Cannae Holdings (NYSE: CNNE) shifts to sports assets and buys back 7.3% stock

Rhea-AI Filing Summary

Cannae Holdings reported a first quarter 2026 net loss attributable to common shareholders of $32.1 million, or $0.70 per share, on total operating revenues of $96.2 million. The company emphasized a strategic shift toward sports and entertainment, led by its Black Knight Football investment, which generated $273.9 million of revenue and $136.1 million of EBITDA for the twelve months ended December 31, 2025.

Cannae has been monetizing non-core assets and returning capital, repurchasing 3.4 million shares, or 7.3% of its outstanding stock, for $43 million thus far in 2026, with buyback authorization increased to 14.9 million shares. Other key holdings showed mixed trends: Watkins delivered $70.7 million in 2025 net revenue with net leverage reduced to 2.1x, Minden Mill grew 2025 net revenue to $2.8 million but remained loss-making, JANA Partners’ revenue declined to $22.4 million, and the Restaurant Group produced twelve‑month revenue of $383.3 million with a $42.7 million net loss.

Insights

Equity portfolio and capital allocation analyst

Cannae leans into sports assets, exits laggards, and steps up buybacks.

Cannae is reshaping its portfolio around sports and entertainment while providing more transparency on major holdings. Black Knight Football stands out with $273.9 million of 2025 revenue and $136.1 million of EBITDA, though results were boosted by $112.7 million of profit on player trading.

Capital deployment is active: the company repurchased 3.4 million shares, or 7.3% of outstanding stock, for $43 million and expanded total buyback authorization to 14.9 million shares. Meanwhile, it invested $80 million in Watkins and $117 million in JANA Partners, while continuing to fund Minden Mill.

Risks are visible in weaker areas, notably the Restaurant Group, which generated $383.3 million of revenue but a $42.7 million net loss over the twelve months ended March 31, 2026. Future company filings may clarify how quickly Cannae can monetize non‑strategic assets and whether Black Knight Football’s EBITDA is sustainable with lower player‑trading gains.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q1 2026 operating revenues: $96.2 million Q1 2026 net loss to shareholders: $32.1 million 2026 share repurchases: 3.4 million shares / $43 million +5 more

8 metrics

Q1 2026 operating revenues $96.2 million Three months ended March 31, 2026 total operating revenues

Q1 2026 net loss to shareholders $32.1 million Net loss attributable to Cannae common shareholders, Q1 2026

2026 share repurchases 3.4 million shares / $43 million Shares bought back thus far in 2026, 7.3% of outstanding

BKFC 2025 revenue $273.9 million Black Knight Football total revenue, twelve months ended December 31, 2025

BKFC 2025 EBITDA $136.1 million Black Knight Football EBITDA, twelve months ended December 31, 2025

Watkins 2025 net revenue $70.7 million The Watkins Company net revenue, twelve months ended December 31, 2025

Restaurant Group 12‑month net loss $42.7 million Restaurant Group net loss, twelve months ended March 31, 2026

Alight Q1 2026 revenue $534.0 million Alight total revenue, three months ended March 31, 2026

Key Terms

Adjusted EBITDA, equity method of accounting, non-GAAP financial measures, Free Cash Flow, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA from continuing operations decreased $14 Million or (12)%, to $104 Million from $118 Million in the prior year."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

equity method of accounting financial

"Cannae accounts for its investment in Black Knight Football Club using the equity method of accounting; therefore, its results do not consolidate into Cannae’s."

An equity method of accounting is the way a company reports its financial interest in another business when it has significant influence but not full control, typically owning between about 20% and 50% of the voting stock. Instead of listing the investment at purchase cost or consolidating every line item, the investor records its proportional share of the other company’s profits or losses and adjusts the investment value for dividends or impairments, so investors see the economic impact of that stake. This matters because it changes reported earnings and asset values in a way that reflects ongoing performance—similar to showing your share of a small business’s monthly profit on your own books rather than just the amount you originally paid for your share—and helps gauge how much influence that stake has on the investor’s financial health.

non-GAAP financial measures financial

"the Company has provided non-GAAP financial measures for certain investments which we believe provide useful information to investors and ratings agencies"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Free Cash Flow financial

"Free Cash Flow is defined as cash provided by operating activities net of capital expenditures."

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

forward-looking statements regulatory

"This communication contains forward-looking statements that involve a number of risks and uncertainties."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Assets Under Management financial

"At Cannae's initial investment in 2024, JANA had $1.8 Billion of Assets Under Management (AUM), and has grown to $2.0 Billion"

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

Earnings Snapshot

Total operating revenues: $96.2 million

Q1 2026

Total operating revenues $96.2 million

Net loss attributable to common shareholders $32.1 million

Net loss per share (basic) $0.70

Understanding 8-K Material Events →

0001704720false00017047202026-05-112026-05-11

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported):

May 11, 2026

CANNAE HOLDINGS, INC.

(Exact name of Registrant as Specified in its Charter)

1-38300

(Commission File Number)

Nevada						82-1273460
(State or Other Jurisdiction of  Incorporation or Organization)						(IRS Employer Identification Number)

1701 Village Center Circle

Las Vegas, Nevada 89134

(Addresses of Principal Executive Offices)

(702) 323-7330

(Registrant's Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Cannae Common Stock, $0.0001 par value

CNNE

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On May 11, 2026, Cannae Holdings, Inc. (the "Company") issued a press release announcing its financial results for the first quarter of 2026. A copy of the press release is furnished as Exhibit 99.1 to this current report and is incorporated by reference herein. The Company also issued a letter to its shareholders announcing its financial results for the first quarter ended March 31, 2026 (the "Letter to Shareholders"). A copy of the Letter to Shareholders is furnished as Exhibit 99.2 to this current report and is incorporated by reference herein. The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit

Description

99.1

Press release announcing Cannae Holdings first quarter 2026 financial results

99.2

Letter to Shareholders

104

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Cannae Holdings, Inc.

Date:

May 11, 2026

By:

/s/ Bryan D. Coy

Name:

Bryan D. Coy

Title:

Chief Financial Officer

Exhibit 99.1

Cannae Holdings, Inc. Announces

First Quarter 2026 Financial Results

~ Quarterly results call scheduled for 5:00pm ET ~

Las Vegas, May 11, 2026 -- Cannae Holdings, Inc. (NYSE: CNNE) (“Cannae” or the “Company”) has released its first quarter 2026 financial results by posting them to its website. Please visit the Cannae website at www.cannaeholdings.com to view the first quarter 2026 financial results, which are included in its Letter to Shareholders.

Conference Call

As previously announced, Cannae will host a conference call, today, May 11, 2026 at 5:00pm (Eastern Time), to discuss its first quarter 2026 results. The conference call can be accessed by dialing 1-800-579-2543 (domestic) or 1-785-424-1789 (international) and asking for the Cannae Holdings First Quarter 2026 Earnings Call. The conference ID is CANNAE. A telephonic replay will be available at the conclusion of the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671, and providing the access code 11161481. The telephonic replay will be available until 11:59 pm (Eastern Time) on May 25, 2026.

