Financial Data and Key Metrics Changes - For Q4 2025, pre-tax income was approximately $29 million, with diluted earnings per share at $0.25. For the full year, pre-tax income exceeded $110 million, and diluted earnings per share were $0.99 [4] - Revenue for Q4 increased to $53 million, while full-year revenue rose to $217 million [4] - Adjusted EBITDA margins were over 54% for both Q4 and the full year, indicating significant leverage in the operating model [5] - Managed Premium at the end of Q4 was approximately $1.39 billion, up from about $580 million the previous year [5] - Annual recurring revenue reached $215 million in Q4, an increase from approximately $139 million in the prior year quarter [5] - Free cash flow for the full year was about $97 million, with a conversion rate of 117% [6] Business Line Data and Key Metrics Changes - The company booked its first non-HCI revenue during Q4, with contributions from two new clients expected to grow to approximately $100 million in Managed Premium by the end of Q1 2026 [4][5] - The addition of a new client, Tokio Marine Highland, for flood insurance is expected to enhance the product offerings on the platform [9] Market Data and Key Metrics Changes - The company anticipates Managed Premium to exceed $1.4 billion by the end of Q1 2026, raising the outlook for year-end 2026 to $1.55 billion [6][7] Company Strategy and Development Direction - The company aims to add non-HCI clients and grow them significantly, with a focus on expanding its sales funnel and enhancing its product offerings [8][9] - The rise of AI in the insurance industry is seen as a catalyst for modernization, with the company positioned to leverage its fully automated platform to reduce operational friction and costs [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong operating margins, growing earnings, and positive cash flow, emphasizing the importance of execution in adding clients and products [12] - The future operating model of the insurance industry is expected to change significantly due to AI, with the company designed to adapt to these changes [12] Other Important Information - The company ended the year with $305 million in cash and cash equivalents and no debt, with stockholders' equity increasing 16-fold to $254 million [6] Q&A Session Summary Question: Insights on the flood market entry with Tokio Marine - Management highlighted the speed of the partnership and the potential for expansion, noting Tokio Marine's licensing in 42 states [18][19] Question: Development of the customer pipeline post-IPO - Management indicated that the sales funnel is developing well, with three new customers onboarded in four months, and emphasized the growing interest in the platform due to AI advancements [21][22] Question: Free cash flow conversion and guidance for 2026 - Management expects free cash flow conversion to remain over 100%, driven by growth and a positive working capital cycle [24] Question: Clarification on Managed Premium and revenue recognition - Management confirmed that third-party revenue was nominal at the end of Q4 but expected to reach approximately $100 million by Q1 2026 [46]

Financial Data and Key Metrics Changes - For Q4 2025, pre-tax income was approximately $29 million, with diluted earnings per share at $0.25. For the full year, pre-tax income exceeded $110 million, and diluted earnings per share were $0.99 [4] - Revenue for Q4 increased to $53 million, while full-year revenue rose to $217 million [4] - Adjusted EBITDA margins were over 54% for both Q4 and the full year, indicating significant leverage in the operating model [5] - Managed Premium at the end of Q4 was approximately $1.39 billion, up from about $580 million the previous year [5] - Annual recurring revenue reached $215 million in Q4, an increase from approximately $139 million in the prior year [5] - Free cash flow for the full year was about $97 million, with a conversion rate of 117% [6] Business Line Data and Key Metrics Changes - The company booked its first non-HCI revenue during Q4, with contributions from two new clients expected to grow to approximately $100 million in Managed Premium by the end of Q1 2026 [4][5] - The company is focusing on adding non-HCI clients to its platform, with the goal of growing them to a meaningful size [8] Market Data and Key Metrics Changes - The company has expanded its reach by partnering with Tokio Marine Highland to offer flood insurance products, which is expected to significantly increase the scope of operations [9][18] - Tokio Marine is licensed to sell the product in 42 states, enhancing the potential market for the Exzeo Platform [18] Company Strategy and Development Direction - The company aims to leverage AI to modernize the insurance industry, moving towards a fully automated insurance platform that reduces human intervention and operating costs [10][11] - Exzeo is focused on execution, including adding more clients, products, and premium to the platform, as well as investing in the team to capture additional market share [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong operating margins, growing earnings, and positive cash flow, emphasizing the importance of AI in shaping the future operating model of the insurance industry [12] - The company expects Managed Premium to exceed $1.4 billion by the end of Q1 2026 and is raising its outlook for 2026 to reach $1.55 billion by year-end [7] Other Important Information - The company ended the year with $305 million in cash and cash equivalents and no debt, with stockholders' equity increasing 16-fold to $254 million [6] Q&A Session Summary Question: About the entry into the flood market with Tokio Marine - Management highlighted the speed of the partnership and the potential for rapid growth, noting that Tokio Marine is licensed in 42 states, which expands the operational scope [18][19] Question: On the development of the sales funnel and customer acquisition - Management indicated that the sales funnel is developing well, with a significant increase in opportunities due to the advent of AI, which is driving interest in the Exzeo Platform [22] Question: Regarding free cash flow conversion and guidance for 2026 - Management expects free cash flow conversion to remain over 100%, driven by growth and a positive working capital cycle [26] Question: On the evolution of the insurance model facilitated by AI - Management discussed the importance of proprietary data sets and automation in driving efficiency and improving customer experience [31][33] Question: About the timing of revenue recognition and premium ramp-up - Management noted that the timing of the ramp for 2026 will vary, with a portion of revenue recognized upfront and the remainder over a 12-month period [36]

