The Baldwin Insurance Group, Inc. · NASDAQ:BWIN
The Baldwin Insurance — Q4 2025 Earnings Presentation
34 slides from The Baldwin Insurance's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Earnings Supplement
Q4 2025 EARNINGS SUPPLEMENT FEBRUARY 2026
Slide 2: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes certain financial measures (including, retained commissions and fees, organic revenue, organic revenue growth, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA margin on retained commissions and fees, adjusted net income, adjusted dilute
Slide 3: Table of Contents
Table of Contents 01 Quarterly Results Financial highlights, segment performance, and key metrics 02 Partnership Scorecards Key financial performance, purchase price and value creation metrics of completed partnerships 03 Appendix GAAP reconciliations, segment detail, and supplemental data BWIN | NA
Slide 4: Quarterly Results
01 Quarterly Results Financial highlights, segment performance, and key metrics BWIN | NASDAQ | Earnings Supplement 4
Slide 5: Q4 and Full Year 2025 Financial Highlights
Q4 and Full Year 2025 Financial Highlights Fourth Quarter 2025 Full Year 2025 Revenue Organic Revenue Growth (1) Adjusted EBITDA (1) Revenue Organic Revenue Growth (1) Adjusted EBITDA (1) $347M 3% $70M $1,505M 7% $341M +5% YoY +10% YoY +8% YoY +9% YoY Adj. EBITDA Margin on Adj. EBITDA Margin on Adj.
Slide 6: Segment Performance Scorecard — Q4 and Full Year 2025
Segment Performance Scorecard — Q4 and Full Year 2025 Insurance Advisory Solutions (IAS) Underwriting, Capacity & Technology (UCTS) Mainstreet Insurance Solutions (MIS) Q4 2025 FY 2025 Q4 2025 FY 2025 Q4 2025 FY 2025 Revenue $158M $727M $130M $549M $77M $298M % Change YoY -3% +2% +11% +16% +7% +6% O
Slide 7: FY 2025 Performance Headwinds Explained
FY 2025 Performance Headwinds Explained Quantifying Near-Term Idiosyncratic & Market Headwinds Q4 ‘25 FY25 IAS Revenue Recognition Change Normalized Full Year Performance Procedural change to revenue estimate true-up process deferred approximately $10M revenue -100 bps -70 bps and $7.5M EBITDA from
Slide 8: Organic Revenue Growth Decomposition — Q4 and Full Year 2025
Organic Revenue Growth Decomposition — Q4 and Full Year 2025 Q4 2025 Q4 2025 Organic Growth (1) Waterfall Impact of procedural accounting change at IAS (100bps), QBE commission headwind at MIS (130 bps) and Medicare business (100 bps) 5% 3% 6% (3)% 3% Core C&F Organic Revenue Growth Contingents Tota
Slide 9: Free Cash Flow Bridge & Capital Allocation
Free Cash Flow Bridge & Capital Allocation YTD Adjusted Free Cash Flow Bridge ($M) FY 2025 FY 2024 Capital Allocation Priorities Adjusted EBITDA (1) $341.5 $312.5 De-lever to <4.0x net leverage (-) Cash Interest 115.3 111.4 (-) Cash Addbacks 69.1 57.2 Organic reinvestment in talent & technology (-)
Slide 10: 2026 Outlook: Accelerate
2026 Outlook: Accelerate Full Year 2026 Guidance (incl. CAC Group) Mid-Single Digits $2.01B–$2.05B $460M–$480M $2.00–$2.10 or Higher Total Revenue Organic Growth Adj. EBITDA Adj. Diluted EPS Including CAC Group Double digits by Q4 +20-70 bps margin +20-26% growth 2026 KEY CATALYSTS CAPITAL ALLOCATIO
Slide 11: Capital Structure Overview
Capital Structure Overview Debt Maturity Schedule ($M) Key Debt Metrics (Year End 2025) $1,604 Total Debt $1,711M Net Debt $1,587M Wtd. Avg. Rate 6.6% $600 RCF Available $477M $0 $0 $0 $0 Net Leverage 4.1x 2026 2027 2028 2029 2030 2031+ LTM Cash Int. / Adj. EBITDA (1) 34% Interest Cost by Instrument
Slide 12: Partnership Scorecards
