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TORONTO, March 27, 2026 (GLOBE NEWSWIRE) — Helios Fairfax Partners Corporation (TSX:HFPC) today announced its financial results for the fourth quarter and year ended December 31, 2025. All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted.
Management Commentary
“2025 delivered the strongest net earnings and highest gains in our portfolio that Helios Fairfax Partners has achieved since it was established in 2020. Record net earnings of $41 million were driven by meaningful growth in book value and reflect the strong performance of our Helios Managed Investments,” said Tope Lawani and Babatunde Soyoye, Co‑CEOs of Helios Fairfax Partners.
“HFP is invested in a diversified set of strategies, funds and co-investments that will represent the next generation of value-generating assets for the business. Liquidity remains important to us, with $25 million realized from the portfolio in the year, and we have increased the limit on our existing credit facility to support further investments that would complement our portfolio. With sustained momentum in our core investments and a full‑year return to profitability, we are confident in the long‑term appreciation potential of our portfolio and our positioning to deliver meaningful value to shareholders.”
| (US$ million except per share) | (Unaudited) | |||||||||||||
| Year ended December 31, | Fourth quarter | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Income (loss) | 64.0 | (20.2 | ) | 21.0 | (17.9 | ) | ||||||||
| Expenses | 27.2 | 40.6 | 10.4 | 27.6 | ||||||||||
| Earnings (loss) before income taxes | 36.8 | (60.8 | ) | 10.6 | (45.5 | ) | ||||||||
| Net earnings (loss) | 40.5 | (58.8 | ) | 18.4 | (41.6 | ) | ||||||||
| Net earnings (loss) per share | $ | 0.37 | $ | (0.54 | ) | $ | 0.17 | $ | (0.38 | ) | ||||
| Port | ||||||||||||||
| Portfolio Investments | 463.7 | 394.9 | 463.7 | 394.9 | ||||||||||
| Total assets | 481.4 | 437.1 | 481.4 | 437.1 | ||||||||||
| Common shareholders’ equity | 456.9 | 415.9 | 456.9 | 415.9 | ||||||||||
| Book value per share | $ | 4.22 | $ | 3.84 | $ | 4.22 | $ | 3.84 | ||||||
Full Year 2025 Highlights
- Book value per share grew to $4.22 from $3.84 at the start of the year, an increase of 9.9%.
- HFP reported net earnings of $40.5 million, higher than any year since HFP was established in 2020.
- HFP’s portfolio grew to $463.7 million from $394.9 million, an increase of 17.4%. Legacy investments now make up $3.0 million of the portfolio, down from $16.5 million at the start of the year.
- HFP deployed $35.9 million in the portfolio, including $7.9 million into its Helios Fund IV limited partnership interest, $11.0 million in loans to HSEG, $5.5 million in loans to HDV and $8.7 million into a co-investment, Conduit Technology Inc.
- HFP realized $25.2 million from its Helios Managed Investments, including $18.0 million from Seven Rivers and $7.1 million from loans with HSEG.
- HFP achieved net gains on investments of $65.2 million across its portfolio, with Seven Rivers common shares ($17.9 million – 49.3%), Helios Fund IV limited partnership interests ($16.4 million – 25.4%), Trone common shares ($13.7 million – 66.4%), and HSEG common shares ($12.3 million – 21.9%) contributing the most strongly.
- HFP’s limited partnership interests in TopCo LP, representing the fair value of its asset management business, increased to $104.1 million from $96.4 million, through capital deployment of $1.4 million and net impact on earnings of $6.4 million. The gain was largely driven by growth in the fair value of future carried interest and co-investment positions held in Helios Fund IV.
- Earnings per share were $0.37 for 2025 compared to a loss per share of $0.54 for 2024.
Fourth Quarter 2025 Highlights
- Book value per share up 4.2% to $4.22 from $4.05 in Q3 2025.
- Net earnings of $18.4 million for Q4 2025, compared to $9.7 million for Q3 2025 and loss of $41.6 million for Q4 2024.
- Net gains on investments of $19.6 million for Q4 2025, up from $15.9 million for Q3 2025 and loss of $18.2 million for Q4 2024.
- HFP deployed $13.1 million into Helios Managed Investments, most notably $8.7 million into Conduit Technology Inc.
- HFP realized $7.1 million from its Helios Managed Investments, all being from one of its loan facilities with HSEG.
Highlights Subsequent to December 31, 2025
- HFP’s investment HSEG completed its first Series B close in January 2026. Upon completion, HFP subscribed for $2.5 million of Series B shares and converted its ordinary shares into Series A shares. The overall Series B first close was $30 million and included IFC and Proparco as the largest investors.
- HFP started to consolidate Helios’ asset management business from January 1, 2026.
- HFP increased its borrowing facilities limit to $85 million with an option to increase by a further $15 million.
- HFP, as part of a Helios consortium, announced an offer to acquire the outstanding shares of CAB Payments Holdings plc. The maximum amount payable by HFP under the offer is approximately $75 million. In addition, as Helios Fund V is participating in the cash offer, there will be a related capital call to be funded by the company for Helios Fund V if the offer is successful.
Consolidation of Helios Asset Management Business
From January 1, 2026, HFP will start to consolidate Helios’ asset management business, consisting of TopCo LP, Helios Investment Partners, and other subsidiaries that perform services for the group such as general partners, investment advisors and carried interest partnerships. This year’s annual report contains …