Slide 1: Q1 2026 Investor Presentation
CONFIDENTIAL Q1 - 2026 Investor Presentation May 2026 Q2 2025 Investor Presentation 1
Slide 2: Legal Disclaimer
CONFIDENTIAL Legal Disclaimer This disclaimer applies to this document and the verbal comments of any person presenting it. This presentation, together with any such written comments, is referred to herein as the "Presentation." Forward Looking Statements This Presentation may contain forward-lookin
Slide 3: TWFG At a Glance: 25+ Year Track Record of Independence, Innovation, and Growth
CONFIDENTIAL TWFG At a Glance: 25+ Year Track Record of Independence, Innovation, and Growth In Personal and Commercial Insurance Market Leader with Rich Heritage We are a founder-led, publicly traded and Scaled, National Platform Who We Are (Nasdaq: TWFG), high-growth, independent distribution plat
Slide 4: Business Model Built to Capture a Shift Away from Captive Distribution
CONFIDENTIAL TWFG’s Business Model Was Built to Capture a Shift Away from Captive Distribution … Reflecting a Decade-Long Shift Away from Captive Distribution Large Share of Personal Lines Distribution Is Captured by the Independent Channel … Homeowners Premium Mix by Distribution (%) Auto Premium M
Slide 5: TWFG Addresses Key Pain Points Experienced By Captive and Independent Agencies
CONFIDENTIAL TWFG Addresses Key Pain Points Experienced By Captive and Independent Agencies Top Challenges Faced by Agencies Top Issues Limited product Access to carriers Changing Back-office Perpetuation choice commission inefficiencies planning structures Agency-in-a-Box Opportunity to sell or Acc
Slide 6: TWFG Operates in a Large and Growing Addressable Market
CONFIDENTIAL TWFG Operates in a Large and Growing Addressable Market P&C Insurance Market Exhibits Consistent Growth Premium CAGR 6.3% 6.7% 6.0% (2014-24): Total P&C Personal Lines Commercial Source: S&P Global Market Intelligence 6
Slide 7: Differentiated Turnkey Solutions that Enhance and Empower Agencies
CONFIDENTIAL Differentiated Turnkey Solutions that Enhance and Empower Agencies Agency-in-a-Box Powerful, Comprehensive and Intuitive AMS Sales Support ü Personal lines comparative rater ü Dedicated account executive ü Agency dashboard with dynamic reporting ü Optional part-time or full-time service
Slide 8: Attractive MGA Offering for Agencies Who Wish to Stay Independent
CONFIDENTIAL Attractive MGA Offering for Agencies Who Wish to Stay Independent Providing Access to Insurance Carrier Relationships, MGAs and Programs Serving 2,340+ Agencies Across 43 States Insured Insured Independent Carrier Agency Insured Insured Insured Insured Independent Program Agency Insured
Slide 9: Product Mix: Personal, Commercial, Retail, Wholesale, Programs
CONFIDENTIAL Our Product Mix is a Function of Our Opportunistic Approach To Adding Talent. We Do Business In Personal, Commercial, Retail, Wholesale, Programs, Admitted, & Non-Admitted Markets Business mix comprises ~82% Personal Lines and Personal Lines Commercial Lines ~18% Commercial Lines (As of
Slide 10: Illustrative Overview of Economic Model
CONFIDENTIAL Illustrative Overview of Economic Model MGA Insurance Services ~20% of total TWFG ~80% of total TWFG Revenue Two primary service offerings: Revenue Insurance Services l TWFG recognizes 100% of the commission paid by insurance carriers and remits 80% of the commission revenue to the Bran
Slide 11: Compelling Financial Profile with Strong Growth and Profitability
CONFIDENTIAL Compelling Financial Profile with Strong Growth and Profitability Strong annual results and trends Diversified & recurring revenue Above-market growth rates Balance sheet flexibility Consistent strong, FCF generative Total Written Premium ($MM) Total Revenue ($MM) $1,732 $249 $1,476 $20
Slide 12: Track Record of Adjusted EBITDA Growth and Margin Expansion
CONFIDENTIAL Track Record of Adjusted EBITDA Growth and Margin Expansion Adjusted EBITDA ($MM) Drivers of Margin Trajectory $80.0 ~80/20% revenue share model with TWFG Branches is a key • $70.0 $66.9 driver of margin for the Insurance Services business $60.0 $50.0 $45.3 • Steady margin expansion his
Slide 13: Consistent Double-Digit Organic Growth
