Financial Results for the Third Quarter of 2026

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Nov. 10, 2026 (GLOBE NEWSWIRE) -- Helios Fairfax Partners Corporation (TSX: HFPC.U) today announced its financial results for the three and nine months ended September 30, 2026. All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted.

Management Commentary

“Today we present another strong set of results for third quarter 2026 as we generated investment income of $14 million and grew our investment portfolio by 4%, net of liquidity events. We also earned $7 million of management fees from our alternative asset management business, and combined, these results translated to $9 million of EBITDA and $4 million of net profit in the quarter,” said Tope Lawani and Babatunde Soyoye, Co‑CEOs of Helios Fairfax Partners.

“During the quarter we realized liquidity of $25 million in distributions from our Trone and Helios Fund IV investments upon the listing of T2S Group Holding on the Casablanca stock exchange. Subsequent to the period end Helios Fund IV returned a further $28 million to HFP following the completion of the sale of Africa Specialty Risks.”

“On a year to date basis the investment portfolio has grown by 18% net of liquidity. EBITDA is $45 million and net profit for the year to date is $29 million, over $7 million ahead of the 2025 equivalent period. Our results equate to net profit per share of $0.27 for our shareholders through the first nine months of the year.”

(US$ million except per share)	First nine months						Third quarter
		2026			2025			2026			2025
Investment income		56.7			43.0			14.4			17.4
Management fees		19.1			—			7.2			—
Total income		79.0			43.0			21.9			17.4
EBITDA		44.7			27.7			8.6			13.0
Net profit		29.2			22.1			4.3			9.7
Net profit per share	$	0.27		$	0.20		$	0.04		$	0.09
Portfolio Investments		374.5			442.0			374.5			442.0
Total assets		587.3			460.9			587.3			460.9
Common shareholders’ equity		486.2			438.4			486.2			438.4
Tangible book value per share	$	3.50		n/a			$	3.50		n/a
Book value per share	$	4.48		$	4.05		$	4.48		$	4.05

Third Quarter 2026 Highlights

• Investment income of $14.4 million for Q3 2026, compared to $17.4 million for Q3 2025. The main drivers of investment income for Q3 2026 were fair value gains on Trone and Helios Fund IV.
• The value of portfolio investments was $374.5 million at Q3 2026. The movement from Q2 2026 was driven by the distributions from Trone and receipt of returns of capital from Helios Fund IV from the exits of underlying investments in that fund, offset by fair value gains.
• HFP delivered management fees of $7.2 million through its alternative asset management business.
• Net profit of $4.3 million for Q3 2026, compared to $9.7 million for Q3 2025, equating to net profit per share of $0.04 for Q3 2026 and $0.09 for Q3 2025.
• We have presented tangible book value per share for the first time this quarter, representing book value per share without the impact of goodwill and intangible assets. Since consolidating the Helios asset management business on January 1, 2026, the company’s BVPS includes goodwill and intangible assets arising from the Business Combination. These accounting balances are carried at historical cost or cost less accumulated amortization, while being periodically tested for impairment, and do not reflect the performance of the company’s investments or the value of the Helios franchise.
• Tangible book value per share is $3.50, up 2% from $3.44 at the end of Q2 2026.
• Book value per share up 1% to $4.48 for Q3 2026 from $4.44 for Q2 2026, HFP’s seventh consecutive quarter of book value per share growth.
• Trone's operating subsidiary T2S Group Holding listed on the Casablanca stock exchange. HFP's proportionate share of the cash proceeds from the IPO was $17.7 million from Trone and $7.4 million from Helios Fund IV.
  
