Trupanion, Inc. · NASDAQ:TRUP
Trupanion — Investor Day (September 2025)
85 slides from Trupanion's investor day presentation, Sep 17, 2025
Slide 1: Welcome
Trupanion Stockholders INVESTOR DAY | SEPTEMBER 17, 2025 Welcome
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), and Section 27A of the Securities Act of 1933, as amended (Securities Act). All statements contained in this presentation o
Slide 3: Opening Remarks
Opening Remarks Margi Tooth, President & Chief Executive Officer Beignet, 2023 truFame winner
Slide 4: Veterinary Teams are our greatest partners
Veterinary Teams are our greatest partners.
Slide 5: The power of the pet continues to grow stronger
The power of the pet continues to grow stronger.
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Slide 7: Less friction means more time for what matters most. Care.
Less friction means more time for what matters most. Care.
Slide 8: Track Record of Growth
Track Record of Growth 23% $512M 3M+ 5-YEAR 5-YEAR TOTAL PETS REVENUE CAGR CUMULATIVE AOI PROTECTED 2021 - 2025 2021 - 2025 8
Slide 9: 5-Year Subscription Revenue CAGR
5-Year Subscription Revenue CAGR 21%
Slide 10: Subscription AOI
Subscription AOI 2021 $71M 2022 $79M 2023 $70M 2024 $108M 2025 Approx. 30% growth
Slide 11: Veterinary Invoices Paid
$ 3, 5 4 3 , 3 8 2 , 5 3 4 VETERINARY INVOICES PAID
Slide 12: Compounding Cost of Care
Compounding Cost of Care Veterinarian Services CPI +65% vs. +36% for overall CPI over the last 10 years Cumulative inflation of approx. 50% for Trupanion cost of care over the last 3 years. 12
Slide 13: The need is greater than ever
The need is greater than ever.
Slide 14: Rising vet med costs amid tariffs and hiring challenges
Rising vet med costs amid tariffs, 4 Tran sfo rmin g veteri nary hiring costs, create challenges onesie pgs wince medicine with the One Health billion expected to be spent in the U.S. this year on veterinary care and sales of pharmaceuticals and other products through veterinary clinics. The “contai
Slide 15: Moving Beyond Early Adopters
Moving Beyond Early Adopters Diffusion of Innovation Model $5BN Industry 45 Million Pets 7M insured 7M out of a potential total market in North America of 45M = approx. 16% into our journey 15
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Slide 18: Our approach will broaden. Yet our tenets will remain.
Our approach will broaden. Yet our tenets will remain.
Slide 19: Retention = Power
Retention = Power
Slide 20: Illustrative Example
Illustrative Example Illustrative example of improvements in retention on our total pet count growth 1,300,000 +5.5% 1,200,000 +4.7% +3.8% 1,100,000 +2.7% +250,000 -186,131 +250,000 1,000,000 -197,559 +250,000 -209,108 +250,000 -221,502 900,000 800,000 700,000 600,000 2024 Retention @ New pets 2025
Slide 21: Q3 Forecast Powering Up Pet Count
21 400,000 600,000 800,000 1,000,000 1,200,000 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Subscription Enrolled Pets Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 Forecast Powering Up Pet Count 5,000 10,000 15,
Slide 22: Improving Unit Economics & The Mix Impact
Improving Unit Economics & The Mix Impact Monthly Average Revenue per Pet Monthly Average Profit per Pet (Trailing 4 Quarters) (Trailing 4 Quarters) $12.00 $12.00 $80.00 $75.00 $10.00 $70.00 $8.00 $65.00 $60.00 $6.00 $55.00 $4.00 $50.00 $2.00 $45.00 $40.00 $0.00 22
Slide 23: Growing Adjusted Operating Income
Growing Adjusted Operating Income Subscription AOI $40.0M $35.0M $30.0M $25.0M $20.0M $15.0M $10.0M $5.0M $0.0M 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 23
Slide 24: Growth Comes in Many Forms
Growth Comes in Many Forms Retention Net pets + Gross pet adds ARPU (average revenue per pet) Margin Balance sheet 24
Slide 25: Fueling the Future: Product
Fueling the Future Product
