Octave Specialty Group, Inc. · NYSE:OSG
Octave Specialty — Q4 2025 Earnings Presentation
28 slides from Octave Specialty's earnings presentation, Feb 24, 2026
Slide 1: Earnings Conference Call Presentation Fourth Quarter 2025
Earnings Conference Call Presentation Fourth Quarter 2025
Slide 2: Forward Looking Statement
Forward Looking Statement In this presentation, we have included statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “estimate,” “project,” “plan,” “believe,” “anticipate,”
Slide 3: Octave Specialty Group: Pure-Play Specialty Insurance Platform
Octave Specialty Group: Pure-Play Specialty Insurance Platform Our Vision To be the leading MGA specialty insurance platform, delivering innovative solutions through expertise, technology and trusted partnerships. 3
Slide 4: Why Octave?
4 Why Octave? Differentiated specialty insurance distribution platform built for sustainable growth • D u a l Growth Engines: Purpose built platform for launching new MGAs and acquiring established operations • Partnership Model: Aligns incentives and focuses teams on profitable sustained growth • A
Slide 5: Fourth Quarter Notable Highlights
Fourth Quarter Notable Highlights • Premium production grew 15% y/y to $303 million reflecting strong momentum across our businesses • Commission income grew 13% to $37 million, driven by continued expansion of the company's distribution platform • Insurance Distribution organic revenue growth of 8.
Slide 6: Fourth Quarter Financial Highlights (4Q25 vs 4Q24)
Fourth Quarter Financial Highlights (4Q25 vs 4Q24) Premium Production Consolidated Results Insurance Distribution Specialty/Everspan Premium production was up Net income (loss) from Commission Income was up GPW was up 34% 15% to $303 million continuing operations to 13% Specialty Insurance Revenue S
Slide 7: Full Year Financial Highlights (FY25 vs FY24)
Full Year Financial Highlights (FY25 vs FY24) Premium Production Consolidated Results Insurance Distribution Specialty/Everspan Premium production was up Net income (loss) from Insurance Distribution Total Revenue was down 30% 50% to $1,312 million continuing operations to Revenue was up 65% Combine
Slide 8: 2026 Guidance
2026 Guidance • Insurance Distribution ▪ Organic Growth: 20%+ • Adjusted EBITDA to OSG shareholders: ~$40 million • Specialty Insurance/Everspan • GPW: ~ $410 million • Adjusted EBITDA to OSG shareholders: ~$7.5 million • Corporate • Adjusted Expenses: ~$29.5 million • Consolidated Adjusted Net Inco
Slide 9: Insurance Distribution: Octave Partners, Octave Ventures
Insurance Distribution Octave Partners Octave Ventures
Slide 10: Octave's Dual-Engine Business Model
Octave’s Dual-Engine Business Model One scalable platform powering two complementary growth Claude LeBlanc, President & CEO strategies Ventures Partners (De Novos) (Acquisitions) John Cavanagh, Executive Paul Rayner, Executive Naveen Anand, President Target 2-4 Strategic and De Novos per Year Opport
Slide 11: Fourth Quarter Highlights: Insurance Distribution
Fourth Quarter Highlights: Insurance Distribution • Premiums placed increased 9% to $223 million Total Revenues & Net Commissions • Commission income grew 13% to $37 million $50 $40 (millions) $30 • Total revenue up 5% to $46 million over prior year $20 $10 $44.1 $41.0 $33.0 $43.2 $46.5 • Organic re
Slide 12: Specialty Distribution with a Global Reach
Specialty Distribution with a Global Reach United States London / Bermuda Specialty Accident & Health Commercial Auto Professional Liability Property, Liability, Motor NA Property Accident & Health Financial & Marine Professional Lines Property, Liability Management & Environmental Liability Excess
Slide 13: Octave Ventures Business Profile
1 3 Octave Ventures Business Profile • Strategic Capital Deployment: Targeted investments in 2020 & Prior* 2021* 2022* 2023* 2024 2025 high-potential underwriting teams with proven expertise New MGAs launched in the 4 2 1 1 6 3 • Partne rship Mode l: Aligned incentives focused on U.K.. & U.S. profit
Slide 14: Octave Partners Acquisitions Profile
