Financials Franco-Nevada Corporation

Equities

FNV

CA3518581051

Gold

Delayed Toronto S.E. Other stock markets 03:21:12 2025-07-15 pm EDT			5-day change	1st Jan Change
214.89 ^CAD	-1.03%		-0.64%	+27.24%

Jul. 10	SolGold to Receive Advance Payment under $750 Million Stream Financing for Ecuador Project	MT
Jul. 03	UBS Adjusts Franco-Nevada Price Target to $210 From $205, Maintains Buy Rating	MT

Projected Income Statement: Franco-Nevada Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,020	1,300	1,316	1,219	1,114	1,551	1,811	1,972
Change	-	27.43%	1.21%	-7.35%	-8.65%	39.28%	16.75%	8.87%
EBITDA ¹	839.6	1,092	1,107	1,015	951.6	1,393	1,624	1,620
Change	-	30.1%	1.34%	-8.33%	-6.22%	46.33%	16.64%	-0.27%
EBIT ¹	336.5	860.7	820.7	-428	726.6	1,142	1,432	1,356
Change	-	155.78%	-4.65%	-152.15%	269.77%	57.12%	25.4%	-5.31%
Interest Paid ¹	-	0.1	9.4	49.4	58	-3	-32.5	-52
Earnings before Tax (EBT) ¹	339.5	857.8	833.7	-364.2	763.9	1,150	1,378	1,537
Change	-	152.67%	-2.81%	-143.68%	309.75%	50.48%	19.92%	11.5%
Net income ¹	326.2	733.7	700.6	-466.4	552.1	924.5	1,109	1,224
Change	-	124.92%	-4.51%	-166.57%	218.37%	67.45%	19.93%	10.43%
Announcement Date	3/10/21	3/9/22	3/15/23	3/5/24	3/10/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	195.4	279.8	304.5	308.9	347.1	316.3	327.7	338.8	352.3	304.2	320.4	276.3	329.9	309.5	303.3	256.8	260.1	275.7	321	368.4	378.6	431.2	447.2	437	468.4	552.5	609.8	544.7
Change	-	43.19%	8.83%	1.44%	12.37%	-8.87%	3.6%	3.39%	3.98%	-13.65%	5.33%	-13.76%	19.4%	-6.18%	-2%	-15.33%	1.29%	6%	16.43%	14.77%	2.77%	13.89%	3.71%	-2.29%	7.19%	17.96%	10.37%	-10.68%
EBITDA ¹	158.1	235.1	253.7	262.7	290	269.8	269.8	286.6	301.2	256.7	262.4	229.4	275.6	255.1	254.6	216.1	221.9	236.2	277.4	321.9	334.6	371.5	396.7	390.4	418.4	492.4	540.7	484
Change	-	48.7%	7.91%	3.55%	10.39%	-6.97%	0%	6.23%	5.09%	-14.77%	2.22%	-12.58%	20.14%	-7.44%	-0.2%	-15.12%	2.68%	6.44%	17.44%	16.04%	3.94%	11.04%	6.78%	-1.6%	7.18%	17.7%	9.81%	-10.49%
EBIT ¹	105.8	178.3	195.8	191.5	205.3	196.8	267.1	212	231.6	188.2	188.9	172.1	200.5	187	-987.6	158.2	169	182	217.4	253.5	266.3	314.3	329.7	313.6	339	401.8	438.1	389.5
Change	-	68.53%	9.81%	-2.2%	7.21%	-4.14%	35.72%	-20.63%	9.25%	-18.74%	0.37%	-8.89%	16.5%	-6.73%	-628.13%	116.02%	6.83%	7.69%	19.45%	16.61%	5.05%	18.03%	4.9%	-4.89%	8.12%	18.51%	9.05%	-11.1%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	105.9	179.1	198.2	191.3	204.7	196.2	264.9	-	-	-	-	184.1	211.5	185.2	-959.8	172	174.8	180.7	222.2	269.6	282.8	318.2	328	324.2	350.5	415.4	454.7	409.4
Change	-	69.12%	10.66%	-3.48%	7%	-4.15%	35.02%	-	-	-	-	-	14.88%	-12.43%	-618.25%	117.92%	1.63%	3.38%	22.97%	21.33%	4.9%	12.51%	3.1%	-1.16%	8.1%	18.53%	9.45%	-9.95%
