The Baldwin Insurance Group, Inc. · NASDAQ:BWIN
The Baldwin Insurance — William Blair 46th Annual Growth Stock Conference (June 2026)
37 slides from The Baldwin Insurance's conference presentation, June 2026
Slide 1: The Baldwin Group
Protecting the Possible” The Baldwin Group June 2026 Baldwin Group
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 The Baldwin Group’s confidential information, and may contain material, non-public information which is subject to The Baldwin G
Slide 3: The Baldwin Group Is A Fast-Growing Insurance Distribution Firm
The Baldwin Group Is A Fast-Growing Insurance Distribution Firm Industry-Leading Organic Growth Business Top 44 32 19 18 18 16 12 (3) Insurance Rank (#) 10 6 consecutive years of top-of-industry organic revenue growth (1) — 1.5x–5x peer median (2) Pro Forma Revenue ($M) Pro forma for acquisitions of
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 (2026+) • Co-founded by Lowry Baldwin, Trevor Baldwin, Elizabeth • IPO in October 2019 to accelerate organic growth
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 ($1,071M of LTM Q1 ’26 PF Revenue – 54%) (1,2,3) ($591M of LTM Q1 ’26 PF Revenue – 30%) (1,2,3) ($309M 202 LTM Q
Slide 6: Superior Organic Revenue Growth Track Record That Is Multiples Above Peers
Superior Organic Revenue Growth Track Record That Is Multiples Above Peers… Robust Organic Revenue Growth Driven by Outsized New Business Production vs. Rate & Exposure 2.9x 2.4x Key Drivers of Market Leading 23% Organic Revenue Growth 22% 2.4x 2.4x ✓ Outsized new business 5.3x 19% production (vs. r
Slide 7: Driving Long-Term Value Creation Across the Platform
…Driving Long-Term Value Creation Across the Platform Adj. EBITDA Margin & Retained Illustrative Longer-Term C&F Margin (1) Margin Potential Commentary Adj. EBITDA Adj. EBITDA Margin Margin on Retained C&F Continued margin expansion to peer levels (32% Insurance Advisory 25% 24% High twenties – low
Slide 8: Track Record of Investing in People and Platform Drives Outsized Productivity
IAS Track Record of Investing in People and Platform Drives Outsized Productivity Specialty talent elevated to the national level and accessible across the Proven Ability To Ramp Advisor Productivity ($k) platform serves as a force multiplier, enabling advisors to win larger and more complex account
Slide 9: Merger with CAC Group Created $1B+ Middle Market and Specialty Platform
IAS Merger with CAC Group Created $1B+ Middle Market and Specialty Platform… CAC’S UP-MARKET CAPABILITIES = AI-ENHANCED DISTRIBUTION Complexity as Offense % of CAC revenue by account size: > $100K Accts > $250K Accts ✓ Large-account specialty work requires deep judgment, multi- stakeholder negotiati
Slide 10: CAC's Proven Playbook
IAS …With a Massive Opportunity to Accelerate Growth Through Deep Specialization Following the 2019 founding of CAC Specialty, Cobbs Allen advisors that were historically focused on middle market clients were empowered to move up market, retain clients as they grew, and expand wallet share by levera
Slide 11: Rapidly Scaling MGA with Top-Tier Underwriting Performance
UCTS Rapidly Scaling MGA with Top-Tier Underwriting Performance Diverse and Growing Suite of Highly Attractive Product Capabilities Current Net Written Premium (1) Emerging Markets Management 3% Liability Real Estate 2% Investor 6% $1,200M +Continued $1,100M Growth in Existing Commercial Product Sui
Slide 12: Differentiated Embedded Personal Lines Strategy
MIS Differentiated Embedded Personal Lines Strategy… Proprietary technology stacks enabling quote-bind-issue (“QBI”) capabilities with builder and mortgage company clients Revenue ($M) Bind Rate Total Premium ($M) 20 < 55% 23% CAGR % of leads received Westwood % Premium on National Mortgage Propriet
Slide 13: Targeting a Massive Personal Lines Opportunity
