CNNE · Cannae Holdings, Inc.

Cannae Holdings issued its Q1 2026 results through a press release (Exhibit 99.1) and detailed shareholder letter (Exhibit 99.2), emphasizing execution on four strategic priorities: portfolio transformation to sports and entertainment, enhanced operating performance, disciplined capital returns, and governance evolution. The company accelerated focus on synergistic investments like Black Knight Football (BKFC), its largest asset, while monetizing non-core holdings. BKFC reported robust Q4 2025 results on a three-month lag, with revenue up 9.5% to $78.0 million and EBITDA more than doubling to $21.2 million, driven by operational improvements across its multi-club model including AFC Bournemouth (6th in Premier League), FC Lorient (9th in Ligue 1), and Moreirense FC (7th in Primeira Liga). Full-year 2025 BKFC revenue reached $273.9 million and EBITDA $136.1 million, bolstered by player trading gains though adjusted figures show underlying growth. JANA Partners saw softer Q4 revenues at $5.9 million versus $19.9 million prior year. Capital returns featured aggressive buybacks of 3.4 million shares (7.3% of outstanding) for $43 million, with authorization expanded to 14.9 million shares. Governance strengthened with four new independent directors since June 2025. AFC Bournemouth's potential European qualification signals revenue upside from expanded commercial opportunities and stadium upgrades to 20,300 seats. Management expresses optimism for NAV and stock price growth, with results posted on www.cannaeholdings.com ahead of the May 11, 2026, 5:00pm ET conference call.