Fidelity National Financial, Inc. Q4 FY2025 earnings call

• Title business delivered strong results in Q4 and full year 2025, with adjusted pretax Title earnings and margins. Navigating low transactional environment with purchase and refinance orders. Strong commercial performance with direct commercial revenue growth. - Transformed business through technology solutions and investments, including inHere digital transaction platform, expanded identity verification, rolled out AI tools enterprise-wide, and curated data and technology touching over 90% of total volume. - F&G segment saw growth in AUM, reported strong sales, and increased dividend.

Title segment: Fourth quarter adjusted pretax Title earnings $401,000,000, full year $1,400,000,000; adjusted pretax Title margins 17.5% in Q4 and 15.9% full year. Purchase orders opened 3,200 per day in Q4; refinance orders opened 1,700 per day in Q4, up from 1,600 in prior quarter. Direct commercial revenue nearly $1,500,000,000 full year, $479,000,000 in Q4. F&G segment: AUM before flow reinsurance $73,100,000,000 at year end, up 12% over prior year; reported GAAP equity excluding AOCI $6,000,000,000; F&G increased quarterly common stock dividend by 14% in Q4.

• Expect interest and investment income range $95,000,000 to $100,000,000 per quarter in 2026 assuming two 25 basis-point Fed rate cuts. - Expect approximately $112,000,000 of annual common and preferred dividend income from F&G to Corporate segment. - Outlook for 2026 is optimistic with expected uptick in purchase volume, better refi opportunity, and strong commercial momentum.

Q: On margin, how does 2026 margin trend look?

A: Mike Nolan expects uptick in purchase volume with MBA and Fannie Mae estimating more existing home sales, better refi opportunity, and strong commercial momentum.

Q: On agent split, was there something else?

A: Mike Nolan said it was probably geography, related to mix of business with strong commercial presence.

Q: On commercial fee per file in 2026?

A: Mike Nolan said there are nice deals in pipeline but mix is wild card.

Q: On inHere platform engagement?

A: Mike Nolan expects engagement to increase, goal is over 90% as some operations were still migrating.

Q: On regulatory front?

A: Mike Nolan said pilot still exists, set to expire in May, no impact on deal flow.

Q: On Title margin range?

A: Mike Nolan said long term may change range but currently appropriate, expect 2026 to move closer to midpoint.

Q: On capital allocation?

A: Anthony Park said capital allocation includes dividend, reinvestment in business, and opportunistic acquisitions and buybacks.

Q: On dividends from operations in 2026?

A: Anthony Park said regulated dividend in $400,000,000 to $450,000,000 range, other operations likely better.

Q: On M&A tech initiatives?

A: Mike Nolan said feel comfortable with tech stack but would buy if helpful, no particular need on notary side.