Fidelity National Financial (FNF) investor relations material

Executive summary

• Achieved strong Q2 2026 results with consolidated revenue of $4.05B–$4.1B, driven by industry-leading Title segment performance and F&G segment AUM growth, despite a subdued residential market.

• Net earnings attributable to common shareholders were $288M ($1.08/share), with adjusted net earnings at $370M ($1.39/share), both up year-over-year.

• Title segment outperformed peers in purchase and refinance order growth, with commercial revenue trending toward historic highs and direct/agency premiums up 21%/15% YoY.

• F&G segment continued its strategic shift toward fee-based, higher margin, and less capital-intensive business, with AUM before reinsurance reaching $74.7B, up 8% YoY.

• Returned $195M to shareholders in Q2 via dividends and share repurchases, totaling $417M in H1 2026.

Financial highlights

• Q2 2026 revenue was $4.05B–$4.1B, up from $3.64B–$3.7B YoY; adjusted net earnings per share rose to $1.39 from $1.16 YoY.

• Title segment revenue was $2.5B, up from $2.2B YoY; adjusted pre-tax Title earnings rose 33% to $448M, with a 17.8% margin (up 230 bps YoY).

• F&G AUM before reinsurance reached $74.7B, up 8% YoY; adjusted net earnings for F&G were $65M, down from $89M YoY due to lower ownership stake.

• Cash and cash equivalents at quarter-end were $3.58B; holding company cash and short-term investments were $457M.

• Book value per share (F&G, excl. AOCI): $45.93, up 68% since 2020 acquisition.

Outlook and guidance

• Expect continued commercial momentum but remain cautious on residential purchase and refinance activity for the rest of 2026.

• Anticipate modest compression in adjusted pre-tax Title margin in H2 2026 due to front-loaded expenses from recruiting and acquisitions.

• Project $95M–$100M in quarterly interest/investment income for the next 12 months, assuming no Fed rate changes.

• Management expects continued volatility in real estate and insurance markets due to macroeconomic factors, but believes the company is well positioned to adjust operations as needed.

• F&G expects to further scale fee-based, higher-margin, and less capital-intensive earnings streams, supported by favorable demographic trends.