Fidelity National Financial (FNF) investor relations material

Operating trends

• Purchase opens exceeded prior-year levels each month through August 2026: up ~3% in H1, 4% in July and 6% in August, the strongest YoY monthly growth.

• Refinance opens improved 50% in Q1, then gains slowed to the mid-teens in Q2; volumes fell 5% in July and declined in the mid-30% range in August as rates rose.

• Commercial opens rose ~6% through August and 8% in August; activity was steady and strong, with a record year in view.

• Commercial strength spanned industrial, multifamily, energy, affordable housing, retail and hospitality; office remained the exception. Large Q2 deals included data centers, energy and manufactured homes.

• Local open orders were modestly ahead of national, while national revenue growth and fee profile were stronger YoY; 29 Q2 deals closed with premiums above $1 million.

Outlook, margins and technology

• Underlying home-buying and refinancing demand remains strong; easing rates could lift activity, while rates holding near current levels imply a steadier market.

• Data-center activity and pipeline remained strong, with capital flowing into transactions; cited forecasts point to activity over the next three to four years, subject to community pushback.

• Recruiting expenses were expected to affect Q3 more than Q2, when title margin was 17.8%; volumes and cost management remain near-term margin drivers.

• In a normalized market—~5 million existing-home sales, solid refinance and commercial activity—title margins are expected near the upper end of the 15%-20% range; higher margins could follow from volume recovery and technology.

• AI efforts include governance established with a Chief AI Officer in 2023, regular use by close to 60% of employees, tailored business solutions and integration into title and closing software and inHere.

Competitive position and platforms

• The industry remains highly competitive, with four national underwriters representing ~80% of underwriting and over 20,000 independent title agents competing locally.

• Scale, proprietary property data, trusted distribution and 1,300 offices were cited as advantages for deploying AI; new entrants lack the company’s historical title work and workflows.

• inHere had 2.8 million unique users last year; the digital transaction platform is intended to improve efficiency, customer retention and potential share gains. LivInHere and property monitoring extend engagement after closing.