Neptune Insurance (NP) investor relations material

Executive summary

• Achieved record Q4 and full-year 2025 results, with revenue growing 39% in Q4 to $43.8M and 34% for the year to $159.6M, driven by an AI-powered, asset-light platform and expanded capacity partnerships.

• Adjusted EBITDA grew 34% in Q4 to $25.9M (59.2% margin) and 32% for the year to $95.0M (59.5% margin), reflecting operational efficiency.

• Successfully navigated a federal government shutdown, maintaining uninterrupted service and onboarding new agents, contributing to record new business sales.

• Completed transition to a public company, with IPO-related expenses impacting net income.

• Launched a beta indemnity earthquake product, signaling expansion into adjacent markets.

Financial highlights

• Q4 2025 revenue was $43.8M, up 39% YoY; full-year revenue reached $159.6M, up 34%.

• Q4 net income was $4.3M (10% margin), down 63% due to IPO-related expenses; adjusted net income was $15.3M, up 25%.

• Q4 adjusted EBITDA was $25.9M (59.2% margin), up 34% YoY; full-year adjusted EBITDA was $95.0M (59.5% margin), up 32%.

• Written premium for Q4 was $100.3M, up 41% YoY; full-year written premium was $367.3M, up 34%.

• Revenue per employee was $2.7M, and adjusted EBITDA per employee was $1.6M, both up over 14%.

Outlook and guidance

• Increased 2026 guidance: revenue expected at $193M, with adjusted EBITDA margin between 60% and 61%.

• Entering 2026 with a diversified capacity panel, proprietary data advantage, and flexible distribution.

• Continued focus on profitable growth, operational efficiency, and disciplined capital allocation, with flexibility to invest in growth or return capital to shareholders.