Interested investors and other parties may also listen to a simultaneous webcast of the live call available on the Company’s website at www.cannaeholdings.com. The online replay will be available on the Company’s website immediately following the call.

About Cannae Holdings, Inc.

We primarily acquire interests in operating companies and are actively engaged in managing and operating a core group of those companies. We believe that our long-term ownership and active involvement in the management and operations of companies helps maximize the value of those businesses for our shareholders. We are a long-term owner that secures control and governance rights of other companies primarily to engage in their lines of business and we have no preset time constraints dictating when we sell or dispose of our businesses.

Contacts

Jamie Lillis, Managing Director, Solebury Strategic Communications, 203-428-3223, jlillis@soleburystrat.com

Source: Cannae Holdings, Inc.

First Quarter 2026 Update

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

Forward-Looking Statements and Risk Factors

This communication contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, beliefs, plans, intentions, or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management, including statements about our buyback program, the Company’s strategic plans, the impact of our actions on shareholder value and net asset value, and our ability to implement our plans. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Except as required by applicable law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

The risks and uncertainties that forward-looking statements are subject to include, but are not limited to risks associated with our ability to successfully operate businesses outside our traditional areas of focus; changes in general economic, business and political conditions, including among others, consumer spending, business investment, government spending, the volatility and strength of the capital markets, investor and consumer confidence, foreign currency exchange rates, commodity prices, inflation levels, changes in trade policy, tariffs on goods, and supply chain disruptions; risks associated with the Investment Company Act of 1940; risks associated with our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; and significant competition that our operating subsidiaries face.

This communication should be read in conjunction with the risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of Cannae’s Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission (the "SEC").

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CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

Fellow Shareholders,

During the first quarter of 2026, the Cannae management team focused on executing the new set of strategic priorities outlined by the Board that are designed to drive sustained long term value creation for our shareholders. While still very early in the execution of these strategic priorities, I am excited about the progress we have made in the four areas.

1. Portfolio Transformation and Strategic Focus: We are accelerating the transformation of our portfolio to concentrate primarily on sports and entertainment-related investments. We are leveraging our access to proprietary investment opportunities to find sports and entertainment-related investments that we believe will drive outsized returns for Cannae. Any investment would leverage our success in sports, would be synergistic to our existing portfolio and allows us to actively drive value. We also remain acutely focused on monetizing our non-strategic assets. We are actively working with our board to review our portfolio and monetize select assets in a disciplined manner to maximize capital to Cannae.

2. Enhanced Operating Performance and Transparency: We are focused on improving the operating performance of our portfolio companies while increasing the level of disclosure provided to shareholders. We continue to see success at our largest asset, Black Knight Football. With two games left, AFC Bournemouth currently sits in 6th place in the Premier League which would represent its highest finish ever. The team also has a chance to qualify for European competition for the first time in the club's history—European competition materially changes the commercial opportunities, brand and economics of the club and further illustrates our success since taking over. During the first quarter, we provided a detailed presentation on Black Knight Football which I would encourage everyone to review.

3. Disciplined Capital Return: Returning capital to shareholders remains a priority. In Q1, we were aggressive in opportunistically buying back stock at attractive prices while the Board also expanded the total stock buyback authorization to 14.9 Million shares for future buyback flexibility. Thus far in 2026, Cannae has acquired 3.4 Million shares, or 7.3% of our outstanding stock, for $43 Million.

4. Ongoing Governance Evolution: The Board continues to evaluate further enhancements of our governance policies and procedures consistent with best practices. Since June 2025, we have significantly strengthened our board of directors with the addition of four new independent directors. Moreover, we have updated our committees to include the four new members such that these new views could be leveraged within the committee setting.

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CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

We believe executing on these strategic priorities will lead to growth in Cannae NAV and stock price.

Thank you for your continued support.

Sincerely,

RYAN R. CASWELL Chief Executive Officer

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CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

Black Knight Football

(Private)

			Three Months Ended,
(In Millions) (Unaudited)			December 31, 2025						December 31, 2024
Total revenue			$	78.0					$	71.3
Net loss			$	(17.7)					$	(21.4)
EBITDA			$	21.2					$	10.1
Adjusted EBITDA excluding profit on player trading			$	17.7					$	10.0

The Company reports its share of the results of BKFC on a three-month lag. Accordingly, Cannae's statements of operations for the three months ended March 31, 2026, and 2025, include Cannae's ratable portion of BKFC's net loss for the three months ended December 31, 2025, and 2024, respectively.

Black Knight Football ("BKFC"), a partnership led by our Vice Chairman William P. Foley, II, is focused on building a global network of world-class football clubs, players, and real estate assets that will produce operational synergies, accelerate player development, and enable efficient player migration across BKFC's network of owned and operated clubs, while driving strong on-field and financial results. Our investment in BKFC represents an investment in the world’s leading professional football leagues, with an ability to improve operations, make high ROI investments, and demonstrate the embedded value of our multi-club operations, driving group financial performance and value creation on an eventual sale.

BKFC owns 100% of AFC Bournemouth ("AFCB" or "the Cherries"), a football club competing in the Premier League, and FC Lorient (French Ligue 1), as well as a majority interest in Moreirense FC (Portuguese Primeira Liga). This is complemented by strategic affiliations in other regions including Auckland FC of Australia's A-League, Orlando City SC of Major League Soccer and Kyoto Sanga F.C. of Japan's J1 League, expanding BKFC’s footprint across multiple continents and competitive landscapes.

Black Knight Football

BKFC's focus has been supporting the on-field success of each club through the crucial second half of the European football season as well as the continued integration of FC Lorient and Moreirense FC into our multi-club platform.

The success of our operating model is beginning to show in BKFC's financial results. For the twelve months ended December 31, 2025, BKFC generated $273.9 million of total revenue, compared to $229.7 Million in the prior year. Black Knight also posted $136.1 million of EBITDA in calendar 2025, compared to EBITDA of $12.0 Million in the prior year. While these results are impressive, they include very large gains on player sales ($112.7 million and $30.3 Million of profit on player trading in the twelve months ended December 31, 2025 and 2024, respectively) that are unlikely to happen in each period. These financial results will also become more reflective of the clubs overall, as for the twelve months ended December 31, 2025, FC Lorient and Moreirense, except for one quarter of results, were not included on a consolidated basis given transaction timing. With the inclusion of the three clubs, we aim to deliver further improvement on our financial results and demonstrate the power of the platform.

AFC Bournemouth

We continue to deliver on all aspects of our strategy for the Cherries. This year we opportunistically monetized select players and prudently reinvested proceeds into young talent, maintaining on-field success and benefitting from the additional revenues and cash flow that come with it. We have also continued to expand commercial revenues at the club and continue our stadium expansion plans.