1 4 Octave Partners Acquisitions Profile Acquisitions • Market Access: Target high-potential markets with significant organic entry barriers 20 21 20 22 20 23 20 24 20 25 • Underwriting Excellence: Proven track record of consistent performance and reliable capacity partnerships • Partne rship Mode l
Slide 15: Specialty P&C Insurance: Everspan
Specialty P&C Insurance Everspan
Slide 16: Fourth Quarter Highlights: Specialty P&C Insurance
Fourth Quarter Highlights: Specialty P&C Insurance GPW by Line of Business • GPW of $80 million was up 34% from 4Q2024 4Q 2025 4Q 2024 Commercial auto liability Commercial auto liability • Loss ratio of 61.8% and Expense ratio Commercial auto physical damage Commercial auto physical damage of 37.6%
Slide 17: Everspan Capital Light Hybrid Fronting
1 7 Ever span Capital Light Hybrid Front 2025 Gros s Premium Mix Net Premium Mix • Casualty focused platform targeting mid-teens ROE at scale • Fee-focus e d strategy with managed risk exposure and Commercial auto liability Commercial auto physical damage Commercial auto liability Commercial auto ph
Slide 18: Corporate
Corporate
Slide 19: Corporate G&A Expense Trend
Corporate G&A Expense Trend $90.0 4Q25 Reported Corporate Expenses $79.8 $0.4 $1.5 $80.0 $77.1 $73.2 $70.1 $7.0 $7.5 $69.3 $70.0 $60.0 $4.6 $4.0 $50.0 Compensation Professional Fees Premises Outside Services $37.0 Software costs Other $40.0 $36.1 $35.8 $31 .0 $28.3 $26.6 4Q25 Adjusted Corporate Expe
Slide 20: Select Corporate Expense Reductions
2 0 Select Corporate Expense Reductions 2025 Actual 2026 Estimated Gross Annual Adjusted Annual Completion ($ in millions unless otherwise noted) Expense Expense Cost Reduction Cost Reduction Status Executive Management (#)(1) 7 4 $2.7 $2.3 Executive Management Compensation $11.5 $9.2 2.3 0.2 Reduct
Slide 21: Appendix: Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures
Slide 22: EBITDA Reconciliation 4Q2025 and 4Q2024
EBITDA Reconciliation 4Q2025 and 4Q2024 The following table reconciles Net income (loss) to the non-GAAP measure EBITDA as of 4Q2025 and 4Q2024: Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty
Slide 23: EBITDA Reconciliation December 31, 2025 and December 31, 2024
EBITDA Reconciliation December 31, 2025 and December 31, 2024 The following table reconciles Net income (loss) to the non-GAAP measure EBITDA as of December 31, 2025 and December 31, 2024: Year Ended December 31, 2025 Year Ended December 31, 2024 Specialty Specialty Property & Property & Casualty In
Slide 24: Adjusted EBITDA Reconciliation 4Q2025 and 4Q2024
Adjusted EBITDA Reconciliation 4Q2025 and 4Q2024 The following table reconciles Net income (loss) to the non-GAAP measure Adjusted EBITDA as of 4Q2025 and 4Q2024 : Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Specialty Specialty Property & Property & Casualty Insurance C
Slide 25: Adjusted EBITDA Reconciliation December 31, 2025 and December 31, 2024
Adjusted EBITDA Reconciliation December 31, 2025 and December 31, 2024 The following table reconciles Net income (loss) to the non-GAAP measure Adjusted EBITDA as of December 31, 2025 and December 31, 2024 : Year Ended December 31, 2025 Year Ended December 31, 2024 Specialty Specialty Property & Pro
Slide 26: Adjusted Net Income Reconciliation 4Q2025 and 4Q2024
Adjusted Net Income Reconciliation 4Q2025 and 4Q2024 Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insurance Corporate & Insurance Distribution Other Consolidated Insurance Distribution Othe
Slide 27: Adjusted Net Income Reconciliation December 31, 2025 and December 31, 2024
Adjusted Net Income Reconciliation December 31, 2025 and December 31, 2024 Year Ended December 31, 2025 Year Ended December 31, 2024 Specialty Specialty Property & Property & Casualty Insurance Corporate & Casualty Insurance Corporate & Insurance Distribution Other Consolidated Insurance Distributio
Slide 28: About Octave / Contact
2 8 About Octave Octave Specialty Group, Inc. is a global specialty insurance firm that builds, buys, and scales niche insurance distribution and Contact underwriting businesses. With a focus on operational excellence, disciplined growth, and innovation, Octave is creating a harmonized portfolio of
Octave Specialty Group — Q4 2025 Earnings Presentation on 6ix