$FNV

FRANCO NEVADA Corp

CIK:0001456346|SEC Filings

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue
Revenue from royalty, streams and working interests (Note 14)	$ 1,808.6	$ 1,104.7
Interest revenue (Note 7)	14.2	8.3
Other interest income (Note 7)		0.6
Total revenue	1,822.8	1,113.6
Costs of sales
Costs of sales (Note 15)	168.8	129.0
Depletion and depreciation	306.7	225.3
Total costs of sales	475.5	354.3
Gross profit	1,347.3	759.3
Other operating expenses (income)
General and administrative expenses (Note 2 (q), 16)	35.3	32.9
Share-based compensation expenses (Note 17)	16.9	8.0
Impairment reversal (Note 10)	(4.8)
Gain on disposal of royalty interests (Note 10)		(0.3)
Gain on sale of gold and silver bullion (Note 8)	(54.3)	(7.9)
Total other operating (income) expenses	(6.9)	32.7
Operating income	1,354.2	726.6
Foreign exchange gain (loss) and other income (expenses) (Note 19)	36.7	(20.7)
Income before finance items and income taxes	1,390.9	705.9
Finance items (Note 20)
Finance income	28.2	60.6
Finance expenses	(3.1)	(2.6)
Net income before income taxes	1,416.0	763.9
Income tax expense (Note 21)	303.9	211.8
Net income	1,112.1	552.1
Items that may be reclassified subsequently to profit and loss:
Currency translation adjustment	91.2	(131.3)
Items that will not be reclassified subsequently to profit and loss:
Gain on changes in the fair value of equity investments at fair value through other comprehensive income ("FVTOCI"), net of income tax (Note 6)	696.3	40.4
Other comprehensive income (loss), net of taxes	787.5	(90.9)
Comprehensive income	$ 1,899.6	$ 461.2
Earnings per share (Note 23)
Basic earnings per share (in dollars per share)	$ 5.77	$ 2.87
Diluted earnings per share (in dollars per share)	$ 5.76	$ 2.87
Weighted average number of shares outstanding (Note 23)
Basic EPS - (in shares)	192.7	192.4
Diluted EPS - (in shares)	193.0	192.6

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net income	$ 1,112.1	$ 552.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and depreciation	306.7	225.3
Share-based compensation expenses	6.3	5.4
Impairment reversal	(4.8)
Gain on disposal of royalty interests		(0.3)
Unrealized foreign exchange (gain) loss	(10.4)	12.9
Deferred income tax expense	108.1	66.3
Gain on sale of gold and silver bullion (Note 8)	(54.3)	(7.9)
(Gain) loss on derivative financial instruments	(32.7)	6.0
Other non-cash items	(10.3)	(4.2)
Gold and silver bullion from royalties received in-kind	(117.0)	(72.7)
Proceeds from sale of gold and silver bullion	221.0	42.6
Changes in other assets		(17.4)
Operating cash flows before changes in non-cash working capital	1,524.7	808.1
Changes in non-cash working capital:
Increase in receivables	(90.1)	(40.8)
(Increase) decrease in other current assets	(4.7)	15.6
Increase in accounts payable and accrued liabilities	63.8	46.6
Net cash provided by operating activities	1,493.7	829.5
Cash flows used in investing activities
Acquisition of royalty, stream and working interests	(2,191.6)	(406.0)
Proceeds from repayment of loan receivable	114.1	28.9
Proceeds from sale of investments	109.9	23.3
Acquisition of investments	(60.3)	(74.5)
Advances of loans receivable		(118.2)
Proceeds from disposal of royalty interests		11.2
Acquisition of energy well equipment	(2.7)	(1.8)
Acquisition of property and equipment	(2.4)	(0.2)
Net cash used in investing activities	(2,033.0)	(537.3)
Cash flows used in financing activities
Payment of dividends	(275.1)	(242.4)
Proceeds from draw down of Corporate Revolver	175.0
Repayment of Corporate Revolver	(175.0)
Proceeds from exercise of stock options	7.7	2.8
Revolving credit facility amendment costs		(0.8)
Net cash used in financing activities	(267.4)	(240.4)
Effect of exchange rate changes on cash and cash equivalents	26.3	(22.4)
Net change in cash and cash equivalents	(780.4)	29.4
Cash and cash equivalents at beginning of year	1,451.3	1,421.9
Cash and cash equivalents at end of year	670.9	1,451.3
Supplemental cash flow information:
Income taxes paid	162.0	73.8
Dividend income received	8.7	12.6
Interest and standby fees paid	$ 4.0	$ 2.1

Consolidated Statements of Financial Position - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents (Note 5)	$ 670.9	$ 1,451.3
Receivables	241.9	151.8
Gold and silver bullion and stream inventory (Note 8)	40.1	96.8
Loans receivable (Note 7)		5.9
Other current assets (Note 9)	68.5	11.0
Current assets	1,021.4	1,716.8
Royalty, stream and working interests, net (Note 10)	6,043.1	4,098.8
Investments (Note 6)	1,141.3	325.5
Loans receivable (Note 7)		104.1
Deferred income tax assets (Note 21)	23.2	30.8
Other assets (Note 11)	12.4	54.4
Total assets	8,241.4	6,330.4
LIABILITIES
Accounts payable and accrued liabilities (Note 12)	44.9	28.7
Income tax liabilities (Note 21)	78.1	38.8
Current liabilities	123.0	67.5
Deferred income tax liabilities (Note 21)	440.7	238.0
Income tax liabilities (Note 21)	33.8	19.8
Other liabilities	8.6	8.5
Total liabilities	606.1	333.8
SHAREHOLDERS' EQUITY
Share capital (Note 22)	5,803.4	5,769.1
Contributed surplus	21.6	23.0
Retained earnings	1,379.8	486.5
Accumulated other comprehensive income (loss)	430.5	(282.0)
Total shareholders' equity	7,635.3	5,996.6
Total liabilities and shareholders' equity	$ 8,241.4	$ 6,330.4