Income Statement

Revenue

+17%

+59%

10Y

Currency: USD

	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Revenue
Interest Expense	2	2	2	2	1	0	0	0	0	0	0	0	0	0	0	0	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3	4	7	9	7	5	3	1	1	1	1	1	2	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Revenue	151 N/A	157 +4%	161 +3%	162 +1%	200 +23%	214 +7%	219 +2%	233 +6%	227 -2%	253 +11%	309 +22%	368 +19%	411 +12%	443 +8%	440 -1%	431 -2%	427 -1%	431 +1%	421 -2%	415 -2%	401 -3%	396 -1%	411 +4%	419 +2%	442 +5%	448 +1%	449 +0%	445 -1%	444 0%	466 +5%	508 +9%	576 +13%	610 +6%	651 +7%	664 +2%	663 0%	675 +2%	675 +0%	673 0%	672 0%	653 -3%	660 +1%	669 +1%	734 +10%	844 +15%	905 +7%	930 +3%	974 +5%	1 020 +5%	1 089 +7%	1 240 +14%	1 277 +3%	1 300 +2%	1 330 +2%	1 335 +0%	1 323 -1%	1 316 -1%	1 253 -5%	1 231 -2%	1 236 +0%	1 219 -1%	1 200 -2%	1 130 -6%	1 096 -3%	1 114 +2%	1 225 +10%	1 335 +9%	1 547 +16%
Gross Profit
Cost of Revenue	(8)	(8)	(7)	(7)	(7)	(12)	(17)	(23)	(30)	(34)	(46)	(54)	(63)	(68)	(65)	(63)	(59)	(59)	(56)	(56)	(60)	(60)	(62)	(66)	(73)	(81)	(90)	(94)	(93)	(95)	(167)	(173)	(380)	(261)	(266)	(342)	(415)	(394)	(383)	(379)	(366)	(368)	(365)	(375)	(408)	(423)	(417)	(405)	(400)	(404)	(448)	(466)	(478)	(484)	(475)	(470)	(463)	(444)	(451)	(458)	(452)	(445)	(405)	(374)	(354)	(369)	(385)	(433)
Gross Profit	143 N/A	149 +4%	154 +3%	155 +1%	193 +24%	202 +4%	202 +0%	209 +4%	198 -6%	220 +11%	264 +20%	314 +19%	348 +11%	375 +8%	375 0%	368 -2%	368 0%	372 +1%	365 -2%	359 -2%	341 -5%	337 -1%	349 +4%	353 +1%	370 +5%	367 -1%	360 -2%	352 -2%	351 0%	371 +6%	341 -8%	404 +18%	231 -43%	390 +69%	397 +2%	321 -19%	260 -19%	281 +8%	290 +3%	294 +1%	287 -2%	292 +1%	304 +4%	359 +18%	436 +22%	482 +11%	513 +6%	569 +11%	620 +9%	685 +10%	793 +16%	811 +2%	822 +1%	846 +3%	860 +2%	853 -1%	853 N/A	809 -5%	780 -4%	778 0%	767 -2%	755 -2%	725 -4%	722 0%	759 +5%	856 +13%	950 +11%	1 114 +17%
Operating Income
Operating Expenses	(103)	(119)	(114)	(113)	(106)	(102)	(101)	(101)	(106)	(113)	(128)	(144)	(151)	(158)	(151)	(316)	(147)	(150)	(147)	(148)	(148)	(149)	(300)	(168)	(182)	(197)	(207)	(219)	(234)	(249)	(201)	(223)	(24)	(165)	(165)	(93)	(25)	(24)	(24)	(24)	(23)	(24)	(23)	(23)	(29)	(28)	(34)	(35)	(29)	(29)	(28)	(26)	(31)	(35)	(30)	(30)	(33)	(32)	(35)	(36)	(29)	(28)	(30)	(34)	(41)	(47)	(45)	(50)
Selling, General & Administrative	(14)	(14)	(14)	(15)	(15)	(14)	(14)	(14)	(15)	(16)	(16)	(17)	(18)	(18)	(17)	(17)	(17)	(18)	(17)	(17)	(15)	(16)	(17)	(16)	(16)	(16)	(16)	(17)	(15)	(16)	(18)	(18)	(21)	(21)	(21)	(21)	(21)	(21)	(22)	(23)	(23)	(24)	(23)	(23)	(29)	(28)	(34)	(35)	(29)	(29)	(28)	(26)	(31)	(35)	(30)	(30)	(33)	(32)	(35)	(36)	(29)	(28)	(30)	(34)	(41)	(47)	(45)	(50)
