Core Insights - The Baldwin Insurance Group reported revenue of $347.28 million for Q4 2025, a 5.3% year-over-year increase, with an EPS of $0.31 compared to $0.27 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $354.34 million, resulting in a surprise of -1.99%, while the EPS exceeded expectations by 7.83% [1] Financial Performance Metrics - Organic revenue growth was 3%, below the two-analyst average estimate of 4.2% [4] - Commissions and fees revenue was $344.58 million, compared to the average estimate of $351.21 million, reflecting a year-over-year increase of 5.5% [4] - Investment income was reported at $2.7 million, slightly below the estimated $2.71 million, marking a 15.4% decrease year-over-year [4] - Corporate and Other revenues were -$16.93 million, better than the estimated -$17.65 million, but showed an 18.9% decline from the previous year [4] - Underwriting, Capacity & Technology Solutions revenue was $129.5 million, compared to the estimate of $132.18 million, with a year-over-year increase of 10.9% [4] - Mainstreet Insurance Solutions revenue was $76.84 million, in line with the estimate of $76.83 million, reflecting a 6.9% year-over-year increase [4] - Insurance Advisory Solutions revenue was $157.87 million, below the average estimate of $164.49 million, showing a significant year-over-year decline of 68.6% [4] Stock Performance - Shares of The Baldwin Insurance Group have decreased by 25.8% over the past month, contrasting with a 0.6% increase in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

分组1 - The Baldwin Insurance Group reported quarterly earnings of $0.31 per share, exceeding the Zacks Consensus Estimate of $0.29 per share, and showing an increase from $0.27 per share a year ago, resulting in an earnings surprise of +7.83% [1] - The company posted revenues of $347.28 million for the quarter ended December 2025, which was 1.99% below the Zacks Consensus Estimate, but an increase from $329.89 million year-over-year [2] - The stock has underperformed, losing about 29.5% since the beginning of the year, while the S&P 500 gained 1.5% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.69 on revenues of $548.56 million, and for the current fiscal year, it is $1.93 on revenues of $2.04 billion [7] - The Zacks Industry Rank for Insurance - Life Insurance is in the top 29% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - The estimate revisions trend for The Baldwin Insurance Group was unfavorable ahead of the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, suggesting expected underperformance in the near future [6]

Financial Data and Key Metrics Changes - The company reported fourth quarter organic revenue growth of 3%, which is below historical performance, primarily due to a 22% decline in profit-sharing revenue [16][27] - Core commissions and fees organic growth was 5% for the fourth quarter and 8% for the full year, with total organic revenue growth of 7% for the year [16][27] - Adjusted EBITDA for the fourth quarter rose 10% to $69.6 million, with a margin expansion of approximately 100 basis points to 20.1% [28][29] - Adjusted diluted earnings per share grew 15% to $0.31 for the fourth quarter and 11% to $1.67 for the full year [28][29] Business Line Data and Key Metrics Changes - In the UCTS segment, organic growth was 16% with adjusted EBITDA margin expansion of approximately 330 basis points [18] - The IAS segment saw flat core commission and fee organic revenue growth, while total organic revenue growth was -2% due to timing pressure on contingents [20] - The small commercial segment reported $17 million of retail brokerage revenue on the digital platform, with retention increasing from 82% to 92% [11] Market Data and Key Metrics Changes - The company experienced a significant sell-off in the industry, losing nearly $40 billion in market capitalization across public broker peers due to fears of AI disintermediation [4] - The Medicare marketplace disruption impacted organic growth by 100 basis points in the fourth quarter and 70 basis points for the full year [17] Company Strategy and Development Direction - The company is focused on leveraging AI as a productivity multiplier, enhancing organizational speed and agility, and embedding insurance solutions into consumer workflows [5][10] - A 10-year exclusive agreement was signed with Fairway Independent Mortgage Corporation to enhance the embedded insurance distribution model [9] - The 3B/30 Catalyst program aims to consolidate technology platforms and infuse AI into workflows to improve client experience and operational efficiency [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting organic revenue growth to ramp up to double digits by the fourth quarter as headwinds subside [32][46] - The company is committed to driving margin accretion and improving free cash flow conversion while pursuing growth opportunities [71][74] - Management acknowledged the need to manage expectations better and emphasized the strength of the business model built for the current era [66][68] Other Important Information - The company recorded a GAAP net loss of $43.7 million for the fourth quarter and $54.2 million for the full year [27] - Adjusted free cash flow for the fourth quarter was $11 million, an 85% increase year-over-year, while full-year adjusted free cash flow decreased by 5% [29] Q&A Session Summary Question: How does the company view its competitive positioning against AI disruption? - Management believes AI will accelerate the divergence between platforms that own distribution and those that merely act as intermediaries, positioning the company favorably as a platform provider [40][41] Question: What are the expectations regarding market headwinds in 2026? - Management anticipates continued headwinds through most of 2026, with a return to neutral impact by year-end, particularly in the benefits business [44][46] Question: Can you elaborate on the hiring strategy in IAS and its impact on sales velocity? - The company increased investment in frontline revenue-generating talent, which is expected to positively impact sales velocity in 2026 and 2027 [52][54] Question: What is the outlook for organic growth by business segment in 2026? - Management expects mid-single digit organic growth for 2026, with no segments anticipated to start the year in negative territory [80][84] Question: How will the company balance deleveraging and growth to $3 billion in revenue? - Management emphasized the importance of driving margin accretion and leveraging AI to unlock productivity gains, which will support both deleveraging and growth [71][74]

