Franco-Nevada Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	919.8	552.1	-466.4	700.6	733.7	326.2
Depreciation & Amortization	274.6	225.3	1,446	286.2	231.6	499.1
Loss (Gain) From Sale of Assets	-	-0.3	-3.7	-	-	-
Asset Writedown & Restructuring Costs	-	-	-	-	-	4
Stock-Based Compensation	6	5.4	5.5	8.2	8	5.6
Other Operating Activities	144.5	25.6	3.3	15.4	12.4	-32
Change in Accounts Receivable	-57	-40.8	24.7	-15.9	-26.4	4.4
Change in Inventory	15.6	15.6	-8	-	-	-
Change in Other Net Operating Assets	19.6	46.6	-10.6	5	-3.9	-3.4
Operating Cash Flow	1,310	829.5	991.2	999.5	955.4	803.9
Operating Cash Flow Growth	50.60%	-16.31%	-0.83%	4.62%	18.85%	30.14%
Capital Expenditures	-2,167	-408	-521.6	-141.5	-760.5	-312.6
Sale (Purchase) of Intangibles	-	11.2	7	-	-	-
Investment in Securities	28.3	-51.2	-7.8	-46.7	-4.5	3.6
Investing Cash Flow	-2,128	-537.3	-541.1	-145.5	-765	-309
Short-Term Debt Issued	-	-	-	-	150	-
Total Debt Issued	175	-	-	-	150	-
Short-Term Debt Repaid	-	-	-	-	-150	-
Long-Term Debt Repaid	-	-	-	-	-	-80
Total Debt Repaid	-175	-	-	-	-150	-80
Net Debt Issued (Repaid)	-	-	-	-	-	-80
Issuance of Common Stock	7.5	2.8	2.9	9.5	0.4	143.1
Common Dividends Paid	-266.6	-242.4	-233	-197.6	-179.6	-154.9
Other Financing Activities	-	-0.8	-	-0.9	-1	-
Financing Cash Flow	-259.1	-240.4	-230.1	-189	-180.2	-91.8
Foreign Exchange Rate Adjustments	-3.5	-22.4	5.4	-7.8	-5.1	-1
Net Cash Flow	-1,081	29.4	225.4	657.2	5.1	402.1
Free Cash Flow	-856.3	421.5	469.6	858	194.9	491.3
Free Cash Flow Growth	-	-10.24%	-45.27%	340.23%	-60.33%	184.81%
Free Cash Flow Margin	-55.92%	38.24%	38.59%	65.32%	15.02%	48.30%
Free Cash Flow Per Share	-4.44	2.19	2.44	4.47	1.02	2.58
Cash Interest Paid	3.2	2.1	2.3	2.4	2.4	2.4
Cash Income Tax Paid	157.2	73.8	88.1	95.1	93.5	51.2
Levered Free Cash Flow	-1,157	244.7	649.94	699.61	-73.24	424.94
Unlevered Free Cash Flow	-1,156	245.01	650.31	700.24	-72.36	425.81
Change in Working Capital	-34.7	21.4	6.1	-10.9	-30.3	1

Source: S&P Global Market Intelligence. Standard template. Financial Sources.