Las Vegas, November 10, 2025 -- Cannae Holdings, Inc. (NYSE: CNNE) (“Cannae” or the “Company”) has released its third quarter 2025 financial results by posting them to its website. Please visit the Cannae website at www.cannaeholdings.com to view the third quarter 2025 financial results, which are included in its Letter to Shareholders.

As previously announced, Cannae will host a conference call, today, November 10, 2025 at 5:00pm (Eastern Time), to discuss its third quarter 2025 results. The conference call can be accessed by dialing 1-844-826-3035 (domestic) or 1-412-317-5195 (international) and asking for the Cannae Holdings Third Quarter 2025 Earnings Call. 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 10202701. The telephonic replay will be available until 11:59 pm (Eastern Time) on November 24, 2025.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Company’s website at www.cannaeholdings.com. The online replay will remain available for a limited time beginning immediately following the call.

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.

Jamie Lillis, Managing Director, Solebury Strategic Communications, 203-428-3223, jlillis@soleburystrat.com This communication contains forward-looking statements that involve a number of risks and uncertainties.

Source: Cannae Holdings, Inc.

Fellow Shareholders,

The Board and Management Team remain committed to creating long-term shareholder value through executing its strategic plan initiated in February of 2024. The three pillars of the plan are: 1) rebalancing our portfolio away from our historical public company investments and redeploying capital into proprietary opportunities with positive cash flows that can deliver outsized returns; 2) returning capital to shareholders through share buybacks and dividends; and 3) improving the operational performance of Cannae’s portfolio companies to increase their underlying value.

    In furtherance of this plan, this quarter our Board has directed our management team to concentrate our efforts in sports and sports-related assets where Cannae has proven a durable competitive edge. Additionally, our Board has directed us to dispose of a number of non-core assets in public and private companies to take advantage of expiring tax benefits and maintain capital-return discipline and the financial flexibility that underpins Cannae’s broader strategy.

•Continued capital returns to shareholders:

◦Cannae purchased $163 Million of its stock since the start of the third quarter, representing 8.6 million shares. Cannae bought these shares at a 31% discount to NAV

◦Year to date November 10th, Cannae has purchased $275 Million, or 14.4 million shares, representing 22.9% of its shares outstanding at the prior year-end.

◦Cannae has now returned over $1 Billion to shareholders since May 2021 through share buybacks, representing over 50% of our outstanding shares

◦Cannae also paid $8 Million in dividends in the third quarter, which represents a 25% increase in the quarterly dividend per share. Cannae has now paid $23 Million of dividends in 2025. Cannae's dividend is expected to total $30 Million in 2025.

•Cannae repaid all $141 Million outstanding on its margin loan in the third quarter. Following the Dun & Bradstreet ("D&B") sale, Cannae also amended the margin loan to change collateral, reduce capacity to $50 Million, reduce the interest rate spread, and extend the maturity to August 2028

•As of the market close on Friday, November 7, Cannae's stock price traded at a 35.2% discount to NAV, a reduction of approximately 20% from the start of 2024

Closing of Dun and Bradstreet Sale

•On August 26, 2025, our previously announced sale of D&B closed

•Cannae received an aggregate $630 Million in cash proceeds, of which $424 Million has been used thus far to repurchase $275 Million of Cannae shares, repay the $141 Million outstanding under its existing margin loan, and to distribute $8 Million in dividends

•Per our previous announcement, a further $25 Million is expected to be used for share repurchases to reach an aggregate of $300 Million this year, and $52 Million is expected to be retained for future quarterly dividends to shareholders Black Knight Football Club US, LP ("BKFC" or "Black Knight Football")

•Black Knight Football had a successful third quarter both on and off the pitch with continued strength in our teams’ performance, further developments in the player network, and ongoing stadium improvements

•AFCB had a historic transfer window in the summer of 2025 in which it was reported that Bournemouth achieved the second highest net player sales income in all of European football

•Bournemouth has also started the 2025/26 season strong, earning 18 points and a 2nd place position in the English Premier League ("EPL" or "Premier League") table through 9 matches — their highest point total through 9 Premier League matches in their 126-year history, and currently sit in 9th place