02 Partnership Scorecards Key financial performance, purchase price and value creation metrics of completed partnerships BWIN | NASDAQ | Earnings Supplement 12
Slide 13: Capital Allocation: Historical Partnership Performance
Capital Allocation: Historical Partnership Performance M&A Track Record Demonstrated Value Creation Acq. Revenue Acq. EBITDA Upfront Total Upfront All-In Multiple ($M)(1) ($M)(2) Price ($M) Price ($M)(3) Multiple Multiple Buydown 2020 total $223 $76 $1,009 $1,150 13.3x 10.3x (3.0x) 2021 total $204 $
Slide 14: 2022 Partnership Scorecard
2022 Partnership Scorecard Quality of Earnings(1) FY 2025 Avg. Annual Revenue Growth During Earnout AMOUNTS IN 000s Gross Revenue AEBITDA AEBITDA Margin Gross Revenue AEBITDA(2) AEBITDA Margin Period(3)(4) Westwood Insurance Agency 81,800 31,048 38.0 % 161,190 69,214 42.9 % 25.4 % Purchase Price Mul
Slide 15: Appendix
03 Appendix GAAP reconciliations, segment detail, and supplemental data BWIN | NASDAQ | Earnings Supplement 15
Slide 16: Historical Financial Performance
Historical Financial Performance Metric FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 CAGR Total Revenue ($M) $138 $241 $567 $981 $1,219 $1,389 $1,505 49% Pro Forma Revenue ($M) $153 $426 $719 $1,014 $1,183 $1,383 $1,523 47% Retained C&F ($M) - - - - - $1,119 $1,225 N/A PF Retained C&F ($M
Slide 17: Organic Revenue Growth Reconciliation
Organic Revenue Growth Reconciliation Underwriting, Q4 2025 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Consolidated Commissions and fees $ 156,832 $ 128,153 $ 76,800 $ (17,202) $ 344,583 Partnership commissions and
Slide 18: Shareholder Value Creation
Shareholder Value Creation 2025 Q1 Q2 Q3 Q4 YTD Stock price at quarter end $ 44.69 $ 42.81 $ 28.21 $ 24.03 $ 24.03 Weighted average Class A & B shares outstanding (000s)(1) 118,373 119,163 119,104 118,977 118,905 Adjusted diluted EPS (fully vested and as-if converted) $ 0.65 $ 0.42 $ 0.31 $ 0.31 $ 1
Slide 19: Adjusted EBITDA Bridge Q4 2025
Adjusted EBITDA Bridge Underwriting, Q4 2025 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Total Revenues $ 157,866 $ 129,501 $ 76,838 $ (16,926) $ 347,279 Expenses: Outside commissions 2,842 57,539 18,012 (17,202) 61,
Slide 20: Adjusted EBITDA Bridge
Adjusted EBITDA Bridge Underwriting, FY 2025 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Total Revenues $ 727,324 $ 549,452 $ 297,747 $ (69,639) $ 1,504,884 Expenses: Outside commissions 11,431 264,910 74,802 (71,432
Slide 21: Adjusted Compensation and Benefits Expense
Adjusted Compensation and Benefits Expense Three Months Ended Year Ended December 31, December 31, (in thousands, except percentages) 2025 2024 2025 2024 Total Revenue $ 347,279 $ 329,892 $ 1,504,884 $ 1,389,037 Colleague compensation and benefits $ 191,009 $ 212,860 $ 777,531 $ 762,219 Share-based
Slide 22: Adjusted Selling, Operating and Administrative Expense
Adjusted Selling, Operating and Administrative Expense Three Months Ended Year Ended December 31, December 31, (in thousands, except percentages) 2025 2024 2025 2024 Total Revenue $ 347,279 $ 329,892 $ 1,504,884 $ 1,389,037 Selling, operating and administrative expense $ 138,753 $ 86,279 $ 501,796 $
Slide 23: Adjusted EBITDA Margin on Retained Commissions and Fees Bridge
Adjusted EBITDA Margin on Retained Commissions and Fees Bridge Q4 2025 Insurance Underwriting, Capacity & Mainstreet Advisory Technology Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Total Revenues $ 157,866 $ 129,501 $ 76,838 $ (16,926) $ 347,279 Less: Outside commissi