Financial Data and Key Metrics Changes - The company reported fourth quarter organic revenue growth of 3%, which is below historical performance, with core commissions and fees organic growth at 5% [16] - For the full year, total revenue reached $1.5 billion, with core commission and fee organic revenue growth of 8% and total organic revenue growth of 7% [26] - Adjusted EBITDA for the fourth quarter rose 10% to $69.6 million, with an adjusted EBITDA margin expansion of approximately 100 basis points to 20.1% [28] - The company recorded a GAAP net loss of $43.7 million for the fourth quarter and a full year GAAP net loss of $54.2 million [27] Business Line Data and Key Metrics Changes - In the UCTS segment, organic growth was 16% with adjusted EBITDA margin expansion of approximately 330 basis points [18] - The Main Street segment saw core commission and fees organic revenue growth of 2%, while total organic growth was negative 4% [18] - The IS segment experienced flat core commission and fee organic revenue growth, with total organic revenue growth at -2% [20] Market Data and Key Metrics Changes - The company faced a 22% decline in profit-sharing revenue, largely timing-related, impacting overall organic growth [16] - The Medicare marketplace disruption was a 100 basis point headwind to organic growth in the fourth quarter and a 70 basis point headwind for the full year [17] Company Strategy and Development Direction - The company is focused on leveraging AI to enhance productivity and operational efficiency, positioning itself as a disruptor in the insurance market [10][15] - A 10-year exclusive agreement was signed with Fairway Independent Mortgage Corporation, expected to enhance the embedded insurance distribution strategy [9] - The $3B/30 Catalyst program aims to consolidate technology platforms and infuse AI into workflows to improve client experience and operational efficiency [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, highlighting strong underlying momentum across all segments and early wins in synergy realization from the CAC Group merger [22][35] - The company anticipates mid-single digit organic growth for 2026, with expectations to reach double-digit growth by the fourth quarter [32][81] - Management acknowledged the challenges faced in 2025 but emphasized the strategic positioning and capabilities built for the current market environment [35][66] Other Important Information - The company announced a $250 million share repurchase plan to take advantage of the current share price dislocation [31] - Adjusted free cash flow for the fourth quarter was $11 million, an 85% increase year-over-year, despite one-time partnership-related costs [29] Q&A Session Summary Question: How does the company view its competitive positioning against AI disruption? - Management believes AI will accelerate the divergence between platforms that own distribution and those that do not, positioning the company favorably as a platform rather than a traditional broker [40][41] Question: What are the expectations regarding market headwinds in 2026? - Management expects continued headwinds through most of 2026, with a gradual return to neutral impact by year-end, particularly in the benefits business [44][46] Question: Can you elaborate on the hiring strategy and its impact on sales velocity? - The company increased investment in frontline revenue-generating talent, which is expected to positively impact sales velocity in 2026 and beyond [53] Question: What is the outlook for organic growth by business segment? - Management indicated that all segments are expected to avoid negative organic growth in 2026, with headwinds incorporated into the guidance [81][84]

