Franco-Nevada (FNV) Investor Day 2026 summary

Strategic vision and business approach

• Focus on low-risk, high-appeal gold investments and resource optionality, driving a 19% CAGR over 18 years and maintaining the largest, most diversified portfolio with 121 producing assets and 441 total assets globally.

• Portfolio built over 40 years, delivering industry-leading returns, broad diversification, and 19% compounded annual share price returns since IPO.

• Emphasis on shareholder alignment, financial flexibility, progressive dividend policy, and adaptability to commodity cycles, supported by a strong balance sheet and $3.1B in available capital.

• Sustainability is a core pillar, with responsible capital allocation, climate action, AAA MSCI rating, and global recognition for ESG leadership.

• Diversified revenue strategy targets up to 20% non-precious metals, leveraging commodity cycles and focusing on long-duration, low-risk assets.

Portfolio performance and growth outlook

• Five-year average ROIC is 12%, projected to exceed 20% by 2026–2027, with 2026 guidance of 510K–570K GEOs and 2030 outlook of 555K–615K GEOs, excluding Cobre Panamá upside.

• 12–13% organic growth expected by 2030, with potential for 45% growth if Cobre Panamá returns to full operation.

• Royalty ounces inventory exceeds 27 million, with $126 billion in undiscounted value at current gold prices and enterprise value of $47.8B.

• Exploration spend on covered properties exceeds $600 million annually, with land coverage of 17.8M acres, driving future NAV increases.

• Long-term assets and optionality from over 230 exploration assets could contribute up to 222,000 GEOs annually beyond the five-year outlook.

Business development and acquisition strategy

• Growth anchored on acquiring high-quality, long-duration royalties and streams, with $3 billion committed in 2024–2025 and $1.5B in transactions over the last two years.

• Focus on optionality, disciplined deal structuring, robust due diligence, and partnerships with strong teams to unlock value.

• Counter-cyclical investments in energy and diversified commodities complement gold exposure, with precious metals revenue target at least 80% across the cycle.

• Opportunistic capital deployment within commodity cycles, targeting high-quality, long-life assets.

• Progressive dividend policy with 19 consecutive annual increases and over $2.8B paid since IPO.