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	2015 - 2019
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	2015 - 2019
Net Income	919.8	552.1	-466.4	700.6	733.7	326.2	Upgrade
Depreciation & Amortization	274.6	225.3	1,446	286.2	231.6	499.1	Upgrade
Loss (Gain) From Sale of Assets	-	-0.3	-3.7	-	-	-	Upgrade
Asset Writedown & Restructuring Costs	-	-	-	-	-	4	Upgrade
Stock-Based Compensation	6	5.4	5.5	8.2	8	5.6	Upgrade
Other Operating Activities	144.5	25.6	3.3	15.4	12.4	-32	Upgrade
Change in Accounts Receivable	-57	-40.8	24.7	-15.9	-26.4	4.4	Upgrade
Change in Inventory	15.6	15.6	-8	-	-	-	Upgrade
Change in Other Net Operating Assets	19.6	46.6	-10.6	5	-3.9	-3.4	Upgrade
Operating Cash Flow	1,310	829.5	991.2	999.5	955.4	803.9	Upgrade
Operating Cash Flow Growth	50.60%	-16.31%	-0.83%	4.62%	18.85%	30.14%	Upgrade
Capital Expenditures	-2,167	-408	-521.6	-141.5	-760.5	-312.6	Upgrade
Sale (Purchase) of Intangibles	-	11.2	7	-	-	-	Upgrade
Investment in Securities	28.3	-51.2	-7.8	-46.7	-4.5	3.6	Upgrade
Investing Cash Flow	-2,128	-537.3	-541.1	-145.5	-765	-309	Upgrade
Short-Term Debt Issued	-	-	-	-	150	-	Upgrade
Total Debt Issued	175	-	-	-	150	-	Upgrade
Short-Term Debt Repaid	-	-	-	-	-150	-	Upgrade
Long-Term Debt Repaid	-	-	-	-	-	-80	Upgrade
Total Debt Repaid	-175	-	-	-	-150	-80	Upgrade
Net Debt Issued (Repaid)	-	-	-	-	-	-80	Upgrade
Issuance of Common Stock	7.5	2.8	2.9	9.5	0.4	143.1	Upgrade
Common Dividends Paid	-266.6	-242.4	-233	-197.6	-179.6	-154.9	Upgrade
Other Financing Activities	-	-0.8	-	-0.9	-1	-	Upgrade
Financing Cash Flow	-259.1	-240.4	-230.1	-189	-180.2	-91.8	Upgrade
Foreign Exchange Rate Adjustments	-3.5	-22.4	5.4	-7.8	-5.1	-1	Upgrade
Net Cash Flow	-1,081	29.4	225.4	657.2	5.1	402.1	Upgrade
Free Cash Flow	-856.3	421.5	469.6	858	194.9	491.3	Upgrade
Free Cash Flow Growth	-	-10.24%	-45.27%	340.23%	-60.33%	184.81%	Upgrade
Free Cash Flow Margin	-55.92%	38.24%	38.59%	65.32%	15.02%	48.30%	Upgrade
Free Cash Flow Per Share	-4.44	2.19	2.44	4.47	1.02	2.58	Upgrade
Cash Interest Paid	3.2	2.1	2.3	2.4	2.4	2.4	Upgrade
Cash Income Tax Paid	157.2	73.8	88.1	95.1	93.5	51.2	Upgrade
Levered Free Cash Flow	-1,157	244.7	649.94	699.61	-73.24	424.94	Upgrade
Unlevered Free Cash Flow	-1,156	245.01	650.31	700.24	-72.36	425.81	Upgrade
Change in Working Capital	-34.7	21.4	6.1	-10.9	-30.3	1	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.