Slide 26: Fueling the Future: Channel
Fueling the Future Channel
Slide 27: Fueling the Future: Geography
Fueling the Future Geography
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Slide 29: Our Channels
Special Agent Dale Cooper, truFame winner 2023 Our Channels MJ Hewitt, SVP U.S. Market & North American Growth Operations
Slide 30: Offers Across our Channels
Offers Across our Channels 118k+ Vet Breeder Shelter 30
Slide 31: The Unchanging Truth: Vet at the Heartland
The Unchanging Truth: Vet at the Heartland 2x CONVERSION RATE VS NON-VET CHANNEL +80bps MONTHLY RETENTION RATE UPLIFT VS NON-VET CHANNEL
Slide 32: Offers Across our Veterinary Channel
Offers Across our Veterinary Channel 32
Slide 33: Offers Drive Veterinary Leads
Offers Drive Veterinary Leads Automated Offers Integrated Offers Vet Portal Offers Lite Offers 33
Slide 34: How We Grow Veterinary Leads
How We Grow Veterinary Leads TERRITORY PARTNERS HOSPITALS WITH & HOSPITAL & PARTNERSHIP USING SOFTWARE TEAM ENGAGEMENT NETWORK 34
Slide 35: Unmatched Field Force
Unmatched Field Force Strength of our Moat Tenure of our Territory Partners 15% 24% 70% of North 170+ 19K+ American 24% Territory Veterinary Hospitals are Partners & Visits per 37% visited every Associates month 90 days 0-3 Years 4-9 Years 10-14 Years 15+ Years 35
Slide 36: Proudly Partnered Across North America
Proudly Partnered Across North America 36
Slide 37: Turning Up the Volume
Turning Up the Volume # of Claims Submitted through Vet Portal # of Hospitals Introducing Trupanion Issuing Hospital Activating Hospital 37
Slide 38: Keeping it Turned Up
Jan-23 38 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 # Clinics Issuing Mar-24 Keeping it Turned Up Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Veterinary Issued Leads per Issuing Clinic Avg # Issued per Issuing Clinic Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 M
Slide 39: Level Up the Learning
Level Up the Learning t é ® TRUPANIOK O Be CERTIFICATION 2024 2025 YTD 72% trwpanion
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Slide 41: The Growth Flywheel
Lindy, member since 2014 The Growth Flywheel Emily Dreyer, Chief Revenue Officer
Slide 42: Making Our Flywheel Fly
Making Our Flywheel Fly 42 AWARENESS CONSIDERATION EDUCATION ACTION LOYALTY ADVOCACY CATEGORY INVESTMENT BRAND INVESTMENT HOSPITAL ASSETS DIGITAL PRESENCE TANGIBLES FOR MEMBERS panion”
Slide 43: Investing Across our Funnel
Investing Across our Funnel Acquisition Spend by Funnel 43
Slide 44: Increasing our Presence
Increasing our Presence Digital Assets Veterinary Assets Retention Assets 44
Slide 45: Brand Advocacy
Brand Advocacy Advocacy Channel Enrollments 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 Add a Pet Refer a Friend 45
Slide 46: Retention Resiliency
Retention Resiliency Monthly Retention for Core Trupanion 99.00% 98.80% 98.69% 2 quarters of year-over-year 98.60% increases 98.60% 98.55% 98.48% 98.47% 98.43% 98.40% 98.38% 98.36% 98.32% 98.27% 98.20% 98.00% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 46
Slide 47: Retention by Cohort
Retention by Cohort Retention bucket shift for Core Trupanion June 2023 June 2024 June 2025 18% 16% 15% 20% 40% 48% 36% 45% 62% First Year Rate Change Under 20% Rate Change 20% or More 47
Slide 48: Opportunity with First Year Retention
Opportunity with First Year Retention First Year Retention for Core Trupanion 98.0% 97.5% 97.0% 96.5% 96.0% 95.5% 95.0% All Channels Core Channels 48
Slide 49: Conversion Journey
Conversion Journey Quarterly Conversion Rate by Path 60% 50% 40% 30% 20% 10% 0% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Phone Web 49
Slide 50: Web Opportunity
Web Opportunity Monthly Web Conversion Rate 16% 14% 12% 10% 8% 6% 4% 2% 0% Web - ex New Channels Web - Overall 50
