Hagerty, Inc. · NYSE:HGTY
Hagerty — Q4 2025 Earnings Presentation
23 slides from Hagerty's earnings presentation, Feb 26, 2026
Slide 1: Investor Q4 2025 Presentation
INVESTOR Q4 2025 PRESENTATION Speakers: McKeel Hagerty, Chief Executive Officer and Chairman Patrick McClymont, Chief Financial Officer
Slide 2: Forward Looking Statements / Non-GAAP Financial Measures
Forward Looking Statements / Non-GAAP Financial Measures This presentation contains statements that constitute “forward- manage risks associated with disruptions, interruptions, outages, marketing and advertising, digital services, accounting matters, looking statements” within the meaning of the fe
Slide 3: Exceeded Initial 2025 Outlook
Exceeded Initial 2025 Outlook* INITIAL 2025 OUTLOOK ACTUAL 2025 RESULTS (AS OF 3/4/25)* $1,344M-$1,356M $1,456M Total Revenue Growth (12% - 13%) (+17%) $1,180M-$1,191M $1,194M Written Premium Growth (13% - 14%) (+14%) $102M - $110M $149M Net Income1 (30% - 40%) (+91%) $150M - $160M $237M Adjusted EB
Slide 4: Full Year 2025 Highlights
FULL YEAR 2025 Highlights Total Revenue1 growth of 17% to $1,456 million Strong growth in profitability: 1. Commission and Fee growth of 15% 1. Income before taxes of $139 million compared 2. Written Premium growth of 14% to $94 million (+49%) » Added 371,000 new members in 2025 » Improved income be
Slide 5: 2026 Priorities
2026 Priorities Double policies in force to 3.0 million by 2030 INVESTING IN OUR MEMBER-CENTRIC APPROACH TO DELIVER COMPOUNDING PROFIT GROWTH: » Implement Markel fronting arrangement with 100% quota share and realize anticipated benefits » Accelerate insurance growth with State Farm rollout » Levera
Slide 6: Financial Highlights
FULL YEAR 2025 Financial Highlights GROWTH PERSISTENCE PROFITABILITY $1,456M 39.3% $139M $149M LOSS RATIO TOTAL REVENUE INCOME BEFORE TAXES NET INCOME +17% +49% +91% 86.6% COMBINED RATIO 1 $1,194M $237M $0.41 88.7% WRITTEN PREMIUM ADJUSTED EBITDA 2 BASIC EARNINGS PER SHARE +14% RETENTION +46% Approx
Slide 7: Revenue Components
Revenue Components Sustained double-digit gains TOTAL REVENUE FULL YEAR 2025 HIGHLIGHTS Q4 FULL YEAR Commission and fee revenue (+15%) Earned premium in Hagerty Re » Written premium growth 14% Commission and fee revenue1 H H » Policies in Force retention of 89% WT WT G%ROGRO Membership + other reven
Slide 8: Fourth Quarter Earnings Analysis
Fourth Quarter Earnings Analysis Delivering compounding profit growth FOURTH QUARTER NET INCOME 1 FOURTH QUARTER ADJUSTED EBITDA 2 $57 $57 $29 $29 $29 $29 $9 $9 $8 $8 $18 $18 Q4 2023 Q4 Q4 2024 Q4 2024 Q4 2025 2024 Q4 2023 Q4 2024 Q4 Q4 2024 2024 Q5 2024 Q5 2025 Q4 2024 1 Q4 2023 Net Income includes
Slide 9: Full Year 2025 Earnings Analysis
Full Year 2025 Earnings Analysis Delivering sustained profit growth FULL YEAR 2025 NET INCOME 1 FULL YEAR 2025 ADJUSTED EBITDA 2 $237 $237 $149 $149 $162 $162 $78$78 $114 $114 $28$28 YTD Q4 2023 YTD Q4 Full 2024 Full Yr Yr YTD Q4 2025 YTD Q4 2023 YTD Q4Yr FullFull Yr 2024 YTD Q4 2025 1 2023 Net Inco
Slide 10: 2026 Outlook
2026 Outlook Sustained compounding growth IN THOUSANDS 2025 RESULTS 2026 OUTLOOK ($) 2026 OUTLOOK (%) LOW END HIGH END LOW END HIGH END Total Written Premium $1,193,548 $1,373,000 $1,385,000 15% 16% Total Revenue 1 $1,456,389 $1,280,000 $1,300,000 (12)% (11)% Net Income (Loss) 2, 3 $149,225 $(51,000
Slide 11: Reconciliation of Non-GAAP Metrics | 2026 Outlook
RECONCILIATION OF NON-GAAP METRICS | 2026 OUTLOOK Net Income (Loss) to Adjusted EBITDA IN THOUSANDS 2026 Low 2026 High Net Loss1 ($51,000) ($41,000) Interest expense and other, net2 5,000 5,000 Income tax expense 33,000 34,000 Depreciation and amortization 40,000 40,000 Share-based compensation expe
