Cannae (CNNE) investor relations material

Executive summary

• Capital allocation prioritized shareholder returns, with $51 million returned via buybacks and dividends, representing 86% of capital allocated year-to-date, up from 70% a year ago.

• Report covers the quarter ended March 31, 2026, with a net loss attributable to common shareholders of $32.1 million, a significant improvement from a $113.0 million loss in the prior year period.

• Strategic focus is shifting toward sports and entertainment assets, with ongoing efforts to monetize non-core holdings such as the restaurant group.

• Portfolio review is conducted quarterly to determine optimal timing for asset sales and capital redeployment.

• The company continues to focus on portfolio transformation, including exploring strategic alternatives for the Restaurant Group.

Financial highlights

• Total operating revenues for Q1 2026 were $96.2 million, down 6.8% year-over-year, mainly due to restaurant group performance.

• Operating expenses decreased to $118 million from $125 million in the prior year, reflecting lower restaurant and holding company costs.

• Corporate holding company expenses dropped 45% year-over-year to $8.9 million.

• Black Knight Football revenue rose 19% to $274 million for the 12 months ended December 2025; EBITDA surged to $136 million from $12 million in 2024, driven by player trading profits.

• Net loss per share was $0.70, improved from $1.81 in the prior year.

Outlook and guidance

• Ongoing focus on maximizing shareholder value through buybacks, dividends, and selective new investments.

• Management anticipates continued macroeconomic uncertainty, including inflation and consumer spending pressures, impacting results in 2026.

• Strategic alternatives for the restaurant group are progressing, with an update expected next quarter.

• Continued transition of the portfolio toward sports and entertainment assets is expected to drive long-term NAV growth.