Kestrel Group (KG) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 saw strong growth in Program Services, with net fee income up 94.5% sequentially and premium produced up 79.2% from Q3 2025.

• Full year 2025 net income was $46.7 million, or $8.08 per diluted share, despite a Q4 net loss of $17.8 million due to significant non-recurring charges.

• Integration of Maiden Holdings continued, with ongoing restructuring and legal costs impacting results.

Financial highlights

• Q4 2025 total revenues were $10.2 million; full year revenues reached $34.0 million.

• Q4 net loss from continuing operations was $16.4 million, or $2.12 per diluted share; full year net income was $46.7 million.

• Book value per common share as of December 31, 2025, was $16.57.

• Non-GAAP operating loss for Q4 was $8.2 million, reflecting non-recurring items.

• Total assets at year-end were $1.0 billion; shareholders’ equity was $128.3 million.

Outlook and guidance

• Management is focused on expanding fee-based business and deploying underwriting capacity selectively to optimize returns.

• Continued efforts to integrate Maiden Holdings and pursue growth in a competitive market.