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	2016 - 2020
Period Ending	Jun '25 Jun 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	2016 - 2020
Net Income	785	552.1	-466.4	700.6	733.7	326.2	Upgrade
Depreciation & Amortization	242.5	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	5.6	5.4	5.5	8.2	8	5.6	Upgrade
Other Operating Activities	126.1	25.6	3.3	15.4	12.4	-32	Upgrade
Change in Accounts Receivable	-25.8	-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	33	46.6	-10.6	5	-3.9	-3.4	Upgrade
Operating Cash Flow	1,176	829.5	991.2	999.5	955.4	803.9	Upgrade
Operating Cash Flow Growth	31.76%	-16.31%	-0.83%	4.62%	18.85%	30.14%	Upgrade
Capital Expenditures	-2,113	-408	-521.6	-141.5	-760.5	-312.6	Upgrade
Sale (Purchase) of Intangibles	-	11.2	7	-	-	-	Upgrade
Investment in Securities	-71.1	-51.2	-7.8	-46.7	-4.5	3.6	Upgrade
Investing Cash Flow	-2,199	-537.3	-541.1	-145.5	-765	-309	Upgrade
Short-Term Debt Issued	-	-	-	-	150	-	Upgrade
Total Debt Issued	-	-	-	-	150	-	Upgrade
Short-Term Debt Repaid	-	-	-	-	-150	-	Upgrade
Long-Term Debt Repaid	-	-	-	-	-	-80	Upgrade
Total Debt Repaid	-	-	-	-	-150	-80	Upgrade
Net Debt Issued (Repaid)	-	-	-	-	-	-80	Upgrade
Issuance of Common Stock	4.4	2.8	2.9	9.5	0.4	143.1	Upgrade
Common Dividends Paid	-260.4	-242.4	-233	-197.6	-179.6	-154.9	Upgrade
Other Financing Activities	-	-0.8	-	-0.9	-1	-	Upgrade
Financing Cash Flow	-256	-240.4	-230.1	-189	-180.2	-91.8	Upgrade
Foreign Exchange Rate Adjustments	0.7	-22.4	5.4	-7.8	-5.1	-1	Upgrade
Net Cash Flow	-1,279	29.4	225.4	657.2	5.1	402.1	Upgrade
Free Cash Flow	-937.6	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	-70.98%	38.24%	38.59%	65.32%	15.02%	48.30%	Upgrade
Free Cash Flow Per Share	-4.86	2.19	2.44	4.47	1.02	2.58	Upgrade
Cash Interest Paid	2.5	2.1	2.3	2.4	2.4	2.4	Upgrade
Cash Income Tax Paid	124.5	73.8	88.1	95.1	93.5	51.2	Upgrade
Levered Free Cash Flow	-1,203	244.7	649.94	699.61	-73.24	424.94	Upgrade
Unlevered Free Cash Flow	-1,202	245.01	650.31	700.24	-72.36	425.81	Upgrade
Change in Working Capital	16.6	21.4	6.1	-10.9	-30.3	1	Upgrade

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