Fairfax Financial Holdings Limited · TSX:FFH
Fairfax Financial — Shareholder Meeting (April 2026)
30 slides from Fairfax Financial's shareholder meeting presentation, Apr 16, 2026
Slide 1: Annual Meeting
Annual Meeting April 16, 2026 Note: All financial disclosure in this presentation is in US$ and as of December 31, 2025, unless otherwise noted
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements contained herein may constitute forward-looking information (within the meaning of Canadian securities legislation) and forward-looking statements (within the meaning of the United States Private Securities Litigation Reform Act of 1995). These statement
Slide 3: Guiding Principles: Objectives
Guiding Principles Objectives ▪ We expect to compound our mark-to-market book value per share over the long term by 15% annually by running Fairfax and its subsidiaries for the long term benefit of customers, employees, shareholders and the communities where we operate – at the expense of short term
Slide 4: Guiding Principles: Structure
Guiding Principles Structure ▪ Our companies are decentralized and run by the presidents except for performance evaluation, succession planning, acquisitions, financing and investments, which are done by or with Fairfax. Investing will always be conducted based on a long term value-oriented philosop
Slide 5: Guiding Principles: Values
Guiding Principles Values ▪ Honesty and integrity are essential in all of our relationships and will never be compromised ▪ We are results oriented — not political ▪ We are team players — no "egos”. A confrontational style is not appropriate. We value loyalty — to Fairfax and our colleagues ▪ We fol
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Slide 7: Success of Our Formula
Success of Our Formula ▪ Our combination of disciplined underwriting and total-return value investing has produced superior returns over a long period. Superior Disciplined Value Long-Term Underwriting Investing Returns 15% long-term book value per share CAGR target (achieved 18.7% since inception)
Slide 8: Track Record
Track Record 40 Year Compound Annual Growth Rate(1) $2,500 Fairfax book value per share: 18.7% Fairfax share price (USD): 19.5% S&P 500 Index: 11.5% 1,908 $2,000 $1,500 1,260 Fairfax book value per share $1,000 Fairfax share price (USD) S&P 500 index $500 77 $0 1985 1988 1991 1994 1997 2000 2003 200
Slide 9: Fairfax Cumulative Stock Returns
Fairfax Cumulative Stock Returns As at December 31: Share Price C$ Cumulative Return 2020 434 16.2% 2021 622 16.9% 2022 802 17.3% 2023 1,223 18.2% 2024 2,000 19.2% 2025 2,616 19.5% 9
Slide 10: Annual Stock Return of U.S. Listed Companies since 1985 – Top 1%
Annual Stock Return of U.S. Listed Companies since 1985 – Top 1% Compound Return (%)(1) 1 Apple 22.7 2 Home Depot 21.3 3 Applied Materials 21.2 4 Amgen 20.4 5 Danaher Corporation 20.1 6 UnitedHealth Group 19.7 7 Fairfax 19.5 . . 14 Progressive Corporation 18.2 . . 49 Berkshire Hathaway 15.4 . . 56 F
Slide 11: Fairfax Executives – Holding Company
Fairfax Executives – Holding Company Prem Watsa Chairman & CEO 40 years Fairfax Insurance Group Peter Clarke Jonathan Godown Brian Young Andy Barnard President & Chief EVP President Chairman Operating Officer 25 years 30 years 30 years 28 years Vice Presidents Jennifer Allen Derek Bulas Jean Cloutie
Slide 12: Outstanding Operating Management Team
Outstanding Operating Management Team Andy Barnard Brian Young Chairman President Fairfax Insurance Group Fairfax Insurance Group 30 years 30 years Jonathan Godown Bijan Khosrowshahi EVP President Fairfax Insurance Group Fairfax International 25 years 16 years Presidents Martin Khaled Saoud Silvy Wr
Slide 13: Outstanding Investment Team
Outstanding Investment Team ➢ Decentralized investment organization based on a long term value investment philosophy Investment Committee Prem Watsa Roger Lace Wade Burton Founder Chairman President & CIO IC Chair 40 years 18 years 40 years Brian Chandran Peter Clarke Quinn McLean Lawrence Chin Klev
Slide 14: Decentralized Operations
Decentralized Operations ▪ Manager of global $33.3 Billion in Gross Premiums Written in 2025 runoff business International $2.4b $6.3b $6.2b $0.8b $3.1b $0.8b $7.4b $2.3b $4.0b ▪ Major Cdn ▪ Global multi-line ▪ Major U.S. ▪ Leading ▪ Leading Lloyd’s ▪ Algorithmic ▪ Global specialty ▪ Leading insurer
Slide 15: Fairfax has been Transformed Since 2017
Fairfax has been Transformed Since 2017 P&C Re/Insurance Share Underwriting Income Investment Income Operating Income Repurchases Interest and Share of profit Total P&C adjusted Shares Underwriting Catastrophe Reserve dividend (loss) of investment operating outstanding ($bn) profit (loss) losses red
