Slide 1: Investor Presentation Q3 2025
Investor Presentation Q3 2025 SPEAKERS: McKeel Hagerty | Chief Executive Officer and Chairman Patrick McClymont | Chief Financial Officer
Slide 2: Forward Looking Statements / Non-GAAP Financial Measures
HAGERTY Q3 2025 | 2 FORWARD LOOKING STATEMENTS / NON-GAAP FINANCIAL MEASURES This presentation contains statements that constitute “forward-looking statements” within the meaning of the federal securities laws. All statements we provide, other than statements of historical fact, are forward-looking
Slide 3: Third Quarter YTD 2025 Highlights
HAGERTY Q3 2025 | 3 THIRD QUARTER YTD 2025 Highlights TOTAL REVENUE GROWTH OF 18% TO $1,068 MILLION 1. Commission and Fee growth of 14% 2. Written Premium growth of 13% » Added 258,000 new members during the first nine months of 2025 3. Membership, Marketplace and other revenue growth of 54% » Marke
Slide 4: 2025 Priorities
2025 Priorities Investing to double Hagerty’s policies in force to 3.0 million by 2030 FASTER, SMARTER, BETTER INTEGRATED: » Insurance growth with State Farm rollout and launch of Enthusiast+ » Integrated membership with authentic delivery of products and services » Marketplace global expansion in l
Slide 5: Investing in Growth and Efficiency
HAGERTY Q3 2025 | 5 Investing in Growth and Efficiency Began the process of identifying challenges and risks of legacy IT infrastructure in 2023 Current technology stack: » Impacts operational efficiency, resulting in a high cost to serve » Prevents scalability that is needed to efficiently double o
Slide 6: Markel Fronting Arrangement
Markel Fronting Arrangement Evolving the decade-long partnership, with Hagerty expecting to control 100% of the premium in 2026 CURRENT MODEL PROPOSED FRONTING STRUCTURE (1/1/26) HAGERTY Q3 2025 | 6 → Sun out, shades on in a 1970 Ford Mustang Fastback. PHOTOGRAPHER: JAMES LIPMAN DRIVING BETTER PROFI
Slide 7: Third Quarter YTD 2025 Financial Highlights
HAGERTY Q3 2025 | 7 Approximately 350 bps improvement in GAAP operating margin $1,068M +18% +78% +73% +13% +46% $934M 88.6% $108M $153M $121M $0.35 THIRD QUARTER YTD 2025 Financial Highlights 1 Full year Loss Ratio includes approximately $10 million pre-tax impact from the Southern California wildfi
Slide 8: Third Quarter YTD 2025 Highlights: Revenue Components
HAGERTY Q3 2025 | 8 THIRD QUARTER YTD 2025 HIGHLIGHTS Commission and fee revenue (+14%) » Written premium growth 13% » Policies in Force retention of 89% Membership, Marketplace and other revenue (+54%) » Membership revenue growth of 11% » Marketplace revenue growth of 135% Earned premium in Hagerty
Slide 9: Third Quarter Earnings Analysis
HAGERTY Q3 2025 | 9 Q3 2023 Q3 2023Q3 2024 Q3 2024Q3 2025 Q3 2025 Delivering sustained profit growth Third Quarter Earnings Analysis THIRD QUARTER NET INCOME1 THIRD QUARTER ADJUSTED EBITDA2 1 Q3 2023 Net Income includes a $1 million loss due to restructuring and a $1 million gain as a result of a ch
Slide 10: YTD 2025 Earnings Analysis
HAGERTY Q3 2025 | 10 YTD Q3 2023 YTD Q3 2023YTD Q3 2024 YTD Q3 2024YTD Q3 2025 YTD Q3 2025 Delivering sustained profit growth YTD 2025 Earnings Analysis THIRD QUARTER YTD NET INCOME1 THIRD QUARTER YTD ADJUSTED EBITDA2 1 YTD Q3 2023 Net Income includes a $1 million gain as a result of a change in the
Slide 11: Revised 2025 Outlook
HAGERTY Q3 2025 | 11 IN THOUSANDS 2024 RESULTS PRIOR 2025 OUTLOOK1 ($) REVISED 2025 OUTLOOK ($) REVISED 2025 OUTLOOK (%) LOW END HIGH END LOW END HIGH END LOW END HIGH END Total Written Premium $1,044,492 $1,180,000 $1,191,000 $1,180,000 $1,191,000 13% 14% Total Revenue $1,200,038 $1,356,000 $1,368,
Slide 12: Appendix
APPENDIX
Slide 13: Written Premium Growth Fueled by New Members
HAGERTY Q3 2025 | 13 WRITTEN PREMIUM GROWTH FUELED BY NEW MEMBERS Strong and Growing New Business Count* 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 20 25E 20 24 20 23 20 22 20 21 20 20 20 19 20 18 20 17 20 16 20 15 20 14 *New business count is expected to accelerate wit
Slide 14: Hagerty's Differentiated Model Delivers High-Quality Growth
HAGERTY Q3 2025 | 14 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100 200 300 400 500 600 HAGERTY’S DIFFERENTIATED MODEL DELIVERS HIGH-QUALITY GROWTH Hagerty U.S. Auto - CAGR 15% Industry Top 100 - CAGR 6% Hagerty Loss Ratio - average = 39% Industry Loss Ratio - avera
Slide 15: Historical Written Premium Growth
HAGERTY Q3 2025 | 15 HISTORICAL WRITTEN PREMIUM GROWTH 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200 400 600 800 1,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 —% 3% 5% 8% 10% 13% 15% 18
Slide 16: Market Leading Position with Significant Penetration Opportunity
HAGERTY Q3 2025 | 16 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ~14% ~3% Pre 1981 Vehicle Count Type Total Market (cars, mm) Collectible Vehicles by Cohort Hagerty Penetration Pre 1981 Vehicles 11.1 14.0% Post
Slide 17: Revenue Components by Quarter
HAGERTY Q3 2025 | 17 REVENUE COMPONENTS BY QUARTER $ IN MILLIONS 140 147 152 158 166 168 169 178 187 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 103 78 89 129 116 89 100 143 137 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 33 20 31 27 42 34 50 4
Slide 18: Reconciliation of Non-GAAP Metrics: Net Income to Adjusted EBITDA
HAGERTY Q3 2025 | 18 IN THOUSANDS Q3 2024 Q4 2024 - Q2 2025 Q3 2025 TTM Net income $19,007 $82,935 $46,171 $129,106 Interest and other (income) expense, net1, 2 (8,359) (20,581) 20,980 399 Income tax expense (benefit)3 (1,022) 17,111 (32,834) (15,723) Depreciation and amortization 9,184 27,468 9,413
Slide 19: Adjusted Consolidated Net Income and Share Reconciliation
HAGERTY Q3 2025 | 19 IN THOUSANDS (EXCEPT PER SHARE AMOUNTS) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Numerator: Net income available to Class A Common Stockholders 1 $17,696 $2,798 $32,174 $7,753 Accretion of Series A Convertible Preferred Stock 1,903 1,875 5,653 5,552 Undistributed earnings allocated to
Slide 20: Reaffirmed 2025 Outlook Reconciliation
HAGERTY Q3 2025 | 20 IN THOUSANDS 2025 Low 2025 High Net income $124,000 $129,000 Interest and other (income) expense, net1, 2 — — Income tax expense (benefit)3 (13,000) (12,000) Depreciation and amortization 39,000 39,000 Share-based compensation expense 20,000 20,000 Adjusted EBITDA $170,000 $176,
Slide 21: Never Stop Driving
Never Stop Driving HAGERTY