Research & Development	(1)	(2)	(2)	(2)	(2)	(2)	(2)	(3)	(3)	(2)	(3)	(2)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(2)	(2)	(3)	(3)	(3)	(3)	(2)	(1)	(3)	(4)	(4)	(5)	(4)	(4)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation & Amortization	(88)	(95)	(98)	(97)	(89)	(85)	(84)	(84)	(89)	(95)	(109)	(124)	(131)	(137)	(131)	(127)	(127)	(129)	(127)	(128)	(129)	(131)	(142)	(149)	(163)	(179)	(188)	(199)	(216)	(230)	0	(204)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	0	(9)	0	0	0	0	0	0	0	0	0	0	0	0	0	(169)	0	0	0	0	0	0	(138)	(0)	0	0	0	0	0	0	(181)	0	0	(140)	(140)	(67)	0	0	(3)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	40 N/A	30 -26%	40 +35%	42 +6%	87 +108%	100 +15%	101 +1%	109 +8%	91 -16%	107 +17%	136 +27%	170 +25%	197 +16%	218 +11%	224 +3%	53 -77%	221 +321%	222 +0%	218 -2%	211 -3%	193 -9%	187 -3%	50 -74%	186 +275%	188 +1%	170 -10%	153 -10%	133 -13%	116 -12%	122 +5%	140 +15%	181 +29%	207 +14%	225 +9%	232 +3%	228 -2%	235 +3%	257 +9%	266 +4%	269 +1%	265 -2%	267 +1%	281 +5%	336 +19%	407 +21%	454 +11%	479 +5%	534 +12%	592 +11%	656 +11%	765 +17%	786 +3%	791 +1%	811 +3%	830 +2%	822 -1%	820 0%	777 -5%	745 -4%	743 0%	738 -1%	727 -2%	695 -4%	688 -1%	718 +4%	809 +13%	905 +12%	1 064 +18%
Pre-Tax Income
Interest Income Expense	4	4	22	20	8	16	17	11	16	3	(14)	(2)	5	22	19	25	17	7	(2)	(13)	(14)	(10)	1	(0)	2	(2)	(2)	(2)	(1)	3	4	4	12	11	9	8	5	5	4	6	(1)	(1)	(2)	(5)	(2)	(1)	1	4	5	5	4	3	(1)	6	6	8	15	21	33	45	65	67	62	62	39	42	46	55
Non-Reccuring Items	(9)	0	(9)	(9)	(0)	(0)	0	0	(6)	0	0	0	(163)	(169)	(169)	0	(83)	(84)	(89)	(89)	(144)	(142)	0	(138)	(32)	(32)	(32)	(34)	(65)	(65)	(63)	(61)	(51)	(52)	(53)	(54)	(4)	(4)	(4)	(4)	(76)	(76)	(75)	(74)	3	(267)	(265)	(265)	(255)	15	6	4	69	70	77	77	1	4	5	6	(1 166)	(1 168)	(1 169)	(1 166)	8	13	54	54
Gain/Loss on Disposition of Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	(0)	0	(1)	(1)	(1)	(1)	(2)	(2)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Other Income	0	0	0	2	3	3	2	(1)	0	(3)	(3)	(3)	0	(2)	(1)	(1)	(1)	0	0	0	(2)	0	0	0	0	0	0	0	0	0	0	0	1	1	1	2	1	0	(0)	0	1	(1)	(1)	(2)	(2)	(2)	(2)	(2)	(2)	(2)	(2)	(2)	(2)	(2)	(0)	(2)	(2)	(2)	(4)	(3)	(2)	(1)	(1)	(1)	(2)	(2)	(3)	(2)
Pre-Tax Income	36 N/A	34 -6%	53 +56%	56 +6%	99 +77%	119 +20%	120 +1%	119 -1%	102 -14%	107 +5%	119 +11%	165 +39%	39 -76%	68 +74%	73 +7%	76 +4%	155 +104%	144 -7%	127 -12%	110 -14%	34 -69%	35 +3%	50 +44%	48 -5%	157 +228%	135 -14%	119 -12%	96 -19%	49 -50%	58 +20%	79 +35%	123 +55%	168 +37%	186 +11%	189 +2%	185 -2%	236 +28%	258 +9%	266 +3%	269 +1%	189 -30%	189 +0%	202 +7%	256 +27%	406 +59%	184 -55%	212 +15%	272 +28%	340 +25%	675 +99%	773 +15%	790 +2%	858 +9%	885 +3%	913 +3%	904 -1%	834 -8%	800 -4%	778 -3%	791 +2%	(364) N/A	(376) -3%	(413) -10%	(418) -1%	764 N/A	862 +13%	1 002 +16%	1 170 +17%