•AFCB continues to make progress on the renovation and expansion of Vitality Stadium - AFCB's home ground since 1910 - which will increase overall capacity to 20,000 seats while also significantly increasing premium seating and hospitality offerings

•FC Lorient is again playing in Ligue 1, the highest league in France and the 5th highest league in all of Europe according to UEFA coefficient rankings. The team currently sits in 17th place

•Moreirense FC, which BKFC acquired a majority interest in June 2025, has been integrated into the group and is performing well. Moreirense sits in 6th place in the Portuguese Primeira Liga, the highest league in Portugal

JANA Partners

•In September 2025, Cannae closed on its previously announced purchase of an additional 30% ownership stake in JANA for $67.5 Million, bringing Cannae's total ownership position to 50%

•Cannae separately invested $30 Million in JANA funds to fulfill its original $50 Million fund investment commitment

•We remain excited about the JANA partnership given the firm’s continued success, ability to grow assets under management, produce ongoing cash distributions and potential to source proprietary investment opportunities for Cannae

Alight

•Revenue was $533 Million for the quarter ended September 30, 2025, compared to $555 Million for the prior year quarter, on lower project revenue, net commercial activity and a one-time impact from finalizing the commercial agreement related to the businesses divested in 2024

•During the quarter, Alight recognized a non-cash impairment of goodwill of $1.3 Billion, after evaluating current business trends and the market valuation of the company

•Net loss from continuing operations for the quarter ended September 30, 2025, was $1,055 Million, including the aforementioned goodwill impairment, compared to a loss of $44 Million in the prior year third quarter

•Adjusted EBITDA improved significantly for the quarter ended September 30, 2025, to $138 Million compared to $118 Million for the prior year third quarter, representing a 17% increase

•Free Cash Flow from continuing operations for the first nine months of 2025 increased to $151 Million, compared to $104 Million in the first nine months of the prior year

We thank you for your continued support.

Sincerely,

RYAN R. CASWELL Chief Executive Officer Alight, Inc.

Alight completed the sale of its Professional Services segment and its Payroll & HCM Outsourcing businesses, which is now called Strada, in July 2024. All comparative figures below refer to the continuing business unless otherwise noted.

Alight reported total revenue of $533 Million in the third quarter 2025 compared to $555 Million in the prior year quarter, on lower project revenue, net commercial activity and a one-time, approximately $4 Million impact after finalizing the commercial agreement related to the 2024 divestiture of the Payroll and Professionals Services business. Net loss from continuing operations for the quarter ended September 30, 2025, was $1,055 Million, reflecting a non-cash goodwill impairment charge of $1.3 Billion, compared a loss of $44 Million in the prior year third quarter.

In the third quarter of 2025, Alight generated significant improvement in Adjusted EBITDA from continuing operations, increasing $20 Million or 17%, to $138 Million from $118 Million in the prior year. This equates to a 460 basis point expansion in the Adjusted EBITDA margin year-over-year to 25.9% in the third quarter 2025 as compared to 21.3% in the prior year third quarter. The company also generated Free Cash Flow of $151 Million in the nine months ended September 30 2025, compared to pro-forma Free Cash Flow of $104 Million in the prior year nine months.

After launching a new relationship with Goldman Sachs Asset Management to advance Alight's wealth solutions offering, the company also announced a partnership with MetLife to bring institutional income annuities to Alight Worklife and added Sword Health, a musculoskeletal and mental health AI care platform to the Alight Network. Alight also noted new wins or expanded relationships with MetLife, Cintas and Mass General Brigham. At September 30, 2025, the company had $2.25 Billion of 2025 revenue under contract as well as $1.8 Billion for the full year 2026 and $1.3 Billion for the full year 2027.

Management lowered its previous guidance for 2025, projecting a revenue range of $2.25 Billion to $2.28 Billion, Adjusted EBITDA in the range of $595 Million to $620 Million and Free Cash Flow of $225 Million to $250 Million.

The company repurchased $25 Million of its shares during the quarter and at quarter end had $216 Million of share buyback authorization remaining. Additionally, in November 2025, Alight's board declared a quarterly dividend of $0.04 per Alight share to be paid on December 15, 2025 to shareholders of record on December 1, 2025.

