Fairfax India (FIHU) Q4 2025 earnings summary

Executive summary

• Reported net earnings of $410.5 million for 2025, reversing a net loss of $41.2 million in 2024, with EPS of $3.05 versus a loss of $0.30 per share year-over-year.

• Book value per share rose 9.4% to $22.94 at year-end 2025, up from $20.96 at year-end 2024.

• Comprehensive income for 2025 was $288.2 million, compared to a loss of $118.3 million in 2024.

Financial highlights

• Net change in unrealized gains on investments totaled $527.6 million, driven by increases in BIAL, Seven Islands, Global Aluminium, IIFL Finance, CSB Bank, and IIFL Capital.

• Net realized gains on investments were $53.5 million, mainly from the sale of Saurashtra.

• Interest and dividend income reached $55.7 million, with significant dividends from Seven Islands and Jaynix.

• Unrealized foreign currency translation losses of $153.8 million due to a 4.7% depreciation of the Indian rupee against the U.S. dollar.

• Cash and marketable securities stood at $50.7 million at year-end, with $168.5 million available under the revolving credit facility.

Outlook and guidance

• Forward-looking statements highlight expectations for continued capital appreciation and investment in Indian businesses, but caution is noted regarding risks from market volatility, currency fluctuations, and geopolitical events.