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Mar 31, 2025
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
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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