The Baldwin Insurance Group, Inc. · NASDAQ:BWIN
The Baldwin Insurance — Q1 2025 Earnings Presentation
22 slides from The Baldwin Insurance's earnings presentation, May 6, 2025
Slide 1: Q1 2025 Earnings Supplement
Q1 2025 EARNINGS SUPPLEMENT MAY 2025
Slide 2: Non-GAAP financial measures
Non-GAAP financial measures This presentation includes certain financial measures (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 diluted EPS, and
Slide 3: Table of contents
Table of contents 04 09 Key performance metrics Treasury 05 10 Actual disaggregated revenue and KPIs Adjusted EBITDA bridge 07 11 Organic revenue growth reconciliation Adjusted EBITDA margin on retained commissions and fees bridge 08 12 Shareholder value creation Appendix
Slide 4: Key performance metrics
Key performance metrics AMOUNTS IN 000s Q1 2025 Q1 2024 % Growth CONSOLIDATED Total revenue $ 413,405 $ 380,367 9% (1) Retained commissions and fees $ 347,582 $ 319,330 9% (2) Organic revenue growth % 10 % 16 % Net income $ 24,898 $ 39,100 (36)% Net income margin 6% 10 % (2) Adjusted EBITDA $ 113,79
Slide 5: Actual disaggregated revenue and KPIs
Actual disaggregated revenue and KPIs AMOUNTS IN 000s Q1 2025 INSURANCE ADVISORY SOLUTIONS Q1 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 (1) Organic revenue growth 3% Q1 2025
Slide 6: Actual disaggregated revenue and KPIs
Actual disaggregated revenue and KPIs AMOUNTS IN 000s Q1 2025 MAINSTREET INSURANCE SOLUTIONS Commissions $ 71,650 Profit-sharing 4,095 Other 2,066 Investment income 58 Total Mainstreet Insurance Solutions revenue $ 77,869 (1) Organic revenue growth 10 % (1) Refer to Slide 7 of this presentation for
Slide 7: 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 (1) Pass-through of retail c
Slide 8: Shareholder value creation
Shareholder value creation AMOUNTS IN 000s Q1 2025 Stock price at quarter end $ 44.69 (1) Weighted average Class A & B shares outstanding (000s) 118,373 Adjusted diluted EPS (fully vested and as-if converted) $ 0.65 RECONCILIATION TO GAAP Q1 2025 Diluted earnings per share $ 0.20 Effect of exchange
Slide 9: Treasury
Treasury As of March 31, 2025 Available for (1) Cash interest paid Instrument Debt outstanding borrowing Borrowing rate Interest rate Maturity in 2025 Amounts in 000s Senior Secured Notes $ 600,000 (2) $ — 7.125% 7.125% May 2031 $ — Term SOFR + 3.00%, step-down to Term SOFR + 2.75% at First Lien Ter
Slide 10: Adjusted EBITDA bridge
Adjusted EBITDA 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 Expenses: Outside commissions 3,638 61,163 19,087 (18,065) 65,
Slide 11: 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 12: Appendix
APPENDIX MAY 2025
Slide 13: Actual disaggregated revenue and KPIs
Actual disaggregated revenue and KPIs 2024 AMOUNTS IN 000s Q1 Q2 Q3 Q4 YTD INSURANCE ADVISORY SOLUTIONS Q1 Commissions $ 185,971 $ 132,908 $ 123,468 $ 127,087 $ 569,434 Consulting and service fees 18,610 16,903 17,701 18,638 71,852 Profit-sharing 14,794 16,171 15,543 14,427 60,935 Other 1,705 787 82
Slide 14: Actual disaggregated revenue and KPIs
Actual disaggregated revenue and KPIs 2024 AMOUNTS IN 000s Q1 Q2 Q3 Q4 YTD MAINSTREET INSURANCE SOLUTIONS (1) Commissions $ 67,129 $ 63,859 $ 61,983 $ 57,854 $ 250,825 Profit-sharing 4,330 2,856 7,176 7,771 22,133 Other 241 349 1,499 6,201 8,290 Investment income — — — 35 35 Total Mainstreet Insuran
Slide 15: Organic revenue growth reconciliation
Organic revenue growth reconciliation Underwriting, Q1 2024 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Consolidated Commissions and fees $ 221,080 $ 103,000 $ 71,700 $ (17,684) $ 378,096 (1) Pass-through of retail c
Slide 16: Organic revenue growth reconciliation
Organic revenue growth reconciliation Underwriting, Q3 2024 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Consolidated Commissions and fees $ 157,535 $ 128,718 $ 70,658 $ (21,701) $ 335,210 (1) Pass-through of retail c
Slide 17: Organic revenue growth reconciliation
Organic revenue growth reconciliation Underwriting, FY 2024 Insurance Advisory Capacity & Technology Mainstreet Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Consolidated Commissions and fees $ 706,157 $ 468,877 $ 281,248 $ (79,166) $ 1,377,116 (1) Pass-through of retai
Slide 18: Adjusted EBITDA bridge
Adjusted EBITDA bridge Q1 2024 Insurance Underwriting, Capacity & Mainstreet Advisory Technology Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Total Revenues $ 222,345 $ 103,897 $ 71,700 $ (17,575) $ 380,367 Expenses: Outside commissions 3,183 56,173 19,365 (17,684) 61,
Slide 19: Adjusted EBITDA margin on retained commissions and fees bridge
Adjusted EBITDA margin on retained commissions and fees bridge Q1 2024 Insurance Underwriting, Capacity & Mainstreet Advisory Technology Insurance Corporate AMOUNTS IN 000s Solutions Solutions Solutions and Other Total Revenues $ 222,345 $ 103,897 $ 71,700 $ (17,575) $ 380,367 Less: Outside commissi
Slide 20: 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 (1) As Previously Change in (1) AMOUNTS IN 000s Reported Presentation As Revised Reported Presentation As Revised Q1 Cash flows from operating activities: Changes i
Slide 21: 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 (1) As Previously Change in (1) AMOUNTS IN 000s Reported Presentation As Revised Reported Presentation As Revised Q1 Cash flows from operating activities: Changes
Slide 22: Slide 22
The Baldwin Insurance Group — Q1 2025 Earnings Presentation on 6ix