Franco-Nevada Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,112	552.1	-466.4	700.6	733.7
Depreciation & Amortization	301.9	225.3	1,446	286.2	231.6
Loss (Gain) From Sale of Assets	-	-0.3	-3.7	-	-
Stock-Based Compensation	6.3	5.4	5.5	8.2	8
Other Operating Activities	104.4	25.6	3.3	15.4	12.4
Change in Accounts Receivable	-90.1	-40.8	24.7	-15.9	-26.4
Change in Inventory	-	-	-8	-	-
Change in Accounts Payable	63.8	46.6	-	-	-
Change in Other Net Operating Assets	-4.7	15.6	-10.6	5	-3.9
Operating Cash Flow	1,494	829.5	991.2	999.5	955.4
Operating Cash Flow Growth	80.07%	-16.31%	-0.83%	4.62%	18.85%
Capital Expenditures	-2,197	-408	-521.6	-141.5	-760.5
Sale (Purchase) of Intangibles	-	11.2	7	-	-
Investment in Securities	49.6	-51.2	-7.8	-46.7	-4.5
Investing Cash Flow	-2,033	-537.3	-541.1	-145.5	-765
Short-Term Debt Issued	175	-	-	-	150
Total Debt Issued	175	-	-	-	150
Short-Term Debt Repaid	-175	-	-	-	-150
Total Debt Repaid	-175	-	-	-	-150
Issuance of Common Stock	7.7	2.8	2.9	9.5	0.4
Common Dividends Paid	-275.1	-242.4	-233	-197.6	-179.6
Other Financing Activities	-	-0.8	-	-0.9	-1
Financing Cash Flow	-267.4	-240.4	-230.1	-189	-180.2
Foreign Exchange Rate Adjustments	26.3	-22.4	5.4	-7.8	-5.1
Net Cash Flow	-780.4	29.4	225.4	657.2	5.1
Free Cash Flow	-703	421.5	469.6	858	194.9
Free Cash Flow Growth	-	-10.24%	-45.27%	340.23%	-60.33%
Free Cash Flow Margin	-38.97%	38.24%	38.59%	65.32%	15.02%
Free Cash Flow Per Share	-3.64	2.19	2.44	4.47	1.02
Cash Interest Paid	4	2.1	2.3	2.4	2.4
Cash Income Tax Paid	162	73.8	88.1	95.1	93.5
Levered Free Cash Flow	-1,067	244.7	649.94	699.61	-73.24
Unlevered Free Cash Flow	-1,066	245.01	650.31	700.24	-72.36
Change in Working Capital	-31	21.4	6.1	-10.9	-30.3

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