Slide 51: Reaccelerating our Pet Acquisition Investment
Reaccelerating our Pet Acquisition Investment Year over year change in PAC Subscription Pet Acquisition Investment 25% $22.0M 20% +18% +18% +16%+15% +16% +14% $20.0M 15% 10% +8% +4% $18.0M 5% +2% 0% $16.0M -5% -10% -6% 2 quarters of double- $14.0M -15% digit -20% -17% increases $12.0M -20% -25% -23%
Slide 52: Building Momentum Heading into 2026
Building Momentum Heading into 2026 Net Pets – Subscription Business 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 Forecast 52
Slide 53: International
Annie, member since 2021 International Simon Wheeler, EVP International
Slide 54: International Portfolio Growth
International Portfolio Growth International Enrolled Pets 60,000 +22% 55,000 50,000 45,000 year over year 40,000 54
Slide 55: Trupanion Germany & Switzerland
Trupanion Germany & Switzerland Launch of the Trupanion brand & product Introduction of Trupanion technology Engagement with strategic automation partners Pace of PIMS integration in Germany & Switzerland Commitment from German & Swiss vet hospitals 55
Slide 56: PetExpert by Trupanion in Czechia, Slovakia & Belgium
PetExpert by Trupanion in Czechia, Slovakia & Belgium Veterinary & breeder distribution development Strong enrollments & high retention Strategic growth partnerships Harmonization of tech infrastructure Operational process synchronization 56
Slide 57: All Territories Enabled for Growth
All Territories Enabled for Growth Technology Distribution Progressive Brand, product Integration & launched & live strategy operational & pricing automation alignment harmonization consolidation driving volume across territories transactions 57
Slide 58: Break
Break Scooby, 2024 truFame winner
Slide 59: Have a Question?
Have a Question? GROWTH GROWTH INTERNATIONAL AND (LEAD & CONVERT) (KEEP) OTHER BRAND FAMILY • Veterinary Business • Member Experience • Furkin & PHI Direct • Vet portal (leads) • RAF / AAP • International • Active hospitals • Trutopia • Aflac • Same Store Sales • Retention • Chewy • Breeder • Vet po
Slide 60: Break
Break
Slide 61: Operations
Moonbeam, member since 2024 Operations John Gallagher, Chief Operating Officer
Slide 62: Operational Excellence
Operational Excellence Streamlined systems Enhanced ecosystem Enhanced QA and Automation for teams facing technology feedback integration 62
Slide 63: World Class Customer Service
World Class Customer Service Award-winning call center >4.8 / 5 agent satisfaction score 40k+ members supported outside 1M+ inbound contacts YTD normal business hours 63
Slide 64: Efficient Delivery of Our Value Proposition
Efficient Delivery of Our Value Proposition Contacts Per 1,000 Pets Total contact rate declined 7% YTD 2025 vs. 2024 as faster adjudication reduced claims related contacts 64
Slide 65: Quality Interactions That Keep Members
Quality Interactions That Keep Members 28% Save Rate 26% 24% 22% 20% 18% 16% 14% 12% 10% In July 2025, Save Rate hit all time high at ~27% 65
Slide 66: Experience That Drives Trust
Experience That Drives Trust Initial Claims Processing 16 120% 14 100% • Greater than one third of all 12 invoices paid direct to vet in <5 80% minutes Percentage Closed 10 Days to Close 8 60% • Largest single increase in utilization of vet direct pay in one 6 40% year – increasing 15% YoY 4 20% • 2
Slide 67: Record Levels of Automation
Record Levels of Automation Automation Over Time 80% 70% 60% 50% 40% 30% 20% 10% 0% Overall Automation % Vet Portal Automation % Vet Portal automation rates approximate 70% 67
Slide 68: Efficient Delivery of our Value Proposition
Efficient Delivery of our Value Proposition Subscription Claims Processing as a % of Subscription Variable Expenses as a % of Revenue Revenue 7.0% 10.5% 6.5% 10.0% 6.0% 9.5% 5.5% 9.0% 5.0% 8.5% 4.5% 8.0% 2022 2023 2024 2025 2022 2023 2024 2025 68
