Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $376.9 million, up 12% year-over-year, with subscription revenue at $261.4 million, up 15% year-over-year [11][12] - Adjusted operating income for Q4 was $45 million, up 26% from the previous year, with a subscription adjusted operating margin of 16.5%, an increase from 15.3% [13][15] - Free cash flow for the full year of 2025 increased to $75.4 million, representing 5.2% of total revenue, a 95% year-over-year increase [16] Business Line Data and Key Metrics Changes - Subscription pets increased by 5% year-over-year to over 1,096,000 pets, including approximately 63,000 pets in Europe [11] - Adjusted operating income from the subscription business was $43.1 million, contributing 96% of total adjusted operating income for the quarter [13] - Revenue from other business segments was $115.4 million for the quarter, a 5% year-over-year increase, but expected to decelerate due to no new pet enrollments in most U.S. states [14] Market Data and Key Metrics Changes - Average monthly retention for the trailing twelve months was 98.34%, an increase from 98.25% in the previous year [11] - The veterinary channel remains critical for distribution, with nearly 200 territory partners educating pet parents about the value of medical insurance [9] Company Strategy and Development Direction - The company plans to invest aggressively in pet acquisition and retention strategies to strengthen the Trupanion brand in more households [20] - The objective of the new strategic plan is to deliver sustainable growth in adjusted operating income and intrinsic value creation [21] - The company is exploring a lower-priced insurance plan to address the needs of pet owners facing tighter budgets [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model's resilience and the ability to fund growth through strong financial performance [21] - The company expects total revenue for 2026 to be in the range of $1.55 billion to $1.582 billion, with subscription revenue growth projected at approximately 14% year-over-year [17] - Management is closely monitoring veterinary inflation and expects it to remain in line with current trends [18][58] Other Important Information - The company ended 2025 with $370.7 million in cash and short-term investments, and a total debt balance of $111.8 million, a reduction of $17.1 million from the previous year [16] - Non-cash expenses included $9.4 million in stock-based compensation and a $1.1 million goodwill impairment charge related to European businesses [15] Q&A Session Summary Question: Can you talk about some successes in reaching pet parents and how that will be accelerated going forward? - Management highlighted that brand spend is focused on increasing visibility among pet parents, particularly in the veterinary space, leading to quicker conversions and encouraging results [24][26] Question: Was there any favorable reserve development in the loss ratio reported? - Management noted a slight adverse development of about 30 basis points, but expressed satisfaction with the overall loss ratio improvement [27][28] Question: Can you provide insights on the 2026 guidance regarding gross adds and commercial strategy? - Management indicated that pricing will continue to be a dominant contributor to revenue growth, with expectations for increased gross adds and diligent expense management leading to margin expansion [30][31] Question: Can you discuss the retention improvements and where they are coming from? - Management confirmed that retention is improving across all cohorts, with specific improvements noted in those receiving rate increases of under 20% [35][36] Question: What updates can you provide on the go-to-market strategy for a lower-priced plan? - Management is working on broadening the existing Trupanion offering and developing a new product that will address market gaps, with plans to leverage brand trust in the veterinary industry [46][47]

Fourth-Quarter 2025 Supplemental Presentation February 12, 2026 including our most recent Forms 8-K, 10-K, and 10-Q. "Organic Revenue" is consolidated revenue before (1) acquisitions and divestitures, (2) adoption of new accounting standards or revisions to accounting practices (accounting changes), and (3) the effect of foreign currency translations. "Adjusted Operating Income (Loss)" is consolidated operating income (loss) excluding (1) intangible amortization expense, (2) the impact of merger, acquisitio ...

Earnings Supplement Fourth Quarter 2025 February 12, 2026 1 Forward-Looking Statements – Cautionary Language Certain statements made in this presentation and in other written or oral statements made by Lincoln or on Lincoln's behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or ...

2025 Results and 2026 Outlook February 5, 2026 1 Safe Harbor and Non-GAAP Disclosures Safe Harbor This presentation contains "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In addition, the accompanying conference call may include, and officers and representatives of ITT may from time to time make and discuss, projections, goals, assumptions, and statements that constitute "forward-looking statements". T ...

Enact Holdings, Inc. Financial Supplement Fourth Quarter 2025 GAAP/Non-GAAP Disclosure Discussion This document includes the non-GAAP financial measures entitled "adjusted operating income (loss)," "adjusted operating income (loss) per share," and "adjusted operating return on equity." Adjusted operating income (loss) per share is derived from adjusted operating income (loss). Enact Holdings, Inc. (the "Company") defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects o ...