From a performance perspective, AFCB currently sit in 6th place in the Premier League through 36 matches. With 2 matches to go, the club is in contention for European competitions, which would be a first in the club's history—and

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CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

provide additional revenues. This performance is after record proceeds from player sales over the last several trading windows, including the second highest total net player sales in all of European football in the winter 2026 transfer period.

The club continued its progress on the expansion of Vitality Stadium, and we expect the two corner infills and expansion of certain hospitality areas to be completed near the start of the 2026/27 season. The full renovation, expected to be ready for the start of the 2027/28 season, will take capacity to approximately 20,300 seats, including high value suites and hospitality areas, marking an 80% increase to Vitality Stadium’s current seating capacity and an over 100 % increase in hospitality. The project further expands commercial opportunities with new hospitality venues, fan experiences and an expanded car park.

FC Lorient

In April 2026, following BKFC's January acquisition of the remaining 60% equity interest in FC Lorient ("FCL"), we announced the appointment of Benoît Muller as CEO (Directeur Général) of FC Lorient. Mr. Muller has a strong background in professional football, having recently served as assistant General Manager of Stade Rennais, and as the Chief Financial Officer of Paris Saint-Germain.

After having won the Ligue 2 title and promotion to Ligue 1 last season, FCL has continued its impressive run in the 2025/26 season, reaching the quarter finals of the French Cup while maintaining a strong position in the Ligue 1 table. After 33 matches, FCL currently sits in 9th place in the Ligue 1.

Moreirense FC

Moreirense FC ("MFC") finished the 2024/25 season in 10th place in the Portuguese Primeira Liga (first division) football table. In this season, MFC has generated 42 points from 12 wins, 6 draws and 14 losses, sitting in 7th place in the table with 2 matches remaining.

The academy portion of the new 'sports village' was completed in April 2026. The full project will include 5 outdoor pitches and facilities for both the Primeira Liga squad and an academy and is expected to be completed later this year.

As of May 8, 2026, Cannae has invested $249 Million, representing an approximate 42% ownership interest in Black Knight Football.

Additional information on BKFC as of and for the twelve months ended December 31, 2025, and 2024, is presented in the table below.

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CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

						As of and for the Twelve Months Ended
(In Millions) (Unaudited)						December 31, 2025						December 31, 2024
Select Statement of Operations items:
Revenue						$	273.9					$	229.7
Operating loss						$	(113.2)					$	(111.9)
Net loss						$	(15.3)					$	(112.2)
EBITDA						$	136.1					$	12.0
Adjusted EBITDA (excluding player trading profit)						$	20.5					$	(4.8)
Select Balance Sheet Items:
Cash						$	70.1					$	20.9
Player transfer fees receivable						$	187.1					$	58.0
Total assets						$	768.1					$	541.7
Player transfer fee liabilities						$	256.7					$	168.6
Notes payable						$	72.3					$	—
Total liabilities						$	450.2					$	346.0
Total equity						$	317.9					$	195.7
Cannae ownership of BKFC units						248.9						223.9
BKFC units outstanding						586.9						495.4

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CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

JANA Partners

(Private)

			Three Months Ended
(In Millions) (Unaudited)			December 31, 2025						December 31, 2024
Total revenues			$	5.9					$	19.9
Operating income			$	2.3					$	14.6

Cannae reports its equity in earnings of JANA on a one-quarter lag. Accordingly, the table above presents the results for the three months ended December 31, 2025, and 2024.

Founded in 2001, JANA Partners ("JANA") is a pioneer and long-standing leader in activist investing, with a core belief that constructive shareholder engagement can unlock value in underperforming public companies. Over its 25-year history, JANA has evolved from a traditional long/short hedge fund into a pure-play, longer-duration activist investment manager, focusing primarily on concentrated long-only positions. This evolution reflects a strategic decision to align capital duration with the realities of operational and governance-driven change, which often requires multiple years to realize. Our partnership with JANA provides an attractive investment in the General Partner of a leading activist manager and a unique partnership that provides access to strategic opportunities. Cannae participates in cash flows from the growth of its Assets Under Management (“AUM”) through JANA’s management fees and from the performance of its investments through JANA’s performance fees, as well as our JANA fund investments.

JANA’s investment strategy centers on identifying undervalued U.S. mid-cap companies where performance gaps stem from fixable issues, including inefficient operations; suboptimal capital allocation; weak governance or board composition; strategic drift or poor execution; and unrealized M&A or asset monetization opportunities. JANA emphasizes deep fundamental diligence, followed by collaborative engagement with management and boards. JANA frequently achieves outcomes through negotiated board representation and leadership changes, as demonstrated in several recent campaigns. The firm’s portfolios are intentionally highly concentrated, which reflects high conviction and allows the firm to devote substantial time and resources to each investment. Currently, this includes Cooper Companies, Fiserv, Inc., Lamb Weston Holdings, Markel Group, Mercury Systems, Rapid7, Six Flags Entertainment, and TreeHouse Foods.

One of JANA’s most distinctive competitive advantages is its operating partner model. The firm has built a network of experienced current and former CEOs, CFOs, and senior operators who invest personal capital alongside JANA funds, participate in pre-investment diligence, join boards or management teams of portfolio companies, and drive operational and strategic initiatives. This model allows JANA to move beyond “financial activism” into hands-on operational improvement, significantly increasing credibility with boards and reducing adversarial dynamics. High-profile successes such as Mercury Systems, Tiffany, Whole Foods, and Frontier Communications reflect the effectiveness of this approach.

JANA has been consistently innovative within the activist investing space, introducing several industry-first partnership models, including strategic partnering—developing a framework for partnering with strategic acquirers to catalyze M&A outcomes, notably contributing to Frontier Communications’ sale to Verizon, and JANA's relationship with Cannae, which expanded its operating network and strategic reach, and strengthened sourcing, diligence, and execution capabilities. JANA also has developed innovative influencer partnerships, partnering with high-profile influencers (e.g., Dwyane Wade, Travis Kelce) to address branding, customer engagement, and cultural relevance—an unconventional but targeted value-creation lever in consumer-facing businesses. These initiatives underscore JANA’s willingness to adapt its toolkit as market dynamics and value-creation opportunities evolve.

JANA's primary vehicles include the JANA Strategic Investments Benchmark Fund (Series A and A-1); dedicated drawdown vehicles (longer duration activist capital); and co-investments aligned with core activist positions. At

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CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

Cannae's initial investment in 2024, JANA had $1.8 Billion of Assets Under Management (AUM), and has grown to $2.0 Billion, reflecting a stable institutional capital base with the patience required for activist execution.

Cannae invested $56 Million in 2024 for approximately 20% of JANA Partners, and in 2025 invested a further $67.5 Million, to increase its ownership to 50%. As of May 8, 2026, Cannae has invested $117 Million (net of distributions) in JANA Partners, with up to $26 Million of contingent consideration, representing a 50% ownership interest, and separately, invested $50 Million in the JANA Strategic Investments Benchmark Fund Series A-1.

