Fidelity National Financial (FNF) investor relations material

Executive summary

• Q1 2026 delivered strong results with adjusted pre-tax title earnings of $268M, up 27% year-over-year, and an industry-leading adjusted pre-tax title margin of 13.1%, up 140 basis points from Q1 2025.

• Title segment revenues rose 13% year-over-year, driven by higher title premiums, increased closed order volume, and robust commercial and refinance activity.

• F&G segment assets under management reached $74.5B, up 11% year-over-year, with gross sales of $3.2B and a focus on higher margin, less capital-intensive business.

• Net earnings attributable to common shareholders rose to $243M ($0.90 per diluted share), up from $83M ($0.30 per share) in Q1 2025, driven by strong Title and F&G segment performance.

• Returned $222M to shareholders in Q1 via $140M dividends and $82M share repurchases.

Financial highlights

• Q1 2026 revenues were $3.23B (up from $2.73B in Q1 2025); adjusted revenue (excluding gains/losses) was $3.3B.

• Net earnings were $243M (including $78M net recognized losses), up from $83M (including $287M losses) in Q1 2025.

• Adjusted net earnings were $249M ($0.93/share), up from $213M ($0.78/share) in Q1 2025.

• Title segment revenue was $2.1B, up from $1.8B; direct premiums rose 14%, agency premiums 16%, and escrow/other fees 12%.

• F&G segment reported $80M in adjusted net earnings, flat year-over-year, with gross sales of $3.2B, up from $2.9B.

Outlook and guidance

• Confident in maintaining 15%-20% annual adjusted pre-tax title margin even if residential volumes remain low.

• Expect $90M-$95M in interest and investment income per quarter for the remainder of 2026, assuming no Fed rate cuts.

• Residential outlook depends on mortgage rate stability; upside possible if rates move to low 6% range.

• MBA forecasts U.S. mortgage originations to increase in 2026 and remain flat in 2027-2028.

• Management remains confident in the strategy for both Title and F&G segments, emphasizing continued execution, cash generation, and long-term shareholder value.