Fidelity National Financial (FNF) investor relations material

Market trends and order activity

• November purchase orders rose 5% year-over-year and remained flat sequentially, defying typical seasonal declines.

• Refinance opens surged 54% over last November, reflecting a reversal from last year's rate-driven declines.

• Commercial opens increased 14% year-over-year, with November marking the second-best open month of the year.

• Commercial pipeline remains strong, with daily open orders consistently in the mid-to-high 800s, indicating robust momentum into 2026.

• Office asset classes are showing signs of recovery, moving up in internal strength surveys for the first time in years.

Fee profile and margin outlook

• Fee profiles have been trending upward, driven by larger commercial deals and home price appreciation, with purchase and refi fee profiles up 4% and 7% year-over-year, respectively.

• Commercial fee profiles benefit from larger transaction sizes, especially in sectors like data centers.

• Margins in 2025 are expected to outperform 2024, with a normalized range of 15%-20% seen as appropriate; stronger home sales and lower rates could push margins to the upper end.

• Incremental margin on direct revenue is guided at 40%+, with higher transaction volumes driving greater efficiency.

Technology and operational efficiency

• AI tools have been rolled out company-wide, enhancing productivity and document analysis capabilities.

• Proprietary data and title plants are leveraged for efficiency, with minimal revenue from third-party access.

• The inHere digital platform, now adopted in 85% of direct transactions, streamlines authentication and reduces fraud risk.

• Partnership with CLEAR enhances identity verification to combat fraud.