Additional information as of and for the twelve months ended December 31, 2025, and 2024 is presented below.

						As of and for the Twelve Months Ended
(In Millions) (Unaudited)						December 31, 2025						December 31, 2024
Revenue						$	22.4					$	45.3
Net income						$	8.2					$	29.6
Cannae share of net income(1)						$	2.4					$	4.8
Cannae investment in JANA Partners, net of distributions						$	117.1					$	52.7
Ownership %(1)						50.0		%				20.0		%
Cannae investment in JANA Strategic Benchmark Fund						$	50.0					$	20.0
JANA Partners Assets Under Management, end of period (Billions)						$	2.2					$	2.3

_____________________________________________

(1) Cannae's ownership in JANA increased to 50% on September 30, 2025. For the rest of the twelve months ended December 31, 2025, Cannae held an approximately 20% interest in JANA.

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CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

The Watkins Company

(Private)

			Three Months Ended						Period from October 17, 2024
(In Millions) (Unaudited)			December 31, 2025						Through December 31, 2024
Net revenue			$	24.5					$	22.1
Net income (loss)			$	5.7					$	(9.5)
EBITDA			$	8.0					$	(7.6)
Adjusted EBITDA			$	8.2					$	6.4

Cannae acquired its interests in Watkins on October 17, 2024, and reports its equity in earnings or loss of Watkins on a one-quarter lag. Accordingly, the table above presents the results for the three months ended December 31, 2025, and the period October 17, 2024 through December 31, 2024.

From the bluffs high above the Mississippi River in Winona, Minnesota, comes the purity of The Watkins Company ("Watkins"). For over 150 years, Watkins has been heralded as purveyors of flavor, with an unwavering commitment to crafting award-winning gourmet flavoring products from high-quality, natural ingredients, without the use of artificial flavors and colors, GMOs, corn syrup or gluten. For more information on The Watkins Company, please visit www.watkins1868.com.

In October 2024, Cannae Holdings and KDSA Investment Partners acquired a majority interest in the Watkins Company (“Watkins”). This transaction was only the second time in the company’s 156-year history that majority ownership has changed, and the owner for the past 46 years rolled a significant equity stake into the transaction, choosing to partner with Cannae and KDSA. The Watkins investment presented an opportunity to invest in a leading flavoring company at a discounted entry multiple with multiple levers for value creation including: 1) continue leveraging its leading market share in extract products to grow other ancillary categories including spices, dry seasoning mixes and food services; 2) further institutionalize operations of the business to drive revenue growth and margin efficiencies; and 3) tuck-in M&A opportunities for new products and brands.

Watkins performed well in 2025 despite a tough macro environment, which saw retailers broadly reduce their inventory levels as they adjusted to tariff costs and a soft consumer. Despite these headwinds, we view the spice, seasonings and extract segment as a structurally resilient segment of the US food industry. With consumers shifting toward at-home and healthier cooking and restaurant traffic broadly declining, we believe Watkins is well positioned in a segment of the industry with favorable tailwinds going forward.

In the quarter ended December 31, 2025, Watkins generated Net sales of $24.5 Million and an Adjusted EBITDA margin of 34%, an 83 basis point expansion in margins over the fourth quarter of 2024. The business continues to generate free cash flow and has reduced net leverage from 3.4x at the close of the Cannae transaction to 2.1x at December 31, 2025.

As of May 8, 2026 Cannae has invested $80 Million in Watkins, including $20 Million structured as a convertible preferred investment with an 8% annual dividend, and holds a 49.1% ownership interest.

Additional information as of and for the twelve months ended December 31, 2025, and 2024 is presented below.

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CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

						Twelve Months Ended
(In Millions) (Unaudited)						December 31, 2025
Net revenue						$	70.7
Net income						$	6.5
EBITDA						$	15.8
Adjusted EBITDA						$	18.1
Cannae share of net income						$	3.2
Watkins net debt (total gross debt and accrued interest, net of cash), at December 31, 2025						$	38.4
Net leverage ratio, at purchase date October 2024 (times)						3.4x
Net leverage ratio, at December 31, 2025 (times)						2.1x

11

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

Minden Mill

(Private)

			Three Months Ended,
(In Millions) (Unaudited)			December 31, 2025						December 31, 2024
Net revenue			$	0.8					$	1.4
Net loss			$	(1.3)					$	(2.2)
EBITDA			$	(0.7)					$	(1.6)
Adjusted EBITDA			$	(0.2)					$	—

High Sierra Distillery, LLC, d/b/a Minden Mill Distilling (Minden Mill) is an estate distillery in historic Minden, Nevada, at the eastern base of the Sierra Nevada Mountain range. Minden Mill's facilities include an American Whiskey and white spirits distillery, housed in a 100-year-old creamery, and an American Single Malt Whiskey distillery, tasting room and guest experience center housed in a 100-year-old flour mill, both within a 10 acre main campus. Each of these 32,000 square foot buildings sit on the National Register of Historic Places.

The former owners of the estate distillery invested over $100 Million to restore the distillery site and achieve LEED certification, the most widely used green building rating system in the world. The facility is vertically integrated, with on-site distillation, barreling, aging, and bottling, allowing for tight control over production standards and cost structure. The 10-acre distillery campus, in driving distance from Lake Tahoe and Reno, serves as a destination venue, offering tastings and experiences that enhance brand engagement and customer loyalty. Additionally, within a separate 26-acre campus there is a 61,000 square-foot, climate-controlled rickhouse for whiskey aging, separated into two climate-controlled warehouses. The distillery sources grains from nearby ranches and benefits from access to high-quality water and a favorable operating environment for craft production, supporting a 'grain-to-glass' production model with the ability to produce 130,000 cases annually. It opened in February 2019 as Bently Heritage Estate Distillery and operated for three years before closing in March 2022. The state-of-the-art facility has a capacity to produce over 130,000 cases of premium spirits annually and today we have more than 300,000 proof gallons of whiskey, or approximately 145,000 case equivalents, currently aging in barrel, which has an estimated ultimate wholesale value after aging and bottling of approximately $31 Million.

In May 2023, Cannae acquired the rickhouse campus, the distillery campus, production facilities and equipment, and a significant amount of whiskey aging in barrel, for $52 Million. Acquired at a deep discount to the cost of the real estate and facility, we believe our ownership of Minden Mill represents an attractive value investment with upside optionality as we work to develop and market new high quality products through our partners' national distributor network.

Minden is managed and operated by the seasoned management team of Foley Family Wines & Spirits. While still early in its product lifecycle, the distillery produces a portfolio of spirits that includes Minden Mill branded Bourbon, American Single Malt, and Rye; High Ground Estate Vodka; and Evil Bean Coffee Liqueur. Each of these spirits continues to garner accolades and awards at competitions. We believe production of high-quality spirits coupled with direct access to a national route to market uniquely positions Minden Mill for success.