Slide 69: Technology
Kyloe & Nestle, members since 2019 Technology Jamie Adams, Chief Information Officer
Slide 70: Technology Mission
Technology Mission Proactively deliver high-quality technology Growth + 01 solutions that contribute to growth and retention. Retention Strategy Deliver secure and seamless experiences Tech for both members and employees, while Operations 02 maintaining cost efficiency. Ensure Strategy systems are a
Slide 71: Technology Enabling Growth & Retention
Technology Enabling Growth & Retention Vision Policy Administration Platform Claims Processing, Policy Management, Underwriting 71
Slide 72: Technology Enabling Operational Excellence
Technology Enabling Operational Excellence Stable Scalable and Reliable and Cost Systems Effective Consolidated Faster time Tech Stack to Market 72
Slide 73: Vision Claims - Benefits
Vision Claims - Benefits Migration completed in May 2025 Increased 80+ Improved Claims incremental efficiency and automation production productivity rates on Vision enhancements 73
Slide 74: Vision Policy - Benefits
Vision Policy - Benefits Robust technology Multiple products, environment and brands, configuration infrastructure, options and Powered By opportunities for major capabilities simplification and cost saving Roadmap to overlay full Fully ISO and PCI North American compliant, faster and migration with
Slide 75: Finance & Capital Allocation
Xena, 2024 truFame winner Finance & Capital Allocation Fawwad Qureshi, Chief Financial Officer
Slide 76: Our Recurring Revenue Model
2025 $242.2 $233.1 $227.8 2024 $219.0 $208.6 $201.1 $191.5 $182.9 2023 $173.3 $165.2 $158.6 $152.4 2022 $145.8 Miscellaneous Revenue $139.8 $134.1 $127.1 2021 $120.4 $113.3 $106.4 $99.4 2020 $92.5 Our Recurring Revenue Model $89.5 $86.6 Revenue from New Subscription Pets $82.6 2019 $77.7 $74.2 $70.9
Slide 77: High Returns on Investment
High Returns on Investment Subscription Adjusted Operating Income $40 ($ in millions) Millions $35 $30 $25 $20 $15 $10 $5 $- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 20
Slide 78: Delivering Productivity & Efficiency
Delivering Productivity & Efficiency G&A as a % of Revenue Technology Spend incl. of Capitalized Projects as a % of Rev 5.0% 2.6% 4.5% 2.4% 4.0% 2.2% 3.5% 2.0% 3.0% 1.8% 2.5% 1.6% 2022 2023 2024 2025 2022 2023 2024 2025 G&A G&A excl. U/W fee step-up • Increased investments in controls in 2024. • Inv
Slide 79: Free Cash Flow Generation Powers Growth
Free Cash Flow Generation Powers Growth $45.0 ($ in millions) MILLIONS $38.6 $35.0 $26.1 $25.0 $15.0 $5.0 $0.4 -$5.0 -$4.9 -$15.0 -$25.0 -$25.1 -$35.0 2021 2022 2023 2024 1H 2025 79
Slide 80: $61M Free Cash Flow
$61M Free Cash Excess $38M Flow Capital Dividends extracted over the Free cash flow generated Building FCF Prudently taking past 2 years over the past 4 quarters out excess capital 1 2 Debt to Equity Ratio 22.8% 42.5% 39.9% 32.2% 4 3 $27M APIC investments in the Debt to Equity Insurance Co Building
Slide 81: Reiterating Full Year Outlook
Reiterating Full Year Outlook 81
Slide 82: Investing for the Future
Investing for the Future Predictable Best in class Global Achieved target Well capitalized recurring retention underpenetrated margins at to invest in our revenue model sustained market record profit next strategic grounded through high opportunity dollars plan in high growth inflation performance 8
Slide 83: Q&A
Q&A Stella, 2024 truFame winner
Slide 84: Have a Question?
Have a Question? OPERATIONS TECHNOLOGY CORPORATE & CULTURE • Contact Center • Vision Platform • People & Team • Member Experience • IT Systems • Culture, DEI • Claims Automation • IT Security • Legal & Regulatory • Artificial Intelligence • Investments • Revenue & ARPU Growth • Expense Growth • Visi
Slide 85: Thank you!
trwpanion Thank you!