Neptune Insurance (NP) investor relations material

Executive summary

• Achieved record Q1 2026 results with revenue of $37.8 million, up 29% year-over-year, driven by expanded distribution, technology innovation, and higher policy counts.

• Net income for Q1 2026 was $7.3 million, down from $9.9 million in Q1 2025, primarily due to increased share-based compensation and public company costs; adjusted net income was $13.4 million.

• Adjusted EBITDA rose 26% to $21.6 million at a 57.1% margin, reflecting operational scalability and strong profitability.

• Written premium reached $86.7 million, up 26% year-over-year, with premium in force at $389 million and policies in force up 28%.

• Launched Atlas Plus, ChatGPT integration, and Proteus, enhancing agent productivity and platform efficiency.

Financial highlights

• Q1 2026 revenue was $37.8 million, up 28.8% year-over-year; last twelve months revenue reached $168.0 million.

• Adjusted EBITDA for Q1 2026 was $21.6 million (57.1% margin), up 26% year-over-year; last twelve months Adjusted EBITDA was $99.5 million.

• Net income margin was 19.4% for Q1 2026; adjusted EBITDA per employee was $1.66 million, up 15% year-over-year.

• Commission income increased 27.9% to $29.0 million; fee income rose 31.8% to $8.8 million.

• Operating cash flow for Q1 2026 was $16.7 million, up from $14.3 million in Q1 2025.

Outlook and guidance

• Full-year 2026 revenue guidance increased to $195 million, with adjusted EBITDA margin expected between 60%-61%.

• Guidance assumes a typical hurricane season with about 1.8 landfall hurricanes.

• Management expects continued investment in technology and data science to drive efficiency and growth.

• Current liquidity and undrawn credit facility are expected to be sufficient for at least the next twelve months.

• Continued focus on profitable growth, operational efficiency, and disciplined capital allocation.