For the year ended December 31, 2025, Minden Mill generated $2.8 Million of net sales, a 21% increase over the year ended December 31, 2024. All of the net sales in the quarter ended December 31, 2024, related to the initial launch of Minden's rebranded brown spirits and Evil Bean and filling the distribution pipeline with initial orders.

As of May 8, 2026 Cannae has invested $52 Million for approximately 88% of the equity interests in Minden Mill as well as $11.7 Million through a revolving credit facility convertible to equity.

Additional information as of and for the twelve months ended December 31, 2025, and 2024, is presented in the table on the next page.

12

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

Case items in Thousands; $ amounts in Millions (unaudited)						As of and For the Twelve Months Ended
						December 31, 2025						December 31, 2024
Net revenue						$	2.8					$	2.3
Net loss						$	(4.5)					$	(6.5)
EBITDA						$	(2.2)					$	(4.8)
Adjusted EBITDA						$	(1.3)					$	(3.2)
Cannae share of net loss						$	(3.9)					$	(2.7)
Case sales volume, in 9-Liter case equivalents						13.1						10.7
9-Liter case equivalents aging in barrel						144.6						134.1

13

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

Alight, Inc.

(NYSE: ALIT)

			Three Months Ended,
(In Millions) (Unaudited)			March 31, 2026						March 31, 2025
Total revenue			$	534.0					$	548.0
Net loss from continuing operations			$	(19.0)					$	(17.0)
EBITDA from continuing operations			$	102.0					$	103.0
Adjusted EBITDA from continuing operations			$	104.0					$	118.0

Alight is a leading benefits administration provider of health, wealth, leave and point solutions for many of the world’s largest organizations and over 30 Million people. Through the administration of employee benefits, Alight helps clients gain a benefits advantage while building a healthy and financially secure workforce by unifying the benefits ecosystem across health, wealth, wellbeing, absence management and navigation. The Alight Worklife ® platform empowers employers to gain a deeper understanding of their workforce and engage them throughout life’s most important moments with personalized benefits management and data-driven insights, leading to increased employee wellbeing, engagement and productivity. Learn more at alight.com.

Alight delivered higher-than-expected revenue for the first quarter of 2026, reporting total revenue of $534 Million compared to $548 Million in the prior year first quarter. The change from the prior year was primarily due to lower net commercial activity, partially offset by an increase in project revenue. Notably, recurring revenues were 93.3% of total revenue. Recurring revenues for the three months ended March 31, 2026 decreased by $22 million, or 4.2%, from $520 million in the prior year period to $498 million, primarily driven by lower net commercial activity. Net loss from continuing operations for the quarter ended March 31, 2026, was $19 Million, compared to a loss of $17 Million in the prior year first quarter.

In the first quarter of 2026, Adjusted EBITDA from continuing operations decreased $14 Million or (12)%, to $104 Million from $118 Million in the prior year. The Adjusted EBITDA margin was 19.5% in the first quarter 2026 as compared to 21.5% in the prior year first quarter. Notably, Alight improved Free Cash Flow quarter over quarter, generating $53 Million in the three months ended March 31, 2026, compared to $44 Million in the prior year first quarter.

Management provided an outlook for the second quarter of 2026, noting revenue was expected to range between $490 Million and $505 Million, Adjusted EBITDA between $80 Million and $90 Million, and Free Cash Flow ranging from $35 Million to $45 Million.

At quarter end, the company had $216 Million of share buyback authorization remaining and $178 Million of cash.

Cannae holds 40.5 million shares of Alight Class A common stock, representing approximately 8% of Alight’s outstanding shares. As of May 8, 2026, the aggregate gross value of these shares was approximately $38 Million.

14

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

Cannae Restaurant Group (Private)

			Three Months Ended,
(In Millions) (Unaudited)			March 31, 2026						March 31, 2025
Total revenues			$	91.9					$	99.1
Net loss			$	(9.9)					$	(3.2)
EBITDA			$	(6.1)					$	0.7
Adjusted EBITDA			$	(0.9)					$	(0.6)

Our Restaurant Group consists of the Ninety Nine Restaurant & Pub and O'Charley's Restaurant + Bar, in which Cannae has 88.5% and 65.4% equity ownership interests, respectively. The Ninety Nine brand was founded in 1952 and consists of 93 company-owned locations across seven northeastern states. The O'Charley's brand, founded in 1971, comprises 49 company-owned and three franchise locations in thirteen Southern and Midwestern states. The brands are focused in the casual dining segment of the restaurant industry. For more information, please visit www.99restaurants.com and www.ocharleys.com.

We are continuing to explore strategic alternatives related to our restaurant group as part of our portfolio transformation strategy.

In the first quarter of 2026, the Ninety Nine Restaurant & Pub brand has continued a revenue strategy focused on increasing guest counts while blending a value-focused platform with higher priced items. The brand took strategic price increases in late 2025 to mitigate inflationary impacts on personnel-related investments and commodities. This showed as Ninety Nine posted a slight decrease in total revenues of 1.9%, in line with the industry segment averages. Ninety Nine also remains profitable from an Adjusted EBITDA perspective.

The O'Charley's Restaurant + Bar concept has continued challenges in maintaining its customer base and increasing visitation frequency, as well as attracting new customers. The management team's efforts are focused on stabilizing Same Store Sales through menu engineering, guest service and closing underperforming stores. Notably, two stores have been closed since the end of the first quarter.

As of May 8, 2026, Cannae has invested $165 Million in our Restaurant Group.

Additional information as of and for the twelve months ended March 31, 2026, and 2025 is presented in the table below.

15

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

																		As of and For the Twelve Months Ended
(In Millions) (Unaudited)																		March 31, 2026						March 31, 2025
Revenue																		$	383.3					$	412.2
Operating loss																		$	(35.3)					$	(9.4)
EBITDA																		$	(26.7)					$	19.3
Adjusted EBITDA																		$	(15.6)					$	0.4
Net (loss) income																		$	(42.7)					$	3.2
Cannae share of net (loss) income																		$	(29.6)					$	9.0
						Number of Locations												Change in Same Store Sales, Year-over-Year
Brand						March 31, 2026						March 31, 2025						1st Quarter 2026						12 months ended March 31, 2026
Ninety Nine Restaurant & Pub						93						93						(2.1)		%				(1.0)		%
O'Charley's Restaurant + Bar						49						57						(12.6)		%				(12.9)		%