  

YTD 2026 Highlights

• Investment income of $56.7 million for the first nine months of 2026, compared to $43.0 million for the first nine months of 2025. The main drivers of investment income for the first nine months of 2026 were distributions from Trone and Helios Fund IV and fair value and realized gains on Seven Rivers and HDV.
• Book value per share up 6% to $4.48 for Q3 2026 from $4.22 for Q4 2025.
• EBITDA of $44.7 million for the first nine months of 2026, compared to $27.7 million for the first nine months of 2025.
• Net profit of $29.2 million for the first nine months of 2026, compared to $22.1 million for the first nine months of 2025.
• HFP started to consolidate Helios’ asset management business from January 1, 2026. HFP’s MD&A and financial statements contain explanatory disclosures regarding the comparability of prior year financial information.
  
  

Subsequent events to September 30, 2026

• Helios Fund IV returned $28.5 million to HFP from proceeds of the sale of Africa Specialty Risks in October 2026.
  
  

About Helios Fairfax Partners Corporation

Helios Fairfax Partners Corporation is an investment holding company that is listed on the Toronto Stock Exchange under the symbol HFPC.U. The company invests in African businesses and other businesses with customers, suppliers or operations primarily conducted in, or dependent on, Africa. It is advised by Helios Investment Partners LLP which is authorized and regulated by the Financial Conduct Authority in the United Kingdom. As at September 30, 2026, HFP had Portfolio Investments totaling $374.5 million.

Contact Information

investorrelations@heliosfairfax.com
www.heliosfairfax.com

This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company’s or a Portfolio Investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, a Portfolio Investment, or the African market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. Some of the specific forward-looking statements in this press release include, but are not limited to, statements with respect to: the value generating potential of HFP’s investments in a diversified set of strategies; the increased credit facility supporting further investments that would complement the portfolio; the long-term appreciation potential of the portfolio and the company’s positioning to deliver meaningful value to shareholders; and the offer to acquire the outstanding shares of CAB Payments Holdings plc.

Forward-looking statements are based on a number of key expectations and assumptions made by the company including, without limitation, that: HFP’s investments and positioning will generate the value expected; the increased credit facility will be used to support further complementary investments; and the offer to acquire the outstanding shares of CAB Payments Holdings plc will be completed on the terms currently contemplated.

Forward-looking statements are based on our opinions and estimates as of the date of this press release and they are subject to known and unknown risks and uncertainties that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: geopolitical risks, inflation, and interest rates; tariffs; financial market fluctuations; reliance on key personnel and risks associated with the Investment Advisory Agreement; concentration risk in Portfolio Investments, including geographic concentration and with respect to Class A and Class B limited partnership interests in the Portfolio Advisor; operating and financial risks of Portfolio Investments; valuation methodologies involve subjective judgments; investments may be made in foreign private businesses where information is unreliable or unavailable; use of leverage; lawsuits; cybersecurity and technology; reliance on third parties; significant ownership by Fairfax Financial Holdings Limited (“Fairfax”) and HFP Investments Holdings SARL (“Principal Holdco”) may adversely affect the market price of the subordinate voting shares; taxation risks; emerging markets; and climate change, natural disaster, and weather risks. Additional risks and uncertainties are described in the company’s 2025 annual report and annual information form, both dated March 27, 2026, which are available on SEDAR+ at www.sedarplus.ca and our website at www.heliosfairfax.com. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.

Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.

Information on
CONSOLIDATED BALANCE SHEETS
as at September 30, 2026 and December 31, 2025
(US$ thousands)

		(Unaudited)
		September 30, 2026		December 31, 2025(1)
Assets
Cash and cash equivalents		62,180		10,760
Portfolio Investments		374,491		463,746
Total cash and investments		436,671		474,506
Receivables from related parties		5,169		1,334
Distributions receivable		28,453		—
Income taxes refundable		—		814
Other assets		6,423		3,830
Property and equipment		3,992		902
Intangible assets		46,420		—
Goodwill		60,184		—
Total assets		587,312		481,386
Liabilities
Accounts payable and accrued liabilities		26,101		2,085
Income taxes payable		2,547		—
Payable to related parties		7,929		1,593
Amounts payable to other limited partners		21,537		—
Borrowings		25,139		10,000
Lease liabilities		4,702		455
Contract liabilities		4,818		—
Deferred income taxes		8,320		10,352
Total liabilities		101,093		24,485
Equity
Common shareholders’ equity		486,219		456,901
Total liabilities and equity		587,312		481,386
Tangible book value per share		3.50		n/a
Book value per share		4.48		4.22

(1) Period over period comparability may be limited. Refer to notes 5 (Business Combination) and 24 (Reclassification of Comparative Amounts) to the consolidated statements for the three and nine months ended September 30, 2026.

