The Baldwin Insurance Group, Inc. · NASDAQ:BWIN

The Baldwin Insurance — Investor Presentation (June 2025)

28 slides from The Baldwin Insurance's investor presentation, Jun 12, 2025

  1. Slide 1: The Baldwin Group

    The Baldwin Group June 2025 Baldwin Group

  2. Slide 2: Disclaimer

    Disclaimer Baldwin Group is the brand name for The Baldwin Insurance Group, Inc. (“Baldwin” or the “Company”) (NASDAQ: BWIN) and its affiliates. This presentation contains various “forward-looking statements”, which represent The Baldwin Group’s expectations or beliefs concerning future events. Forw

  3. Slide 3: The Baldwin Group Is A Fast-Growing Insurance Distribution Firm

    The Baldwin Group Is A Fast-Growing Insurance Distribution Firm A Unique Approach Top 10 Permanent capital, sustainable approach to doing business Business #18 #16 #44 #32 #19 #18 Insurance Rank Invest in people and resources to drive organic growth Pro Forma Revenue ($M) (1) $1,422 Build industry l

  4. Slide 4: Over A Decade of Transformative Growth

    Over A Decade of Transformative Growth FOUNDATION FORMED NATIONAL PLATFORM TOP 10 BROKER OF THE FUTURE Inception (2011-2018) Supercharged growth since IPO (2019-current) What’s to come (2025+) • Co-founded by Lowry and Trevor Baldwin in 2011 with the vision • IPO in October 2019 to accelerate organi

  5. Slide 5: Scaled Platform With Differentiated Offerings Across Three High Growth Segments

    Scaled Platform With Differentiated Offerings Across Three High Growth Segments Insurance Advisory Solutions Underwriting, Capacity and Technology Solutions Mainstreet Insurance Solutions ($717M of LTM Q1 2025 PF Revenue – 48%) (1,2) ($494M of LTM Q1 2025 PF Revenue – 33%) (1,2) ($287M of LTM Q1 202

  6. Slide 6: Superior Organic Revenue Growth Track Record That Is Multiples Above Peers

    Superior Organic Revenue Growth Track Record That Is Multiples Above Peers… Robust Organic Revenue Growth Driven by Outsized New Business Production vs. Rate & Exposure 2.9x 2.4x Key Drivers of Market Leading 23% Organic Revenue Growth 22% 2.4x 2.4x ✓ Outsized new business 5.3x 19% production (vs. r

  7. Slide 7: Driving Long-Term Value Creation Across the Platform

    …Driving Long-Term Value Creation Across the Platform Adj. EBITDA Illustrative Margin & Retained Longer-Term Commentary C&F Margin (1) Margin Potential Adj. EBITDA Adj. EBITDA Margin Margin on Retained C&F Insurance Advisory 25% 25% Continued margin expansion to peer levels (31% 24% High twenties –

  8. Slide 8: Track Record of Investing in People and Platform Drives Outsized Productivity

    IAS Track Record of Investing in People and Platform Drives Outsized Productivity Specialty talent elevated to the national level and accessible across the Proven Ability To Ramp Advisor Productivity ($k) platform serves as a force multiplier, enabling advisors to win larger and more complex account

  9. Slide 9: Rapidly Scaling MGA Platform Generating Superior Underwriting Results

    UCTS Rapidly Scaling MGA Platform Generating Superior Underwriting Results Diverse and Growing Suite of Highly Attractive Product Capabilities 2024 Current Net Written Premium (1,2) Master Tenant Management Legal Liability, 3% (3) Liability, 4% Other, 3% Real Estate $1,100M +Continued Growth in Inve

  10. Slide 10: Differentiated Embedded Personal Lines Strategy

    MIS Differentiated Embedded Personal Lines Strategy… The Best-in-Class Embedded Insurance Operations Replicating Embedded Strategy In Mortgage Channel • Top 10 personal lines agency in U.S., on a standalone basis • Leveraging the Westwood playbook and proprietary industry relationships to build • ~7

  11. Slide 11: Targeting A Massive Personal Lines Opportunity

    MIS …Targeting A Massive Personal Lines Opportunity FY23 Estimated Personal Lines Total Addressable Market $477B of Direct Written Premium (“DWP”) / $51B Commissions Captive and Direct Brokers (1) Distribution Channels (1) Represents total addressable Represents personal lines market personal lines

  12. Slide 12: Proven Partnership Platform Focused on Returns and High-Quality, Fast-Growing Assets

    Proven Partnership Platform Focused on Returns and High- Quality, Fast-Growing Assets Discerning and effective partnership strategy Making great businesses better Strict M&A discipline Results in: • Strategic fit • Quality over quantity Organic Growth: Pre- vs. Post-Partnership (1) • Cultural alignm

  13. Slide 13: Track Record of Strong Financial Performance

    Track Record of Strong Financial Performance Total Revenue ($M) PF Adj. EBITDA ($M) (1) Organic Revenue $325 Growth (1) $1,389 $1,422 $311 $1,219 $250 $981 $203 $175 $567 $110 $241 $138 $34 2019 2020 2021 2022 2023 2024 LTM Q1 2025 2019 2020 2021 2022 2023 2024 LTM Q1 2025 10% 16% 22% 23% 19% 17% 10