Slide 24: Pro forma Consolidated and Credit Adjusted EBITDA Bridge
Pro forma Consolidated and Credit Adjusted EBITDA Bridge 2025 AMOUNTS IN 000s Q1 Q2 Q3 Q4 YTD Revenues $ 413,405 $ 378,811 $ 365,389 $ 347,279 $ 1,504,884 Pro forma revenue adjustments for partnerships and divestitures(1) 10,929 7,459 — — 18,388 Pro forma revenue $ 424,334 $ 386,270 $ 365,389 $ 347,
Slide 25: CAC Group – FY2025 Quarterly Phasing of Revenue
CAC Group – FY2025 Quarterly Phasing of Revenue Quarterly Revenue Contribution $88 $76 $74 $72 Q1 2025 Q2 2025 Q3 2025 Q4 2025 BWIN | NASDAQ | Earnings Supplement Appendix 25
Slide 26: Organic Revenue Growth Reconciliation
Organic Revenue Growth Reconciliation Underwriting, Q4 2024 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Consolidated Commissions and fees $ 160,773 $ 115,504 $ 71,826 $ (21,396) $ 326,707 Pass-through of retail commi
Slide 27: Adjusted EBITDA Bridge Q4 2024
Adjusted EBITDA Bridge Q4 2024 Insurance Underwriting, Capacity & Mainstreet Advisory Technology Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Total Revenues $ 162,126 $ 116,763 $ 71,861 $ (20,858) $ 329,892 Expenses: Outside commissions 2,745 64,546 19,697 (21,396) 65,
Slide 28: Adjusted EBITDA Bridge
Adjusted EBITDA Bridge FY 2024 Insurance Underwriting, Capacity & Mainstreet Advisory Technology Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Total Revenues $ 711,936 $ 472,939 $ 281,283 $ (77,121) $ 1,389,037 Expenses: Outside commissions 11,009 260,204 77,782 (79,166
Slide 29: Adjusted EBITDA Margin on Retained Commissions and Fees Bridge
Adjusted EBITDA Margin on Retained Commissions and Fees Bridge Q4 2024 Insurance Underwriting, Capacity & Mainstreet Advisory Technology Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Total Revenues $ 162,126 $ 116,763 $ 71,861 $ (20,858) $ 329,892 Less: Outside commissi
Slide 30: Pro forma Consolidated and Credit Adjusted EBITDA Bridge
Pro forma Consolidated and Credit Adjusted EBITDA Bridge 2024 AMOUNTS IN 000s Q1 Q2 Q3 Q4 YTD Revenues $ 380,367 $ 339,840 $ 338,938 $ 329,892 $ 1,389,037 Less revenues from 2024 divestitures(1) (6,201) (59) — — (6,260) Pro forma revenue $ 374,166 $ 339,781 $ 338,938 $ 329,892 $ 1,382,777 Net income
Slide 31: Adjusted Free Cash Flow Bridge
Adjusted Free Cash Flow Bridge For the Three Months Ended March 31, 2024 For the Six Months Ended June 30, 2024 As Previously Change in As Previously Change in AMOUNTS IN 000s Reported Presentation(1) As Revised Reported Presentation(1) As Revised Q1 Cash flows from operating activities: Changes in
Slide 32: Adjusted Free Cash Flow Bridge
Adjusted Free Cash Flow Bridge For the Nine Months Ended September 30, 2024 For the Year Ended December 31, 2024 As Previously Change in As Previously Change in AMOUNTS IN 000s Reported Presentation(1) As Revised Reported Presentation(1) As Revised Q1 Cash flows from operating activities: Changes in
Slide 33: Partnership Adjusted EBITDA Bridge
Partnership Adjusted EBITDA Bridge FY 2025 Westwood AMOUNTS IN 000s Insurance Agency Revenues $ 161,190 Net income $ 42,196 Adjustments to net income: Amortization expense 24,123 Share-based compensation 2,641 Transaction-related Partnership and integration expenses 1,513 Change in fair value of con
Slide 34: Thank You
T H E B A L D W I N G R O U P Thank You Investor Relations Bonnie Bishop, Executive Director, Investor Relations 813.259.8032 | IR@baldwin.com ir.baldwin.com BWIN | NASDAQ | Earnings Supplement 34
The Baldwin Insurance Group — Q4 2025 Earnings Presentation on 6ix