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]

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 ...

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 Viewpoint - The Baldwin Group has announced leadership changes in its Insurance Advisory Solutions segment following its merger with CAC Group, indicating a strategic focus on enhancing its retail property and casualty and employee benefits brokerage business [1] Group 1: Leadership Appointments - Erin Lynch has been appointed as President of Specialty Insurance for the Insurance Advisory Solutions segment, where she will oversee the segment's operations [1]

Core Insights - The Baldwin Group has completed its merger with CAC Group for an upfront consideration of $1.03 billion, announced in December 2025 [1] - The merger is projected to increase Baldwin's adjusted earnings per share (EPS) by over 20% in 2025, based on anticipated synergies [2] Group 1: Financial Impact - The deal is expected to be accretive to Baldwin's 2025 adjusted EPS by more than 20%, excluding one-off integration and transaction costs [2] - Baldwin anticipates that net leverage will remain "neutral" at closing and plans for accelerated deleveraging through 2028 [2] Group 2: Operational Integration - The integration will enhance Baldwin's Insurance Advisory Solutions segment by leveraging CAC's expertise in various sectors such as construction, education, and private equity [3] - The merger will expand Baldwin's capabilities in financial lines, transactional liability, cyber risk, and surety products, supported by CAC's data and analytics infrastructure [3] Group 3: Business Structure - The merged entity will align CAC's specialist knowledge with Baldwin's middle-market distribution network while continuing to operate existing reinsurance and managing general agent (MGA) services [4] - The combined business will employ around 5,000 individuals across major US markets, serving clients in retail, specialty, reinsurance, and MGA sectors [4]

Core Viewpoint - The Baldwin Group is merging with CAC Group to create the largest majority colleague-owned, publicly-traded insurance broker in the United States, enhancing their capabilities and market presence [2][7]. Company Overview - The Baldwin Group is a leading independent insurance brokerage and advisory firm, while CAC Group is recognized for its specialty and middle-market insurance brokerage services [2][12]. - The merger is expected to close in the first quarter of 2026, pending regulatory approvals [2]. Strategic Benefits - The merger will significantly enhance Baldwin's Insurance Advisory Solutions segment by integrating CAC's expertise in various industries, including natural resources, private equity, and construction [3][4]. - The combined entity will leverage Baldwin's reinsurance and MGA operations along with CAC's data and analytics platform to provide advanced solutions to a broader client base [4][3]. Financial Aspects - The total upfront consideration for the merger is $1.026 billion, comprising $438 million in cash and 23.2 million shares of Baldwin common stock valued at $589 million [7]. - The transaction is projected to be accretive to Baldwin's 2025 Adjusted EPS by over 20% and is expected to generate more than $2 billion in gross revenue and $470 million in Adjusted EBITDA in 2026 [7]. Market Position - Post-merger, Baldwin will rank as the largest majority colleague-owned, publicly-traded insurance broker in the U.S. according to Business Insurance's 2025 Top 100 U.S. Brokers list [7]. - The combined organization will have nearly 5,000 colleagues serving clients across various platforms [5]. Leadership Insights - Trevor Baldwin, CEO of The Baldwin Group, emphasized the complementary nature of the two firms and the enhanced capabilities that the merger will bring [6]. - Erin Lynch, CEO of CAC Group, highlighted the merger's potential to accelerate their distinctive specialty expertise and client success focus [8].