  14. Slide 14: Approaching a Meaningful Inflection Point in Financial Profile

    Approaching a Meaningful Inflection Point in Financial Profile Drivers of Free Cash Flow Inflection Scaling Margin and Free Cash Flow Profile ($M) • Adj. EBITDA and Adj. EBITDA margin expected to PF Adj. EBITDA (2) $345 - $360 $311 continue to scale PF Adj. EBITDA Margin (2) FCF Conversion as a % of

  15. Slide 15: $3B30: Illustrative Building Blocks

    $3B30: Illustrative Building Blocks Achievable via Execution Across Key Drivers 10%+ 100bps Accretive Average Annual Organic Revenue Growth Average Annual EBITDA Margin Accretion M&A 15%+ EPS (1) CAGR (Prior to Any Performance Above These Baseline Metrics & Capital Allocation) 15 Source: Internal da

  16. Slide 16: Path Forward to Accelerating Growth and Value Creation

    Path Forward to Accelerating Growth and Value Creation Copyright © 2022 The Baldwin Group. All rights reserved. Continue to Invest in resources to Continue to onboard build and channel product expertise exceptional talent and drive organic growth build on reputation as a and industry “destination” e

  17. Slide 17: Appendix

    Appendix

  18. Slide 18: IAS at a Glance

    IAS IAS at a Glance Key statistics (FY 2024) 10% ~1.5x 410+ 2,000+ Segment Organic Revenue Growth (1) Organic Revenue Growth Rate vs. Peers (1,2) Risk Advisors Colleagues LTM Q1 2025 Pro Forma IAS Revenue (1): Pro Forma IAS Revenue ($M) (1) $717M Other Commercial risk Private Risk 1% (3) management,

  19. Slide 19: UCTS at a Glance

    UCTS UCTS at a Glance Key statistics (FY 2024) $1.1B+ Top 5 20+ < 55% Current Net Written Premium (1) Largest Non-Carrier Owned MGA in the US (2) # Insurance Product Lines Aggregate Loss Ratio (3) Current Net Written Premium (1) Pro Forma UCTS Revenue ($M) (6) Tech-enabled MGA Master platform poweri

  20. Slide 20: MIS at a Glance

    MIS MIS at a Glance Key statistics (FY 2024) 20% 40+ 350+ 5,400+ Segment Organic Revenue Growth (1) Embedded Distribution Partners Mainstreet Risk Advisors Medicare Agents LTM Q1 2025 Pro Forma Revenue (1): Pro Forma MIS Revenue ($M) $287M Medicare 20% $281 $287 $235 $189 MainStreet $54 $63 80% $40

  21. Slide 21: Unique Culture Enables Durability of Results

    Unique Culture Enables Durability of Results Our colleagues are crucial in helping us achieve our business Our risk management framework, and relevant policies(1) and procedures goals — we invest in our current and future colleagues to ensure we can support our sustainability and long-term success:

  22. Slide 22: Summary Financials and Revenue Reconciliations

    Summary Financials and Revenue Reconciliations Pro Forma Revenue Reconciliation ($M) IAS Pro Forma Revenue Reconciliation ($M) 2019 2020 2021 2022 2023 2024 LTM 3/31/25 LTM 6/30/19 2019 2020 2021 2022 2023 2024 LTM 3/31/25 Total Revenue $137.8 $240.9 $567.3 $980.7 $1,218.6 $1,389.0 $1,422.1 $102.3 T

  23. Slide 23: Summary Financials and Revenue Reconciliations, cont'd

    Summary Financials and Revenue Reconciliations, cont’d Organic Revenue Growth Reconciliation ($M) IAS Segment Organic Revenue Growth Reconciliation ($M) 2019 2020 2021 2022 2023 2024 Q1 2025 2019 2020 2021 2022 2023 2024 Q1 2025 Commissions and fees $56.4 $103.4 $363.8 $558.8 $626.8 $706.2 $226.6 Co

  24. Slide 24: Adjusted EBITDA Bridge

    Adjusted EBITDA Bridge Underwriting, LTM Q1 2025 Insurance Capacity & Mainstreet Advisory Technology Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Total Revenues $717,264 $494,216 $287,452 ($76,857) $1,422,075 (1) Retained commissions and fees 705,800 229,022 209,948 2,

  25. Slide 25: Adjusted EBITDA Bridge

    Adjusted EBITDA Bridge Underwriting, FY 2024 Insurance Capacity & Mainstreet Advisory Technology Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Total Revenues $711,936 $472,939 $281,283 ($77,121) $1,389,037 (1) Retained commissions and fees 700,927 212,735 203,501 2,045

  26. Slide 26: Net Leverage Reconciliation

    Net Leverage Reconciliation Credit Agreement Adjusted EBITDA bridge & leverage calculations ($M) Investments Amounts in 000's 2019 2020 2021 2022 2023 2024 LTM 3/31/2025 Pro forma revenue 152.6 426.2 719.3 1,014.5 1,218.6 1,382.8 1,422.0 1• Partnership costs – Primarily third-party Pro forma net inc

  27. Slide 27: Shareholder Value Creation

    Shareholder Value Creation AMOUNTS IN 000s 2019 2020 2021 2022 2023 2024 LTM Q1 2025 Stock price at quarter end $16.05 $29.97 $36.11 $25.14 $24.02 $38.76 $44.69 Weighted average Class A & B shares outstanding (000s) (1) 61,441 72,894 101,381 115,801 117,141 117,949 118,309 Adjusted diluted EPS (full

  28. Slide 28: Slide 28

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