Financial Data and Key Metrics Changes - The company reported fourth quarter organic revenue growth of 3%, which is below historical performance, with a 22% decline in profit-sharing revenue largely due to timing issues [16] - Core commissions and fees organic growth was 5% for the fourth quarter and 8% for the full year, while total organic revenue growth was 7% for the full year [16][26] - Adjusted EBITDA for the fourth quarter rose 10% to $69.6 million, with an adjusted EBITDA margin expansion of approximately 100 basis points to 20.1% [28] - Adjusted diluted earnings per share grew 15% to $0.31 per share in the fourth quarter, and for the full year, adjusted net income was $198.9 million, or $1.67 per share, reflecting an 11% growth [27][28] Business Line Data and Key Metrics Changes - In the UCTS segment, organic growth was 16% with adjusted EBITDA margin expansion of approximately 330 basis points, driven by growth in multifamily and commercial umbrella portfolios [18] - The Main Street segment saw core commission and fees organic revenue growth of 2%, while total organic growth was negative 4%, impacted by timing of contingents [18] - The IS segment experienced flat core commission and fee organic revenue growth, with total organic revenue growth at -2%, reflecting timing pressure on contingents and rate headwinds [20] Market Data and Key Metrics Changes - The company faced significant market headwinds, including a 100 basis point headwind to organic growth in the fourth quarter due to disruptions in the Medicare marketplace [17] - The overall market impact swung from a positive 500 basis point tailwind in Q4 2024 to a 10% headwind in Q4 2025, primarily affecting the benefits business [44] Company Strategy and Development Direction - The company is focused on leveraging AI to enhance productivity and operational efficiency, positioning itself as a disruptor in the insurance market [5][10] - The $3B/30 Catalyst program aims to consolidate core technology platforms and infuse AI into workflows to improve client experiences and operational efficiency [24] - The company has been building a diversified, vertically integrated platform designed to thrive in various market cycles, not just favorable ones [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, highlighting strong underlying momentum across all segments and early wins in synergy realization from recent partnerships [21][36] - The company anticipates mid-single digit organic growth for 2026, with expectations to reach double-digit growth by the fourth quarter as headwinds subside [33][46] - Management acknowledged the need to manage expectations better and emphasized the importance of delivering on financial targets to restore confidence in the stock price [66] Other Important Information - The company signed a 10-year exclusive agreement with Fairway Independent Mortgage Corporation, which is expected to enhance its embedded insurance solutions [9] - Adjusted free cash flow for the fourth quarter was $11 million, an 85% increase year-over-year, while for the full year, it decreased by 5% due to one-time partnership-related costs [29] Q&A Session Summary Question: Can you expand on the competitive positioning regarding AI and embedded solutions? - Management clarified that AI accelerates the divergence between platforms that own distribution and those that merely act as intermediaries, emphasizing their focus on building an insurance platform [40][41] Question: What are the expectations regarding market headwinds in 2026? - Management expects continued headwinds through most of 2026, with a gradual return to neutral impact by year-end, primarily due to rate changes and exposure dynamics [44][46] Question: How has the hiring strategy impacted sales velocity? - Management noted that while the investment in frontline revenue-generating talent increased, the impact on sales velocity would be more evident in 2026 and 2027 due to typical ramp-up times [52] Question: What is the outlook for organic growth by business segment? - Management refrained from providing segment-specific outlooks but confirmed that headwinds are incorporated into the mid-single digit guidance for 2026, with no expectation of negative organic growth in any segment [78]

