• Franco-Nevada average pre-tax profit margin for 2023 was 40.34%, a 39.51% decline from 2022.
• Franco-Nevada average pre-tax profit margin for 2022 was 66.69%, a 5.84% decline from 2021.
• Franco-Nevada average pre-tax profit margin for 2021 was 63.01%, a 141.33% increase from 2020.

Pre-tax profit margin can be defined as earnings before taxes as a portion of total revenue.