Fairfax India (FIHU) AGM 2026 summary

Opening remarks and agenda

• Chairman welcomed shareholders, confirmed quorum, and outlined the meeting structure, including formal business, presentations, and Q&A session.

• Scrutineers and secretary were appointed, and voting procedures for both in-person and virtual attendees were explained.

• Meeting agenda included an overview, compounding opportunity, unique strategy, two major themes, discount, corporate update, and investee company updates.

Financial performance review

• Book value per share rose to $22.94 in 2025, compounding at 7.3% annually since IPO, with common shareholders' equity at $3.1 billion and total cash/investments at $4.0 billion.

• Net gains since inception reached $1.9 billion, with realized gains over $900 million and total returns including dividends and interest exceeding $1 billion.

• Share buybacks totaled 23.2 million shares for $304 million, supporting an 8% share price increase in 2025.

• Borrowings remained stable at $0.5 billion, with a leverage ratio of 16-17% and strong liquidity.

Board and executive committee updates

• Eleven directors were nominated and elected for the ensuing year, with no other nominations received.

• PricewaterhouseCoopers LLP was reappointed as auditor until the next AGM.

• The board oversaw a $255 million acquisition to increase BIAL ownership to 74%.

• Revolving credit facility was increased and extended, with $168 million available at year-end.