Financial Performance - Total assets increased by $327.5 million year over year, while total liabilities rose by $251.9 million[298]. - Adjusted EBITDA margin is a key metric used to assess financial performance, calculated as adjusted EBITDA divided by total revenue[309]. - Organic revenue for the year ended December 31, 2024 was $1.37 billion, adjusted to exclude commissions and fees from divestitures[312]. - Organic revenue for 2025 reached $1,470,092, a 7% increase from $1,377,116 in 2024, with organic revenue growth of $100,049[313]. - Adjusted EBITDA for 2025 was $341,472, up from $312,485 in 2024, resulting in an adjusted EBITDA margin of 22.7% compared to 22.5% in the previous year[315]. - Net loss attributable to Baldwin for 2025 was $(33,813), compared to $(24,518) in 2024, with adjusted net income increasing to $198,942 from $176,898[318]. Revenue Growth - Total revenues for the Insurance Advisory Solutions (IAS) segment increased to $727,324 in 2025, a 2% rise from $711,936 in 2024[324]. - Core commissions and fees for IAS grew by $20,304, or 3%, to $661,590, driven by organic growth despite a 380 bps headwind from softening insurance rates[326]. - UCTS reported total revenues of $549.5 million for 2025, a 16% increase from $472.9 million in 2024, driven by a $71.4 million rise in core commissions and fees[333]. - Core commissions and fees for UCTS increased by $75.7 million, or 16%, year over year, with significant contributions from MSI ($41.2 million) and the Captive business ($22.6 million)[335]. - MIS total revenues reached $297.7 million in 2025, reflecting a 6% increase from $281.3 million in 2024, with core commissions and fees growing by $14.5 million[343]. Expenses and Liabilities - Long-term debt increased by $172.2 million due to 2025 refinancings, which included an upsizing of Term Loans by $175.0 million[303]. - Colleague compensation and benefits for IAS decreased by $13,342, or 3%, primarily due to a reduction in colleague earnout incentives[327]. - Other operating expenses for IAS increased by $6,741, or 8%, mainly due to higher professional fees and legal settlement expenses[328]. - Total operating expenses for UCTS increased by $53.6 million, or 13%, primarily due to a $34.1 million rise in other operating expenses[333]. - Colleague compensation and benefits for UCTS increased by $15.0 million, or 15%, year over year, influenced by partnership activity and elevated health plan costs[336]. Cash Flow and Financing - Net cash used in operating activities increased by $80.9 million year over year, primarily due to a $62.4 million increase in payments of contingent earnout consideration[387]. - Net cash used in investing activities increased by $153.6 million year over year, driven by an $85.7 million increase in cash consideration paid for partnership activity[388]. - Net cash provided by financing activities increased by $182.8 million year over year, primarily due to a $196.6 million increase in net proceeds from borrowings on credit facilities[389]. - As of December 31, 2025, the company had senior secured credit facilities totaling $1.606 billion, including a term loan of $1.006 billion and a revolving credit facility of $600 million[361]. - The company had $107 million outstanding under the Revolving Facility and $16 million of undrawn letters of credit as of December 31, 2025[361]. Intangible Assets and Goodwill - At December 31, 2025, the company had $978.4 million of intangible assets, including $908.4 million in acquired relationships[411]. - The company performed a qualitative analysis for its intangible assets as of October 1, 2025, and determined no impairment charges were necessary[411]. - At December 31, 2025, the company had $1.5 billion of goodwill, with no impairment charges recorded during 2025, 2024, or 2023[417]. - The company evaluates its definite-lived intangible assets for impairment whenever events indicate that the carrying amount may not be recoverable[407]. Contingent Consideration - Contingent consideration arrangements are based on achieving thresholds related to future revenues, EBITDA, or retention rates, reducing the risk of overpaying for acquisitions[419]. - As of December 31, 2025, the company recorded $23.3 million in contingent consideration liabilities related to five outstanding arrangements, with a total potential maximum of $50.0 million in remaining payments[425]. - The company recognized a $5.6 million expense related to the change in fair value of contingent consideration in 2025[424]. - The fair value of contingent consideration is estimated using a Monte Carlo Simulation approach, which incorporates forecasts of revenue, EBITDA, and retention rates[421]. Tax and Valuation - The company maintains a full valuation allowance against its deferred tax assets, reassessing their realizability as it emerges from its cumulative loss position[384]. - A full valuation allowance was established for deferred tax assets as of December 31, 2025, indicating it is more likely than not that these assets will not be realized[429]. - If the deferred tax assets were deemed realizable, the company would have recognized approximately $210.7 million in deferred tax assets on its balance sheet[430]. - The company would have recognized an income tax benefit of approximately $13.7 million for the year ended December 31, 2025, if no valuation allowance had been established[431].

