Financial Results for the Fourth Quarter of 2025
Executive Summary
- Helios Fairfax Partners reported record net earnings of $40.5 M for 2025 and $18.4 M for Q4 2025, the strongest performance since its inception in 2020.
- The company increased its borrowing facility to $85 M (with an optional $15 M uplift) and subscribed to $2.5 M of Series B shares in portfolio company HSEG.
- Helios Fairfax announced a cash offer to acquire CAB Payments Holdings plc for up to ~$75 M, with Helios Fund V participating via a related capital call if the transaction closes.
Key Details
- 2025 Financial Highlights
- Book value per share rose 9.9% to $4.22 (from $3.84).
- Portfolio investments grew 17.4% to $463.7 M (up from $394.9 M).
- Net earnings of $40.5 M; earnings per share $0.37 vs. a loss of $0.54 in 2024.
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Net gains on investments totaled $65.2 M, led by Seven Rivers common shares ($17.9 M) and Helios Fund IV LP interests ($16.4 M).
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Q4 2025 Highlights
- Book value per share up 4.2% to $4.22 (from $4.05 in Q3).
- Net earnings $18.4 M, compared with a loss of $41.6 M in Q4 2024.
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Deployed $13.1 M into Helios Managed Investments, including $8.7 M to Conduit Technology Inc.
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Subsequent Events (post‑31 Dec 2025)
- HSEG Series B Close: HFP subscribed for $2.5 M of Series B shares; total Series B raise was $30 M, with IFC and Proparco as lead investors.
- Credit Facility Expansion: Borrowing limit increased to $85 M (optionally up to $100 M).
- Consolidation of Asset Management Business: Effective Jan 1 2026, Helios’ asset‑management subsidiaries (TopCo LP, Helios Investment Partners, etc.) will be consolidated. Pro‑forma impact would have added ~$87 M of income and increased portfolio investments to ~$414 M for 2025.
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Proposed Acquisition of CAB Payments Holdings plc: Maximum consideration ≈ $75 M; Helios Fund V will provide a related capital call if the offer succeeds.
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Liquidity & Capital Allocation
- Realized cash from portfolio: $25.2 M (including $18.0 M from Seven Rivers and $7.1 M from HSEG loans).
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Deployed $35.9 M across the year into new investments, notably Helios Fund IV LP ($7.9 M) and loans to HSEG ($11.0 M) and HDV ($5.5 M).
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Balance Sheet (Dec 31 2025)
- Total assets: $481.4 M; cash & equivalents $10.8 M.
- Borrowings: $10.0 M (new facility limit $85 M).
- Common shareholders’ equity: $456.9 M.
Notable Quotes
“2025 delivered the strongest net earnings and highest gains in our portfolio that Helios Fairfax Partners has achieved since it was established… 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.” – Tope Lawani & Babatunde Soyoye, Co‑CEOs
All forward‑looking statements are subject to risks and uncertainties detailed in the release.