Core Insights - Enact Holdings, Inc. reported strong financial results for Q4 2025, with a net income of $177 million, or $1.22 per diluted share, marking an increase from $163 million in Q3 2025 and Q4 2024 [1][4] - The company emphasized its disciplined execution and resilient credit performance, despite ongoing affordability pressures and interest rate volatility in the housing market [2] Financial Performance - Q4 2025 net income was $177 million, up from $163 million in Q3 2025 and Q4 2024, with diluted earnings per share increasing to $1.22 from $1.10 and $1.05 respectively [3][4] - Adjusted operating income for Q4 2025 was $179 million, or $1.23 per diluted share, compared to $166 million and $1.12 in Q3 2025, and $169 million and $1.09 in Q4 2024 [3][4] - New insurance written (NIW) was $14 billion, a 2% increase from Q3 2025 and an 8% increase from Q4 2024 [4][7] Operational Metrics - The primary insurance in-force (IIF) reached $273 billion, a 2% increase year-over-year [1][7] - The primary persistency rate was 80%, down from 83% in Q3 2025 and 82% in Q4 2024 [4][7] - Losses incurred in Q4 2025 were $18 million, with a loss ratio of 7%, significantly lower than $36 million and 15% in Q3 2025, and $24 million and 10% in Q4 2024 [3][7] Capital Management - The company returned over $500 million to shareholders in 2025, including $121 million in dividends and $382 million in share repurchases [1][4] - As of December 31, 2025, Enact held $257 million in cash and cash equivalents and $370 million in invested assets [7] - PMIERs sufficiency was reported at 162%, approximately $1.9 billion above requirements, consistent with Q3 2025 [7] Future Outlook - The company announced a new share repurchase program with authorization to buy up to $500 million of common stock, alongside a quarterly dividend of $0.21 per share [7]

Core Insights - Aon plc reported third-quarter 2025 adjusted earnings of $3.05 per share, exceeding the Zacks Consensus Estimate by 5.5%, with a 12% increase year-over-year [1][10] - Total revenues rose 7% year-over-year to $4 billion, surpassing the consensus mark by 1.4%, driven by new business growth and strong retention rates [1][10] - Organic revenue growth was recorded at 7% [1] Financial Performance - Total operating expenses increased 3% year-over-year to $3.2 billion, influenced by organic revenue growth and increased intangible asset amortization [3] - Adjusted operating income advanced 15% year-over-year to $1.1 billion, beating estimates by 1.9%, with an adjusted operating margin of 26.3%, improving by 170 basis points [4] Segmental Performance - **Risk Capital**: - Commercial Risk Solutions saw organic revenues grow 7% year-over-year to $2 billion, exceeding the Zacks Consensus Estimate by 1.1% [5] - Reinsurance Solutions experienced an 8% organic revenue increase to $537 million, surpassing the consensus mark of $531.4 million [6] - **Human Capital**: - Health Solutions reported a 6% organic revenue growth, with revenues of $935 million, beating the Zacks Consensus Estimate of $927.4 million [7] - Wealth Solutions improved by 5% year-over-year, with revenues growing 8% to $540 million, exceeding the consensus mark of $524.4 million [8] Financial Position - As of September 30, 2025, Aon had cash and cash equivalents of $1.1 billion, a 0.9% increase from the end of 2024, and total assets of $51.6 billion, up from $49 billion [9] - Long-term debt decreased to $15.1 billion from $16.3 billion at the end of 2024, while cash flow from operations rose to $1.1 billion, up from $1 billion a year ago [11] Capital Deployment - Aon repurchased 0.7 million class A ordinary shares for approximately $250 million in the third quarter, with a remaining capacity of around $1.6 billion under its repurchase authorization [12] Forward Guidance - Aon expects mid-single-digit or higher organic revenue growth for 2025 and beyond, with anticipated expansion in adjusted operating margin and strong growth in adjusted EPS [13] - The Aon United Restructuring program is projected to achieve total annual run-rate savings of approximately $350 million by the end of 2026 [14]

