Neptune Insurance Holdings Inc. · NYSE:NP
Neptune Insurance — Q4 2025 Earnings Presentation
28 slides from Neptune Insurance's earnings presentation, Feb 18, 2026
Slide 1: Q4 and FY 2025 Update
Q4 and FY 2025 Update BK eptune
Slide 2: Overview
Overview Financial Summary Technology Capacity Distribution Photos Financial Statements Additional Information
Slide 3: Highlights Q4 2025 and 2025 Summary
HIGHLIGHTS Q4 2025 2025 SUMMARY Profitability Revenue (millions) $ 43.8 $ 159.6 2025 marked a pivotal year for Neptune as we completed our transition to a public company and demonstrated the durability and scalability of our AI-driven operating model. Net Income (millions) $ 4.3 $ 37.4 Neptune was b
Slide 4: Key Metrics and Events Impacting 4th Quarter
KEY METRICS EVENTS IMPACTING 4TH QUARTER Revenue Total quarterly revenue increased 38.9% YoY to $43.8 million; revenue was impacted by the following items: + larger renewal portfolio + increase in primary flood sales due to 43-day government shutdown + increase in flood sales due to agent promotions
Slide 5: Financial Summary (Quarterly)
FINANCIAL SUMMARY ($ in thousands) Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 YoY (Q4’25 vs Q4’24) Commission income $ 24,137 $ 22,707 $ 32,062 $ 33,916 $ 33,318 38.0 % Fee income 7,366 6,646 10,004 10,449 10,449 41.9 % Total revenues $ 31,503 $ 29,353 $ 42,066 $ 44,365 $ 43,767 38.9 % Agent commission
Slide 6: Financial Summary (Annual)
FINANCIAL SUMMARY ($ in thousands) 2023 2024 2025 YoY ('25 vs '24) Commission income $ 64,349 $ 90,098 $ 122,003 35.4 % Fee income 20,521 29,201 37,548 28.6 % Total revenues $ 84,870 $ 119,299 $ 159,551 33.7 % Agent commissions $ 26,014 $ 35,317 $ 49,065 38.9 % Employee compensation and benefits 4,1
Slide 7: Financial Summary: Revenue, Net Income, Adjusted EBITDA
FINANCIAL SUMMARY $175 $100 150 149 $95 $160 $150 125 $80 117 $125 $72 100 $119 101 99 $60 93 $100 Millions Millions 75 $85 $48 $75 $40 $37 50 $62 $35 $34 $50 $20 $38 25 $19 $25 $18 $18 $13 $0 $— 0 2025 2023 2021 2024 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2022 Organic Revenue Net Income
Slide 8: Financial Summary: Per-Employee Metrics
FINANCIAL SUMMARY 70 $3.0 $1.8 $1.6 60 $1.5 $2.7 $2.5 60 $1.4 $2.3 50 $1.3 52 $2.0 45 $1.9 $1.1 40 $1.0 Millions Millions $1.7 $1.5 37 $0.9 34 30 $0.8 $1.1 $1.0 $0.6 20 $0.5 $0.5 10 $0.3 0 $— $— 2024 2024 2024 2025 2025 2023 2021 2021 2022 2022 2022 2021 2023 2023 2025 Average Number of Employees Re
Slide 9: Use of Cash
USE OF CASH In November, we refinanced our outstanding term 5 loans into a $260 million revolving credit facility, with $240 million outstanding at year end 2025. The transition to a revolving credit facility removes 4.3 mandatory repayments and provides greater flexibility in capital management. 3.
Slide 10: Operations
Operations BK eptune
Slide 11: Technology
TECHNOLOGY Technology continued to drive efficiency and 600 100% $400 scalability across our business in 2025. During the year, we released more than 78 production versions 92% $367 546 91% of the Triton platform, including a full rewrite of our 90% 89% core pricing and risk selection algorithms. 50
Slide 12: Capacity
CAPACITY The number of capacity providers supporting the 50 10 $400 Neptune program increased 74% during 2025. As of year-end 2025, 40 capacity providers supported 8 programs across 9 products, providing more than $122 billion of coverage to approximately 280,200 40 8 property owners nationwide. 40
Slide 13: Distribution
DISTRIBUTION 2025 marked a record sales year, with both the third 35 300 $400 and fourth quarters setting new quarterly sales records. Growth was driven by continued strength in 280 32.7 $370 primary residential flood and the expansion of 30 distribution partnerships. 250 $300 New business generated
Slide 14: Photos
Photos BK eptune
Slide 15: Nationwide Portfolio
NATIONWIDE PORTFOLIO. % BX cptune
Slide 16: Direct-to-Consumer Flow
DIRECT-TO-CONSUMER FLOW (eprwme ‘sds ner Your ecko nfmatio hers Product Selection Bulding ntormaion Review and evstomize your coverage options Coverages Coverage Amount no ve ves wom | | aa we (oe [ame si ——— oO oom > rrr 16 WA cptune
Slide 17: New York Stock Exchange
NEW YORK STOCK EXCHANGE NEW YORK stock EXCHANGE = " BX cptune
Slide 18: New York Stock Exchange
NEW YORK STOCK EXCHANGE — & UIE GGRRe a ae ee | Se ” kid ad Ge Tey A % BX cptune
Slide 19: Financial Statements
Financial Statements BK eptune
Slide 20: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and per share data) (Unaudited) Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 YoY (Q4 '25 vs Q4 '24) Revenues: Commission income $ 24,137 $ 22,707 $ 32,062 $ 33,916 $ 33,318 38.0 % Fee income 7,366 6,646 10,004 10,449 10,449 41.9 % To
Slide 21: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) 2024 2025 Assets Current assets: Cash and cash equivalents $ 7,094 $ 8,036 Fiduciary cash 20,971 32,512 Fiduciary receivable 4,096 5,375 Commissions and fees receivable 2,612 4,080 Prepaid expenses and
Slide 22: 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 23: 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 24: Shares Outstanding
SHARES OUTSTANDING Shares Outstanding The following table presents a summary of our outstanding equity interests as of December 31, 2025. Class B Common Shares issued and Common Shares Date Class A Common (10x vote) outstanding (Total) Beginning shares outstanding 10/2/2025 91,765,000 43,435,000 135
Slide 25: Additional Information
Additional Information BK eptune
Slide 26: 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 Wednesday, February 18th. 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 27: Additional Information: Safe Harbor Statement
ADDITIONAL INFORMATION Safe Harbor Statement This earnings presentation 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 statements, other than statem
Slide 28: BK eptune
BK eptune
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