585

112,093

138,772

141,656

519,106

Less:

Cash Costs

38.5

33.5

47.2

49.6

168.8

Divided by: Average gold price per ounce

2,863

3,279

3,456

4,145

3,425

13,447

10,217

13,657

11,966

49,287

Net GEOs

113,138

101,876

125,115

129,690

469,819

(expressed in millions, excepts GEOs and

Average Gold Price)

Q1 2024

Q2 2024

Q3 2024

Q4 2024

For the year ended

December 31, 2024

GEOs

122,897

110,264

110,110

120,063

463,334

Less:

Cash Costs

33.6

29.1

31.9

34.4

129.0

Divided by: Average gold price per ounce

2,072

2,338

2,477

2,662

2,369

16,216

12,447

12,878

12,923

54,464

Net GEOs

106,681

97,817

97,232

107,140

408,870

2. NON-GAAP FINANCIAL MEASURES: Adjusted Net Income and Adjusted Net Income per share, Adjusted Net Income Margin, Adjusted EBITDA and Adjusted EBITDA per share, and Adjusted EBITDA Margin are non-GAAP financial measures with no standardized meaning under International Financial Reporting Standards ("IFRS Accounting Standards") and might not be comparable to similar financial measures disclosed by other issuers. For a quantitative reconciliation of each non-GAAP financial measure to the most directly comparable financial measure under IFRS Accounting Standards, refer to the below tables. Further information relating to these non-GAAP financial measures is incorporated by reference from the "Non-GAAP Financial Measures" section of Franco-Nevada's MD&A for the year ended December 31, 2025 dated March 10, 2026 filed with the Canadian securities regulatory authorities on SEDAR+ available at www.sedarplus.com and with the U.S. Securities and Exchange Commission available on EDGAR at www.sec.gov.

Reconciliation of Non-GAAP Financial Measures:

For the three months ended

For the year ended

December 31,

(expressed in millions, except per share amounts)

2025

2024

2025

2024

Net income

367.7

175.4

1,112.1

552.1

Impairment reversal

—

(4.8)

—

Gain on disposal of royalty interests

—

(0.3)

Foreign exchange (gain) loss and other (income) expenses

(12.7)

8.0

(36.7)

20.7

Tax effect of adjustments

1.2

(0.4)

4.6

(2.4)

Other tax related adjustments

Deferred tax expense related to the remeasurement of

deferred tax liability due to changes in Barbados tax rate

—

49.1

Change in unrecognized deferred income tax assets

—

0.3

—

(1.1)

Adjusted Net Income

356.2

183.3

1,075.2

618.1

Basic weighted average shares outstanding

192.8

192.5

192.7

192.4

Adjusted Net Income per share

1.85

0.95

5.58

3.21

For the three months ended

For the year ended

December 31,

(expressed in millions, except Adjusted Net Income Margin)

2025

2024

2025

2024

Adjusted Net Income

356.2

183.3

1,075.2

618.1

Revenue

597.3

321.0

1,822.8

1,113.6

Adjusted Net Income Margin

59.6

57.1

59.0

55.5

For the three months ended

For the year ended

December 31,

(expressed in millions, except per share amounts)

2025

2024

2025

2024

Net income

367.7

175.4

1,112.1

552.1

Income tax expense

100.6

46.8

303.9

211.8

Finance expenses

0.8

0.7

3.1

2.6

Finance income

(2.5)

(13.5)

(28.2)

(60.6)

Depletion and depreciation

87.3

60.0

306.7

225.3

Impairment reversal

—

(4.8)

—

Gain on disposal of royalty interests

—

(0.3)

Foreign exchange (gain) loss and other (income) expenses

(12.7)

8.0

(36.7)

20.7

Adjusted EBITDA

541.2

277.4

1,656.1

951.6

Basic weighted average shares outstanding

192.8

192.5

192.7

192.4

Adjusted EBITDA per share

2.81

1.44

8.59

4.95

For the three months ended

For the year ended

December 31,

(expressed in millions, except Adjusted EBITDA Margin)

2025

2024

2025

2024

Adjusted EBITDA

541.2

277.4

1,656.1

951.6

Revenue

597.3

321.0

1,822.8

1,113.6

Adjusted EBITDA Margin

90.6

86.4

90.9

85.5

3. AVAILABLE CAPITAL: Available Capital comprises our cash and cash equivalents of $670.9 million as at December 31, 2025, our equity investments (excluding our long-term investment in Labrador Iron Ore Company of Canada) of $967.3 million as at December 31, 2025, the amount available to borrow under our $1.0 billion revolving credit facility and its accordion of $500.0 million as of the date of this news release.