Financial Data and Key Metrics Changes - For Q4 2025, pre-tax income was approximately $29 million, with diluted earnings per share at $0.25. For the full year, pre-tax income exceeded $110 million, and diluted earnings per share were $0.99 [4] - Revenue for Q4 increased to $53 million, while full-year revenue rose to $217 million [4] - Adjusted EBITDA margins increased to over 54% for both Q4 and the full year, indicating significant leverage in the operating model [5] - Managed Premium at the end of Q4 was approximately $1.39 billion, up from about $580 million the previous year [5] - Annual recurring revenue reached $215 million in Q4, an increase from approximately $139 million in the prior year quarter [5] - Free cash flow for the full year was about $97 million, with a conversion rate of 117% [6] Business Line Data and Key Metrics Changes - The company booked its first non-HCI revenue during Q4, with contributions from two new clients expected to grow to approximately $100 million by the end of Q1 2026 [4][8] - The addition of a new client, Tokio Marine Highland, and a new product, TMH2O, was announced, indicating expansion in product offerings [9] Market Data and Key Metrics Changes - The company is experiencing a significant shift in the insurance industry towards AI-driven automation, which is expected to reduce operational friction and improve underwriting performance [10][11] - The partnership with Tokio Marine, which is licensed to sell flood insurance in 42 states, expands the company's market reach [17] Company Strategy and Development Direction - The company aims to add non-HCI clients and grow them to a meaningful size, with a focus on expanding its sales funnel and enhancing its product offerings [8][9] - The rise of AI in the insurance industry is viewed as a catalyst for modernization, with the company positioned to leverage its automated platform to meet future demands [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain strong operating margins and positive cash flow, emphasizing the importance of execution in adding clients and products [12] - The company expects Managed Premium to exceed $1.4 billion by the end of Q1 2026 and to reach $1.55 billion by year-end 2026 [6][7] Other Important Information - The company ended the year with $305 million in cash and cash equivalents and no debt, with stockholders' equity increasing 16-fold to $254 million [6] Q&A Session Summary Question: Insights on the flood market entry with Tokio Marine - Management highlighted the speed of the partnership and the potential for significant growth due to Tokio Marine's established presence in the flood insurance market [17][18] Question: Development of the sales funnel and customer acquisition - Management noted that the sales funnel is developing well, with a focus on onboarding new customers quickly, aided by the recent hiring of a seasoned industry executive [21] Question: Free cash flow conversion and guidance for 2026 - Management expects free cash flow conversion to remain over 100%, driven by growth and a positive working capital cycle [25]

Table of Contents As filed with the Securities and Exchange Commission on October 16, 2025. Registration No. 333-290500 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Exzeo Group, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Florida 6331 85-2578837 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Id ...

Table of Contents As filed with the Securities and Exchange Commission on September 25, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Exzeo Group, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Florida 6331 85-2578837 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 1000 ...