Fairfax India (FIHU) Q3 2025 earnings summary

Executive summary

• Reported net earnings of $3.2 million ($0.02 per diluted share) in Q3 2025, down from $34.0 million ($0.25 per diluted share) in Q3 2024, mainly due to significant unrealized foreign currency translation losses from Indian rupee depreciation against the U.S. dollar, which offset investment gains.

• Book value per share decreased 3.3% to $20.72 at September 30, 2025, from $21.43 at June 30, 2025.

Financial highlights

• Net change in unrealized gains on investments was $59.5 million, driven by increases in private company investments (notably BIAL, Seven Islands, Saurashtra), partially offset by declines in public and other private holdings.

• Unrealized foreign currency translation losses totaled $103.1 million in Q3 2025 due to Indian rupee depreciation.

• Cash and marketable securities stood at $72.9 million at quarter-end, with $69.5 million available under a revolving credit facility.

• Total assets were $3.77 billion and total equity was $2.93 billion as of September 30, 2025.

Outlook and guidance

• Proceeds from the pending sale of Saurashtra Freight Private Limited (expected in Q4 2025) will further strengthen liquidity.

• Forward-looking statements highlight exposure to market, currency, and geopolitical risks, with no specific quantitative guidance provided.