Financials Fairfax Financial Holdings Limited

Equities

FFH

CA3039011026

Property & Casualty Insurance

Market Closed - Toronto S.E. Other stock markets 16:00:00 2025-12-05 EST			5-day change	1st Jan Change
2,321.37 ^CAD	-2.58%		-3.53%	+16.07%

12-05	An undisclosed buyer acquired 7.35% stake in Orla Mining Ltd. from Fairfax Financial Holdings Limited for approximately CAD 440 million.	CI
12-05	Orla Mining Stock Falls as Investor Sells C$441.1 Million Shares as Part of Portfolio Rebalance	DJ

Projected Income Statement: Fairfax Financial Holdings Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	19,795	26,468	28,050	-	-	37,821	38,987	40,841
Change	-	33.71%	5.98%	-	-	-	3.08%	4.76%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	915.8	1,567	2,573	3,938	4,761	4,456	4,972	5,138
Change	-	71.11%	64.19%	53.08%	20.89%	-6.41%	11.58%	3.35%
Interest Paid ¹	-475.9	-513.9	-452.8	-510	-649	-772.9	-801.1	-807.9
Earnings before Tax (EBT) ¹	244.1	4,393	1,712	5,908	5,638	5,702	5,246	5,312
Change	-	1,699.51%	-61.03%	245.11%	-4.57%	1.13%	-8.01%	1.26%
Net income ¹	218.4	3,357	1,102	4,382	3,875	4,443	3,916	3,909
Change	-	1,436.9%	-67.17%	297.62%	-11.57%	14.65%	-11.85%	-0.19%
Announcement Date	2/11/21	2/10/22	2/16/23	2/15/24	2/13/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales	6,578	5,998	6,831	6,710	6,928	5,983	5,502	6,845	9,720	7,838	-	-	-	-	-	-	-	6,153	-	-	-	-	-	-	-
Change	-	-8.82%	13.88%	-1.77%	3.25%	-13.65%	-8.03%	24.4%	42.02%	-19.36%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	315	298.2	398.3	244.7	625.8	562.4	645.3	425.1	940.1	843	913.5	967.2	1,215	977.1	1,119	1,137	1,528	685.5	1,130	1,343	1,240	1,272	1,210	1,156	-
Change	-	-5.33%	33.57%	-38.56%	155.74%	-10.13%	14.74%	-34.12%	121.15%	-10.33%	8.36%	5.88%	25.6%	-19.57%	14.56%	1.55%	34.39%	-55.13%	64.84%	18.87%	-7.68%	2.58%	-4.87%	-4.46%	-
Charge d'intérêts ¹	-117.1	-166.1	-117.8	-109.7	-120.3	-103.9	-108.8	-114.4	-125.7	-124.3	-130.4	-124.8	-130.5	-151.5	-160.4	-164.4	-172.7	-190.4	-207.4	-213.1	-215.6	-213	-214.6	-215.6	-213.1
Earnings before Tax (EBT) ¹	1,237	982.1	1,568	698.7	1,144	248.8	-1,003	-73.7	2,540	1,769	944.6	1,491	1,703	1,056	1,411	1,494	1,677	1,166	1,954	1,565	1,476	1,569	1,408	1,374	1,480
Change	-	-20.62%	59.61%	-55.43%	63.78%	-78.26%	-503.3%	92.65%	3,546.81%	-30.36%	-46.61%	57.88%	14.22%	-38%	33.62%	5.87%	12.26%	-30.5%	67.62%	-19.93%	-5.64%	6.26%	-10.25%	-2.42%	7.7%
Net income ¹	909.1	806	1,201	462.4	920.3	114.3	-881.4	-75.1	-	1,238	734.4	1,069	1,328	776.5	915.4	1,031	724.4	945.7	1,437	1,152	1,075	1,146	1,020	994.4	1,101
Change	-	-11.34%	49.06%	-61.51%	99.03%	-87.58%	-871.13%	91.48%	-	-	-40.67%	45.55%	24.29%	-41.55%	17.89%	12.61%	-29.72%	30.55%	51.92%	-19.84%	-6.69%	6.63%	-11.02%	-2.48%	10.69%
Announcement Date	2/11/21	4/29/21	7/29/21	11/4/21	2/10/22	4/28/22	7/28/22	11/3/22	2/16/23	5/11/23	8/3/23	11/2/23	2/15/24	5/2/24	8/1/24	10/31/24	2/13/25	5/1/25	7/31/25	11/6/25	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Fairfax Financial Holdings Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	2/11/21	2/10/22	2/16/23	2/15/24	2/13/25	-	-	-

Estimates

Cash Flow Forecast: Fairfax Financial Holdings Limited

Fiscal Period: December	2019	2020	2021	2022	2023	2024
CAPEX ¹	319.6	273.3	353.9	418.9	514.1	408.8
Change	-	-14.49%	29.49%	18.37%	22.73%	-20.48%
Free Cash Flow (FCF) ¹	-3,212	302	4,579	8,790	3,369	3,977
Change	-	109.4%	1,415.97%	91.97%	-61.68%	18.06%
Announcement Date	3/6/20	3/5/21	3/4/22	3/10/23	3/8/24	3/7/25

¹USD in Million

Estimates

Forecast Financial Ratios: Fairfax Financial Holdings Limited

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-	-
EBIT Margin (%)	-	4.63%	5.92%	9.17%	-	-	11.78%	12.75%	12.58%
EBT Margin (%)	-	1.23%	16.6%	6.1%	-	-	15.08%	13.45%	13.01%
Net margin (%)	-	1.1%	12.68%	3.93%	-	-	11.75%	10.04%	9.57%
FCF margin (%)	-	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-	-
Profitability
ROA	-	0.3%	4.23%	1.23%	5.13%	4.11%	4.3%	3.5%	3%
ROE	-	1.55%	22.49%	6.67%	20.83%	16.48%	18.3%	15.22%	13.7%
Financial Health
Leverage (Debt/EBITDA)	1.66x	6.23x	-	2.72x	0.89x	1.01x	-	-	-
Debt / Free cash flow	-1.58x	19.07x	-	0.41x	1.69x	1.73x	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	1.38%	1.34%	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	10	10	10	10	15	15.29	15.69	16.08
Change	-	-	0%	0%	0%	50%	1.91%	2.66%	2.49%
Book Value Per Share ¹	-	478.3	630.6	657.7	939.6	1,060	1,185	1,361	1,532
Change	-	-	31.83%	4.29%	42.87%	12.77%	11.88%	14.82%	12.58%
EPS ¹	-	6.29	122.2	43.49	173.2	160.6	195.2	188.2	188.1
Change	-	-	1,843.56%	-64.43%	298.34%	-7.32%	21.59%	-3.61%	-0.02%
Nbr of stocks (in thousands)	-	27,134	26,534	25,425	23,512	21,955	22,244	22,244	22,244
Announcement Date	-	2/11/21	2/10/22	2/16/23	2/15/24	2/13/25	-	-	-