16

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

FIRST QUARTER STATEMENTS OF OPERATIONS

(in Millions, except per share data) (Unaudited)						2026						2025
Three months ended March 31,
Restaurant revenue						$	91.9					$	99.1
Other operating revenue						4.3						4.1
Total operating revenues						96.2						103.2
Cost of restaurant revenue						83.9						91.0
Personnel costs						11.2						14.2
Depreciation and amortization						2.6						3.1
Other operating expenses, including asset impairments						20.6						16.3
Total operating expenses						118.3						124.6
Operating loss						(22.1)						(21.4)
Interest, investment and other income						2.1						1.4
Interest expense						(2.3)						(3.8)
Recognized (losses) gains, net						(7.2)						7.2
Total other income (expense), net						(7.4)						4.8
Loss before income taxes and equity in losses of unconsolidated affiliates						(29.5)						(16.6)
Income tax expense						0.5						20.2
Equity in losses of unconsolidated affiliates						(5.8)						(1.9)
Net loss from continuing operations						(35.8)						(38.7)
Net loss from discontinued operations, net of tax						—						(76.3)
Less: net loss attributable to noncontrolling interests						(3.7)						(2.0)
Net loss attributable to Cannae Holdings, Inc. common shareholders						$	(32.1)					$	(113.0)
Per share amounts:
Net loss per share from continuing operations - basic						$	(0.70)					$	(0.59)
Net loss per share from discontinued operations - basic						—						(1.22)
Net loss per share attributable to Cannae common shareholders - basic						$	(0.70)					$	(1.81)
Net loss per share from continuing operations - diluted						$	(0.70)					$	(0.59)
Net loss per share from discontinued operations - diluted						—						(1.22)
Net loss per share attributable to Cannae common shareholders - diluted						$	(0.70)					$	(1.81)
Cannae weighted average shares outstanding - basic						45.9						62.3
Cannae weighted average shares outstanding - diluted						45.9						62.3

17

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

BALANCE SHEETS

						March 31, 2026						December 31, 2025
(in Millions) (Unaudited)
Current assets:
Cash and cash equivalents						$	135.7					$	182.0
Short-term investments						—						—
Other current assets						24.9						25.7
Income tax receivable						48.1						48.8
Assets of discontinued operations held for sale						—						—
Total current assets						208.7						256.5
Investments in unconsolidated affiliates						634.5						643.5
Equity securities, at fair value						1.1						1.4
Equity securities, without a readily determinable fair value						148.3						147.3
Lease assets						108.7						116.9
Property and equipment, net						44.5						49.0
Other intangible assets, net						12.7						13.2
Goodwill						53.4						53.4
Deferred tax asset						1.0						0.6
Other long term investments and noncurrent assets						26.7						27.1
Total assets						$	1,239.6					$	1,308.9
Current liabilities:
Accounts payable and other accrued liabilities, current						$	86.5					$	91.9
Lease liabilities, current						15.6						15.4
Deferred revenue						14.5						16.1
Notes payable, current						5.8						6.3
Total current liabilities						122.4						129.7
Notes payable, long-term						64.5						64.5
Lease liabilities, long-term						118.0						122.8
Accounts payable and other accrued liabilities, long-term						12.3						12.8
Total liabilities						317.2						329.8
Additional paid-in capital						2,043.5						2,040.5
Retained (deficit) earnings						(27.5)						11.5
Treasury stock						(1,063.1)						(1,046.5)
Accumulated other comprehensive loss						6.0						6.5
Noncontrolling interests						(36.5)						(32.9)
Total equity						922.4						979.1
Total liabilities and equity						$	1,239.6					$	1,308.9

18

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

Use of Non-GAAP Financial Information

Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, the Company has provided non-GAAP financial measures for certain investments which we believe provide useful information to investors and ratings agencies regarding our affiliates’ results, operating trends and performance between periods. The presentation of non-GAAP financial measures is used to enhance our investors’ understanding of certain aspects of our financial performance. This discussion is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.

Black Knight Football

BKFC EBITDA is defined as earnings or (loss) for the period before interest, taxes, depreciation and intangible amortization. BKFC Adjusted EBITDA Excluding Profit on Player Trading is defined as earnings or (loss) for the period before interest, taxes, depreciation and intangible amortization, adjusted for the impact of profit or loss on sale of player registration rights and other non-cash and/or nonrecurring items. Both EBITDA and Adjusted EBITDA Excluding Profit on Player Trading are non-GAAP financial measures used by management and BKFC’s stakeholders to provide useful supplemental information that enables a better comparison of BKFC’s performance across periods by removing non-cash and material exception items as well as to evaluate BKFC's operating performance.

Watkins

Watkins Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and intangible amortization adjusted for the impact of certain nonrecurring and non-cash items that management does not consider in the evaluation of ongoing operational performance of Watkins. Adjusted EBITDA is a non-GAAP financial measure used by management and Watkins’ stakeholders to provide useful supplemental information that enables a better comparison of the company's performance across periods as well as to evaluate its core operating performance.

Minden Mill

Minden Mill's Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and intangible amortization adjusted for the impact of certain nonrecurring and non-cash items that management does not consider in the evaluation of ongoing operational performance of Minden Mill. Adjusted EBITDA is a non-GAAP financial measure used by management and Minden Mill's stakeholders to provide useful supplemental information that enables a better comparison of the company's performance across periods as well as to evaluate its core operating performance.

Alight

Alight’s Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and intangible amortization adjusted for the impact of certain non-cash and other items that Alight does not consider in the evaluation of ongoing operational performance. Adjusted EBITDA is a non-GAAP financial measure used by management and Alight’s stakeholders to provide useful supplemental information that enables a better comparison of Alight’s performance across periods as well as to evaluate Alight’s core operating performance.

Free Cash Flow is defined as cash provided by operating activities net of capital expenditures. Alight management believes that Free Cash Flow is an important liquidity metric because it measures, during a given period, the amount of cash generated that is available to repay debt obligations, make strategic acquisitions and investments and for certain other activities such as dividends and stock repurchases. The Free Cash Flow for the first nine months of 2024 results are presented on a proforma adjusted basis in light of the July 2024 divestiture of Alight's Payroll and Professional Services businesses. The adjustments include separation costs and proforma adjustments for certain items that are the direct result of the transaction and Alight's use of transaction proceeds, including proforma adjustments for 1) Services (e.g., customer care) that Alight is providing to Strada and receiving revenue pursuant to a Commercial Agreement; 2) Certain shared delivery and technology costs that Alight either no longer incurs or will be reimbursed for under Transition Services Agreement (TSA); 3) Adjustments for lower interest expense from debt paydown in July ‘24; and 4) Tax impacts from above adjustments.

Revenue Under Contract is an operational metric that represents management’s estimate of anticipated revenue expected to be recognized in the period referenced based on available information that includes historical client

19

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

contracting practices. The metric does not reflect potential future events such as unexpected client volume fluctuations, early contract terminations or early contract renewals. Alight’s metric may differ from similar terms used by other companies and therefore comparability may be limited. Therefore, these measures should not be considered in isolation or as alternatives to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP.

Restaurant Group

Restaurant Group's Adjusted EBITDA is defined as net income (loss) before the impact of income tax (benefit) expense, interest expense, net, depreciation and amortization, net income (loss) attributable to noncontrolling interests, non-cash impairment expense on property and equipment and lease assets, non-recurring disposal costs including lease termination expense and severance, recognized gains and losses on sales of fixed assets and other non-recurring income (expense). Management believes Adjusted EBITDA to be a useful profitability measure to assess the performance of Restaurant Group's businesses and improve the comparability of operating results across reporting periods.

