Neptune Insurance Holdings Inc. Class A

Thank you for standing by. My name is Demi and I will be your conference operator today. At this time, I would like to welcome everyone to the Neptune Insurance Holdings third quarter earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star 1 again. Thank you. I would now like to turn the conference over to John Carlon, Director of Corporate Development. You may begin.

Thank you and good afternoon. With me here today is Trevor Burgess, Chairman and CEO, Matt Duffy, President and Chief Risk Officer, and Jim Steiner, CFO and COO. Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements including, among others, statements about our expectations for our future financial performance, growth opportunities, business strategy, market trends, and capital allocation plans. These statements are based on our current views and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. We direct you to our recent SEC filings for a full description of these risks. We undertake no obligation to update any forward-looking statements. whether as a result of new information, future events, or otherwise, except as required by law. We will also reference certain non-GAAP financial measures. These measures should be considered only as supplements to their comparable GAAP measures. Additional information, including reconciliations of the non-GAAP measures to their most comparable GAAP measures, can be found in our earnings release at investors.neptuneflood.com and in our current report, on Form 8K that was publicly filed with the SEC on November 12, 2025. And now I'd like to turn the call over to Trevor.

Good evening, and thank you for joining us for Neptune's first earnings call as a publicly listed company, an exciting milestone for all of us. We're deeply grateful for the support from our investors, our agents, our capacity providers, and our policyholders as we begin this next chapter in Neptune's journey. Due to the timing of the IPO, this earnings release focuses on our last months as a private company, and the results show the ability of our team to execute under the pressure of both the public offering process and hurricane season, typically our busiest period of the year. Our success is apparent in our first quarterly earnings that highlights the continued growth and success of our business, including record revenue of $44.4 million, a 31% increase year-over-year, net income of $11.5 million, record adjusted EBITDA of $26.7 million at a 60% margin, record written premium of $102 million, driving a 33% year-over-year premium in forced growth, and record new business sales posted during the quarter. We believe our business model is unique to the public markets. We operate as a managing general agent or MGA that takes no balance sheet insurance risk. This allows us to be efficient, asset light, and profitable. Moreover, our AI-first approach allows our team members to do more, resulting in LTM revenue per employee of 2.5 million and adjusted EBITDA per employee of 1.5 million, both records. We are most proud of the exceptional customer experience we provide to agents and consumers nationwide, and the consistent profitability we have historically provided to our capacity providers. This is only possible through our organization as a technology company operating in the insurance space, not as an insurance company attempting to utilize technology. Our mission is simple, to make insurance easy to buy, simple to understand, and efficient to manage, powered by world-class technology and data science. The results we delivered in the third quarter of 2025 reflect the strength of that model. I'll now turn things over to Matt Duffy, our President and Chief Risk Officer, to discuss updates from the three core pillars of our business, technology, risk relationships, and distribution.