Information on
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS
for the third quarter and nine months ended September 30, 2026 and 2025
(US$ thousands except per share)

	(Unaudited)								(Unaudited)
	First nine months								Third quarter
		2026				2025				2026			2025(1)
Income
Investment income		56,651				43,005				14,354				17,422
Management fees		19,129				—				7,233				—
Other income		3,237				—				313				—
		79,017				43,005				21,900				17,422
Expenses
Investment and advisory fees		—				(3,477	)			—				(1,224	)
General and administration expenses		(34,302	)			(9,045	)			(13,312	)			(3,269	)
Other expenses		—				(2,745	)			—				81
EBITDA		44,715				27,738				8,588				13,010
Depreciation		(1,184	)			(111	)			(400	)			(37	)
Amortization		(5,693	)			—				(1,815	)			—
Operating profit		37,838				27,627				6,373				12,973
Finance costs		(7,254	)			(1,329	)			(2,213	)			(448	)
Profit before income taxes		30,584				26,298				4,160				12,525
Recovery of (provision for) income taxes		(1,421	)			(4,159	)			90				(2,829	)
Profit after income taxes		29,163				22,139				4,250				9,696
Net profit per share	$	0.27			$	0.20			$	0.04			$	0.09
Net profit per diluted share	$	0.27			$	0.20			$	0.04			$	0.09
Shares outstanding (weighted average)		108,361,608				108,236,381				108,450,533				108,291,576
Other comprehensive income
Exchange differences on translation of foreign operations		(54	)			—				3				—
Other comprehensive income		(54	)			—				3				—
Total comprehensive income		29,109				22,139				4,253				9,696

(1) Period over period comparability may be limited. Refer to notes 5 (Business Combination) and 24 (Reclassification of Comparative Amounts) to the consolidated statements for the three and nine months ended September 30, 2026.

USAGE OF IFRS AND OTHER NON-GAAP FINANCIAL MEASURES

The financial results are derived from the interim consolidated financial statements 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, except as otherwise noted.

Management analyzes and assesses the financial position of the company in various ways including using non-GAAP measures that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies.

Book value per share - The company considers book value per share a key performance measure in evaluating its objective of long-term capital appreciation, while preserving capital. Book value per share is a key performance measure of the company and is closely monitored. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares outstanding.

Tangible book value per share - The company considers tangible book value per share a key performance measure in evaluating its objective of long-term capital appreciation. Tangible BVPS removes goodwill and intangible assets from the BVPS calculation, giving investors a clear view of performance. Changes in tangible BVPS are driven by investment performance, fee earnings and costs. Tangible BVPS is anchored in the company’s portfolio investments, which are measured at fair value, and removes goodwill and intangible assets which are held at the values specified from acquisition accounting, being cost less accumulated amortization. This measure is equal to book value per share without the impact of goodwill and intangible assets. The impact of goodwill and intangible assets is calculated as those amounts divided by the number of common shares outstanding.

Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) - This measure is used to evaluate the profitability of the entity before certain expenses, being finance costs, current and deferred taxes, depreciation and amortization. The closest GAAP measure to EBITDA is operating profit, which is reconciled to EBITDA in the below table.

	Third quarter				First nine months
	2026		2025		2026		2025
Operating profit	6,373		12,973		37,838		27,627
Add back: Depreciation	400		37		1,184		111
Add back: Amortization	1,815		—		5,693		—
EBITDA	8,588		13,010		44,715		27,738