Neptune Insurance Holdings Inc. · NYSE:NP
Neptune Insurance — Q1 2026 Earnings Presentation
24 slides from Neptune Insurance's earnings presentation, Apr 22, 2026
Slide 1: Q1 2026 Update
Q1 2026 Update Bacerune
Slide 2: Overview, Financial Summary, Technology, Capacity, Distribution, Financial Statements
Overview Financial Summary Technology Capacity Distribution Financial Statements Additional Information
Slide 3: Highlights
HIGHLIGHTS ($ in millions) Q1 2026 LAST 12 MONTHS SUMMARY Profitability Revenue $ 37.8 $ 168.0 The first quarter reflects continued progress across the core areas of the business. We generated record new business sales for a first quarter, supported by ongoing expansion in our distribution network a
Slide 4: Key Metrics: Events Impacting 1st Quarter
KEY METRICS EVENTS IMPACTING 1ST QUARTER Revenue Total quarterly revenue increased $8.4 million YoY to $37.8 million; revenue was impacted by the following items: + larger renewal portfolio + increased commission income as a percent of written premium + increased distribution as a result of demand g
Slide 5: Financial Summary
FINANCIAL SUMMARY ($ in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 YoY (Q1’26 vs Q1’25) Commission income $ 22,707 $ 32,062 $ 33,916 $ 33,318 $ 29,034 27.9 % Fee income 6,646 10,004 10,449 10,449 8,761 31.8 % Total revenues $ 29,353 $ 42,066 $ 44,365 $ 43,767 $ 37,795 28.8 % Agent commission
Slide 6: Financial Summary: Twelve Months Ended March 31
FINANCIAL SUMMARY Twelve Months Ended March 31, ($ in thousands) 2025 2026 YoY ('26 vs '25) Commission income $ 96,601 $ 128,329 32.8 % Fee income 30,485 39,664 30.1 % Total revenues $ 127,086 $ 167,993 32.2 % Agent commissions $ 37,746 $ 51,477 36.4 % Employee compensation and benefits 4,656 5,683
Slide 7: Financial Summary
FINANCIAL SUMMARY M illi on s $13 $18 $18 $35 $37 $35 $19 $34 $48 $72 $95 $99 Net Income Adjusted EBITDA 2021 2022 2023 2024 2025 LTM $— $20 $40 $60 $80 $100 $120 149 117 99 101 93 91 Rule of 40 2021 2022 2023 2024 2025 LTM 0 25 50 75 100 125 150 50 % 55 % 57 % 60 % 60 % 59 %Adjusted EBITDA Margin %
Slide 8: Financial Summary: Employees and Per-Employee Metrics
FINANCIAL SUMMARY 34 37 45 51 58 60 Average Number of Employees 2021 2022 2023 2024 2025 LTM 0 10 20 30 40 50 60 70 M illi on s $1.1 $1.7 $1.9 $2.3 $2.8 $2.8 Revenue per Employee 2021 2022 2023 2024 2025 LTM $— $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 M illi on s $0.6 $0.9 $1.1 $1.4 $1.6 $1.7 Adjusted EBITDA p
Slide 9: Use of Cash
USE OF CASH At March 31, 2026, we maintained a $260.0 million revolving credit facility, which had $240.0 million outstanding at year end 2025. In Q1 2026, we continued to utilize operating cashflow to reduce our debt and effect aggregate principal paydowns of $13.0 million, resulting in debt outsta
Slide 10: Operations
Operations Bacerune
Slide 11: Technology
TECHNOLOGY During the first quarter, we deployed 24 new versions of the Triton system, bringing the total to 570 versions. This reflects a consistent release cadence and an engineering approach built around continuous iteration. The quarter saw the release of three tools that we believe will redefin
Slide 12: Capacity
CAPACITY Over the past twelve months, the number of capacity providers supporting Neptune increased by approximately 50%, reaching 42 partners as of March 31, 2026. These partners now support 8 programs across 9 products, representing more than $130 billion of coverage. This growth reflects continue
Slide 13: Distribution
DISTRIBUTION In the first quarter, we generated record Q1 new business sales, exceeding the prior year by more than 44%. This was driven by continued expansion of distribution partnerships, along with the continued rollout of newer relationships. We also saw continued effects from the late 2025 gove
Slide 14: Financial Statements
Financial Statements Bacerune
Slide 15: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and per share data) (Unaudited) Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 YoY (Q1 '26 vs Q1 '25) Revenues: Commission income $ 22,707 $ 32,062 $ 33,916 $ 33,318 $ 29,034 27.9 % Fee income 6,646 10,004 10,449 10,449 8,761 31.8 % To
Slide 16: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) Dec 31, 2025 Mar 31, 2026 Assets Current assets: Cash and cash equivalents $ 8,036 $ 10,542 Fiduciary cash 32,512 49,852 Fiduciary receivable 5,375 6,103 Commissions and fees receivable 4,080 4,732 Prep
Slide 17: Reconciliation of Non-GAAP Financial Measures: Adjusted EBITDA
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 18: Reconciliation of Non-GAAP Financial Measures: Adjusted Net Income
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 19: Reconciliation of Non-GAAP Financial Measures: Per Share Metrics
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Per Share Metrics ($ in thousands) Q2- 2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Total commissions and fees $ 32,410 $ 33,820 $ 31,503 $ 29,353 $ 42,066 $ 44,365 $ 43,767 $ 37,795 Total operating expenses $ 13,705 $ 14,011 $ 13,113 $ 1
Slide 20: Shares Outstanding
SHARES OUTSTANDING Shares Outstanding The following table presents a summary of our equity interests as of March 31, 2026, as calculated per ASC 260 Earnings Per Share Common Shares Date Class A Common Class B Common (10x vote) Shares issued and outstanding (Total) Beginning shares outstanding 12/31
Slide 21: Additional Information
Additional Information Bacerune
Slide 22: Additional Information: Webcast
ADDITIONAL INFORMATION Webcast The Company will host a conference call and webcast to discuss its financial results at 5:00 PM ET on Wednesday, April 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 t
Slide 23: 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 24: Bacerune
Bacerune
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