MIS …Targeting a Massive Personal Lines Opportunity TOTAL ADDRESSABLE CHANNEL SPLITS (1) EMBEDDED HOME REVENUE OPPORTUNITY MARKET Transaction-Driven Illustrative Annual FY23 Personal Lines $477B $51B Total Commissions Direct Written Premium ~$10B $1B+ ~$17B New Annual Home DWP Annual New Revenue $51
Slide 14: Proven Partnership Platform Focused on Returns and High-Quality, Fast-Growing Assets
Proven Partnership Platform Focused on Returns and High- Quality, Fast-Growing Assets Discerning and effective partnership strategy Making great businesses better Strict M&A discipline Results in: • Strategic fit • Quality over quantity Organic Growth: Pre- vs. Post-Partnership (1) • Cultural alignm
Slide 15: Track Record of Strong Financial Performance
Track Record of Strong Financial Performance Total Revenue ($M) PF Adj. EBITDA ($M) (1) Organic Revenue $1,624 $439 Growth (1) $1,505 $1,389 $1,219 $353 $311 $981 $244 $203 $567 $175 $110 $241 $138 $34 2019 2020 2021 2022 2023 2024 2025 LTM Q1 '26 2019 2020 2021 2022 2023 2024 2025 LTM Q1 '26 (2) 10
Slide 16: Path Forward to Accelerating Growth and Value Creation
Path Forward to Accelerating Growth and Value Creation Copyright © 2022 The Baldwin Group. All rights reserved. Continue to Invest in resources to Continue to onboard build and channel product expertise exceptional talent and drive organic growth build on reputation as a and industry “destination” e
Slide 17: Appendix
Appendix
Slide 18: IAS at a Glance
IAS IAS at a Glance Key statistics (FY 2025) 3% 19% ~600 2,900+ Segment Organic Revenue Growth (1) Sales Velocity Risk Advisors Colleagues LTM Q1 2026 Pro Forma IAS Revenue (1): Pro Forma IAS Revenue ($M) (1) $1.1Bn Commercial risk Private Risk Other management, employee Management 3% (2) $1,071 ben
Slide 19: UCTS at a Glance
UCTS UCTS at a Glance Key statistics (FY 2025) ~$1.2B Top 5 20+ < 55% Current Net Written Premium (1) Largest Non-Carrier Owned MGA in the US (2) # Insurance Product Lines Aggregate Loss Ratio (3) Current Net Written Premium (1) Pro Forma UCTS Revenue ($M) (4) Tech-enabled MGA platform powering Emer
Slide 20: MIS at a Glance
MIS MIS at a Glance Key statistics (FY 2025) 1% 45+ 2 450+ Segment Organic Revenue Growth (1) Embedded Distribution Partners Top 20 Mortgage Lender Partners Mainstreet Risk Advisors LTM Q1 2026 Pro Forma Revenue (1): Pro Forma MIS Revenue ($M) (1) $309M Medicare 18% $312 $309 $281 $235 $189 MainStre
Slide 21: Unique Culture Enables Durability of Results
Unique Culture Enables Durability of Results Our colleagues are crucial in helping us achieve our business Our risk management framework, and relevant policies(1) and procedures goals — we invest in our current and future colleagues to ensure we can support our sustainability and long-term success:
Slide 22: Historical Financial Performance
Historical Financial Performance LTM Metric FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q1 2026 CAGR Total Revenue ($M) $138 $241 $567 $981 $1,219 $1,389 $1,505 $1,624 48% Pro Forma Revenue ($M) $153 $426 $719 $1,014 $1,183 $1,383 $1,523 $1,903 50% Retained C&F ($M) - - - - - $1,119 $1,2
Slide 23: Historical Financial Performance, cont'd
Historical Financial Performance, cont’d Pro Forma Revenue Reconciliation ($M) IAS Pro Forma Revenue Reconciliation ($M) LTM LTM LTM 2019 2020 2021 2022 2023 2024 2025 3/31/26 6/30/19 2019 2020 2021 2022 2023 2024 2025 3/31/25 Total Revenue $137.8 $240.9 $567.3 $980.7 $1,218.6 $1,389.0 $1,504.9 $1,6
Slide 24: Historical Financial Performance, cont'd
Historical Financial Performance, cont’d Organic Revenue Growth Reconciliation ($M) IAS Segment Organic Revenue Growth Reconciliation ($M) 2019 2020 2021 2022 2023 2024 2025 Q1 2026 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Commissions and fees $56.4 $103.4 $363.8 $558.8 $626.8 $706.2 $723.0 $329.6
