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FAIRFAX News Release TSX Stock Symbol: FFH and FFH.U TORONTO, November 6, 2025 FINANCIAL RESULTS FOR THE THIRD 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 nine months ended September 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 nine months ended September 30, 2025 for further details.) Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announces net earnings of $1,151.7 million ($52.04 net earnings per diluted share) in the third quarter of 2025 compared to net earnings of $1,030.8 million ($42.62 net earnings per diluted share) in the third quarter of 2024. Book value per basic share at September 30, 2025 was $1,203.65 compared to $1,059.60 at December 31, 2024 (an increase of 15.1% adjusted for the $15 per common share dividend paid in the first quarter of 2025). "In the third quarter of 2025 we reported increased net earnings, reflecting higher adjusted operating income from our property and casualty insurance and reinsurance operations of $1,343.2 million (or operating income of $1,783.5 million including the benefit of discounting, net of a risk adjustment on claims), as a result of our continued strong core underwriting performance, increased interest and dividend income and favourable results from profit of associates. Our property and casualty insurance and reinsurance companies reported a consolidated combined ratio of 92.0% and consolidated underwriting profit of $540.3 million, on an undiscounted basis. "Net gains on investments of $426.2 million in the quarter were principally comprised of net gains on common stocks of $524.6 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. "We announced the agreement to sell our 80.0% interest in Eurolife's life insurance operations to Eurobank for approximately $940 million and concurrently will acquire a 45.0% equity interest in Eurobank's Cyprus-based property and casualty insurance company, ERB Asfalistiki, for approximately $68 million. We are very pleased to be able to maintain the focus of our insurance operations on property and casualty insurance and reinsurance, while still benefitting from the continued success of the Eurolife life insurance business through our ownership stake in Eurobank." 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