Core Insights - The Baldwin Insurance Group reported a revenue of $365.39 million for the quarter ended September 2025, reflecting a year-over-year increase of 7.8% and a slight revenue surprise of +0.3% over the Zacks Consensus Estimate of $364.32 million [1] - The company's EPS for the quarter was $0.31, down from $0.33 in the same quarter last year, with an EPS surprise of +3.33% compared to the consensus estimate of $0.30 [1] Revenue Breakdown - Organic revenue growth was reported at 5%, slightly below the three-analyst average estimate of 5.5% [4] - Revenue from Insurance Advisory Solutions was $158.52 million, which is lower than the average estimate of $166.66 million, representing a year-over-year decline of -0.5% [4] - Underwriting, Capacity & Technology Solutions generated $147.27 million, exceeding the average estimate of $144.27 million, with a year-over-year increase of +13.5% [4] - Investment income was reported at $3.07 million, surpassing the estimated $2.52 million, but showing a significant year-over-year decline of -17.6% [4] - Corporate and Other revenue was reported at -$16.87 million, better than the estimated -$19.01 million, with a year-over-year change of -19.1% [4] - Commissions and fees revenue reached $362.32 million, slightly above the average estimate of $360.98 million, reflecting a year-over-year increase of +8.1% [4] - Mainstreet Insurance Solutions generated $76.48 million, exceeding the average estimate of $74.53 million, with a year-over-year growth of +8.2% [4] Stock Performance - The Baldwin Insurance Group's shares have returned -18.9% over the past month, contrasting with the Zacks S&P 500 composite's +2.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Q3 2025 EARNINGS SUPPLEMENT November 2025 Non-GAAP financial measures This presentation includes certain financial measures (including, retained commissions and fees, organic revenue, organic revenue growth, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA margin on retained commissions and fees, adjusted net income, adjusted diluted EPS, pro forma revenue, pro forma adjusted EBITDA, pro forma adjusted EBITDA margin, and adjusted free cash flow) that are calculated and presented on the basis of meth ...

Core Insights - The Baldwin Insurance Group reported a revenue of $378.81 million for the quarter ended June 2025, reflecting an 11.5% increase year-over-year and a surprise of +1.23% over the Zacks Consensus Estimate of $374.2 million [1] - The earnings per share (EPS) for the quarter was $0.42, up from $0.34 in the same quarter last year, with an EPS surprise of +2.44% compared to the consensus estimate of $0.41 [1] Financial Performance Metrics - Organic revenue growth was reported at 11%, exceeding the average estimate of 9.8% based on four analysts [4] - Revenue from Insurance Advisory Solutions was $183.27 million, surpassing the estimated $176.75 million, representing a year-over-year increase of +9% [4] - Revenue from Underwriting, Capacity & Technology Solutions was $147.51 million, exceeding the estimated $145.7 million, with a year-over-year change of +20.4% [4] - Revenue from Mainstreet Insurance Solutions was $66.56 million, below the estimated $71.56 million, indicating a year-over-year decrease of -0.8% [4] - Revenue from Corporate and Other was reported at -$18.53 million, better than the estimated -$22.4 million, showing a year-over-year improvement of +3.9% [4] - Revenue from Commissions and fees was $376.25 million, exceeding the estimated $372.44 million, with a year-over-year increase of +11.6% [4] - Investment income was reported at $2.56 million, slightly below the estimated $2.71 million, reflecting a year-over-year decrease of -6.4% [4] Stock Performance - Shares of The Baldwin Insurance Group have returned -9.6% over the past month, contrasting with the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [3]

Financial Performance - Q2 2025 - Total revenue increased to $378811000, an 11% growth compared to Q2 2024's $339840000[7] - Retained commissions and fees reached $305225000, a 13% increase from Q2 2024's $271184000[7] - Adjusted EBITDA rose to $85512000, a 14% increase from $74888000 in Q2 2024[7] - Adjusted net income increased by 23% to $49510000, compared to $40339000 in Q2 2024[7] Financial Performance - Year-to-Date 2025 - Total revenue reached $792216000, a 10% increase compared to YTD 2024's $720207000[7] - Retained commissions and fees increased to $652807000, an 11% rise from YTD 2024's $590514000[7] - Adjusted EBITDA grew to $199307000, a 13% increase from $176574000 YTD 2024[7] - Adjusted net income increased by 19% to $126068000, compared to $106255000 YTD 2024[7] Strategic Acquisition - Westwood acquired Hippo's homebuilder distribution network on July 1, 2025[15] - The acquired network has approximately $29 million in LTM revenue[12] - The acquisition is expected to contribute ~$7 million in NTM Adjusted EBITDA[12]