Slide 16: Strong Operating Income Outlook
Strong Operating Income Outlook ($ billions) Interest and dividend income 2.5+ Underwriting profit 1.5+ Share of profit from associates & 1.0+ consolidated non-insurance income Operating income 5.0+ ➢ Potential earnings of ~$150 per share, before any investment gains 16
Slide 17: Income Statement – 2025
Income Statement – 2025 ($ billions) Gross premiums written $33.3 Global diversified premium mix Underwriting profit 1.8 93.0% combined ratio Investment income (incl. gains) 6.7 Return on average portfolio 9.3% Net earnings 4.8 Growth in book value 20.5% 17
Slide 18: Importance of Float
Importance of Float Total Float Float per Share ($ billions) 1985 0.01 $2 ½ 1995 0.7 74 2005 8.8 492 2015 17.2 775 2025 40.8 1,956 CAGR 18% Cumulative Benefit of float underwriting profit Last 5 years 4.5% $7.0 billion Last 10 years 3.2% $8.0 billion 18
Slide 19: Global Diversified Operations
Global Diversified Operations 22,000 employees, over 100 countries where we do business and underwriting Ki offices in over 50 countries ARX Polish Re Universalna Brit Northbridge Colonnade RiverStone Albingia Odyssey Group Crum & Forster Eurolife Allied World Zenith Gulf BIC Falcon HK Digit Falcon
Slide 20: Well Positioned Investment Portfolio
Well Positioned Investment Portfolio $74.9 billion at December 31, 2025 Other 7.0% Cash and short term ▪ Not focused on short term results 12.3% ▪ Capital preservation a priority Common Stocks 25.3% ▪ Expect interest and dividends of $2.5bn for next US/CDN four years Govt Bonds 30.3% ➢ Fixed income
Slide 21: Interest & Dividend Income
Interest & Dividend Income Yield on fixed % of fixed income Interest and income portfolio portfolio in cash and ($m) dividends (including cash) short-term treasuries 2021 641 1.5% 67% 2022 962 2.2% 32% 2023 1,896 4.6% 19% 2024 2,512 5.2% 19% 2025 2,574 5.0% 20% 21
Slide 22: Total Return on Investment Portfolio
Total Return on Investment Portfolio 2025 1986 99 1990 1994 1998 2002 2006 2010 2014 2018 2022 Average return – since inception: 7.7% 22
Slide 23: Strong Financial Position
Strong Financial Position ($ millions) 2025 2024 Holding company cash and investments 2,717 2,502 Borrowings - holding company 8,848 7,882 Borrowings - insurance and reinsurance companies 1,608 976 Total debt 10,456 8,858 Common shareholders' equity 26,283 22,960 Preferred stock 232 1,108 Non-contro
Slide 24: Non-Insurance Investments
Non-Insurance Investments Fairfax Operating Ownership Revenue Income Recipe 100% 968 123 Peak 100% 641 103 Sleep Country 100% 856 91 Fairfax India 43% 404 82 Dexterra 50% 745 47 Thomas Cook 65% 1,032 44 AGT 66% 2,182 33 Meadow 95% 855 11 All Other 855 (137) Total 8,538 397 24
Slide 25: Investments in India
Investments in India Compound Date of Initial Fair Value at Annualized Investment Ownership Cost Dec 31, 2025 Return ($m) ($m) (1) Thomas Cook India Aug 2012 65% 278 497 12.8% Fairfax India Jan 2015 43% 534 973 7.8% Digit Feb 2017 49% 101 2,039 41.5% (2) Quess/Digitide/Bluspring Dec 2019 35% 348 232
Slide 26: Eurobank – Patience is a Virtue!
Eurobank – Patience is a Virtue! Fairfax’s Investment (€bn) Eurobank Net Cash Market Total Annualized (1) Share Price Invested Value Return Return (%) Dec 31, 2020 €0.58 1.1 0.7 (0.4) (7)% 2021 €0.89 1.1 1.1 0.0 1% 2022 €1.06 1.1 1.3 0.3 3% 2023 €1.61 1.1 2.0 1.0 7% 2024 €2.23 1.0 2.8 1.9 11% 2025 €
Slide 27: Poseidon Sale
Poseidon Sale ▪ David Sokol and Bing Chen have done an outstanding job at Seaspan 2017 2025 Number of ships 89 184 Revenue ($m) 831 2,508 Net income ($m) 175 727 Shares outstanding (mm) 132 292 Earnings per share $1.33 $2.49 ▪ Fairfax agreed to sell a 23.2% stake for $1.9 billion ($28.30 per share)
Slide 28: Business Can be a Force for Good
Business Can be a Force for Good ▪ Over 40 years we wrote cumulative premiums of $324 billion and had net claims of $163 billion ▪ Pay annual salaries and benefits of $2.9 billion to our employees all over the world ▪ Made cumulative donations of $570 million since we began our donation program in 1
Slide 29: Next Decade – Building on Fairfax’s Strengths
Next Decade – Building on Fairfax’s Strengths ▪ Our guiding principles have remained intact ▪ Excellent long term performance ▪ Demonstrated strengths ➢Strong operating subsidiaries focused on underwriting profitability and prudent reserving ➢Conservative investment management providing excellent lo
Slide 30: Fairfax Financial Holdings Limited
FAIRFAX FINANCIAL HOLDINGS LIMITED
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