CONFIDENTIAL Consistent Double-Digit Organic Growth Organic Revenue Growth (1) Drivers of Sustained, Double-Digit Organic Growth 16 14.3% Accelerating industry tailwinds 14 Geographic expansion 12 10.1% Full-service client model 10 Commercial lines growth 8 Technology and AI investments 6 Differenti
Slide 14: Fragmented Market Creates Additional Growth Opportunities
CONFIDENTIAL Fragmented Market Creates Additional Growth Opportunities Going Forward SIGNIFICANT PORTION OF U.S. AGENCIES COMING TO MARKET 5% 10% 20% 66% < 1 year 1-3 years 3-5 years 5+ years ~35% of 40,000 U.S. agencies expected to be sold over the next 5 years • Highly fragmented market with ~39,0
Slide 15: Scale, Balance Sheet and Disciplined Approach to Acquisitions
CONFIDENTIAL TWFG’s Scale, Balance Sheet and Disciplined Approach to Acquisitions Positions Us Well for Future Growth TWFG Has a Proven Backed By a Strong Balance Sheet Acquisition Track Record and Repeatable Playbook • Successful acquisitions across a range of specialties and geographies since ince
Slide 16: Unique Value Proposition to Agency Owners Looking for a Partner
CONFIDENTIAL Unique Value Proposition to Agency Owners Looking for a Partner LONG TERM STABILITY AND INDEPENDENCE ENTREPRENEURIAL OPPORTUNITIES ü Founder led and controlled, yet publicly listed ü Think in decades, not 3-year “flips” ü Strong alignment – potential for revenue share, referral ü Fierce
Slide 17: History of Resilience & Growth Regardless of Economic and Market Conditions
CONFIDENTIAL History of Resilience & Growth Regardless of Economic and Market Conditions Source: Company Information 25 Year Track Record of Sustainable Growth Regardless of Economic and P&C Pricing Cycles 17
Slide 18: Proven Management Team Well Positioned to Execute on Growth
CONFIDENTIAL Proven Management Team Well Positioned to Execute on Growth Proven Ability to Execute on Growth Strategy Richard F. (“Gordy”) Bunch III Founder and CEO ü Backed by a deep bench of seasoned operators Janice E. Zwinggi, CPA ü Collaborative culture focused on teamwork, Katherine C. Nolan P
Slide 19: Key Investment Highlights
CONFIDENTIAL Key Investment Highlights Business Snapshot TWFG’s Business Model Was Built to National Footprint and Scaled Platform Capture a Secular Shift from Captive Delivering Sustainable Growth Distribution Direct Independent Differentiated Solutions that Distribution 1 Enhance and Empower Agenc
Slide 20: Appendix
CONFIDENTIAL APPENDIX 20
Slide 21: Illustrative Overview of Economic Model: Insurance Services
CONFIDENTIAL Illustrative Overview of Economic Model: Insurance Services Simplified Branch Economics (Revenue Share Model) Simplified Corporate Branch Economics Insurance Services Retail Brokerage Carrier Commissions Insurance Services Brokerage Carrier Commissions In-scope (100% paid to TWFG at out
Slide 22: Illustrative Overview of Economic Model: MGA
CONFIDENTIAL Illustrative Overview of Economic Model: MGA Simplified Wholesale and Brokering Economics Simplified Underwriting Economics MGA Carrier Commissions and Fees Carrier Commissions and Fees ~100% ~100% TWFG Commission Revenue TWFG Commission Revenue TWFG Contingent TWFG Contingent Income In
Slide 23: KPI Information and Non-GAAP Reconciliations – Written Premium
CONFIDENTIAL KPI Information and Non-GAAP Reconciliations – Q1 QTD 2026 vs Q1 QTD 2025 Written Premium 23
Slide 24: KPI Information and Non-GAAP Reconciliations – Organic Revenue
CONFIDENTIAL KPI Information and Non-GAAP Reconciliations – Q1 QTD 2026 vs Q1 QTD 2025 Reconciliation of Organic Revenue and Organic Revenue Growth to Revenue (Amounts in thousands) 24
Slide 25: KPI Information and Non-GAAP Reconciliations – Adjusted EBITDA and Free Cash Flow
CONFIDENTIAL KPI Information and Non-GAAP Reconciliations – Q1 QTD 2026 vs Q1 QTD 2025 Reconciliations of Adjusted EBITDA and Reconciliation of Adjusted Free Cash Flow Adjusted EBITDA Margin to Net Income and Net Income Margin to Cash Flow from Operating Activities (Amounts in thousands) (Amounts in
Slide 26: Income Statement and Balance Sheet Snapshot
CONFIDENTIAL Income Statement and Balance Sheet Snapshot – Q1 QTD 2026 vs Q1 QTD 2025 Income Statement Balance Sheet (Amounts in thousands, except share/unit data) (Amounts in thousands, except share/unit data) 26