Slide 25: Organic Revenue Growth Reconciliation
Organic Revenue Growth Reconciliation Underwriting, Q1 2026 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Consolidated Commissions and fees $ 329,648 $ 133,609 $ 81,627 $ (16,023) $ 528,861 Partnership commissions and
Slide 26: Actual Disaggregated Revenue and KPIs
Actual Disaggregated Revenue and KPIs INSURANCE ADVISORY SOLUTIONS AMOUNTS IN 000s Q1 2026 Commissions(1) $ 266,037 Consulting and service fees 42,065 Profit-sharing 19,026 Other 2,520 Investment income 1,548 Total Insurance Advisory Solutions revenue $ 331,196 UNDERWRITING, CAPACITY & TECHNOLOGY SO
Slide 27: Actual Disaggregated Revenue and KPIs
Actual Disaggregated Revenue and KPIs MAINSTREET INSURANCE SOLUTIONS AMOUNTS IN 000s Q1 2026 Commissions $ 75,864 Profit-sharing 4,323 Other 1,440 Investment income 31 Total Mainstreet Insurance Solutions revenue $ 81,658 27
Slide 28: Shareholder Value Creation
Shareholder Value Creation Q1 2026 Stock price at quarter end $ 21.94 Weighted average Class A & B shares outstanding (000s) (1) 142,791 Adjusted diluted EPS (fully vested and as-if converted) $ 0.63 RECONCILIATION TO GAAP Q1 2026 Diluted earnings per share $ 0.02 Effect of exchange of Class B commo
Slide 29: Adjusted EBITDA Bridge
Adjusted EBITDA Bridge Underwriting, Q1 2026 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Total Revenues $ 331,196 $ 134,943 $ 81,658 $ (15,562) $ 532,235 Expenses: Outside commissions 4,676 57,760 20,266 (16,023) 66,
Slide 30: Adjusted EBITDA Margin on Retained Commissions and Fees Bridge
Adjusted EBITDA Margin on Retained Commissions and Fees Bridge Q1 2026 Insurance Underwriting, Capacity & Mainstreet Advisory Technology Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Total Revenues $ 331,196 $ 134,943 $ 81,658 $ (15,562) $ 532,235 Less: Outside commissi
Slide 31: Adjusted EBITDA Bridge
Adjusted EBITDA Bridge Underwriting, Q1 2025 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Total Revenues $ 227,673 $ 125,174 $ 77,869 $ (17,311) 413,405 Expenses: Outside commissions 3,638 61,163 19,087 (18,065) 65,82
Slide 32: Organic Revenue Growth Reconciliation
Organic Revenue Growth Reconciliation Underwriting, Q1 2025 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Consolidated Commissions and fees $ 226,649 $ 124,136 $ 77,811 $ (18,065) $ 410,531 Pass-through of retail commi
Slide 33: Actual Disaggregated Revenue and KPIs
Actual Disaggregated Revenue and KPIs INSURANCE ADVISORY SOLUTIONS AMOUNTS IN 000s Q1 2025 Commissions $ 190,328 Consulting and service fees 18,587 Profit-sharing 14,970 Other 2,764 Investment income 1,024 Total Insurance Advisory Solutions revenue $ 227,673 UNDERWRITING, CAPACITY & TECHNOLOGY SOLUT
Slide 34: Actual Disaggregated Revenue and KPIs
Actual Disaggregated Revenue and KPIs MAINSTREET INSURANCE SOLUTIONS AMOUNTS IN 000s Q1 2025 Commissions $ 71,650 Profit-sharing 4,095 Other 2,066 Investment income 58 Total Mainstreet Insurance Solutions revenue $ 77,869 34
Slide 35: Adjusted EBITDA Margin on Retained Commissions and Fees Bridge
Adjusted EBITDA Margin on Retained Commissions and Fees Bridge Q1 2025 Insurance Underwriting, Capacity & Mainstreet Advisory Technology Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Total Revenues $ 227,673 $ 125,174 $ 77,869 $ (17,311) $ 413,405 Less: Outside commissi
Slide 36: Pro Forma Consolidated and Credit Adjusted EBITDA Bridge
Pro Forma Consolidated and Credit Adjusted EBITDA Bridge LTM Q1 2026 AMOUNTS IN 000s Q2 2025 Q3 2025 Q4 2025 Q1 2026 LTM Net income (loss) $ (5,141) $ (30,237) $ (43,674) $ (1,896) $ (80,948) Adjustments to net income (loss): Depreciation and amortization expense 27,652 32,043 40,670 57,078 157,443
Slide 37: The Baldwin Group
The Baldwin Group
The Baldwin Insurance Group — William Blair 46th Annual Growth Stock Conference (June 2026) on 6ix