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Exzeo Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Dec, 2025
Executive summary
Completed IPO in November 2025, raising $155–$156.2 million in net proceeds, marking the first earnings call as a public company and a strategic shift to technology and services after divesting TTIC.
Revenue for Q3 2025 rose 90% year-over-year to $55.2 million, and year-to-date revenue grew 83% to $163.7 million, driven by growth in underwriting, management services, and new customer agreements.
Net income for Q3 2025 increased to $21.2 million ($0.25 per diluted share), with year-to-date net income from continuing operations at $60.8 million ($0.73 per share).
Managed premium grew to $1.2 billion, up from $500 million a year ago, with two new carrier clients added, bringing the total to six.
Sales pipeline has tripled since the IPO, with increased diversification in client prospects and channels.
Financial highlights
Gross profit for Q3 2025 was $33.8 million, up from $11.1 million in Q3 2024; gross margin improved to 58.7% for the nine months ended September 30, 2025.
Adjusted EBITDA margin for Q3 2025 was 54.9%, up from 32.1% in Q3 2024; year-to-date adjusted EBITDA was $83.5 million (54.0% margin).
Operating income for Q3 2025 was $27.3 million, and for the nine months ended September 30, 2025, it was $79.2 million (48.4% margin).
Cash and cash equivalents as of September 30, 2025, were $140.9 million, up from $54.5 million at year-end 2024, with no debt.
Net cash from operating activities year-to-date was $89.0 million, and working capital reached $68.7 million.
Outlook and guidance
Managed premium expected to reach at least $1.32 billion by end of 2025 and $1.5 billion by end of 2026.
Q4 2025 pretax income guidance: $22–$25 million; full-year 2026 pretax income: $115–$125 million.
Management anticipates continued revenue growth, improved operating leverage, and gross margins as the customer base expands nationally.
Free cash flow margin remains strong at over 50%, with net income conversion rate of 140%.
No material impact expected from recent tax legislation or upcoming accounting standard changes.
New client premium ramp-up cadence
Pipeline diversification beyond Florida and channels
Drivers for continued margin expansion with new clients
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Next Exzeo Group earnings date
Q4 202525 Mar, 2026
Next Exzeo Group earnings date
Q4 202525 Mar, 2026
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