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Mar 31
Cannae Holdings Q1 2025 Earnings Report
Cannae Holdings reported a net loss in Q1 2025 but highlighted progress in portfolio realignment, including a planned divestiture and investment in strategic assets.
Key Takeaways
Cannae Holdings posted a net loss of $113M in Q1 2025, driven in part by discontinued operations, while progressing with the $630M D&B sale, increasing its stake in JANA Partners, and reporting positive Adjusted EBITDA performance across several holdings.
Reported GAAP EPS of -$1.81 due to losses from discontinued operations
Dun & Bradstreet Q1 Adjusted EBITDA grew 4.8% YoY to $211M with 3.6% organic revenue growth
Alight posted $118M in Adjusted EBITDA and a margin expansion to 21.5%
System1 saw strong Adjusted EBITDA growth from $0.4M to $12.1M despite lower revenues
Cannae Holdings
Cannae Holdings
Cannae Holdings Revenue by Segment
Cannae Holdings Revenue by Geographic Location
Forward Guidance
Cannae expects to focus on shareholder returns, capital redeployment and enhancing portfolio efficiency, especially following the D&B sale.
Positive Outlook
- Expects $630M proceeds from D&B sale in Q3 2025
- Plans to use $300M for buybacks and $101M for debt repayment
- Announced strategic expansion with JANA Partners to 50% ownership
- Black Knight Football investments showing operational and commercial momentum
- Restaurant Group implementing cost savings and leadership changes for turnaround
Challenges Ahead
- Reported net loss of $113M driven by discontinued operations
- Restaurant revenue declined YoY with negative Adjusted EBITDA
- Continued losses from investments in unconsolidated affiliates
- No Adjusted EPS or consolidated Adjusted Net Income guidance provided
- Remaining exposure to economic uncertainty in hospitality and dining sectors