Net income ¹	94.4	153.9	176.7	171.5	175.3	166	220.9	182	-	-	-	156.5	184.5	175.1	-982.5	144.5	79.5	152.7	175.4	209.8	223.5	253.2	267	259.4	280.4	332.3	363.8	327.6
Change	-	63.03%	14.81%	-2.94%	2.22%	-5.31%	33.07%	-17.61%	-	-	-	-	17.89%	-5.09%	-661.11%	114.71%	-44.98%	92.08%	14.87%	19.61%	6.51%	13.32%	5.44%	-2.85%	8.1%	18.53%	9.45%	-9.95%
Announcement Date	8/5/20	11/4/20	3/10/21	5/5/21	8/11/21	11/3/21	3/9/22	5/4/22	8/10/22	11/7/22	3/15/23	5/2/23	8/8/23	11/8/23	3/5/24	5/1/24	8/13/24	11/6/24	3/10/25	5/8/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Franco-Nevada Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-534	-539	-1,197	-1,422	-1,451	-713	-1,890	-3,116
Change	-	-0.94%	-122.08%	-18.8%	-2.04%	50.87%	-165.08%	-64.87%
Announcement Date	3/10/21	3/9/22	3/15/23	3/5/24	3/10/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Franco-Nevada Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	311.1	760.5	141.5	520	406	820.1	24.64	14.51
Change	-	144.46%	-81.39%	267.49%	-21.92%	101.99%	-97%	-41.11%
Free Cash Flow (FCF) ¹	492.8	194.9	858	471.2	423.5	-391.2	1,336	1,391
Change	-	-60.45%	340.23%	-45.08%	-10.12%	-192.37%	441.66%	4.11%
Announcement Date	3/10/21	3/9/22	3/15/23	3/5/24	3/10/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Franco-Nevada Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	82.3%	84.02%	84.13%	83.24%	85.45%	89.78%	89.69%	82.16%
EBIT Margin (%)	32.98%	66.21%	62.38%	-35.11%	65.25%	73.6%	79.06%	68.76%
EBT Margin (%)	33.28%	65.98%	63.37%	-29.88%	68.6%	74.11%	76.12%	77.96%
Net margin (%)	31.97%	56.44%	53.25%	-38.26%	49.58%	59.6%	61.22%	62.1%
FCF margin (%)	48.3%	14.99%	65.21%	38.65%	38.03%	-25.22%	73.8%	70.58%
FCF / Net Income (%)	151.07%	26.56%	122.47%	-101.03%	76.71%	-42.31%	120.55%	113.65%
Profitability
ROA	9.5%	11.41%	-	-	8.96%	-	-	-
ROE	9.83%	11.75%	11.26%	11.21%	9.38%	14.35%	15.75%	15.25%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	30.49%	58.5%	10.75%	42.66%	36.46%	52.87%	1.36%	0.74%
CAPEX / EBITDA (%)	37.05%	69.62%	12.78%	51.25%	42.66%	58.89%	1.52%	0.9%
CAPEX / FCF (%)	63.13%	390.2%	16.49%	110.36%	95.87%	-209.64%	1.84%	1.04%
Items per share
Cash flow per share ¹	4.209	10.41	5.265	5.123	4.196	6.327	7.143	7.03
Change	-	147.24%	-49.4%	-2.71%	-18.1%	50.8%	12.9%	-1.59%
Dividend per Share ¹	1.03	1.16	1.28	1.36	1.44	1.521	1.598	1.68
Change	-	12.62%	10.34%	6.25%	5.88%	5.63%	5.06%	5.13%
Book Value Per Share ¹	28.51	31.49	33.44	-	31.14	35.45	40.4	45.41
Change	-	10.46%	6.2%	-	-	13.82%	13.98%	12.4%
EPS ¹	1.71	3.83	3.65	-2.43	2.87	4.529	5.767	6.383
Change	-	123.98%	-4.7%	-166.58%	218.11%	57.79%	27.35%	10.68%
Nbr of stocks (in thousands)	190,832	191,192	191,665	192,119	192,493	192,648	192,648	192,648
Announcement Date	3/10/21	3/9/22	3/15/23	3/5/24	3/10/25	-	-	-