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FAIRFAX News Release TSX Stock Symbol: FFH and FFH.U TORONTO, July 31, 2025 FINANCIAL RESULTS FOR THE SECOND QUARTER (Note: All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited interim consolidated financial statements for the three and six months ended June 30, 2025 prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") applicable to the preparation of interim financial statements, including International Accounting Standard 34 Interim Financial Reporting. This news release contains certain non-GAAP and other financial measures, including underwriting profit (loss), adjusted operating income (loss), gross premiums written, net premiums written, combined ratio (both discounted and undiscounted), book value per basic share, total debt to total capital ratio excluding non-insurance companies and excess (deficiency) of fair value over carrying value, that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. See "Glossary of non-GAAP and other financial measures" at the end of this news release and in the company's Interim Report for the three and six months ended June 30, 2025 for further details.) Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announces net earnings of $1,436.7 million ($61.61 net earnings per diluted share) in the second quarter of 2025 compared to net earnings of $915.4 million ($37.18 net earnings per diluted share) in the second quarter of 2024, primarily reflecting increased net gains on investments. Book value per basic share at June 30, 2025 was $1,158.47 compared to $1,059.60 at December 31, 2024 ( an increase of 10.8% adjusted for the $15 per common share dividend paid in the first quarter of 2025). "In the second quarter of 2025 our property and casualty insurance and reinsurance operations produced adjusted operating income of $1,130.0 million (or operating income of $1,453.8 million including the benefit of discounting, net of a risk adjustment on claims), reflecting continued strong underwriting performance and robust interest and dividend income. Our property and casualty insurance and reinsurance companies reported a consolidated combined ratio of 93.3% and consolidated u nderwriting profit of $426.9 million, on an undiscounted basis. Gross premiums written grew by 2.6% primarily reflecting new business across reinsurance and casualty lines, while our net premiums written grew by 4.8%, primarily reflecting increased retentions. "Net gains on investments of $952.0 million in the quarter was principally comprised of net gains on common stocks of $800.4 million. As we have said in the past, we expect our common stock positions to perform well over the long term, but our net gains will fluctuate from quarter to quarter," said Prem Watsa, Chairman and Chief Executive Officer. FAIRFAX FINANCIAL HOLDINGS LIMITED 95 Wellington Street West, Suite 800, Toronto, Ontario, M5J 2N7 Telephone: 416-367-4941 Facsimile: 416-367-4946