Neptune Insurance Holdings Inc. · NYSE:NP
Neptune Insurance — Q2 2026 Earnings Presentation
25 slides from Neptune Insurance's earnings presentation, Jul 22, 2026
Slide 1: Q2 2026 Update
Q2 2026 Update BK eptune
Slide 2: Overview
Overview Financial Summary Technology Capacity Distribution Underwriting Performance Financial Statements Additional Information
Slide 3: Highlights
HIGHLIGHTS ($ in millions) Q2 2026 LAST 12 MONTHS SUMMARY Profitability Revenue $ 55.9 $ 181.8 The second quarter was the strongest in Neptune's history, with records across nearly every measure of the business. Net Income(1)(2) $ 15.8 $ 39.0 We generated record new business sales, supported by cont
Slide 4: Key Metrics: Events Impacting 2nd Quarter
KEY METRICS EVENTS IMPACTING 2ND QUARTER Revenue Total quarterly revenue increased $13.8 million YoY to $55.9 million; revenue was impacted by the following items: + continued growth of renewal portfolio + increased commission income as a percent of written premium + record new business sales + depl
Slide 5: Financial Summary
FINANCIAL SUMMARY ($ in thousands) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 YoY (Q2’26 vs Q2’25) Commission income $ 32,062 $ 33,916 $ 33,318 $ 29,034 $ 42,531 32.7 % Fee income 10,004 10,449 10,449 8,761 13,341 33.4 % Total revenues $ 42,066 $ 44,365 $ 43,767 $ 37,795 $ 55,872 32.8 % Agent commissio
Slide 6: Financial Summary: Twelve Months Ended June 30
FINANCIAL SUMMARY Twelve Months Ended June 30, ($ in thousands) 2025 2026 YoY ('26 vs '25) Commission income $ 104,455 $ 138,799 32.9 % Fee income 32,287 43,000 33.2 % Total revenues $ 136,742 $ 181,799 33.0 % Agent commissions $ 40,836 $ 55,265 35.3 % Employee compensation and benefits 4,926 5,696
Slide 7: Financial Summary
FINANCIAL SUMMARY $200 $125 150 149 $182 $109 125 $100 $160 $150 117 $95 100 101 99 $75 93 93 $119 Millions Millions $72 $100 75 $50 $85 $48 50 $39 $62 $37 $50 $35 $34 $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 Organic Re
Slide 8: Financial Summary
FINANCIAL SUMMARY 70 $3.5 $2.0 $1.8 60 $3.0 61 $3.0 58 $1.6 $1.5 $2.8 50 $2.5 51 $1.4 $2.3 45 40 $2.0 Millions Millions $1.9 $1.1 $1.0 37 34 $1.7 30 $1.5 $0.9 20 $1.0 $1.1 $0.6 $0.5 10 $0.5 0 $— $— 2022 2024 LTM 2022 2024 LTM 2023 LTM 2021 2024 2021 2023 2025 2021 2023 2025 2022 2025 Average Number
Slide 9: Use of Cash
USE OF CASH At June 30, 2026, we maintained a $260.0 million 5 revolving credit facility, which had $227.0 million outstanding at March 31, 2026. During Q2 2026, we borrowed an additional $24.0 million to fund common 4.3 stock repurchases during the quarter and continued to utilize operating cash fl
Slide 10: Operations
Operations BK eptune
Slide 11: Technology
TECHNOLOGY During the second quarter, we deployed 23 new versions of the Triton system, bringing the total to 593 versions. Our 700 100% $500 engineering team delivered more than twice the work they did in the fourth quarter of 2025, and over 50% more than the first quarter of 2026, with a team that
Slide 12: Capacity
CAPACITY During the second quarter, we renewed our two 50 10 $500 largest capacity programs, both on improved economic terms, which we believe reflects the 45 confidence our partners have in Neptune's underwriting platform and the results we have 40 8 $400 40 8 8 delivered together across eight stor
Slide 13: Distribution
DISTRIBUTION In the second quarter, we generated record new business 40 350 $500 sales, exceeding the prior period by more than 40%. This was driven by continued expansion of distribution partnerships, along with the continued rollout of newer 36.3 316 relationships. 300 $419 $400 32.7 280 More than
Slide 14: Underwriting Performance: Lifetime Written Loss Ratio
UNDERWRITING PERFORMANCE Our lifetime written loss ratio was 19.5% as of June 30, 2026, down over 500 basis points from 24.7% as of June 100% 30, 2025. We report this metric annually, as of June 30 each year, aligning the measurement with the start of hurricane season, and will continue to do so on
Slide 15: Fully Diluted Shares Outstanding / Treasury Stock Method
FULLY DILUTED SHARES OUTSTANDING TREASURY STOCK METHOD The following table presents a summary of our equity interests as of June 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 Shares iss
Slide 16: Financial Statements
Financial Statements BK eptune
Slide 17: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and per share data) (Unaudited) Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 YoY (Q2 '26 vs Q2 '25) Revenues: Commission income $ 32,062 $ 33,916 $ 33,318 $ 29,034 $ 42,531 32.7 % Fee income 10,004 10,449 10,449 8,761 13,341 33.4 % T
Slide 18: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) Dec 31, 2025 Jun 30, 2026 Assets Current assets: Cash and cash equivalents $ 8,036 $ 17,553 Fiduciary cash 32,512 59,493 Fiduciary receivable 5,375 6,728 Commissions and fees receivable 4,080 3,890 Prep
Slide 19: Reconciliation of Non-GAAP Financial Measures
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 20: Reconciliation of Non-GAAP Financial Measures
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 21: Reconciliation of Non-GAAP Financial Measures: Per Share Metrics
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Per Share Metrics ($ in thousands) Q3- 2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Total commissions and fees $ 33,820 $ 31,503 $ 29,353 $ 42,066 $ 44,365 $ 43,767 $ 37,795 $ 55,872 Total operating expenses $ 14,011 $ 13,113 $ 13,726 $ 2
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 8:30 AM ET on Wednesday, July 22, 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 th
Slide 24: Additional Information: 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
BK eptune
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