Baldwin Insurance Group (BWIN) 47th Annual Raymond James Institutional Investor Conference summary

Business performance and growth

• Revenue grew from $135 million in 2019 to over $1.5 billion projected for 2025, with adjusted EBITDA rising from $35 million to $340 million, reflecting a 50% CAGR and 35% annual EPS growth.

• The business is structured across three core groups: Insurance Advisory Solutions, embedded insurance solutions, and proprietary product development via UCTS.

• Over 80% of advisory revenue comes from large, complex clients, creating a strong market moat.

• Embedded insurance is a key growth area, with partnerships covering 57% of new U.S. home sales and a new 10-year exclusive mortgage channel deal.

• Proprietary products and vertical integration reduce disintermediation risk and support end-to-end ecosystem control.

Financial results and headwinds

• Achieved 7% organic growth in 2025 despite headwinds from builder book transition, accounting changes, and Medicare market disruption; normalized organic growth would have been 10%.

• Headwinds had a $30 million adjusted EBITDA impact but are expected to reverse and become tailwinds.

• Sales velocity reached 19% in 2025, outperforming industry averages and peers.

• Client retention improved by nearly 300 basis points year-over-year in Q4, with retention now above 90%.

Talent and culture

• Vanguard colleague retention was 94% in 2025, consistently above 90% since inception.

• Investment in frontline client-generating talent increased by 44%, with no regrettable producer losses in 2025.

• Over 50% of the company is owned by colleagues, aligning interests and fostering a strong ownership culture.