Slide 12: Appendix
Appendix
Slide 13: Quarterly Key Performance Indicators
QUARTERLY KEY PERFORMANCE INDICATORS TOTAL Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Total Written Premium (thousands) $244,327 $355,985 $334,048 $259,188 $1,193,548 Hagerty Re Loss Ratio 42.0% 42.3% 42.0% 31.4% 39.3% Hagerty Re Combined Ratio 88.5% 89.6% 89.6% 79.4% 86.6% New Business Count (Insurance)
Slide 14: Revenue Components by Quarter
REVENUE COMPONENTS BY QUARTER $ In Millions COMMISSION + FEE REVENUE 1 EARNED PREMIUM IN HAGERTY RE MEMBERSHIP, MARKETPLACE + OTHER REVENUE 193 187 143 178 137 168 169 166 129 158 152 116 147 110 140 103 106 127 100 117 89 89 75 78 56 50 48 48 42 33 34 31 27 27 24 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 15: Reconciliation of Non-GAAP Metrics: Net Income to Adjusted EBITDA
RECONCILIATION OF NON-GAAP METRICS Net Income to Adjusted EBITDA IN THOUSANDS Q1 - Q3 2025 Q4 2025 YTD 2025 Net income $120,666 $28,559 $149,225 Interest expense and other, net1, 2 39,039 1,857 40,896 Income tax (benefit) expense3 (21,184) 11,141 (10,043) Depreciation and amortization 27,734 9,790 3
Slide 16: Adjusted EBITDA Prior Period Reconciliation
ADJUSTED EBITDA PRIOR PERIOD RECONCILIATION IN THOUSANDS Q1 - Q3 2024 Q4 2024 YTD 2024 Q1 - Q3 2025 Q4 2025 YTD 2025 Prior presentation of Adjusted EBITDA $104,605 $19,868 $124,473 $153,066 $47,137 $200,203 Net investment income 29,920 9,329 39,249 28,626 10,022 38,648 Interest expense related to St
Slide 17: Reconciliation of Non-GAAP Metrics: Adjusted Net Income and EPS
RECONCILIATION OF NON-GAAP METRICS THREE MONTHS Adjusted Net Income and Adjusted Diluted EPS ENDED YEAR ENDED THREE MONTHS YEAR ENDED Adjusted Net Income and Adjusted Diluted EPS that we believe are useful measures to evaluate our performance period over DECEMBER ENDED 31, 31, DECEMBER DECEMBER 31,
Slide 18: Markel Fronting Arrangement
Markel Fronting Arrangement Evolving the decade-long partnership, with Hagerty controlling 100% of the premium in 2026 PREVIOUS MODEL NEW FRONTING STRUCTURE (1/1/26) » Hagerty earns 42% total commissions » Hagerty Re earns 100% of the as an MGA and retains 80% of the risk premium and retains 100% of
Slide 19: Well-Positioned to Capture Additional Market Share
WELL-POSITIONED TO CAPTURE ADDITIONAL MARKET SHARE Large and underpenetrated target market TYPE TOTAL ADDRESSABLE HAGERTY TARGET HAGERTY TCM HAGERTY PENETRATION AND U.S. AUTO INSURED VEHICLE COUNT MARKET (M) MARKET (M) PENETRATION Pre 1981 Vehicles 11.1 11.1 15.3% Pre 1981 Vehicle Count Post 1980 Ve
Slide 20: Total Loss Performance
HAGERTY’S DIFFERENTIATED MODEL DELIVERS HIGH-QUALITY GROWTH Consistent low to mid-teens premium growth with low volatility underwriting HAGERTY U.S. AUTO PREMIUM GROWTH VS. INDUSTRY TOP 100 HAGERTY U.S. AUTO LOSS PERFORMANCE VS. INDUSTRY TOP 100 Hagerty U.S. Auto - CAGR 13% Hagerty Loss Ratio - aver
Slide 21: Historical Written Premium Growth
HISTORICAL WRITTEN PREMIUM GROWTH TOTAL U.S. AUTO WRITTEN PREMIUM U.S. AUTO WRITTEN PREMIUM ANNUAL GROWTH 1,200 20% 18% 1,000 15% 800 13% 600 10% 8% 400 5% 200 3% 0 —% 2012 2011 2010 2009 2008 2007 2006 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2009 2016 2023 2005 2012 2019 20
Slide 22: Written Premium Growth Fueled by New Members
WRITTEN PREMIUM GROWTH FUELED BY NEW MEMBERS Consistent share gains drive new business count 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 • New business count accelerated with commencement of State Farm Classic+
Slide 23: Hagerty Never Stop Driving
HAGERTY lA NEVER STOP DRIVING