Cannae (CNNE) Investor presentation summary

Strategic focus and portfolio transformation

• Transitioning to a concentrated portfolio centered on sports and entertainment assets to drive long-term returns and synergies.

• Monetizing non-strategic assets, including a strategic review and potential sale of the restaurant group announced in Q1 2026.

• Portfolio includes high-quality holdings such as Black Knight Football Club, JANA Partners, AmeriLife, The Watkins Co., Minden Mill Distilling, and Alight.

• Significant unrealized value exists, with $715M of assets sold in 2025 and ongoing efforts to enhance transparency and operating performance.

Investment strategy and value creation

• Sports and entertainment assets offer structural tailwinds, resilient revenue streams, and global fan engagement, making them attractive for long-term investment.

• Proven investment playbook developed by William P. Foley II, leveraging operational discipline, M&A, and value creation across public and private enterprises.

• Demonstrated ability to create value, with ~$3.0B in net realized gains and a 1.8x multiple on invested capital since inception.

• Repeatable strategy includes infrastructure improvements, commercial optimization, and multi-club sports models.

Capital allocation and shareholder returns

• Disciplined capital allocation prioritizes share repurchases, dividends, and new investments to maximize NAV and stock price growth.

• Repurchased 52M shares (56.6% of outstanding) for $1.1B since 2021, with average discounts to NAV ranging from 28% to 48%.

• Focused on narrowing the stock price discount to NAV and returning capital to shareholders.