Neptune Insurance Holdings Inc. · NYSE:NP
Neptune Insurance — Q3 2026 Earnings Presentation
25 slides from Neptune Insurance's earnings presentation, Oct 20, 2026
Slide 1: Q3 2026 Update
Q3 2026 Update Bacerune
Slide 2: Overview, Financial Summary, Technology, Capacity, Distribution
Overview Financial Summary Technology Capacity Distribution Shares Outstanding Financial Statements Additional Information
Slide 3: Highlights
HIGHLIGHTS ($ in millions) Q3 2026 LAST 12 MONTHS SUMMARY Profitability Revenue $ 59.6 $ 197.0 This quarter marks one year since Neptune’s IPO and our first earnings call as a public company. Over that period, we have grown quarterly revenue by 34%, increased Adjusted EBITDA by 38%, and continued to
Slide 4: Key Metrics and Events Impacting 3rd Quarter
KEY METRICS EVENTS IMPACTING 3RD QUARTER Revenue Total quarterly revenue increased $15.2 million YoY to $59.6 million; revenue was impacted by the following items: + continued growth of renewal portfolio + increased commission income as a percent of written premium + record new business sales + depl
Slide 5: Financial Summary (Quarterly)
FINANCIAL SUMMARY ($ in thousands) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 YoY (Q3’26 vs Q3’25) Commission income $ 33,916 $ 33,318 $ 29,034 $ 42,531 45,913 35.4 % Fee income 10,449 10,449 8,761 13,341 13,654 30.7 % Total revenues $ 44,365 $ 43,767 $ 37,795 $ 55,872 $ 59,567 34.3 % Agent commissions
Slide 6: Financial Summary (Twelve Months Ended September 30)
FINANCIAL SUMMARY Twelve Months Ended September 30, ($ in thousands) 2025 2026 YoY (’26 vs ’25) Commission income $ 112,822 $ 150,796 33.7 % Fee income 34,465 46,205 34.1 % Total revenues $ 147,287 $ 197,001 33.8 % Agent commissions $ 44,662 $ 58,808 31.7 % Employee compensation and benefits 5,378 6
Slide 7: Financial Summary: Income, Margin and Rule of 40
FINANCIAL SUMMARY M illi on s $13 $18 $18 $35 $37 $45 $19 $34 $48 $72 $95 $119 Net Income Adjusted EBITDA 2021 2022 2023 2024 2025 LTM $— $25 $50 $75 $100 $125 149 117 99 101 93 94 Rule of 40 2021 2022 2023 2024 2025 LTM 0 25 50 75 100 125 150 50 % 55 % 57 % 60 % 60 % 60 %Adjusted EBITDA Margin % Yo
Slide 8: Financial Summary: Per Employee Metrics
FINANCIAL SUMMARY 34 37 45 51 58 61 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 $3.2 Revenue per Employee 2021 2022 2023 2024 2025 LTM $— $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 M illi on s $0.6 $0.9 $1.1 $1.4 $1.6 $2.0 Adjusted EBI
Slide 9: Use of Cash
USE OF CASH At September 30, 2026, we maintained a $260.0 million revolving credit facility, which had $240.0 million outstanding at June 30, 2026. During Q3 2026, we continued to utilize operating cash flow to reduce our debt and effect aggregate principal paydowns of $25.0 million, resulting in de
Slide 10: Operations
Operations Bacerune
Slide 11: Technology
TECHNOLOGY The pace of technological change in insurance is accelerating, and we believe Neptune is particularly well positioned to benefit from these changes. Artificial intelligence is changing both how software is developed and how consumers discover, evaluate, and purchase insurance. We see sign
Slide 12: Capacity
CAPACITY For our capacity partners, we believe Neptune represents a unique opportunity to participate in a growing segment of the U.S. insurance market through a portfolio built on disciplined risk selection, geographic diversification, and consistent underwriting performance. Our technology allows
Slide 13: Distribution
DISTRIBUTION One of the defining characteristics of the U.S. flood insurance market is how significantly underinsured it remains. Of more than 100 million buildings nationwide, we estimate approximately 25 million face meaningful flood risk, yet only around 4 million have flood insurance. The primar
Slide 14: Fully Diluted Shares Outstanding
FULLY DILUTED SHARES OUTSTANDING The following table presents a summary of our equity interests as of September 30, 2026 Common Shares Class A Common Class B Common (10x vote) Shares issued and outstanding (Total) Shares Outstanding as of 6/30/2026 93,773,525 43,435,000 137,208,525 Add: Net shares i
Slide 15: Financial Statements
Financial Statements Bacerune
Slide 16: Condensed Consolidated Statements of Income
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands) (Unaudited) Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q3-2026 YoY (Q3 ’26 vs Q3 ’25) Revenues: Commission income $ 33,916 $ 33,318 $ 29,034 $ 42,531 $ 45,913 35.4 % Fee income 10,449 10,449 8,761 13,341 13,654 30.7 % Total commissions and fees $ 44,36
Slide 17: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) Dec 31, 2025 Sep 30, 2026 Assets Current assets: Cash and cash equivalents $ 8,036 $ 17,429 Fiduciary cash 32,512 60,511 Fiduciary receivable 5,375 6,106 Commissions and fees receivable 4,080 4,911 Prep
Slide 18: Reconciliation of Non-GAAP: Adjusted EBITDA and Margin
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 19: Reconciliation of Non-GAAP: Adjusted Net Income and Earnings Per Share
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 20: Reconciliation of Non-GAAP: Per Share Metrics
20 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Per Share Metrics ($ in thousands) Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q3-2026 Total commissions and fees $ 31,503 $ 29,353 $ 42,066 $ 44,365 $ 43,767 $ 37,795 $ 55,872 $ 59,567 Total operating expenses $ 13,113 $ 13,726 $ 20,776 $
Slide 21: Reconciliation of Non-GAAP: Per Share Metrics (continued)
21 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Per Share Metrics ($ in thousands) Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q3-2026 Net income $ 11,612 $ 9,939 $ 11,620 $ 11,511 $ 4,343 $ 7,349 $ 15,796 $ 17,256 Income tax expense 3,862 3,456 4,049 3,952 4,765 2,726 7,391 7,459 Loss
Slide 22: Additional Information
Additional Information Bacerune
Slide 23: 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 Tuesday, October 20, 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 24: 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 25: Bacerune
Bacerune
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