Neptune Insurance (NP) investor relations material

Executive summary

• Achieved record quarterly revenue of $55.9 million in Q2 2026, up 32.8%-33% year-over-year, with net income of $15.8 million, adjusted EBITDA of $34.5 million at a 61.7% margin, and premium in force reaching $419 million; policies in force rose to 316,000, up 29%.

• Growth was driven by expanded distribution, increased agent engagement, technology innovation, and AI-powered tools, with over 55,000 verified agent accounts and over 33,000 agent interactions in the quarter.

• Technology advancements included the launch of the Atlas+ platform, a redesigned agent portal, and machine learning integration in underwriting.

• The business model is fee-based, leveraging proprietary AI and data science for underwriting and distribution efficiency, with no balance sheet insurance risk.

Financial highlights

• Q2 2026 revenue was $55.9 million, up 32.8% year-over-year; adjusted EBITDA was $34.5 million, up 36.5%, with a margin of 61.7%; net income was $15.8 million.

• Written premium for Q2 2026 was $126.9 million, up 31.1% year-over-year; premium in force at period end was $419 million, up 31.8%.

• Policy retention rate at renewal improved to 86%, supporting compounding revenue growth.

• Revenue per employee reached $2.99-$3 million; adjusted EBITDA per employee was $1.8 million, both record highs.

• Lifetime written loss ratio dropped to 19.5%, down over 500 basis points year-over-year.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $199 million, representing 25% year-over-year growth and an adjusted EBITDA margin of 60%-61%.

• Guidance assumes a benign hurricane season and does not factor in potential FEMA policy changes.

• Management expects continued growth, supported by high renewal rates, expanding capacity provider relationships, and technology investments.

• Current liquidity and undrawn credit capacity are considered sufficient for at least the next twelve months.