Fairfax India (FIHU) Q2 2025 earnings summary

Executive summary

• Net earnings reached $278.1 million ($2.06 per diluted share) in Q2 2025, up from $254.1 million ($1.88 per share) in Q2 2024, driven by strong unrealized gains on investments.

• Book value per share increased 10.4% to $21.43 at June 30, 2025, from $19.41 at March 31, 2025.

• Share buybacks continued, with 28,758 shares repurchased for $0.4 million during the quarter.

Financial highlights

• Net change in unrealized gains on investments was $330.9 million, mainly from publicly listed holdings like IIFL Capital, IIFL Finance, and CSB Bank.

• Cash and marketable securities stood at $107.0 million at quarter-end, with $79.2 million available under a credit facility.

• Total assets increased to $3.87 billion at June 30, 2025, from $3.63 billion at December 31, 2024.

• Net realized gains on investments were $83,000 in Q2 2025, down from $101.4 million in Q2 2024.

• Earnings before income taxes were $311.7 million in Q2 2025, up from $272.2 million in Q2 2024.

Outlook and guidance

• Forward-looking statements highlight expectations for continued capital appreciation and investment in Indian businesses, but caution is noted due to market, geopolitical, and economic risks.