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	279.4	225.3	273.1	286.2	299.6	241
Stock-Based Compensation	6	5.4	5.5	8.2	8	5.6
Other Adjustments	-87.2	0.1	1,134	37.2	-32.4	215.3
Change in Receivables	-57	-40.8	24.7	-15.9	-26.4	4.4
Changes in Accounts Payable	33.7	46.6	-10.6	8.2	-1.5	-4.8
Changes in Other Operating Activities	210.5	40.8	31.4	-25	-25.6	16.2
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	-4.8	-2	-1.6	-1.9	-1.8	-1.5
Purchases of Intangible Assets	-2,162	-406	-520	-139.6	-758.7	-311.1
Proceeds from Sale of Intangible Assets	-	11.2	7	-	-	-
Purchases of Investments	-90.9	-74.5	-9.8	-48.5	-17.2	-
Proceeds from Sale of Investments	119.2	23.3	2	1.8	12.7	3.6
Other Investing Activities	10	-89.3	-18.7	42.7	-	-
Investing Cash Flow	-2,128	-537.3	-541.1	-145.5	-765	-309
Short-Term Debt Issued	175	-	-	-	-	-
Short-Term Debt Repaid	-175	-	-	-	-150	-
Net Short-Term Debt Issued (Repaid)	-	-	-	-	-150	-
Long-Term Debt Issued	-	-	-	-	150	-
Long-Term Debt Repaid	-	-	-	-	-	-80
Net Long-Term Debt Issued (Repaid)	-	-	-	-	150	-80
Issuance of Common Stock	7.5	2.8	2.9	9.5	0.4	143.1
Net Common Stock Issued (Repurchased)	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
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-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	1,305	827.5	989.6	997.6	953.6	802.4
Free Cash Flow Growth	57.75%	-16.38%	-0.80%	4.61%	18.84%	30.18%
FCF Margin	84.41%	74.31%	81.18%	75.82%	73.35%	78.65%
Free Cash Flow Per Share	6.77	4.30	5.15	5.20	4.98	4.21
Levered Free Cash Flow	1,382	822	-149.4	952.2	978	501.5
Unlevered Free Cash Flow	1,341	795.04	-231.1	941.28	980.48	578.62

Updated Sep 30, 2025. Data Source: Fiscal.ai. standard template. Financial Sources.