Ryan Specialty Group (RYAN) investor relations material

Executive summary

• Total revenue for Q2 2026 grew 7.2% to $917 million, with organic revenue growth of 6.7% and strong client retention; modest M&A contributions noted.

• Adjusted EBITDA/EBITDAC increased 6% to $327 million, with adjusted EPS up 12.1% to $0.74.

• $284.5 million was returned to shareholders via $260 million in share repurchases and $24.5 million in dividends/distributions; buyback authorization expanded by $300 million.

• Leadership highlighted resilience amid industry headwinds, strong execution, and continued innovation in specialty insurance services.

Financial highlights

• Adjusted EBITDA/EBITDAC margin was 35.7%, declining 40 basis points year-over-year.

• For the first half of 2026, organic revenue grew 8.9%, adjusted EBITDA 9.8%, and adjusted EPS 16.2%.

• Net income declined 13.1% year-over-year to $108.4 million, mainly due to higher operating and tax expenses.

• Compensation and benefits expense ratio was 58.0%, with adjusted ratio at 54.0%; general and administrative expense ratio was 12.9%, adjusted to 10.3%.

• Net income margin was 11.8%; adjusted net income margin reached 21.7%.

Outlook and guidance

• Organic revenue growth for 2026 is guided to the higher end of mid-single digits.

• Full-year adjusted EBITDA/EBITDAC margin expected to decline by 50–100 basis points year-over-year.

• Guidance reflects continued property pricing declines, heightened competition, and moderate decline in the property book.

• No meaningful M&A expected to close in 2026; focus shifts to 2027 for potential acquisitions.