Trupanion, Inc. · NASDAQ:TRUP
Trupanion — Investor Presentation (August 2026)
28 slides from Trupanion's investor presentation, August 2026
Slide 1: Trupanion Investor Presentation
Trupanion Investor Presentation August 2026
Slide 2: Forward-looking statements
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, among other things, expectations, plans, prospects and financial results for Trupanion, including, but not limited
Slide 3: Why We Exist
Why We Exist • Pets are family • Veterinary care is advancing • Cost of care continues to rise • Budgeting for the unexpected is challenging • No pet parent should have to choose • Global underpenetrated market opportunity 3
Slide 4: Trupanion Leads the Category
Trupanion Leads the Category • Largest brand in North American pet insurance market with $1.0 billion in Subscription Revenue in 2025 • Long-standing, deep veterinary relationships • Unique and patented direct payment model, eliminating the need for reimbursement • Vertically integrated model delive
Slide 5: Investment Highlights
Investment Highlights • Large underpenetrated market supported by favorable long-term trends in animal health and pet care 2025 to 2028 • Veterinary relationships support efficient pet acquisition channel Subscription AOI • Monthly subscription revenue model with 98%+ monthly retention Mid-Teens CAG
Slide 6: Why Trupanion
Why Trupanion • Comprehensive accident & illness coverage • Guaranteed Lifetime Coverage * • Freedom to choose any veterinarian, emergency care, or specialty hospital • Covers hereditary and congenital conditions – breed-specific health issues inherited or present at birth * Members can cancel polic
Slide 7: Why Trupanion
Why Trupanion • Pricing aligned to the pet • No birthday pricing * • 71% claims payout • 70% to 90% of covered veterinary costs ** • No payout limits * Industry practice of automatic price increases as pets age ** 80% to 90% on the web, 70% to 90% over the phone 7
Slide 8: Why Trupanion
Why Trupanion • VetDirect Pay – Only brand with software-enabling direct payment to veterinarian at time of checkout • Over 70% of claims paid within 24 hours • 24/7 customer service • Medical record summaries that help members understand the coverage they can expect • Significant veterinary hospita
Slide 9: 26 Years of Pet Protection: $4 Billion of Vet Invoices Paid
26 Years of Pet Protection: $4 Billion of Vet Invoices Paid 2007 2020 2026 Headquarters Aflac investment and Launch of New moved to Seattle alliance established Strategic Plan Early venture funding 2014 Surpasses 500k enrolled pets 2022–2023 2025 Subscription revenue Initial Public Offering Increase
Slide 10: Pet Medical Insurance Is a Fast-Growing Category
Pet Medical Insurance Is a Fast-Growing Category North America Industry Revenue and Penetration Rate of Cats and Dogs Insured (in $ billions) $6.3 $5.3 $4.4 $3.6 $2.9 $2.2 $1.4 $1.8 $1.0 $1.2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1.0% 1.2% 1.4% 1.6% 2.0% 2.5% 3.1% 3.7% 3.9% 4.2% Source:
Slide 11: Large Underpenetrated Markets
Large Underpenetrated Markets 67% 25% 12% 8% 9% 6% 7% 7% 3% 4% 1% 2% 2% Source: NAPHIA 2025 State of the Industry Report, company sources, and company estimates. 11
Slide 12: Our Moats
Our Moats • Veterinary Relationships – Trusted partnerships support efficient pet acquisition channel • Data – Over 1.1 million subscription pets with unique price points • VetDirect Pay – Frictionless claims experience • Low-Cost Operator – Tech-driven efficiency supports industry-leading value for
Slide 13: Our Flywheel
Our Flywheel Trusted Hospital Recommendation Veterinary-Led Acquisition VetDirect Pay More Pets, Base Gets Larger… 24/7/365 Support $$$ Increase Coverage Reinvestment Exceptional in Pet Acquisition Member Experience Superior 71% Value Proposition Value Proposition Broad, Lifelong Coverage High Refer
Slide 14: Focus on Veterinary Relationships
