Neptune Insurance Holdings Inc. · NYSE:NP
Neptune Insurance — Q3 2026 Earnings Presentation
25 slides from Neptune Insurance's earnings presentation, Oct 20, 2026
Slide 1: Q3 2026 Update
Q3 2026 Update BK eptune
Slide 2: Overview, Financial Summary, Technology, Capacity, Distribution
Overview Financial Summary Technology Capacity Distribution Shares Outstanding Financial Statements Additional Information
Slide 3: Highlights
HIGHLIGHTS ($ in millions) Q3 2026 LAST 12 MONTHS SUMMARY Profitability Revenue $ 59.6 $ 197.0 This quarter marks one year since Neptune’s IPO and our first earnings call as a public company. Over that period, we have grown quarterly revenue by 34%, increased Adjusted EBITDA by 38%, and continued to
Slide 4: Key Metrics and Events Impacting 3rd Quarter
KEY METRICS EVENTS IMPACTING 3RD QUARTER Revenue Total quarterly revenue increased $15.2 million YoY to $59.6 million; revenue was impacted by the following items: + continued growth of renewal portfolio + increased commission income as a percent of written premium + record new business sales + depl
Slide 5: Financial Summary
FINANCIAL SUMMARY ($ in thousands) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 YoY (Q3’26 vs Q3’25) Commission income $ 33,916 $ 33,318 $ 29,034 $ 42,531 45,913 35.4 % Fee income 10,449 10,449 8,761 13,341 13,654 30.7 % Total revenues $ 44,365 $ 43,767 $ 37,795 $ 55,872 $ 59,567 34.3 % Agent commissions
Slide 6: Financial Summary: Twelve Months Ended September 30
FINANCIAL SUMMARY Twelve Months Ended September 30, ($ in thousands) 2025 2026 YoY (’26 vs ’25) Commission income $ 112,822 $ 150,796 33.7 % Fee income 34,465 46,205 34.1 % Total revenues $ 147,287 $ 197,001 33.8 % Agent commissions $ 44,662 $ 58,808 31.7 % Employee compensation and benefits 5,378 6
Slide 7: Financial Summary
FINANCIAL SUMMARY $250 $125 150 149 $119 125 $200 $100 $197 117 $95 100 101 99 $160 $150 $75 94 93 Millions Millions $72 75 $119 $100 $50 $48 50 $45 $85 $37 $35 $34 $62 $50 $25 25 $38 $19 $18 $18 $13 $0 $— 0 2022 2022 2021 2024 2023 2023 2024 2024 2023 LTM 2025 2025 LTM LTM 2022 2025 2021 2021 Organ
Slide 8: Financial Summary: Per Employee Metrics
FINANCIAL SUMMARY 70 $3.5 $2.5 $3.2 60 $3.0 61 $2.0 58 $2.8 $2.0 50 $2.5 51 $2.3 $1.6 45 $1.5 40 $2.0 Millions Millions $1.4 $1.9 37 34 $1.7 30 $1.5 $1.1 $1.0 $0.9 $1.1 20 $1.0 $0.5 $0.6 10 $0.5 0 $— $— 2022 2024 LTM 2022 2024 LTM 2023 LTM 2021 2024 2021 2023 2025 2021 2023 2025 2022 2025 Average Nu
Slide 9: Use of Cash
USE OF CASH At September 30, 2026, we maintained a $260.0 5 million revolving credit facility, which had $240.0 million outstanding at June 30, 2026. During Q3 2026, we continued to utilize operating cash flow to reduce 4.3 our debt and effect aggregate principal paydowns of $25.0 million, resulting
Slide 10: Operations
Operations BK eptune
Slide 11: Technology
TECHNOLOGY The pace of technological change in insurance is accelerating, and we believe Neptune is particularly well 700 100% $500 positioned to benefit from these changes. Artificial intelligence is changing both how software is developed and 92% how consumers discover, evaluate, and purchase insu
Slide 12: Capacity
CAPACITY For our capacity partners, we believe Neptune 50 10 $500 represents a unique opportunity to participate in a growing segment of the U.S. insurance market through a 45 portfolio built on disciplined risk selection, geographic diversification, and consistent underwriting performance. 40 8 $40
Slide 13: Distribution
DISTRIBUTION One of the defining characteristics of the U.S. flood 50 350 $500 insurance market is how significantly underinsured it remains. Of more than 100 million buildings nationwide, we 336 estimate approximately 25 million face meaningful flood risk, $450 yet only around 4 million have flood
Slide 14: Fully Diluted Shares Outstanding
FULLY DILUTED SHARES OUTSTANDING TREASURY STOCK METHOD The following table presents a summary of our equity interests as of September 30, 2026 The following table presents a summary of equity interests as calculated per ASC 260 Earnings Per Share Class B Common Shares issued and Class B Common Share
Slide 15: Financial Statements
Financial Statements BK eptune
Slide 16: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands) (Unaudited) Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q3-2026 YoY (Q3 ’26 vs Q3 ’25) Revenues: Commission income $ 33,916 $ 33,318 $ 29,034 $ 42,531 $ 45,913 35.4 % Fee income 10,449 10,449 8,761 13,341 13,654 30.7 % Total commissions and fees $ 44,36
Slide 17: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) Dec 31, 2025 Sep 30, 2026 Assets Current assets: Cash and cash equivalents $ 8,036 $ 17,429 Fiduciary cash 32,512 60,511 Fiduciary receivable 5,375 6,106 Commissions and fees receivable 4,080 4,911 Prep
Slide 18: Reconciliation of Non-GAAP Financial Measures: Adjusted EBITDA
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Adjusted EBITDA and Adjusted EBITDA Margin Below is a reconciliation of Adjusted EBITDA to net income (the most directly comparable GAAP measure), as well as our Adjusted EBITDA margin to net income margin (the most directly comparable GAAP measure), for
Slide 19: Reconciliation of Non-GAAP Financial Measures: Adjusted Net Income
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Adjusted Net Income and Adjusted Earnings (Basic and Diluted) Per Share The table below presents a reconciliation of Adjusted Net Income to net income (the most directly comparable GAAP measure), as well as our Adjusted Earnings (basic and diluted) per s
Slide 20: Reconciliation of Non-GAAP Financial Measures: Per Share Metrics
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Per Share Metrics ($ in thousands) Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q3-2026 Total commissions and fees $ 31,503 $ 29,353 $ 42,066 $ 44,365 $ 43,767 $ 37,795 $ 55,872 $ 59,567 Total operating expenses $ 13,113 $ 13,726 $ 20,776 $ 23
Slide 21: Reconciliation of Non-GAAP Financial Measures: Per Share Metrics
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Per Share Metrics ($ in thousands) Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q3-2026 Net income $ 11,612 $ 9,939 $ 11,620 $ 11,511 $ 4,343 $ 7,349 $ 15,796 $ 17,256 Income tax expense 3,862 3,456 4,049 3,952 4,765 2,726 7,391 7,459 Loss on
Slide 22: Additional Information
Additional Information BK eptune
Slide 23: Additional Information
ADDITIONAL INFORMATION Webcast The Company will host a conference call and webcast to discuss its financial results at 5:00 PM ET on Tuesday, October 20, 2026. The dial-in number for the conference call is (800) 715-9871 or (646) 307-1963 (international). Please dial the number 10 minutes prior to t
Slide 24: Safe Harbor Statement
ADDITIONAL INFORMATION Safe Harbor Statement This earnings presentation, the press release, and the earnings conference call contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statement
Slide 25: BK eptune
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