Net Income
Tax Provision	4	5	2	1	(18)	(26)	(30)	(34)	(40)	(38)	(39)	(50)	(46)	(49)	(51)	(46)	(52)	(53)	(51)	(50)	(22)	(23)	(23)	(23)	(50)	(45)	(44)	(39)	(24)	(23)	(23)	(27)	(46)	(48)	(48)	(38)	(34)	(44)	(44)	(55)	(48)	(50)	(52)	(56)	(62)	(4)	(2)	(9)	(13)	(78)	(96)	(101)	(124)	(140)	(148)	(148)	(133)	(125)	(115)	(110)	(102)	(102)	(170)	(188)	(212)	(244)	(217)	(250)
Income from Continuing Operations	40	39	54	57	81	92	89	85	63	69	80	116	(7)	19	22	30	103	91	76	59	12	12	27	25	107	91	75	57	25	35	56	95	122	138	141	147	202	214	222	214	141	140	150	200	344	180	211	263	326	597	677	690	734	744	765	757	701	675	663	681	(466)	(478)	(583)	(606)	552	617	785	920
Net Income (Common)	40 N/A	39 -3%	54 +39%	57 +4%	81 +43%	92 +14%	89 -3%	85 -5%	63 -26%	69 +10%	80 +16%	116 +45%	(7) N/A	19 N/A	22 +19%	30 +35%	103 +239%	91 -11%	76 -17%	59 -22%	12 -80%	12 N/A	27 +131%	25 -8%	107 +329%	91 -15%	75 -17%	57 -24%	25 -57%	35 +44%	56 +58%	95 +70%	122 +28%	138 +13%	141 +2%	147 +4%	195 +33%	214 +10%	222 +4%	214 -4%	139 -35%	140 +0%	150 +7%	200 +33%	344 +72%	180 -48%	211 +17%	263 +25%	326 +24%	597 +83%	677 +14%	690 +2%	734 +6%	744 +1%	765 +3%	757 -1%	701 -7%	675 -4%	663 -2%	681 +3%	(466) N/A	(478) -3%	(583) -22%	(606) -4%	552 N/A	617 +12%	785 +27%	920 +17%
EPS (Diluted)	0.41 N/A	0.39 -5%	0.53 +36%	0.5 -6%	0.75 +50%	0.8 +7%	0.78 -3%	0.74 -5%	0.54 -27%	0.59 +9%	0.61 +3%	0.89 +46%	-0.05 N/A	0.13 N/A	0.15 +15%	0.2 +33%	0.71 +255%	0.61 -14%	0.51 -16%	0.4 -22%	0.08 -80%	0.08 N/A	0.18 +125%	0.16 -11%	0.7 +337%	0.57 -19%	0.49 -14%	0.37 -24%	0.16 -57%	0.22 +38%	0.32 +45%	0.52 +63%	0.69 +33%	0.76 +10%	0.77 +1%	0.79 +3%	1.06 +34%	1.15 +8%	1.19 +3%	1.15 -3%	0.76 -34%	0.75 -1%	0.8 +7%	1.06 +33%	1.83 +73%	0.96 -48%	1.12 +17%	1.39 +24%	1.71 +23%	3.13 +83%	3.55 +13%	3.6 +1%	3.83 +6%	3.89 +2%	3.99 +3%	3.95 -1%	3.65 -8%	3.52 -4%	3.45 -2%	3.54 +3%	-2.43 N/A	-2.5 -3%	-3.04 -22%	-3.16 -4%	2.87 N/A	3.2 +11%	4.07 +27%	4.77 +17%

Income Statement Balance Sheet Cash Flow Statement

Franco-Nevada Corp
TSX:FNV

Income Statement

Earnings Waterfall
Franco-Nevada Corp

Income Statement
Franco-Nevada Corp

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Franco-Nevada Corp TSX:FNV

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Earnings Waterfall Franco-Nevada Corp

Income Statement Franco-Nevada Corp

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Franco-Nevada Corp
TSX:FNV

Earnings Waterfall
Franco-Nevada Corp

Income Statement
Franco-Nevada Corp