FRANCO-NEVADA CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in millions of U.S. dollars)

At December 31,

2025

2024

ASSETS

Cash and cash equivalents

670.9

1,451.3

Receivables

241.9

151.8

Gold and silver bullion and stream inventory

40.1

96.8

Loans receivable

—

5.9

Other current assets

68.5

11.0

Current assets

1,021.4

1,716.8

Royalty, stream and working interests, net

6,043.1

4,098.8

Investments

1,141.3

325.5

Loans receivable

—

104.1

Deferred income tax assets

23.2

30.8

Other assets

12.4

54.4

Total assets

8,241.4

6,330.4

LIABILITIES

Accounts payable and accrued liabilities

44.9

28.7

Income tax liabilities

78.1

38.8

Current liabilities

123.0

67.5

Deferred income tax liabilities

440.7

238.0

Income tax liabilities

33.8

19.8

Other liabilities

8.6

8.5

Total liabilities

606.1

333.8

SHAREHOLDERS' EQUITY

Share capital

5,803.4

5,769.1

Contributed surplus

21.6

23.0

Retained earnings

1,379.8

486.5

Accumulated other comprehensive gain (loss)

430.5

(282.0)

Total shareholders' equity

7,635.3

5,996.6

Total liabilities and shareholders' equity

8,241.4

6,330.4

The consolidated financial statements and accompanying notes can be found in our 2025 Annual Report available on our website

FRANCO-NEVADA CORPORATION

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(in millions of U.S. dollars and shares, except per share amounts)

For the three months ended

For the year ended

December 31,

2025

2024

2025

2024

Revenue

Revenue from royalty, streams and working interests

592.8

318.6

1,808.6

1,104.7

Interest revenue

4.5

2.4

14.2

8.3

Other interest income

—

0.6

Total revenue

597.3

321.0

1,822.8

1,113.6

Costs of sales

49.6

34.4

168.8

129.0

Depletion and depreciation

87.3

60.0

306.7

225.3

Total costs of sales

136.9

94.4

475.5

354.3

Gross profit

460.4

226.6

1,347.3

759.3

Other operating expenses (income)

General and administrative expenses

7.7

11.0

35.3

32.9

Share-based compensation expenses

0.7

1.0

16.9

8.0

Impairment reversal

—

(4.8)

—

Gain on disposal of royalty interests

—

(0.3)

Gain on sale of gold and silver bullion

(1.9)

(2.8)

(54.3)

(7.9)

Total other operating (income) expenses

6.5

9.2

(6.9)

32.7

Operating income

453.9

217.4

1,354.2

726.6

Foreign exchange gain (loss) and other income (expenses)

12.7

(8.0)

36.7

(20.7)

Income before finance items and income taxes

466.6

209.4

1,390.9

705.9

Finance items

Finance income

2.5

13.5

28.2

60.6

Finance expenses

(0.8)

(0.7)

(3.1)

(2.6)

Net income before income taxes

468.3

222.2

1,416.0

763.9

Income tax expense

100.6

46.8

303.9

211.8

Net income

367.7

175.4

1,112.1

552.1

Other comprehensive income (loss), net of taxes

Items that may be reclassified subsequently to profit and loss:

Currency translation adjustment

45.4

(103.9)

91.2

(131.3)

Items that will not be reclassified subsequently to profit and loss:

Gain (loss) on changes in the fair value of equity investments

at fair value through other comprehensive income ("FVTOCI"),

net of income tax

291.5

(1.1)

