Cannae to Repurchase $300M in Shares, Targets 25% Dividend Increase Amid Portfolio Realignment.

Cannae Holdings plans to repurchase $300M in shares and increase its dividend by 25% amid ongoing portfolio realignment. CEO Ryan Richard Caswell emphasized the company's focus on increasing shareholder value through strategic planning. The announcement was made during the Q2 2025 earnings call.

Cannae Holdings Inc. (NYSE: CNNE) has announced plans to repurchase $300 million in shares and increase its dividend by 25% during its Q2 2025 earnings call. CEO Ryan Richard Caswell emphasized the company's focus on increasing shareholder value through strategic planning. The announcement came amidst ongoing portfolio realignment efforts.

Caswell highlighted that the stock traded at a 26.6% discount to NAV per share, a significant improvement from the near 40% discount at the announcement of the strategic plan in February 2024. The company expects to receive approximately $630 million in cash proceeds from the sale of Dun & Bradstreet, with plans to repurchase at least $300 million of common shares, fully repay $141 million of margin loan debt, and retain $60 million for future dividends [1].

Since May, Cannae has repurchased 7.6 million shares, returning $150 million to shareholders at an average purchase price of $19.71 per share. The quarterly dividend has been increased by 25% to $0.15 per share, providing consistent returns to long-term shareholders [1]. The total capital returned to shareholders since February 2024 is approximately $414 million through share buybacks and dividends [1].

Caswell also provided updates on portfolio companies, noting AFC Bournemouth's record ninth-place Premier League finish and nearly $200 million in combined transfer fees from recent player sales. Additionally, Black Knight Football has raised $130 million, with Cannae holding a 44% stake in the now $563 million capitalization. The company is expanding its multi-club football strategy, including the acquisition of Moreirense FC and a strategic partnership with Orlando City SC [1].

Financial results for Alight, a portfolio company, showed a total revenue from continuing operations of $528 million for Q2 2025, a 2% decrease from Q2 2024. The company reported a net loss of $1 billion, including a $983 million non-cash goodwill impairment. Adjusted EBITDA was $127 million for Q2 2025, a $22 million or 21% increase year-over-year. Free cash flow for the first half of 2025 was $102 million, up from $26 million in the first half of 2024 [1].

The restaurant group, particularly O'Charley's, faced headwinds with a decline in guest counts and a double-digit decline in same-store sales. Aggregate operating expenses were $171 million in the second quarter of 2025, $30 million above the prior year quarter. Net recognized losses were $76 million for Q2 2025, compared to $146 million losses in the prior year, largely due to the non-cash impairment of Alight [1].

Caswell projected the closing of the D&B sale in the third quarter and the completion of the additional JANA stake acquisition, with an investment of $30 million in JANA funds. He also mentioned the expectation to complete Phase 1 of the AFC Bournemouth stadium renovation by the start of the 2026/2027 season, increasing capacity to approximately 17,000 [1].

Cannae Holdings continues to focus on increasing shareholder value through strategic planning and capital return initiatives. The company's ongoing efforts to realign its portfolio and return capital to shareholders are key components of its strategy to enhance long-term shareholder value.

References:
[1] https://finance.yahoo.com/news/cannae-holdings-inc-cnne-q2-070717171.html
[2] https://seekingalpha.com/news/4483606-cannae-plans-300m-share-repurchase-and-targets-25-percent-dividend-increase-amid-ongoing