The Baldwin Insurance Group, Inc. · NASDAQ:BWIN
The Baldwin Insurance — Baldwin Insurance Group — Q3 2026 Earnings Presentation
33 slides from The Baldwin Insurance's earnings presentation, Oct 27, 2026
Slide 1: Q3 2026 Preliminary Earnings Supplement
Q3 2026 PRELIMINARY EARNINGS SUPPLEMENT October 2026
Slide 2: Disclaimer
BWIN | NASDAQ | Earnings Supplement 2 The financial results for the third quarter ended September 30, 2026 included in this supplement are preliminary, have not been reviewed or audited, are based on Baldwin's estimates, and were prepared prior to the completion of the Company's financial statement
Slide 3: Non-GAAP financial measures notice
BWIN | NASDAQ | Earnings Supplement 3 This presentation includes certain financial measures (including, retained commissions and fees, organic revenue, organic revenue growth, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA margin on retained commissions and fees, adjusted net income, adjus
Slide 4: Table of Contents
BWIN | NASDAQ | Earnings Supplement 4 Table of Contents 01 Quarterly Results Financial highlights, segment performance, and key metrics 02 Strategic Initiatives Update CAC integration milestones, synergy capture, and transformation program execution 03 Appendix GAAP reconciliations, segment detail,
Slide 5: Quarterly Results
BWIN | NASDAQ | Earnings Supplement 5 01 Quarterly Results Financial highlights, segment performance, and key metrics
Slide 6: Q3 and YTD 2026 Financial Highlights
BWIN | NASDAQ | Earnings Supplement 6 Q3 and YTD 2026 Financial Highlights Q3 2026 YTD 2026 Revenue $480M +31% YoY Revenue $1,505M +30% YoY Organic Revenue Growth (1) 6% Organic Revenue Growth (1) 3% Adjusted EBITDA (1) $107M +47% YoY Adjusted EBITDA (1) $361M +33% YoY Adj. EBITDA Margin (1) 22% +24
Slide 7: Segment Performance Scorecard — QTD & YTD 2026
BWIN | NASDAQ | Earnings Supplement 7 Segment Performance Scorecard — QTD & YTD 2026 Quarterly Results Insurance Advisory Solutions (IAS) Q3 2026 YTD 2026 Revenue % Change YoY $255M +61% $861M +51% Organic Growth (1,2,3) Prior Year Period 7% —% 3% 4% Adj. EBITDA (1) % Change YoY $55M +103% $222M +54
Slide 8: Q3 2026 Performance Headwinds Explained
BWIN | NASDAQ | Earnings Supplement 8 Q3 2026 Performance Headwinds Explained Quarterly Results Q u a n t i f y i n g H e a d w i n d s & N e w P a r t n e r s h i p I m p a c t Normalized Q3 Performance (1) Organic revenue growth is a non-GAAP measure. Refer to the Appendix in this presentation and
Slide 9: Organic Revenue Growth Deconstruction — Q3 and YTD 2026
BWIN | NASDAQ | Earnings Supplement 9 Organic Revenue Growth Deconstruction — Q3 and YTD 2026 Quarterly Results Q3 2026 Q3 2026 Organic Growth (1) Waterfall Impact of Medicare business (50 bps) Impact of three partnerships closed January ‘26 (170 bps) YTD 2026 YTD 2026 Organic Growth (1) Waterfall N
Slide 10: Net Leverage Trend
BWIN | NASDAQ | Earnings Supplement 10 Net Leverage Trend Meaningful de-levering progress while continuing to invest in the business to support future growth Quarterly Results ($M) Earn-Out Payments $37 $21 $10 $1 $2 $90 $25 $1 $1 $6 $1 $1 Partnerships $377 $0 $0 $0 $0 $0 $12 $74 $0 $478 $6 $4 Share
Slide 11: Key Debt Metrics (Q3 2026)
BWIN | NASDAQ | Earnings Supplement 11 Key Debt Metrics (Q3 2026) Total Debt $2,465M Net Debt $2,276M Wtd. Avg. Rate 6.5% RCF Available $289M Net Leverage 4.4x LTM Cash Int. / Adj. EBITDA (1) 29.3% Interest Cost by Instrument (As of September 30, 2026) Facility Balance Borrowing Rate (2) Interest Ra
