First National Financial (FN) Q4 2025 earnings summary

Executive summary

• Reported net income of $126.9 million for the full year 2025, with a fourth quarter loss of $34.7 million due to significant transaction-related costs.

• Fourth quarter and annual results were impacted by the closing of a go-private transaction on October 22, 2025.

Financial highlights

• Net income for 2025 was $126.9 million.

• Fourth quarter 2025 recorded a net loss of $34.7 million, primarily due to transaction-related expenses.

Significant events and developments

• Go-private transaction closed on October 22, 2025, resulting in fair value adjustments and new intangible assets.

• Amortization of fair value and intangible assets in Q4 2025 totaled approximately $52.1 million, reducing earnings.

• One-time advisory, structuring, and other acquisition costs of about $35.8 million were expensed in Q4 2025.