Q4 2025 EARNINGS SUPPLEMENT Please refer to the organic revenue growth reconciliation, adjusted EBITDA bridge, adjusted compensation and benefits expense, adjusted selling, operating and administrative expense, adjusted EBITDA margin on retained commissions and fees bridge, pro forma consolidated and credit adjusted EBITDA bridge, adjusted free cash flow bridge, and partnership adjusted EBITDA bridge slides throughout this presentation, in addition to our earnings release issued on February 26, 2026 and pos ...

EXHIBIT 99.1 THE BALDWIN GROUP ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS AND $250 MILLION SHARE REPURCHASE PROGRAM — Full Year 2025 Total Revenue Growth of 8% to $1.5 Billion; Organic Revenue Growth of 7% — (1) — Full Year 2025 Net Loss of $54.2 Million and Diluted Loss Per Share of $0.50; Adjusted Diluted EPS of $1.67 — (2) — Full Year 2025 Adjusted EBITDA Margin of 23% — (3). TAMPA, FLORIDA - February 26, 2026 - The Baldwin Group, the brand name for The Baldwin Insurance Group, Inc. ("Baldwin" o ...

Core Insights - The Baldwin Insurance Group (BWIN) is expected to report quarterly earnings of $0.29 per share, reflecting a 7.4% increase year-over-year [1] - Revenues are forecasted to be $354.34 million, also representing a year-over-year increase of 7.4% [1] Earnings Estimates - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analysts' projections [2] - Revisions to earnings estimates are crucial for predicting investor actions, as there is a strong correlation between earnings estimate trends and short-term stock performance [3] Revenue Projections - Analysts project 'Revenues- Insurance Advisory Solutions' at $164.49 million, indicating a significant decline of 67.3% year-over-year [5] - 'Revenues- Underwriting, Capacity & Technology Solutions' is expected to reach $132.18 million, reflecting a 13.2% increase from the previous year [5] - 'Revenues- Investment income' is anticipated to be $2.71 million, suggesting a decrease of 14.8% year-over-year [5] - 'Revenues- Commissions and fees' are projected at $351.21 million, indicating a 7.5% increase from the year-ago quarter [6] - The consensus estimate for 'Revenues- Mainstreet Insurance Solutions' stands at $76.83 million, reflecting a 6.9% year-over-year increase [6] Organic Revenue Growth - Organic revenue growth is projected to be 4.2%, a decrease from the 19.0% reported in the same quarter of the previous year [7] Stock Performance - Over the past month, BWIN shares have recorded a return of -31%, compared to the Zacks S&P 500 composite's -0.3% change [8] - BWIN holds a Zacks Rank 5 (Strong Sell), indicating a likely underperformance relative to the overall market in the upcoming period [8]

Core Insights - BRP is identified as a clear winner in the powersports sector for Q4, with strong momentum expected to carry into FY2025, primarily driven by the early popularity of its new side-by-side models [1] Company Performance - BRP is projected to end FY2025 on a strong note, gaining market share in a robust ATV industry, largely attributed to the early success of the new Defender model [1] - Retail sales in the ATV industry are estimated to have grown in the mid-single digits for Q4, while BRP's retail sales have increased by over 20% in the current quarter to date [1]