Fidelity National Financial (FNF) investor relations material

Executive summary

• Fourth quarter and full year 2025 results were strong, with both Title and F&G segments delivering robust performance and execution in a challenging market.

• Adjusted net earnings for Q4 2025 were $382 million ($1.41/share), up from $366 million ($1.34/share) in Q4 2024; full year adjusted net earnings were $1.4 billion ($4.97/share), up from $1.3 billion ($4.63/share) in 2024.

• Title business achieved industry-leading adjusted pre-tax margins and benefited from disciplined expense management and technology investments.

• F&G segment grew assets under management and completed a significant share distribution to unlock shareholder value.

• Net loss attributable to common shareholders for Q4 2025 was $117 million due to a $471 million noncash deferred tax charge from the F&G share distribution.

Financial highlights

• Fourth quarter total revenue was $4.1 billion, up from $4 billion in Q4 2024; adjusted net earnings were $382 million ($1.41 per share), up from $366 million ($1.34 per share) in Q4 2024.

• Full year 2025 adjusted net earnings reached $1.4 billion, a 7% increase over 2024, with total revenue (excluding gains/losses) of $14.5 billion, up 7% year-over-year.

• Title segment Q4 revenue was $2.3 billion, with direct premiums up 21% and agency premiums up 7% year-over-year.

• F&G segment AUM before flow reinsurance rose to $73.1 billion (+12% YoY); full year gross sales were $14.6 billion.

• FNF returned $800 million to shareholders in 2025 via $546 million in dividends and $251 million in share repurchases.

Outlook and guidance

• Management is optimistic for 2026, expecting higher purchase and refinance volumes as mortgage rates decline, with commercial activity expected to be as strong or better than 2025.

• Title margins are expected to trend toward the midpoint of the 15%-20% normalized range, supported by efficiency gains and technology.

• Interest and investment income is projected at $95-$100 million per quarter in 2026, assuming two Fed rate cuts.

• Management expects continued strong performance in Title and F&G, with F&G focusing on growing fee-based, higher margin, and less capital-intensive earnings streams.

• F&G aims to broaden investor interest and improve valuation through increased liquidity and a capital-light business model.