Slide 12: Strategic Initiatives Update
BWIN | NASDAQ | Earnings Supplement 12 02 Strategic Initiatives Update CAC integration milestones, synergy capture, and transformation program execution
Slide 13: Catalyst Transformation Program Update
BWIN | NASDAQ | Earnings Supplement 13 Q3 2026 | $40M cumulative investment funds $50M+ savings that compound over time 3B/30 Catalyst Transformation Program Update CUMULATIVE SAVINGS ~$50M by end of 2028 RUN-RATE ANNUALIZED SAVINGS ~$40M exiting 2028, compounding CUMULATIVE INVESTMENT ~$40M by end
Slide 14: CAC Integration & Synergy Update
BWIN | NASDAQ | Earnings Supplement 14 Q3 2026 | Closed January 2, 2026 CAC Integration & Synergy Update Q 1 2 0 2 6 | M e r g e r C l o s e d J a n u a r y 2 , 2 0 2 6 EXPENSE SYNERGIES ACTIONED $35M+ of $43M 3-yr guidance Headcount efficiencies, IT/professional fees, vendor, and real estate ration
Slide 15: Appendix
BWIN | NASDAQ | Earnings Supplement 15 03 Appendix GAAP reconciliations, segment detail, and supplemental data
Slide 16: Appendix: Historical financial metrics FY2019–LTM Q3 2026
BWIN | NASDAQ | Earnings Supplement 16Appendix Note: Link to navigate to The Baldwin Group’s Interactive Analyst Center. Refer to the Appendix of this presentation and our earnings release issued on October 27, 2026 and posted on our website for a reconciliation of these non-GAAP measures to the mos
Slide 17: Actual disaggregated revenue and KPIs 2026
BWIN | NASDAQ | Earnings Supplement 17 Actual disaggregated revenue and KPIs AMOUNTS IN 000s 2026 INSURANCE ADVISORY SOLUTIONS Q1 Q2 Q3 YTD Commissions(1) $ 266,037 $ 208,847 $ 192,613 $ 667,497 Consulting and service fees 42,065 42,935 39,138 124,138 Profit-sharing 19,026 17,833 18,448 55,307 Other
Slide 18: Actual disaggregated revenue and KPIs — Mainstreet 2026
BWIN | NASDAQ | Earnings Supplement 18 Actual disaggregated revenue and KPIs AMOUNTS IN 000s 2026 MAINSTREET INSURANCE SOLUTIONS Q1 Q2 Q3 YTD Commissions $ 75,864 $ 67,250 $ 69,981 $ 213,095 Profit-sharing 4,323 6,391 5,734 16,448 Consulting and service fees — 76 144 220 Other 1,440 1,589 1,672 4,70
Slide 19: Organic revenue reconciliation Q3 and YTD 2026
BWIN | NASDAQ | Earnings Supplement 19 Q3 2026 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other ConsolidatedAMOUNTS IN 000s Commissions and fees $ 252,072 $ 164,473 $ 77,531 $ (18,551) $ 475,525 Partnership commissions and
Slide 20: Adjusted diluted EPS reconciliation 2026
BWIN | NASDAQ | Earnings Supplement 20 2026 Q1 Q2 Q3 YTD Stock price at quarter end $ 21.94 $ 26.58 $31.79 $ 31.79 Weighted average Class A & B shares outstanding (000s)(1) 142,791 141,323 140,831 141,641 Adjusted diluted EPS (fully vested and as-if converted) $ 0.63 $ 0.48 $0.42 $ 1.53 RECONCILIATI
Slide 21: Q3 2026 segment net income to adjusted EBITDA
BWIN | NASDAQ | Earnings Supplement 21 Q3 2026 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other TotalAMOUNTS IN 000s Revenues $ 254,809 $ 166,169 $ 77,570 $ (18,284) $ 480,264 Expenses: Outside commissions 5,108 72,522 20,6
Slide 22: YTD 2026 segment net income to adjusted EBITDA
BWIN | NASDAQ | Earnings Supplement 22 YTD 2026 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other TotalAMOUNTS IN 000s Revenues $ 861,348 $ 461,359 $ 234,555 $ (51,824) $ 1,505,438 Expenses: Outside commissions 13,737 196,83
Slide 23: Adjusted Compensation and Benefits Expense
