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Hagerty (HGTY) investor relations material
Hagerty Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Total revenue grew 18% year-over-year to $380 million in Q3 2025 and $1.07 billion for the first nine months, driven by new business, strong retention, and marketplace expansion.
Net income for Q3 2025 rose 143% year-over-year to $46.2 million; year-to-date net income up 73% to $120.7 million.
Adjusted EBITDA for Q3 2025 increased 106% to $49.7 million; year-to-date Adjusted EBITDA up 46% to $153.1 million.
Strategic partnerships expanded, including a new agreement with Liberty Mutual and a proposed fronting arrangement with Markel to assume 100% of premium and risk in 2026.
Launched Enthusiast+, a new insurance product for modern vehicles, with a phased national rollout planned.
Financial highlights
Q3 2025 written premium increased 16% year-over-year to $334 million; year-to-date written premium up 13% to $934.4 million.
Q3 2025 commission and fee revenue rose 18% to $137.1 million; year-to-date up 14% to $380.7 million.
Q3 2025 membership, marketplace, and other revenue up 34% to $55.9 million; year-to-date up 54% to $153.4 million.
Q3 2025 interest income was $11 million; interest expense was $2 million.
Ended Q3 2025 with $160.4 million in unrestricted cash and $178 million in total debt.
Outlook and guidance
Full-year 2025 revenue growth expected at 14-15%, with net income guidance raised to $124-$129 million (up 58-65%).
Adjusted EBITDA forecast increased to $170-$176 million, up 37-41% from 2024.
Written premium growth expected at 13-14% for 2025.
2025 profit guidance incorporates $20 million in technology investments and a $10 million pre-tax impact from Southern California wildfires.
Management anticipates continued growth and margin expansion into 2026 and beyond.
Duck Creek platform: expected efficiency gains
Sustaining Marketplace revenue growth drivers?
Future tax rate post valuation allowance release?
Liberty Mutual/Safeco partnership's strategic value?
Markel fronting: key financial statement changes?
Enthusiast Plus: how does it change risk profile?
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Frequently asked questions
Hagerty Inc. is an automotive lifestyle and insurance company specializing in the niche market of classic and collectible vehicles. The company provides insurance products tailored to the needs of classic car owners, covering vintage, antique, and collectible vehicles. In addition to its insurance offerings, Hagerty engages in the broader automotive enthusiast community by organizing events, publishing automotive content, and offering membership programs through the Hagerty Drivers Club. Its services cater to car enthusiasts, collectors, and hobbyists, focusing on preserving and celebrating automotive culture. The company is headquartered in Traverse City, Michigan, and its shares are listed on the NYSE.
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