Management believes the presentation of Restaurant Group's non-GAAP Adjusted EBITDA provides users with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of Restaurant Group’s core operating performance. However, these non-GAAP measures exclude items that are significant in understanding and assessing Restaurant Group’s financial results or position.

20

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

Black Knight Football Club

Cannae accounts for its investment in Black Knight Football Club using the equity method of accounting; therefore, its results do not consolidate into Cannae’s. As prescribed by relevant accounting standards, Cannae recognizes its proportionate share of BKFC's net loss in Losses of unconsolidated affiliates in its consolidated statements of operations.

The Company reports its share of the results of BKFC on a three-month lag. Accordingly, Cannae's results of operations for the three and twelve months ended March 31, 2026, and 2025, include its ratable portion of BKFC's net loss for the three and twelve months ended December 31, 2025, and 2024, respectively.

Adjusted EBITDA Excluding Profit on Player Trading Reconciliation

(In Millions) (Unaudited)

			Three months ended December 31,									Twelve months ended December 31,
			2025						2024			2025						2024
Net loss			$	(17.7)					$	(21.4)		$	(15.3)					$	(112.2)
Interest expense, net			7.5						4.3			29.0						15.4
Income tax benefit			—						—			—						(4.4)
Depreciation and amortization			31.4						27.2			122.4						113.2
EBITDA			21.2						10.1			136.1						12.0
(Profit) loss on player trading			0.3						(0.4)			(112.7)						(30.3)
Other non-cash and non-recurring (gain) loss			(4.1)						—			(4.1)						12.0
Stock-based compensation expense			0.3						0.3			1.2						1.5
Adjusted EBITDA excluding profit on player trading			$	17.7					$	10.0		$	20.5					$	(4.8)

_____________________________________________

(1) Amount for the twelve months ended December 31, 2024 primarily represents a non-cash impairment to BKFC's investment in FCL.

21

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

Watkins

Cannae accounts for its investment in Watkins using the equity method of accounting; therefore, its results do not consolidate into the Company’s. As prescribed by relevant accounting standards, the Company recognizes its proportionate share of Watkins' net earnings or loss in earnings (loss) of unconsolidated affiliates in our consolidated statements of operations.

The Company reports its share of the results of Watkins on a three-month lag. Accordingly, our results of operations for the three months ended March 31, 2026, include our ratable portion of Watkins net earnings for the three months ended December 31, 2025. Cannae acquired its investment in Watkins on October 17, 2024, and accordingly, the table below presents the results for the three months ended December 31, 2025, and the period October 17, 2024 through December 31, 2024.

Adjusted EBITDA Reconciliation

(In Millions) (Unaudited)

			Three Months Ended						Period from October 17, 2024						Twelve Months Ended
			December 31, 2025						Through December 31, 2024						December 31, 2025
Net income (loss)			$	5.7					$	(9.5)					$	6.5
Interest expense, net			1.0						0.9						4.1
Depreciation and amortization			1.3						1.0						5.2
EBITDA			8.0						(7.6)						15.8
Stock-based compensation			—						5.8						0.3
Non-recurring transaction expenses(1)			—						6.4						—
Purchase accounting amortization(2)			—						1.4						1.0
Other non-recurring and non-cash expense			0.2						0.4						1.0
Adjusted EBITDA			$	8.2					$	6.4					$	18.1

_____________________________________________

(1) Represents non-recurring transaction costs attributable to the acquisition of Watkins

(2) Represents the amortization associated with purchase accounting for the change in control of Watkins that is not included in GAAP depreciation and amortization

22

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

Minden Mill

Cannae accounts for its investment in Minden Mill using the equity method of accounting; therefore, its results do not consolidate into the Company’s. As prescribed by relevant accounting standards, the Company recognizes its proportionate share of Minden Mill's net earnings or loss in earnings (loss) of unconsolidated affiliates in our consolidated statements of operations.

The Company reports its share of the results of Minden Mill on a three-month lag. Accordingly, Cannae's results of operations for the three and twelve months ended March 31, 2026 and 2025 include Cannae's ratable portion of Minden Mill's net earnings for the three and twelve months ended December 31, 2025 and 2024.

Adjusted EBITDA Reconciliation

(In Millions) (Unaudited)

			Three months ended December 31,									Twelve months ended December 31,
Three months ended December 31,			2025												2024			2025						2024
Net loss			$	(1.3)											$	(2.2)		$	(4.5)					$	(6.5)
Interest expense, net			0.2												0.1			0.6						0.1
Depreciation and amortization			0.4												0.5			1.6						1.7
EBITDA			$	(0.7)											$	(1.6)		$	(2.3)					$	(4.7)
Stock-based compensation			0.2												0.1			0.5						0.3
Other (1)			0.3												1.5			0.4						1.2
Adjusted EBITDA			$	(0.2)											$	—		$	(1.4)					$	(3.2)

_____________________________________________

(1) Other adjustments for the three months ended December 31, 2024, represents non-recurring transaction costs attributable to write off of escrow funds receivable from the acquisition of Minden Mill.

23

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

Alight

Cannae accounts for its investment in Alight using the equity method of accounting; therefore, its results do not consolidate into the Company’s. As prescribed by relevant accounting standards, the Company recognizes its proportionate share of Alight's net earnings or loss in Losses of unconsolidated affiliates in our consolidated statements of operations.

See the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for further information on the Company’s accounting for its investments in Alight. Further information on Alight's (NYSE: ALIT) financial results can be found in its filings with the SEC and its investor relations website at http://investor.alight.com.

Reconciliation of Net Loss from Continuing Operations to Adjusted EBITDA from Continuing Operations

(In Millions) (Unaudited)

			Three months ended March 31,
			2026						2025
Net loss from continuing operations(1)			$	(19.0)					$	(17.0)
Interest expense, net			24.0						22.0
Income tax (benefit) expense			(7.0)						(3.0)
Depreciation and amortization			104.0						101.0
EBITDA from continuing operations			102.0						103.0
Share-based compensation			4.0						6.0
Transaction and integration expenses (2)			4.0						3.0
Restructuring			12.0						4.0
Gain from change in fair value of financial instruments			—						(8.0)
(Gain) loss from change in fair value of tax receivable agreement			(19.0)						9.0
Other, including impairment			1.0						1.0
Adjusted EBITDA from continuing operations			$	104.0					$	118.0
Revenue			$	534.0					$	548.0
Adjusted EBITDA Margin from continuing operations(3)			19.5		%				21.5		%

_____________________________________________

(1) Adjusted EBITDA excludes the impact of discontinued operations. Comparable periods have been recast to exclude these impacts.

(2) Transaction and integration expenses primarily relate to acquisition and divestiture activity.

(3) Adjusted EBITDA Margin From Continuing Operations is defined as Adjusted EBITDA From Continuing Operations as a percentage of revenue.