Financial Data and Key Metrics Changes - Consolidated revenues increased by 7% for the quarter and 4% year to date, with all reportable segments showing year-over-year growth [12] - Operating income for the quarter was $1 billion, down from $1.4 billion in the comparable period last year, primarily due to net investment gains which were $433 million compared to $918 million last year [12] - Adjusted operating income totaled $621 million for the quarter, up $121 million or 24% year-over-year, with insurance contributing $153 million to this increase [13] Business Line Data and Key Metrics Changes - Markel Insurance segment achieved a combined ratio of 93% in Q3, improved from 97% in the same period last year, aided by lower catastrophe activity [3][17] - Underwriting gross written premiums for Markel Insurance were up 11% year-over-year for the quarter, driven by growth in personal lines and international lines [15] - The industrial segment reported revenues of $1 billion, up 5% year-over-year, while the consumer and other segment saw revenues of $291 million, up 10% [19][20] Market Data and Key Metrics Changes - The international division of Markel Insurance experienced strong growth with a 25% increase in underwriting premiums for the quarter [16] - The financial segment's revenues were $162 million, up 16% year-over-year, although adjusted operating income decreased by 23% due to prior year favorable loss development [20] Company Strategy and Development Direction - The company is focused on improving its core insurance business by exiting underperforming segments, making leadership changes, and enhancing accountability [2][4] - A new organizational structure has been implemented to streamline operations and improve profitability, with a focus on distinct P&L responsibilities for each business unit [24][25] - The company aims to reinvest in existing businesses and expand into new markets, particularly in industrial and consumer sectors, while maintaining a conservative approach to capital allocation [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing improvements in insurance profitability and the effectiveness of recent strategic actions [3][4] - The company is optimistic about its growth potential in various segments, particularly in international operations and niche markets [32] - Management acknowledged the challenges in the current economic environment but emphasized the importance of maintaining a strong focus on underwriting performance and expense management [49][50] Other Important Information - The company has returned approximately $1.9 billion to shareholders through share repurchases since the end of 2020, reducing the share count from 13.8 million to 12.6 million [6] - The company has committed to enhancing financial disclosures to provide better insights into its operations and capital allocation [7][9] Q&A Session Questions and Answers Question: Regarding the expense ratio at 36% and technology spending - Management acknowledged the current expense ratio and indicated that while they are focused on reducing it, investments in technology and profitable growth areas may temporarily increase the ratio [39][41] Question: Insights on gross written premium growth and successes in programs and solutions - Management highlighted that the growth in gross written premiums was strong at 11%, with specific successes noted in casualty and professional lines, while being selective in risk appetite [46][48] Question: Discussion on capital management and buyback strategies - Management confirmed that share repurchases remain the primary capital allocation strategy, with a focus on being price-sensitive and rational in their approach [62][68] Question: Comparison of international versus U.S. combined ratio opportunities - Management indicated that while there are attractive opportunities in both markets, the international segment has benefited from a focus on small and micro businesses, leading to lower loss ratios [70][74]

Financial Performance - Net revenue increased to $4,759.3 million in Q3 2025 from $4,585.0 million in Q3 2024[4] - Gross profit decreased from $684.0 million in Q3 2024 to $659.4 million in Q3 2025[4] - Operating income decreased to $492.6 million in Q3 2025 from $508.4 million in Q3 2024[4] - Net income decreased slightly to $343.1 million in Q3 2025 from $350.0 million in Q3 2024[4] - Adjusted EBITDA decreased year-over-year, primarily due to lower pricing in Mexico and lower volume in Europe[6] - Adjusted EBITDA margin decreased from 14.4% to 13.3%[4] - Net interest increased from $19.5 million to $29.0 million due to lower YoY cash balance during Q3 2025, as a result of the $2 billion in dividends paid in 2025[4, 6] Segment Performance - U S net revenue was $2,836.6 million with an adjusted operating income of $403.7 million and a margin of 14.2%[5] - Europe net revenue was $1,392.5 million with an adjusted operating income of $71.3 million and a margin of 5.1%[5] - Mexico net revenue was $530.2 million with an adjusted operating income of $39.0 million and a margin of 7.4%[5] Production and Inventory - Pullet placements increased 0.4% year-over-year in Q3 2025[7] - Broiler layer flock decreased 2.3% year-over-year in Q3 2025[12] - Total chicken inventories ended Q3 up 4.3% year-over-year[21]

Core Insights - Restaurant Brands International Inc. (RBI) reported a strong financial performance for Q3 2025, with system-wide sales growth of 6.9% year-over-year, driven by a 12.1% increase in international sales [1] - Comparable sales accelerated to 4.0%, with notable performances from Burger King International (6.4%), Tim Hortons Canada (4.2%), and Burger King US (3.2%) [1] - RBI is on track to achieve over 8% organic Adjusted Operating Income growth by 2025, supported by strong franchisee alignment and disciplined execution [1] Financial Highlights - Total revenues for Q3 2025 reached $2,449 million, up from $2,291 million in Q3 2024, marking a 6.9% increase [1] - Adjusted Operating Income (AOI) for Q3 2025 was $702 million, reflecting an 8.8% growth compared to $652 million in Q3 2024 [1] - Net income from continuing operations increased to $440 million in Q3 2025, compared to $357 million in Q3 2024 [1] Segment Performance - Tim Hortons segment reported a system-wide sales growth of 4.8% in Q3 2025, with comparable sales growth of 4.2% [5] - Burger King segment experienced a system-wide sales growth of 2.3% in Q3 2025, with comparable sales growth of 3.1% [9] - Popeyes segment showed a system-wide sales growth of 0.7% in Q3 2025, with comparable sales declining by 2.4% [15] - Firehouse Subs segment achieved a significant system-wide sales growth of 10.7% in Q3 2025, with comparable sales growth of 2.6% [16] Strategic Initiatives - RBI is executing a multi-year "Reclaim the Flame" plan for Burger King, investing up to $700 million through 2028 to enhance sales growth and franchisee profitability [13] - The company is actively working on refranchising the majority of Carrols Burger King restaurants and seeking new partners for Popeyes China and Firehouse Subs Brazil [2] - The acquisition of Burger King China has been classified as held for sale, aligning with RBI's strategy to partner with experienced local operators [2][3]