Fairfax India (FIHU) Q1 2025 earnings summary

Executive summary

• Reported net loss of $211.2 million ($1.57 per diluted share) in Q1 2025, an improvement from $293.5 million loss in Q1 2024 ($2.17 per share).

• Book value per share declined 7.4% to $19.41 at March 31, 2025, from $20.96 at December 31, 2024, mainly due to unrealized losses on publicly listed investments.

• Completed additional 10% equity investment in Bangalore International Airport Limited (BIAL) for $255 million, with deferred payments and increased credit facility.

Financial highlights

• Net change in unrealized losses on investments totaled $222.9 million, primarily from declines in IIFL Capital, IIFL Finance, Fairchem Organics, 5paisa, CSB Bank, and Sanmar; partially offset by gains in Seven Islands.

• Net realized gains on investments were $0.6 million in Q1 2025, down from $116.9 million in Q1 2024.

• Interest and dividend income totaled $6.2 million in Q1 2025, compared to $12.1 million in Q1 2024.

• Cash and marketable securities stood at $113.0 million as of March 31, 2025, with $79.2 million available under the revolving credit facility.

Outlook and guidance

• Forward-looking statements highlight exposure to risks such as oil prices, geographic concentration, currency fluctuations, market volatility, and geopolitical events.