696.3

40.4

Other comprehensive income (loss), net of taxes

336.9

(105.0)

787.5

(90.9)

Comprehensive income

704.6

70.4

1,899.6

461.2

Earnings per share

Basic

1.91

0.91

5.77

2.87

Diluted

1.90

0.91

5.76

2.87

Weighted average number of shares outstanding

Basic

192.8

192.5

192.7

192.4

Diluted

193.2

192.5

193.0

192.6

The consolidated financial statements and accompanying notes can be found in our 2025 Annual Report available on our website

FRANCO-NEVADA CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions of U.S. dollars)

For the three months ended

For the year ended

December 31,

2025

2024

2025

2024

Cash flows from operating activities

Net income

367.7

175.4

1,112.1

552.1

Adjustments to reconcile net income to net cash provided by operating activities:

Depletion and depreciation

87.3

60.0

306.7

225.3

Share-based compensation expenses

1.5

1.2

6.3

5.4

Impairment reversal

—

(4.8)

—

Gain on disposal of royalty interests

—

(0.3)

Unrealized foreign exchange loss

2.5

5.0

(10.4)

12.9

Deferred income tax expense

25.2

2.3

108.1

66.3

Gain on sale of gold and silver bullion

(1.9)

(2.8)

(54.3)

(7.9)

(Gain) loss on derivative financial instruments

(14.2)

2.0

(32.7)

6.0

Other non-cash items

(8.8)

0.4

(10.3)

(4.2)

Gold and silver bullion from royalties received in-kind

(55.4)

(20.3)

(117.0)

(72.7)

Proceeds from sale of gold and silver bullion

12.4

13.3

221.0

42.6

Changes in other assets

—

(17.4)

Operating cash flows before changes in non-cash working capital

416.3

236.5

1,524.7

808.1

Changes in non-cash working capital:

Increase in receivables

(51.2)

(18.1)

(90.1)

(40.8)

(Increase) decrease in other current assets

11.6

4.9

(4.7)

15.6

Increase in accounts payable and accrued liabilities

49.8

19.7

63.8

46.6

Net cash provided by operating activities

426.5

243.0

1,493.7

829.5

Cash flows used in investing activities

Acquisition of royalty, stream and working interests

(34.2)

(4.3)

(2,191.6)

(406.0)

Proceeds from repayment of loan receivable

104.1

—

114.1

28.9

Proceeds from sale of investments

—

9.3

109.9

23.3

Acquisition of investments

(5.0)

(35.6)

(60.3)

(74.5)

Acquisition of property and equipment

(0.2)

(0.1)

(2.4)

(0.2)

Acquisition of energy well equipment

(0.6)

(0.4)

(2.7)

(1.8)

Advances of loans receivable

—

(118.2)

Proceeds from disposal of royalty interests

—

11.2

Net cash provided by (used in) investing activities

64.1

(31.1)

(2,033.0)

(537.3)

Cash flows used in financing activities

Payment of dividends

(70.6)

(62.1)

(275.1)

(242.4)

Proceeds from draw down of Corporate Revolver

—

175.0

—

Repayment of Corporate Revolver

—

(175.0)

—

Proceeds from exercise of stock options

0.3

0.1

7.7

2.8

Revolving credit facility amendment costs

—

(0.8)

Net cash used in financing activities

(70.3)

(62.0)

(267.4)

(240.4)

Effect of exchange rate changes on cash and cash equivalents

13.9

(15.9)

26.3

(22.4)

Net change in cash and cash equivalents

434.2

134.0

(780.4)

29.4

Cash and cash equivalents at beginning of year

236.7

1,317.3

1,451.3

1,421.9

Cash and cash equivalents at end of year

670.9

1,451.3

670.9

1,451.3

Supplemental cash flow information:

Income taxes paid

22.0

17.2

162.0

73.8

Dividend income received

1.8

3.3

8.7

12.6

Interest and standby fees paid

1.4

0.6

4.0

2.1

The consolidated financial statements and accompanying notes can be found in our 2025 Annual Report available on our website

SOURCE Franco-Nevada Corporation