Cannae holds 40.5 million shares of Alight Class A common stock, representing approximately 8% of Alight’s outstanding shares. As of November 7, 2025, the aggregate gross value of these shares was approximately $95 Million.

Black Knight Football

After a historic season last year, the Cherries started this season strong with 5 wins, 3 draws and 1 loss, earning 18 points in the first 9 matches, including an away victory against Tottenham Hotspur — a new AFC Bournemouth record for points total through 9 matches in the Premier League, and currently are in the 9th place in the English Premier League table. This is particularly impressive given the number of player sales over the summer. The Cherries followed the June sales of Dean Huijsen to Real Madrid FC for over £52 Million and Milos Kerkez to Liverpool FC for over £40 Million with the sales of center-back Illia Zabarnyi to Paris Saint German for over £54 Million and Dango Ouattara to Brentford for over £37 Million. It was reported that Bournemouth achieved the second highest net player sales income (player sales less player purchases) in all of European football.

The first phase of the stadium renovation project, which will increase capacity from 11,300 to approximately 17,000 seats, has commenced and is expected to be completed ahead of the 2026/27 season. The second phase is expected to be completed prior to the onset of the 2027/2028 season, will comprise 3,000 additional seats, taking capacity to 20,200 seats and marking an over 80% increase to Vitality Stadium's current seating capacity.

After a successful 2024/2025 campaign, culminating in winning the Ligue 2 title and securing automatic promotion, FC Lorient ("FCL") has fought hard early this season to remain competitive in Ligue 1. It currently sits in 17th place in the table after securing an important win against formidable Ligue 1 side Monaco in late September. FCL acquired 8 new players this summer and re-signed starting goalkeeper Yvon Mvogo. Consistent with the BKFC methodology of developing young players, 5 out of the 8 new signings are under the age of 22.

In June, BKFC acquired a majority interest in Moreirense FC, a Portuguese Primeira Liga (first division) football club, founded in 1939 and based in Moreira de Cónegos, Portugal. The Primeira Liga, often recognized as one of the strongest leagues in the world outside of the traditional top 5, is known for its elite domestic talent and strong track record of developing world-class players, and has no limit on non-EU players, which makes it a natural destination for South American players.

BKFC swiftly selected the leadership team including hiring a new CEO and Head Coach, and worked with these new hires over the summer transfer windows wherein MFC sold 3 players and acquired 11 players. After 11 matches, MFC is in 6th position in the Primeira Liga table, with 6 wins, no draws and 5 losses, including an important win against local rival Vitoria de Guimaraes.

Last season, Hibernian FC ("Hibs") completed the season in 3rd place in the Scottish Premiership, qualifying for Europa League. Hibs dropped to UEFA Conference League qualifying after a loss to Danish club FC Midtjylland and ultimately was eliminated after a tight playoff series with Polish club Legia Warsaw. After 12 matches, Hibernian FC is in 3rd place in the Scottish Premiership table, with 4 wins, 6 draws and 2 losses.

As of November 7, 2025, Cannae has $249 million invested, representing an approximate 45% ownership interest in Black Knight Football.

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 provides useful information to investors and ratings agencies regarding our affiliates’ results, operating trends and performance between periods.

Alight’s Adjusted EBITDA from Continuing Operations is defined as earnings from continuing operations 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 business. 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 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.

BKFC EBITDA Including Profit on Player Trading 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 items. Both EBITDA Including Profit on Player Trading 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 as well as to evaluate BKFC's operating performance.

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 earnings (loss) from unconsolidated affiliates in our consolidated results 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.

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(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.

Cannae accounts for its investment in Black Knight Football Club 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 BKFC's net earnings or loss in earnings (loss) of unconsolidated affiliates in our consolidated results of operations.

The Company reports its share of the results of BKFC on a three-month lag. Accordingly, our results of operations for the three months ended September 30, 2025 and 2024 include our ratable portion of BKFC's net earnings (loss) for the three months ended June 30, 2025 and 2024, respectively.

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