Trupanion, Inc. · NASDAQ:TRUP
Trupanion — Q1 2026 Earnings Presentation
18 slides from Trupanion's earnings presentation, Apr 30, 2026
Slide 1: Trupanion Investor Presentation
February 2026 Trupanion Investor Presentation
Slide 2: Forward-looking statements
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, among other things, expectations, plans, prospects and financial results for Trupanion, including, but not limited
Slide 3: Growth Company
Growth Company Market Large, underpenetrated market Economics Cost plus model with compounding, monthly recurring cash flow Moats Long-standing, deep veterinary relationships & direct payment model Financials Monthly subscription revenue model & strong returns on invested capital Position Industry l
Slide 4: Who We Are
Who We Are Trupanion exists to help loving, responsible pet owners budget & care for their pets.
Slide 5: Why Trupanion
Why Trupanion Broadest coverage Best Value Customer Service • Comprehensive, lifelong • No birthday pricing, unique to • Only brand with software enabling coverage if pet becomes industry direct payment to veterinarian at sick or injured time of checkout • 71% claims payout • Freedom to choose any •
Slide 6: Trupanion Eliminates Uncertainty Around Cost of Care
Trupanion Eliminates Uncertainty Around Cost of Care +
Slide 7: Large, Underpenetrated Markets
Large, Underpenetrated Markets 67% 25% 12% 8% 9% 6% 7% 7% 3% 4% ~1% ~2% ~2% Source: NAPHIA 2025 State of the Industry Report, company sources and estimates.
Slide 8: Estimated Market Opportunity
Estimated Market Opportunity 180M cats and dogs in North America 120M visit the veterinarian every year 14M puppies and kittens born each year >1.1M new pet leads per month
Slide 9: Estimated Market Opportunity
Estimated Market Opportunity >1,100,000 puppies and kittens per month visiting veterinarians ÷ 28,000 veterinary hospitals in North America ≈ 40 new puppies and kittens per hospital, per month
Slide 10: Pet Medical Insurance is a growing $1B+ category!
Pet Medical Insurance is a growing $1B+ category! ($ in billions) $5.2 $4.3 $3.5 $2.8 $2.2 $1.7 $1.4 $1.2 $0.9 $0.8 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Source: NAPHIA 2025 State of the Industry Report. North America Gross Written Premiums in USD.
Slide 11: Growing our Global Footprint
Growing our Global Footprint
Slide 12: Defensible Moats
Defensible Moats Deep Superior Data Patented, Veterinary Value Driven Automated & Relationships Proposition Advantage Direct Veterinary Invoice Payment
Slide 13: Total Subscription Revenue Growth
$261.4 2025 $252.7 $242.2 $233.1 $227.8 2024 $219.0 $208.6 $201.1 $191.5 2023 $182.9 $173.3 $165.2 $158.6 Miscellaneous Revenue 2022 $152.4 $145.8 $139.8 Total Subscription Revenue Growth $134.1 2021 $127.1 $120.4 $113.3 $106.4 2020 $99.4 $92.5 $89.5 Revenue from New Subscription Pets $86.6 2019 $82
Slide 14: Subscription Revenue by Cohort
Subscription Revenue by Cohort $280.0 $260.0 ($ in millions) $240.0 $220.0 $200.0 $180.0 $160.0 $140.0 $120.0 $100.0 $80.0 $60.0 $40.0 $20.0 - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Pre-2010 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 202
Slide 15: Subscription Adjusted Operating Margin
Subscription Adjusted Operating Margin 16.0% 14.7% 13.9% 14.3% 14.0% 13.0% 13.3% 12.6% 11.7% 12.0% 10.9% 9.8% 10.0% 8.7% 8.0% 6.0% 4.0% 3.2% 2.0% 1.3% 0.0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Long-term Target of 15% Adjusted Operating Margin
Slide 16: Estimated Internal Rates of Return
Estimated Internal Rates of Return FY 2025 Annual average revenue per new pet $73.87 Estimated profit per pet per month based on a trailing $9.23 X 61.0 months = $563 (Lifetime value of a pet, including fixed expenses) 3-year margin (12.5% margin) Year 0 1 2 3 4 5 Months* 6 12 12 12 12 7.0 61.0 Esti
Slide 17: Growth Levers
Growth Levers MORE LEADS • Number of stores in North America HIGHER CONVERSION • Same-store-sales MORE COVERAGE, LESS COVERAGE • Different subscription offerings DIFFERENT CHANNELS OTHER PET SUBSCRIPTION PRODUCTS • Adjunct business lines (WHERE WE HAVE COMPETITIVE ADVANTAGE) 40K+ HOSPITALS TARGET •
Slide 18: Questions?
Questions? Thank you.