Overview HISTORICAL PERFORMANCE 2023 – 2008 w vie (in millions, except GEOs, Total Shareholders’ Equity, Market Capitalization, and per share amounts) 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Over 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 1 GEOs sold (000s) 627.0 730.0 728.2 573.3 598.4 516.6 537.7 488.5 384.5 351.6 290.4 254.7 260.6 185.4 158.2 167.8 Revenue $ 1,219.0 $ 1,315.7 $ 1,300.0 $ 1,020.2 $ 844.1 $ 653.2 $ 675.0 $ 610.2 $ 443.6 $ 442.4 $ 400.9 $ 427.0 $ 411.2 $ 227.2 $ 199.7 $ 151.0 Operating (Loss) Income $ (428.0) $ 820.7 $ 860.7 $ 336.5 $ 410.2 $ 188.8 $ 235.4 $ 155.4 $ 51.3 $ 155.8 $ 77.7 $ 146.7 $ 45.5 $ 87.3 $ 87.4 $ 38.1 Net (Loss) Income $ (466.4) $ 700.6 $ 733.7 $ 326.2 $ 344.1 $ 139.0 $ 194.7 $ 122.2 $ 24.6 $ 106.7 $ 11.7 $ 102.6 $ (6.8) $ 62.7 $ 80.9 $ 40.3 Basic (Loss) Earnings per share $ (2.43) $ 3.66 $ 3.84 $ 1.71 $ 1.83 $ 0.75 $ 1.06 $ 0.70 $ 0.16 $ 0.71 $ 0.08 $ 0.72 $ (0.05) $ 0.55 $ 0.76 $ 0.41 2 Adjusted Net Income $ 683.1 $ 697.6 $ 673.6 $ 516.3 $ 341.5 $ 217.0 $ 198.3 $ 164.4 $ 88.9 $ 137.5 $ 138.3 $ 171.0 $ 136.0 $ 52.1 $ 32.0 $ 43.7 Adjusted Net Income2 per share $ 3.56 $ 3.64 $ 3.52 $ 2.71 $ 1.82 $ 1.17 $ 1.08 $ 0.94 $ 0.57 $ 0.91 $ 0.94 $ 1.19 $ 1.08 $ 0.46 $ 0.30 $ 0.48 Adjusted EBITDA2 $ 1,014.7 $ 1,106.9 $ 1,092.3 $ 839.6 $ 673.4 $ 519.6 $ 516.1 $ 489.1 $ 337.1 $ 356.0 $ 319.9 $ 347.5 $ 327.3 $ 180.0 $ 119.4 $ 127.2 Adjusted EBITDA2 per share $ 5.28 $ 5.78 $ 5.72 $ 4.41 $ 3.59 $ 2.79 $ 2.82 $ 2.79 $ 2.37 $ 2.18 $ 2.43 $ 2.61 $ 1.58 $ 1.12 $ 1.30 $ 2.15 Dividends declared (including DRIP) $ 262.1 $ 245.8 $ 221.4 $ 197.2 $ 187.0 $ 177.8 $ 167.9 $ 156.8 $ 129.0 $ 118.0 $ 104.4 $ 77.9 $ 49.2 $ 33.3 $ 28.2 $ 21.8 Dividends declared per share $ 1.36 $ 1.28 $ 1.16 $ 1.03 $ 0.99 $ 0.95 $ 0.91 $ 0.87 $ 0.83 $ 0.78 $ 0.72 $ 0.54 $ 0.32 $ 0.29 C$ 0.28 C$ 0.24 Working Capital4 $ 1,576.1 $ 1,332.9 $ 708.2 $ 610.5 $ 225.3 $ 153.5 $ 593.8 $ 323.6 $ 253.9 $ 677.8 $ 861.2 $ 822.4 $ 851.1 $ 572.7 $ 530.7 $ 239.1 Debt $ Nil $ Nil $ Nil $ Nil $ 80.0 $ 207.6 $ Nil $ Nil $ 457.3 $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil Total Shareholders’ Equity $ 5.8B $ 6.4B $ 6.0B $ 5.4B $ 5.1B $ 4.6B $ 4.7B $ 4.1B $ 3.2B $ 3.4B $ 3.0B $ 3.1B $ 2.8B $ 2.0B $ 1.9B $ 1.4B 5 Market Capitalization $ 21.3B $ 26.1B $ 26.5B $ 23.9B $ 19.6B $ 13.1B $ 14.9B $ 10.7B $ 7.2B $ 7.7B $ 6.0B $ 8.3B $ 5.3B $ 3.8B $ 3.2B $ 1.7B GOLD EQUIVALENT REVENUE OPERATING CASH FLOW 1 OUNCES SOLD (US$ MILLIONS) (US$ MILLIONS) (000s) 800 $1,400 1200 700 1,200 1000 600 1,000 800 500 800 400 600 600 300 400 200 400 200 200 100 – – – '8 '9 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 1 Starting in Q4 2021, revenue from Franco-Nevada’s Energy assets are included in the calculation of Gold Equivalent Ounces (“GEOs”). GEOs for comparative periods have been recalculated to conform with the current presentation. GEOs include Franco-Nevada’s attributable share of production from our Mining and Energy assets, after applicable recovery and payability factors. GEOs are estimated on a gross basis for NSR royalties and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Silver, platinum, palladium, iron ore, oil, gas and other commodities are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The price used in the computation of GEOs earned from a particular asset varies depending on the royalty or stream agreement, which may make reference to the market price realized by the operator, or the average price for the month, quarter, or year in which the commodity was produced or sold 2 Adjusted Net Income, Adjusted Net Income per share, Adjusted EBITDA, and Adjusted EBITDA per share are non-GAAP 昀椀nancial measures with no standardized meaning under International Financial Reporting Standards (“IFRS Accounting Standards”) and might not be comparable to similar 昀椀nancial measures disclosed by other issuers. Refer to the “Non-GAAP Financial Measures” section starting on page 132 of this Asset Handbook 3 Fiscal years 2010 through 2023 were prepared in accordance with IFRS Accounting Standards. Fiscal years 2008 and 2009 were prepared in accordance with Canadian GAAP. Comparative information has been adjusted to conform to current presentation 4 The Company de昀椀nes Working Capital as current assets less current liabilities 5 As at December 31 14 ★ Franco-Nevada Corporation TSX / NYSE: FNV