Focus on Veterinary Relationships Trupanion’s presence in the veterinary channel is unmatched in the industry 16k active hospitals 1.4M face-to-face visits 1.3 new pets per month per active hospital 180M 120M go to the vet dogs & cats 1M new pets added to PIMS each month 14
Slide 15: Compelling Unit Economics
Compelling Unit Economics… Subscription Monthly Average Profit per Pet $11.71 $9.04 $9.15 $8.43 $8.40 $7.43 $6.28 $6.32 $5.60 $4.06 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 15
Slide 16: Consistently High Value to Members
…While Providing Consistently High Value to Members Cost of Paying Veterinary Invoices as a % of Subscription Revenue 90.0% 85.0% 80.0% 75.7% 75.0% 72.5% 72.5% 71.8% 72.2% 72.1% 71.7% 71.1% 71.1% 70.5% 70.0% 65.0% 60.0% 55.0% 50.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 16
Slide 17: Highly Recurring Revenue
Highly Recurring Revenue Subscription Revenue (in $ millions) $989.3 $856.5 $712.9 $596.6 $494.9 $387.7 $321.2 $263.7 $218.4 $173.4 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 17
Slide 18: High Growth and Well-Positioned to Invest
High Growth and Well-Positioned to Invest Adjusted Operating Income (in $ millions) $151.9 $145.6 $114.5 $108.3 $89.3 $83.5 $78.5 $79.3 $71.0 $70.2 $57.1 $54.1 $44.2 $41.9 $31.9 $31.0 $23.4 $23.8 $14.8 $15.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total AOI Subscription AOI 18
Slide 19: We're Investing More
We’re Investing More • Pet Acquisition • Brand awareness • More ways to find us • More ways to engage • New Products and Product Enhancements • New deductible and co-insurance ranges for core product • New digital-first mid-tier market product • Technology 19
Slide 20: Growing Our PAC Investment
Growing Our PAC Investment Pet Acquisition Spending (in $ millions) $80.4 $78.0 $69.5 $70.4 $64.5 $45.1 $33.3 $23.7 $18.4 $14.7 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20
Slide 21: Expanding Our Reach
Expanding Our Reach BMO @) Se StateFarm: careplus ~ by Chewy
Slide 22: Technology Drives Efficiency and Member Experience
Technology Drives Efficiency and Member Experience North America Hospitals with VetDirect Pay 12,000 10,000 Scout AI Virtual Agent 8,000 6,000 4,000 2,000 0 2020 2021 2022 2023 2024 2025 Claims Automation Rate Over 60% 70% automated 60% 50% 40% 30% 20% 10% 0% Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-2
Slide 23: Leveraging AI in Marketing and Product Innovation
Leveraging AI in Marketing and Product Innovation Product Expansion • New deductible and co-insurance ranges for core Trupanion product • Generative Engine Optimization (GEO) to ensure Trupanion is the trusted insurance source leveraged by AI models • AI tools to analyze customer interactions and ge
Slide 24: Enhanced Free Cash Flow Generation
Enhanced Free Cash Flow Generation Scale, record margins and disciplined pet acquisition investment are unlocking a new era of free cash flow and capital allocation flexibility Free Cash Flow ($ in millions) $75.4 $38.6 $3.1 $6.5 $8.3 $10.8 $14.1 $0.4 ($4.9) ($25.1) 2016 2017 2018 2019 2020 2021 202
Slide 25: New Strategic Plan – 2026 to 2028
New Strategic Plan – 2026 to 2028 North America to drive growth today while strategic investments in International and Pet Food expand our long-term market opportunity Core Business Long-Term Market Expansion North America Large core business that continues to grow at attractive rates Expand deducti
Slide 26: Multiple Levers to Drive Long-Term Shareholder Value
Multiple Levers to Drive Long-Term Shareholder Value Topline Growth Margin Expansion Capital Allocation Enroll new pets Stay true to 71% value Investments in Pet Food proposition Retain existing pets Build capital and grow Realize efficiencies in fixed & investment income Growth in ARPU variable exp
Slide 27: Thank you!
“oe 6 trwpanion Thank yo
Slide 28: 2026 Outlook
2026 Outlook Q3 2026 Full Year 2026 Revenue $399M – $405M $1.584B – $1.601B Subscription revenue $284M – $287M $1.124B – $1.133B YoY growth at the midpoint 13% 14% Adjusted operating income $44M – $47M $176M – $184M YoY growth at the midpoint 11% 19% CAD FX Rate 71% 71% 28