BWIN | NASDAQ | Earnings Supplement 23 Adjusted Compensation and Benefits Expense Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except percentages) 2026 2025 2026 2025 Total Revenue $ 480,264 $ 365,389 $ 1,505,438 $ 1,157,605 Colleague compensation and benefits $ 25
Slide 24: Adjusted Selling, Operating and Administrative Expense
BWIN | NASDAQ | Earnings Supplement 24 Adjusted Selling, Operating and Administrative Expense Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except percentages) 2026 2025 2026 2025 Total Revenue $ 480,264 $ 365,389 $ 1,505,438 $ 1,157,605 Selling, operating and admin
Slide 25: Adjusted EBITDA margin on retained commissions and fees 2026
BWIN | NASDAQ | Earnings Supplement 25Appendix Q3 2026 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other TotalAMOUNTS IN 000s Revenues $ 254,809 $ 166,169 $ 77,570 $ (18,284) $ 480,264 Less: Outside commissions 5,108 72,522
Slide 26: Q3 2025 segment net income to adjusted EBITDA
BWIN | NASDAQ | Earnings Supplement 26 Q3 2025 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other TotalAMOUNTS IN 000s Revenues $ 158,520 $ 147,267 $ 76,476 $ (16,874) 365,389 Expenses: Outside commissions 2,151 75,492 18,646
Slide 27: YTD 2025 segment net income to adjusted EBITDA
BWIN | NASDAQ | Earnings Supplement 27 YTD 2025 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other TotalAMOUNTS IN 000s Revenues $ 569,458 $ 419,951 $ 220,909 $ (52,713) 1,157,605 Expenses: Outside commissions 8,589 207,371 5
Slide 28: Q3 2025 organic revenue reconciliation
BWIN | NASDAQ | Earnings Supplement 28 Q3 2025 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other ConsolidatedAMOUNTS IN 000s Commissions and fees $ 157,140 $ 145,926 $ 76,429 $ (17,178) $ 362,317 Partnership commissions and
Slide 29: Actual disaggregated revenue and KPIs 2025
BWIN | NASDAQ | Earnings Supplement 29 Actual disaggregated revenue and KPIs INSURANCE ADVISORY SOLUTIONS 2025 AMOUNTS IN 000s Q1 Q2 Q3 YTD Commissions(1) $ 190,328 $ 139,680 $ 116,878 $ 446,886 Consulting and service fees 18,587 25,993 25,344 69,924 Profit-sharing 14,970 14,003 13,763 42,736 Other
Slide 30: Actual disaggregated revenue and KPIs — Mainstreet 2025
BWIN | NASDAQ | Earnings Supplement 30 Actual disaggregated revenue and KPIs MAINSTREET INSURANCE SOLUTIONS 2025 AMOUNTS IN 000s Q1 Q2 Q3 YTD Commissions $ 71,650 $ 61,309 $ 65,403 $ 198,362 Profit-sharing 4,095 3,919 9,680 17,694 Other 2,066 1,280 1,346 4,692 Investment income 58 56 47 161 Total Ma
Slide 31: Adjusted EBITDA margin on retained commissions and fees 2025
BWIN | NASDAQ | Earnings Supplement 31Appendix Q3 2025 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other TotalAMOUNTS IN 000s Revenues $ 158,520 $ 147,267 $ 76,476 $ (16,874) $ 365,389 Less: Outside commissions 2,151 75,492
Slide 32: Pro forma Consolidated and Credit Adjusted EBITDA Bridge LTM Q3 2026
BWIN | NASDAQ | Earnings Supplement 32Appendix Pro forma Consolidated and Credit Adjusted EBITDA Bridge LTM Q3 2026 AMOUNTS IN 000s Q4 2025 Q1 2026 Q2 2026 Q3 2026 LTM Net loss $ (43,674) $ (1,896) $ (55,981) $ (81,642) $ (183,193) Adjustments to net loss: Depreciation and amortization expense 40,67
Slide 33: Thank You — Investor Relations
BWIN | NASDAQ | Earnings Supplement 33 T H E B A L D W I N G R O U P Thank You Investor Relations Bonnie Bishop, Executive Director, Investor Relations 813.259.8032 | [email protected] ir.baldwin.com
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