NMI (NMIH) investor relations material

Executive summary

• Q3 revenue was $187.6M, up 5% YoY; net income was $93.5M and adjusted net income was $93.7M, both $1.23 per diluted share.

• Primary insurance-in-force reached a record $229.7B; Q3 new insurance written was $13.6B, supporting more than 53,000 borrowers.

• Management cited credit performance, portfolio growth, disciplined expense and capital management, and risk transfer as supports for through-cycle growth and returns.

Financial highlights

• Net premiums earned were $155.5M, up 3% YoY; net investment income was $32.2M, up 20% YoY.

• Claims and claim expenses were $29.1M versus $18.6M YoY and $13.1M QoQ; underwriting and operating expenses were $30.8M versus $29.2M YoY.

• Adjusted net income was $93.7M versus $95.7M YoY and $106.0M QoQ; adjusted diluted EPS was $1.23 versus $1.21 YoY and $1.38 QoQ.

• For 9M 2026, revenue was $558.9M and net income was $298.6M, versus $525.7M and $294.7M in 9M 2025; adjusted net income was $299.2M.

• Total assets were $4.00B and shareholders’ equity was $2.70B at September 30, 2026.

Outlook and guidance

• Management expects continued organic IIF growth and intends to pace share repurchases roughly in line with recent levels while balancing funding needs and distributions.

• NIW prospects beyond Q4 remain supported by long-term secular trends; near-term opportunity is influenced by affordability and interest rates.

• Management expects sufficient liquidity at holding and insurance subsidiaries over the next 12 months; Q4 employee-compensation accruals typically rise in years of strong performance.

• VantageScore 4.0 loan volume is expected to grow as lenders adopt the framework; these loans were less than 1% of IIF at September 30, 2026.