Free Cash Flow Reconciliation

(In Millions) (Unaudited)

Three Months Ended March 31,			2026						2025
Cash provided by operating activities - continuing operations			$	79.0					$	73.0
Capital expenditures			(26.0)						(29.0)
Free Cash Flow From Continuing Operations - adjusted			$	53.0					$	44.0

24

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

Restaurant Group

Cannae accounts for its ownership of the Restaurant Group as a consolidated subsidiary; therefore, its results consolidate into the Company’s. See the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for further information on the Company’s accounting for its investments in the Restaurant Group.

Adjusted EBITDA Reconciliation

(In Millions) (Unaudited)

			Three months ended March 31,									Twelve months ended March 31,
			2026						2025			2026						2025
Net (loss) income			$	(9.9)					$	(3.2)		$	(42.7)					$	3.2
Interest expense, net			1.8						1.5			6.7						5.9
Income tax expense			—						—			—						—
Depreciation and amortization			2.0						2.4			9.3						10.2
EBITDA			(6.1)						0.7			(26.7)						19.3
Noncontrolling interest			(3.3)						(1.8)			(13.1)						(5.8)
Non-cash impairment expense			8.5						0.2			20.9						1.3
Non-recurring recognized loss (gain), store disposal costs and other (1)			—						0.3			3.3						(14.4)
Adjusted EBITDA			$	(0.9)					$	(0.6)		$	(15.6)					$	0.4

_____________________________________________

(1) Primarily relates to sale or write-off of fixed assets and derecognition of lease liabilities

25

CANNAE HOLDINGS, INC. / FIRST QUARTER 2026 UPDATE

Corporate Information

MANAGEMENT TEAM

Ryan R. Caswell

Chief Executive Officer

Bryan D. Coy

Chief Financial Officer

Peter T. Sadowski

Chief Legal Officer

Michael L. Gravelle

General Counsel and Corporate Secretary

FIRST QUARTER 2026

CONFERENCE CALL DETAILS

Date: May 11, 2026

Time: 5:00 pm ET

Participant dial-in:

1-800-579-2543 (Domestic)

1-785-424-1789 (International)

Conference ID: CANNAE

REPLAY AVAILABILITY

A replay may be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671, and providing the access code 11161481.

The telephonic replay will be available until 11:59 pm ET on May 25, 2026.

Investors and other parties may also listen to a simultaneous webcast of the live call by logging onto the Financials section of the Company’s website at cannaeholdings.com. The online replay will be available on the Company’s website following the call.

BOARD OF DIRECTORS

Douglas K. Ammerman

Chairman of the Board

Cannae Holdings, Inc.

William P. Foley, II

Vice Chairman of the Board

Cannae Holdings, Inc.

Mona Aboelnaga Kanaan

Managing Partner

K6 Investments

Hugh R. Harris

Retired Chief Executive Officer

Lender Processing Services, Inc.

C. Malcolm Holland

Chairman of Texas

Huntington Bank

Mark D. Linehan

President and Chief Executive Officer

Wynmark Company

Frank R. Martire, Jr.

Managing Partner

Bridgeport Partners

Barry B. Moullet

Supply Chain Consultant

Board Member

CiCi’s Pizza

William T. Royan

Founding Partner

Markets Infrastructure Partners, LP

Cherie L. Schaible

Founding Partner

CLS Advisory, LLC

James B. Stallings, Jr.

Managing Partner

PS27 Ventures, LLC

Woodrow Tyler

Investment Committee Member

Michigan Health Endowment Board

COMMON SHARE LISTING

Our common stock is listed on the

New York Stock Exchange under the symbol CNNE.

INDEPENDENT AUDITORS

Grant Thornton LLP

4695 MacArthur Court Suite 1600

Newport Beach, CA 92660

TRANSFER AGENT

Continental Stock Transfer & Trust

1 State Street, 30th Floor

New York, NY 10004

(212) 509-4000

PUBLICATIONS

The Company’s Annual Reports on Form 10-K and Quarterly Reports on Form
10-Q are available on the Investor Relations section of the Company’s website at cannaeholdings.com.

ANNUAL MEETING INFORMATION

A Notice of Annual Meeting of Shareholders and Proxy Statement are furnished to shareholders in advance of the Annual Meeting.

INVESTOR RELATIONS

Solebury Strategic Communications

Jamie Lillis

203-428-3223

jlillis@soleburystrat.com

Cannae Holdings, Inc.

1701 Village Center Circle

Las Vegas, NV 89134

(702) 323-7330

cannaeholdings.com

26

FAQ

How did Cannae Holdings (CNNE) perform in the first quarter of 2026?

Cannae reported total operating revenues of $96.2 million and a net loss attributable to common shareholders of $32.1 million, or $0.70 per share. Results included restaurant operations and equity-method losses from key investments such as Black Knight Football, Watkins, Minden Mill, JANA, and Alight.

What capital return actions did Cannae Holdings (CNNE) take in 2026 so far?

Cannae repurchased 3.4 million shares, representing 7.3% of its outstanding stock, for $43 million thus far in 2026. The board also expanded the total stock buyback authorization to 14.9 million shares, providing additional flexibility for future repurchases subject to market conditions and corporate priorities.

How is Black Knight Football contributing to Cannae Holdings (CNNE)?

Black Knight Football generated $273.9 million of revenue and $136.1 million of EBITDA in the twelve months ended December 31, 2025. These figures included $112.7 million of profit on player trading, which management notes is unlikely every period, and Cannae owns about 42% of BKFC units.

What are the key trends at JANA Partners within Cannae’s (CNNE) portfolio?

For the twelve months ended December 31, 2025, JANA Partners reported $22.4 million of revenue and $8.2 million of net income, with Cannae’s share of net income at $2.4 million. Cannae has invested $117.1 million (net of distributions) for a 50% ownership interest in JANA Partners.

How is The Watkins Company performing under Cannae Holdings (CNNE)?

Watkins generated $70.7 million of net revenue and $6.5 million of net income in 2025, with Adjusted EBITDA of $18.1 million. Cannae has invested $80 million, including $20 million of convertible preferred with an 8% dividend, and reduced Watkins’ net leverage to 2.1x at December 31, 2025.

What challenges does Cannae Holdings’ (CNNE) Restaurant Group face?

The Restaurant Group produced $383.3 million of revenue but a $42.7 million net loss in the twelve months ended March 31, 2026. Same store sales declined, notably 12.6% at O’Charley’s in first-quarter 2026, and management is exploring strategic alternatives for this portfolio segment.

What is Cannae Holdings’ (CNNE) stake and exposure to Alight (NYSE: ALIT)?

Cannae holds 40.5 million Alight Class A shares, about 8% of Alight’s outstanding shares, with an aggregate gross value of roughly $38 million as of May 8, 2026. Alight reported first-quarter 2026 revenue of $534 million and Adjusted EBITDA from continuing operations of $104 million.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 5.6 KB
• EX-99.2 EX-99.2 435.9 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB