Neptune Insurance (NYSE: NP) grows 2025 revenue 34% with 59.5% margin

Rhea-AI Filing Summary

Neptune Insurance Holdings reported strong growth for 2025, with revenue rising 33.7% to $159.6 million and net income up 8.2% to $37.4 million, a 23.4% margin. Adjusted EBITDA increased 31.8% to $95.0 million, delivering a 59.5% margin.

Fourth quarter revenue grew 38.9% to $43.8 million, while net income fell to $4.3 million, down 62.6%, reflecting $4.6 million of IPO-related expenses and elevated non-cash share-based compensation. Q4 Adjusted EBITDA rose 34.3% to $25.9 million, and adjusted net income was $15.3 million.

Written premium grew 34% for the year to $367.3 million, premium in force reached $370.2 million, and policies in force rose 27% to 280,000. The company posted a Rule of 40 score of 93, with revenue per employee of $2.7 million and Adjusted EBITDA per employee of $1.6 million, highlighting its AI-driven, asset-light MGA model.

Positive

• Strong top-line and profitability growth: 2025 revenue rose 33.7% to $159.6 million, net income increased 8.2% to $37.4 million, and Adjusted EBITDA grew 31.8% to $95.0 million with a 59.5% margin, supported by 34% written premium growth and robust efficiency metrics.

Negative

• IPO and equity-comp costs pressured GAAP earnings: Q4 2025 net income fell 62.6% to $4.3 million as IPO-related expenses and a sharp increase in share-based compensation materially reduced reported profitability versus the prior-year quarter.

Insights

Equity research analyst

High-growth, high-margin MGA showing strong scale, with IPO costs pressuring GAAP profit.

Neptune Insurance delivered 2025 revenue of $159.6 million, up 33.7%, and Adjusted EBITDA of $95.0 million, up 31.8% at a 59.5% margin. Written premium grew 34% to $367.3 million, underscoring strong demand and capacity support for its flood-focused MGA platform.

GAAP net income grew modestly 8.2% to $37.4 million, but Q4 net income dropped 62.6% to $4.3 million as IPO-related costs and a surge in share-based compensation hit reported margins. Adjusted net income, which excludes these items, rose 37.6% to $56.9 million.

Efficiency metrics were notable, with revenue per employee at $2.7 million and Adjusted EBITDA per employee at $1.6 million for 2025. The company ended the year with a $260 million revolving credit facility, $240 million drawn, and operating cash flow of $49.8 million for the year. Subsequent filings may provide more detail on how leverage and stock-based compensation trends evolve post-IPO.

false000206712900020671292026-02-182026-02-18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 18, 2026

NEPTUNE INSURANCE HOLDINGS INC.

(Exact name of registrant as specified in its charter)

Delaware

001-42878

33-4189588

(State or other jurisdiction  of incorporation)

(Commission File Number)

(IRS Employer Identification Number)

400 6th Street S, Suite 2

St. Petersburg, Florida 33701

(Address of principal executive offices, including Zip Code)

Registrant’s telephone number, including area code: (727) 202-4815

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common Stock, par value $0.00001 per share

NP

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition.

On February 18, 2026, Neptune Insurance Holdings Inc. (the “Company”) issued a press release and an earnings presentation announcing its financial results for the fourth quarter and full year ended December 31, 2025. A copy of the press release and the earning presentation are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K.

The information contained in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission by the Company whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
99.1						Press Release issued by Neptune Insurance Holdings Inc., dated February 18, 2026.
99.2						Earnings presentation, dated February 18, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			NEPTUNE INSURANCE HOLDINGS INC.
Date: February 18, 2026			By:			/s/ Trevor Burgess
						Trevor Burgess
						Chief Executive Officer

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Neptune Insurance Holdings Inc. Reports Fourth Quarter and Full Year 2025 Results

ST. PETERSBURG, Fla., Feb. 18, 2026 – Neptune Insurance Holdings Inc. (NYSE: NP), the parent company of Neptune Flood Incorporated, has released its financial results for the fourth quarter and full year ended December 31, 2025, by posting an update on its Investor Relations website. The earnings presentation can be viewed by clicking here or visiting investors.neptuneflood.com.

Fourth Quarter 2025 Highlights

•Revenue growth of 39% to $43.8 million 

•Net income decrease of 63% to $4.3 million, at a 10% margin, including $4.6 million of IPO-related expenses1

•Adjusted Net Income* growth of 25% to $15.3 million

•Adjusted EBITDA* growth of 34% to $25.9 million, at a 59% margin

•Written Premium* growth of 41% to $100.3 million

•Record quarterly new business sales

Full Year 2025 Highlights

•Revenue growth of 34% to $159.6 million

•Net income growth of 8% to $37.4 million, at a 23% margin, including $13.1 million of IPO-related expenses1

•Adjusted Net Income* growth of 38% to $56.9 million

•Adjusted EBITDA* growth 32% to $95.0 million, at a 60% margin

•Written Premium* growth of 34% to $367.3 million

•Revenue per Employee* growth of 15% to $2.7 million

•Adjusted EBITDA per Employee* growth of 14% to $1.6 million

•Record annual new business sales

* See discussion of Non-GAAP Financial Measures and Key Performance Indicators below

Neptune management will host a live conference call and webcast at 5:00 PM ET on Wednesday, February 18th.

When: Wednesday, February 18, 2026
Time: 5:00 p.m. Eastern Time
Dial-in Number: (800) 715-9871 or (646) 307-1963 (international)
Q4 & FY 25 Earnings Presentation: View here
Webcast: View here
Investor Relations: View here

The webcast will be archived on the company’s website following the call.

Effectiveness of Information

The targets included in our earnings presentation and the statements made during the earnings conference call, each of which is available on Neptune's investor relations website at investors.neptuneflood.com (collectively, the “Earnings Materials”), represent Neptune’s expectations and beliefs as of February 18, 2026. Although these Earnings Materials will remain available on Neptune’s website through the date of the earnings call for the fiscal year 2027, their continued availability through such date does not mean that Neptune is reaffirming or confirming their continued validity. Neptune undertakes no obligation to update any forward-looking statements, whether as a result of new information or future events, or otherwise update the targets given in this press release, the earnings presentation, or earnings conference call, except as required by law.

About Neptune Insurance Holdings, Inc.

Neptune Insurance Holdings Inc. (NYSE: NP) is the parent company of Neptune Flood Incorporated. Neptune Flood is a leading, data-driven managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary flood and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and

1 $4.1 million of non-cash expense during the period is associated with a one-time accelerated vesting of Time-Vested and Performance-Vested employee stock options upon consummation of our IPO

1

advanced data science, Neptune delivers fast, accurate, and accessible coverage for residential and commercial properties across the United States. The Company operates without human underwriters, using Triton®, its cutting-edge platform to streamline underwriting, pricing, and policy issuance.

Non-GAAP Financial Measures and Key Performance Indicators

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Diluted Earnings per Share. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures.

We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. See “Reconciliation of Non-GAAP Financial Measures” in our earnings presentation for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

Adjusted EBITDA is a non-GAAP financial measure derived from net income (the most directly comparable GAAP measure) adjusted to exclude interest expense (net of interest income), loss on extinguishment of debt, income taxes, amortization expense, share-based compensation, corporate transaction related expenses, and other one-time expenses. By removing these expenses, we believe Adjusted EBITDA provides a clearer representation of operating performance.

Adjusted EBITDA Margin is a non-GAAP financial measure derived from Adjusted EBITDA divided by revenue. We believe that Adjusted EBITDA margin is a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful and also because it provides a period-to-period comparison of our operating performance.

Adjusted Net Income is a non-GAAP financial measure derived from net income (the most directly comparable GAAP measure), adjusted to exclude loss on extinguishment of debt, amortization expense, share-based compensation, corporate transaction related expenses, and other one-time expenses, and the related tax effect of those adjustments. By removing these expenses, we believe Adjusted net income provides a clearer representation of operating performance.

Additionally, we discuss certain key performance indicators, described below, which provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance.

Written Premium is a key performance indicator defined as the total premium we placed with insurance programs during a reporting period, less “return premiums” refunded to policyholders due to cancellations, endorsement of policies, or otherwise. We believe written premium is an appropriate measure of operating performance because it is the primary driver of our commission revenue.

Revenue per Employee is a key performance indicator defined as revenue for the trailing four quarters, determined in accordance with GAAP, divided by the average number of our employees for the trailing four quarters. We monitor this as a metric of scaling growth and believe it to be a leading indicator of sustained profitability and efficiency.

Adjusted EBITDA per Employee is a key performance indicator defined as Adjusted EBITDA, a non-GAAP financial measure (defined above) for the trailing four quarters divided by the average number of our employees for the trailing four quarters. We monitor this as a metric of scaling growth and believe it to be a leading indicator of sustained profitability and efficiency.

Safe Harbor Statement

This press release, our earnings presentation, and the earnings conference call contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this release, are forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “outlook,” “predicts,” “potential,” or “continue,” the negative of these terms, and other comparable terminology. These

2

forward-looking statements, which are subject to risks, uncertainties, and assumptions about us, include, among others, projections of our future financial performance, our anticipated growth and business strategies, anticipated trends in our business, capital allocation plans, technology initiatives, and other future events or development. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance, or achievements expressed or implied by the forward-looking statements, including those factors discussed under the captions entitled “Risk factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, once filed, and the other documents that the Company files with the U.S. Securities and Exchange Commission, which are available free of charge on the SEC's website at: www.sec.gov and on Neptune’s investor relations website at investors.neptuneflood.com.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by law.

Press Contact

press@neptuneflood.com

Investor Relations Contact

investors@neptuneflood.com

3

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA and Adjusted EBITDA margin

Below is a reconciliation of Adjusted EBITDA to net income (the most directly comparable GAAP measure), as well as our Adjusted EBITDA margin to net income margin (the most directly comparable GAAP measure), for the three months and full year ended December 31, 2025 and 2024:

						Years Ended December 31,
($ in thousands)						2025						2024						Change %/pp
Total revenues						$	159,551					$	119,299					33.7%
Net income						$	37,413					$	34,592					8.2%
Interest expense (net of interest income)						17,320						16,640
Income tax expense						16,222						11,788
Loss on extinguishment of debt						—						5,426
Amortization expense						3,713						3,027
Share-based compensation						11,420						296
Corporate transaction related(1)						8,913						100
One-time expenses(2)						—						230
Adjusted EBITDA						$	95,001					$	72,099					31.8%
Net income margin(3)						23.4%						29.0%						(5.6)
Adjusted EBITDA margin(3)						59.5%						60.4%						(0.9)

						Three Months Ended December 31,
($ in thousands)						2025						2024						Change %/pp
Total revenues						$	43,767					$	31,503					38.9%
Net income						$	4,343					$	11,612					(62.6%)
Interest expense (net of interest income)						4,230						2,916
Income tax expense						4,765						3,862
Amortization expense						979						820
Share-based compensation						11,121						79
Corporate transaction related (1)						473						—
Adjusted EBITDA						$	25,911					$	19,289					34.3%
Net income margin(3)						9.9%						36.9%						(27.0)
Adjusted EBITDA margin(3)						59.2%						61.2%						(2.0)

(1) Corporate transaction expenses during the three month and full year ended December 31, 2025, were comprised of accounting and legal fees and other expenses related to the preparation for and execution of our IPO. Corporate transaction expenses during the three month and full year ended December 31, 2024, were related to an administrative fee incurred in connection with the refinancing and extinguishment of our prior credit facility.

(2) One-time expenses during the year ended December 31, 2024, were entirely related to the corporate rebrand that was completed in that period.

(3) Year-over-year changes in percentages are reported in percentage points (pp).

						Years Ended December 31,												Change
($ in thousands)						2025						2024						Amount						Change %/pp
Average number of employees						60						52						8						15.8%
Total revenues						$	159,551					$	119,299					$	40,252					33.7%
Revenue per employee						$	2,659					$	2,303					$	356					15.5%
Adjusted EBITDA						$	95,001					$	72,099					$	22,902					31.8%
Adjusted EBITDA per employee						$	1,583					$	1,392					$	191					13.7%
Adjusted EBITDA margin						59.5%						60.4%						(0.9)			pp			(0.9)

4

Adjusted Net Income and Adjusted Earnings (Basic and Diluted) Per Share

The table below presents a reconciliation of Adjusted net income to net income (the most directly comparable GAAP measure), as well as our Adjusted earnings (basic and diluted) per share to basic earnings (loss) and diluted earnings (loss) per share of common stock, respectively (the most directly comparable GAAP measure), for each of the three months and full years ended December 31, 2025 and 2024.

						Years Ended December 31,
($ in thousands)						2025						2024						Change %
Adjusted diluted and basic earnings per share
Net income						$	37,413					$	34,592					8.2%
Income tax expense						16,222						11,788
Loss on extinguishment of debt						—						5,426
Amortization expense						3,713						3,027
Share-based compensation						11,420						296
Corporate transaction related						8,913						100
One-time expenses (1)						—						230
Adjusted Income before income tax expense						$	77,681					$	55,459					40.1%
Adjusted income taxes (2)						$	(20,749)					$	(14,096)
Adjusted net income						$	56,932					$	41,363					37.6%
Weighted average Common Stock outstanding - Basic						104,502,838						93,350,000
Plus: Impact of conversion of redeemable, convertible preferred stock (3)						31,330,328						41,850,000
Adjusted Weighted average Common Stock outstanding - Basic						135,833,166						135,200,000
Basic earnings (loss) per share						$	(0.26)					$	0.16
Effect of conversion of redeemable,convertible preferred stock and net loss attributable to preferred stock holders (4)						0.66						0.18
Other adjustments to earnings (loss) per share (5)						0.18						0.07
Adjusted income taxes per share						(0.15)						(0.10)
Adjusted basic earnings per share						$	0.42					$	0.31					35.5%
Weighted average Common Stock outstanding - Diluted						104,502,838						93,350,000
Plus: Impact of dilutive RSUs and stock options (6)						4,208,597						—
Plus: Impact of conversion of redeemable, convertible preferred stock (2)						31,330,328						41,850,000
Adjusted weighted average Common Stock outstanding - Diluted						140,041,763						135,200,000
Diluted earnings (loss) per share						$	(0.26)					$	0.16
Effect of conversion of redeemable,convertible preferred stock (4)						0.65						0.18
Other adjustments to earnings (loss) per share (5)						0.17						0.07
Adjusted income taxes per share						(0.15)						(0.10)
Adjusted diluted earnings per share						$	0.41					$	0.31					32.3%

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						Three Months Ended December 31,
($ in thousands)						2025						2024						Change %
Adjusted diluted and basic earnings per share
Net income						$	4,343					$	11,612					(62.6%)
Income tax expense						4,765						3,862
Amortization expense						979						820
Share-based compensation						11,121						79
Corporate transaction related						473						—
Adjusted Income before income tax expense						21,681						16,373						32.4%
Adjusted income taxes (2)						$	(6,346)					$	(4,087)
Adjusted net income						$	15,335					$	12,286					24.8%
Weighted average Common Stock outstanding - Basic						138,069,793						93,350,000
Plus: Impact of conversion of redeemable, convertible preferred stock (3)						454,891						41,850,000
Adjusted Weighted average Common Stock outstanding - Basic						138,524,684						135,200,000
Basic earnings (loss) per share						$	0.03					$	0.06
Effect of conversion of redeemable,convertible preferred stock and net loss attributable to preferred stock holders (4)						0.04						0.05
Other adjustments to earnings (loss) per share (5)						0.09						0.01
Adjusted income taxes per share						(0.05)						(0.03)
Adjusted basic earnings per share						$	0.11					$	0.09					22.2%
Weighted average Common Stock outstanding - Diluted						147,676,485						93,350,000
Plus: Impact of conversion of redeemable, convertible preferred stock (2)						454,891						41,850,000
Adjusted weighted average Common Stock outstanding - Diluted						148,131,376						135,200,000
Diluted earnings (loss) per share						$	0.03					$	0.06
Effect of conversion of redeemable,convertible preferred stock (4)						0.03						0.05
Other adjustments to earnings (loss) per share (5)						0.08						0.01
Adjusted income taxes per share						(0.04)						(0.03)
Adjusted diluted earnings per share						$	0.10					$	0.09					11.1%

(1) One-time expenses during the year ended December 31, 2024, were entirely related to the corporate rebrand that was completed in that period.

(2) This represents the tax impact using the applicable effective tax rate for each respective period presented, excluding items that are non-deductible/non-taxable or subject to a specific tax treatment.

(3) Assumes the conversion of all shares of Redeemable Convertible Preferred Stock into an equivalent number of shares of common stock.

(4) For comparability purposes, this calculation reflects net income that would be distributable to holders of common stock, assuming all redeemable preferred shares had been converted and therefore no longer impacted the numerator. For the year ended December 31, 2025, $10.4 million of accretion adjustments and $54.2 million of cash dividends paid on redeemable preferred stock were added back, totaling $64.6 million. For the year ended December 31, 2024, $13.3 million of accretion and $6.6 million of allocations to participating preferred stock were added back, totaling $19.9 million. These adjustments were divided by the weighted-average shares outstanding for the year ended December 31, 2025 and December 31, 2024 to calculate Adjusted earnings (basic and diluted) per share.

(5) Other adjustments to earnings (loss) represent loss on extinguishment of debt, amortization expense, share-based compensation, corporate transaction related expenses, and one-time expenses.

(6) Represents the impact of 3,531,938 stock options and 676,659 RSUs that were considered anti-dilutive in the GAAP diluted weighted-average common stock outstanding calculation but are included for purposes of Adjusted diluted earnings per share, for the year ended December 31, 2025.

6

Q4 and FY 2025 Update

Overview Financial Summary Technology Capacity Distribution Photos Financial Statements Additional Information

HIGHLIGHTS Q4 2025 2025 SUMMARY Profitability Revenue (millions) $ 43.8 $ 159.6 2025 marked a pivotal year for Neptune as we completed our transition to a public company and demonstrated the durability and scalability of our AI-driven operating model. Neptune was built from inception as a technology-first, API-enabled insurance platform. We believe our proprietary flood datasets, machine learning underwriting models, and fully digital transaction infrastructure position us to lead the continued digitization of catastrophe insurance. As artificial intelligence reshapes distribution and underwriting workflows across the industry, we expect Neptune to have a significant structural advantage. Our performance in 2025 reflected the strength of our model. We delivered strong revenue growth while maintaining robust margins, reinforcing our anticipated ability to generate long- term shareholder value. Execution across technology, capacity, and distribution drove record written premium, strong policy and premium retention, and meaningful operating leverage. Our underwriting performance continued to attract additional high-quality capacity partners, expanding and diversifying our panel while improving average commission economics. Importantly, Neptune operates as an asset-light MGA and takes no balance sheet insurance risk. By combining proprietary data, disciplined underwriting, and scalable technology infrastructure, we believe we will continue to grow profitably while maintaining operational flexibility. During periods of market disruption, including the federal government shutdown late in the year, Neptune remained fully operational and scalable. We believe this consistency further strengthened our relationships with agents, homeowners, and capacity providers. As we enter 2026, we do so with: • A growing and diversified capacity panel; • A compounding proprietary data advantage; • Flexible distribution infrastructure; and • A proven, high-margin operating model We believe these foundations create a durable competitive moat and position Neptune to lead in an increasingly AI-enabled insurance landscape. Net Income (millions) $ 4.3 $ 37.4 Adjusted Net Income (millions) $ 15.3 $ 56.9 Adjusted EBITDA (millions) $ 25.9 $ 95.0 Efficiency Revenue per Employee (millions) - $2.7, up 15% Adjusted EBITDA per Employee (millions) - $1.6, up 14% Adjusted EBITDA Margin 59.2 % 59.5 % Growth Revenue Growth 38.9 % 33.7 % Net Income Growth (1) (63) % 8.2 % Adjusted Net Income Growth 24.8 % 37.6 % Adjusted EBITDA Growth 34.3 % 31.8 % Execution Written Premium (millions) $100.3, up 41% $367.3, up 34% Premium in Force (period end, millions) - $370.2, up 33% Policies in Force (period end, thousands) - 280.2, up 27% Rule of 40(2) - 93 (1) Q4 2025 results include $7.0 million of non-cash RSU expense, $4.1 million of non-cash expense from one-time accelerated employee stock option vesting upon IPO completion, and $0.5 million of IPO transaction costs. FY 2025 results include $7.0 million of non-cash RSU expense, $4.1 million of non-cash accelerated vesting expense, and $8.9 million of IPO transaction costs. (2) Rule of 40 is calculated as the sum of year-over-year revenue growth and Adjusted EBITDA margin for the applicable period. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue. Adjusted EBITDA is a non-GAAP financial measure. See reconciliation to the most directly comparable GAAP measure elsewhere in this presentation.

KEY METRICS EVENTS IMPACTING 4TH QUARTER Revenue Total quarterly revenue increased 38.9% YoY to $43.8 million; revenue was impacted by the following items: + larger renewal portfolio + increase in primary flood sales due to 43-day government shutdown + increase in flood sales due to agent promotions during Q3 and Q4 - decrease in flood sales due to lack of hurricane activity - decrease in excess flood sales due to government shutdown Profitability Total quarterly adjusted EBITDA increased 34.3% YoY to $25.9 million at a 59.2% margin; AEBITDA was impacted by the following items: + operating leverage - increase in employee compensation and benefits associated with additional employees, including employees hired to aid in public company reporting - increase in commission expense as a percentage of written premium due to agent sales promotions in conjunction with government shutdown 4

FINANCIAL SUMMARY ($ in thousands) Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 YoY (Q4’25 vs Q4’24) Commission income $ 24,137 $ 22,707 $ 32,062 $ 33,916 $ 33,318 38.0 % Fee income 7,366 6,646 10,004 10,449 10,449 41.9 % Total revenues $ 31,503 $ 29,353 $ 42,066 $ 44,365 $ 43,767 38.9 % Agent commissions $ 9,146 $ 8,940 $ 12,736 $ 13,840 $ 13,549 48.1 % Employee compensation and benefits 971 1,321 1,424 1,662 1,055 8.7 % General and administrative 2,097 1,976 2,657 2,138 3,252 55.1 % Share-based compensation 79 84 104 111 11,121 NM IPO transaction costs — 531 2,943 4,966 473 NM Amortization expense 820 874 912 948 979 19.4 % Total operating expenses $ 13,113 $ 13,726 $ 20,776 $ 23,665 $ 30,429 132.1 % Net income $ 11,612 $ 9,939 $ 11,620 $ 11,511 $ 4,343 (62.6) % Adjusted net income $ 12,286 $ 11,044 $ 14,556 $ 15,996 $ 15,335 24.8 % Adjusted EBITDA $ 19,289 $ 17,116 $ 25,249 $ 26,725 $ 25,911 34.3 % 5 NM = Not meaningful. “NM” indicates that the period-to-period percent change is not meaningful, typically due to the magnitude of change or limited comparability between periods.

FINANCIAL SUMMARY ($ in thousands) 2023 2024 2025 YoY ('25 vs '24) Commission income $ 64,349 $ 90,098 $ 122,003 35.4 % Fee income 20,521 29,201 37,548 28.6 % Total revenues $ 84,870 $ 119,299 $ 159,551 33.7 % Agent commissions $ 26,014 $ 35,317 $ 49,065 38.9 % Employee compensation and benefits 4,106 4,456 5,462 22.6 % General and administrative 6,896 7,757 10,023 29.2 % Share-based compensation 41 296 11,420 NM IPO transaction costs — — 8,913 NM Amortization expense 2,182 3,027 3,713 22.7 % Total operating expenses $ 39,439 $ 50,853 $ 88,596 74.2 % Net income $ 17,886 $ 34,592 $ 37,413 8.2 % Adjusted net income 20,556 41,363 56,932 37.6 % Adjusted EBITDA $ 48,437 $ 72,099 $ 95,001 31.8 % 6 NM = Not meaningful. “NM” indicates that the period-to-period percent change is not meaningful, typically due to the magnitude of change or limited comparability between periods.

FINANCIAL SUMMARY M illi on s $38 $62 $85 $119 $160 Organic Revenue 2021 2022 2023 2024 2025 $0 $25 $50 $75 $100 $125 $150 $175 M illi on s $13 $18 $18 $35 $37 $19 $34 $48 $72 $95 Net Income Adjusted EBITDA 2021 2022 2023 2024 2025 $— $20 $40 $60 $80 $100 149 117 99 101 93 Rule of 40 2021 2022 2023 2024 2025 0 25 50 75 100 125 150 51 55 57 60 60 Adjusted EBITDA Margin % 98 62 42 41 34 YoY Organic Revenue Growth % 7

FINANCIAL SUMMARY 34 37 45 52 60 Average Number of Employees 2021 2022 2023 2024 2025 0 10 20 30 40 50 60 70 M illi on s $1.1 $1.7 $1.9 $2.3 $2.7 Revenue per Employee 2021 2022 2023 2024 2025 $— $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 M illi on s $0.6 $0.9 $1.1 $1.4 $1.6 Adjusted EBITDA per Employee 2021 2022 2023 2024 2025 $— $0.3 $0.5 $0.8 $1.0 $1.3 $1.5 $1.8 8

USE OF CASH In November, we refinanced our outstanding term loans into a $260 million revolving credit facility, with $240 million outstanding at year end 2025. The transition to a revolving credit facility removes mandatory repayments and provides greater flexibility in capital management. Operating cash flow for the twelve months ended December 31, 2025, was $49.8 million, compared to $49.9 million for the prior year. Operating cash flow was reduced as a result of $8.4 million in IPO related expenses that were reimbursed as contributed capital. 4.3 1.9 3.9 1.8 2.5 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4 5 2021 2022 2023 2024 2025 Total Net Leverage Ratio 9

Operations

TECHNOLOGY Technology continued to drive efficiency and scalability across our business in 2025. During the year, we released more than 78 production versions of the Triton platform, including a full rewrite of our core pricing and risk selection algorithms. The Triton system scaled seamlessly throughout the year, processing approximately 6 million quotes and supporting 34.1% written premium growth to $367 million. Machine learning models deployed across underwriting, sales, and retention continued to deliver measurable performance improvements. In 2025, these models contributed to a 180-basis point increase in policy retention to 86.1% and a 100-basis point increase in revenue retention to 91.7%. Technology remains a core area of investment as we enter 2026 with continued focus on automation, model performance, and platform scalability. 162 203 256 468 546 Triton Versions 2021 2022 2023 2024 2025 0 100 200 300 400 500 600 84% 89% 90% 91% 92% Revenue Retention 2021 2022 2023 2024 2025 0% 20% 40% 60% 80% 100% M illi on s $89 $143 $202 $274 $367 Written Premium 2021 2022 2023 2024 2025 $— $100 $200 $300 $400 11

CAPACITY The number of capacity providers supporting the Neptune program increased 74% during 2025. As of year-end 2025, 40 capacity providers supported 8 programs across 9 products, providing more than $122 billion of coverage to approximately 280,200 property owners nationwide. Neptune does not take insurance risk, making value creation for our capacity partners a core tenet of our business. We believe technology, underwriting performance, and operational scale continue to support long-term alignment with our capacity panel. Average commission income as a percent of written premium increased by 35 basis points from year ended December 31, 2024, to year ended December 31, 2025, reflecting sustained value delivered to capacity providers over time. During the year, we added the Palomar capacity program and signed a new program with Somers Re in the fourth quarter, which went live in January 2026. Premium by Program 12 14 20 23 40 Capacity Providers 2021 2022 2023 2024 2025 0 10 20 30 40 50 4 6 6 6 8 Programs 2021 2022 2023 2024 2025 0 2 4 6 8 10 M illi on s $4 $— $—2021 2022 2023 2024 2025 $— $100 $200 $300 $400 12

DISTRIBUTION 2025 marked a record sales year, with both the third and fourth quarters setting new quarterly sales records. Growth was driven by continued strength in primary residential flood and the expansion of distribution partnerships. New business generated through the Palomar relationship further accelerated fourth-quarter sales. Policies associated with this program are expected to roll onto the Neptune book between October 1, 2025, and September 30, 2026. Market conditions during the fourth quarter contributed to higher agent engagement, driving growth in quotes and binds. We also launched a new individual user-based agent login system in the fourth quarter, replacing the prior agency-based login model. Within 30 days of launch, more than 30,000 agents created individual accounts, enabling more personalized engagement and future enhancements to the agent experience. M ill io ns $90 $145 $204 $278 $370 Premium in Force 2021 2022 2023 2024 2025 $— $100 $200 $300 $400 Th ou sa nd s 94 136 167 221 280 Policies in Force 2021 2022 2023 2024 2025 0 50 100 150 200 250 300 M ill io ns 9.0 14.9 20.8 26.7 32.7 Cumulative Triton Quotes 2021 2022 2023 2024 2025 0 5 10 15 20 25 30 35 13

Photos

NATIONWIDE PORTFOLIO 15

DIRECT-TO-CONSUMER FLOW 16

NEW YORK STOCK EXCHANGE 17

NEW YORK STOCK EXCHANGE 18

Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and per share data) (Unaudited) Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 YoY (Q4 '25 vs Q4 '24) Revenues: Commission income $ 24,137 $ 22,707 $ 32,062 $ 33,916 $ 33,318 38.0 % Fee income 7,366 6,646 10,004 10,449 10,449 41.9 % Total commissions and fees $ 31,503 $ 29,353 $ 42,066 $ 44,365 $ 43,767 38.9 % Operating expenses: Agent commissions $ 9,146 $ 8,940 $ 12,736 $ 13,840 $ 13,549 48.1 % Employee compensation and benefits 971 1,321 1,424 1,662 1,055 8.7 % General and administrative 2,097 1,976 2,657 2,138 3,252 55.1 % Share-based compensation expense 79 84 104 111 11,121 NM IPO transaction costs — 531 2,943 4,966 473 NM Amortization expense 820 874 912 948 979 19.4 % Total operating expenses $ 13,113 $ 13,726 $ 20,776 $ 23,665 $ 30,429 132.1 % Income from operations $ 18,390 $ 15,627 $ 21,290 $ 20,700 $ 13,338 (27.5) % Other income (expense): Interest income 201 169 247 281 226 12.4 % Interest expense (3,117) (2,401) (5,868) (5,518) (4,456) 43.0 % Income before income tax expense $ 15,474 $ 13,395 $ 15,669 $ 15,463 $ 9,108 (41.1) % Income tax expense $ 3,862 $ 3,456 $ 4,049 $ 3,952 $ 4,765 23.4 % Net income $ 11,612 $ 9,939 $ 11,620 $ 11,511 $ 4,343 (62.6) % Accretion adjustment to redeemable preferred stock $ (3,408) $ (3,381) $ (3,467) $ (3,555) $ (34) (99.0) % Allocation to participating preferred stock (2,540) — — (2,463) (14) (99.4) % Cash dividend paid on redeemable preferred stock — — (54,170) — — NM Net income available to common stockholders $ 5,664 $ 6,558 $ (46,017) $ 5,493 $ 4,295 (24.2) % 20 NM = Not meaningful. “NM” indicates that the period-to-period percent change is not meaningful, typically due to the magnitude of change or limited comparability between periods.

CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (Unaudited) 2024 2025 Assets Current assets: Cash and cash equivalents $ 7,094 $ 8,036 Fiduciary cash 20,971 32,512 Fiduciary receivable 4,096 5,375 Commissions and fees receivable 2,612 4,080 Prepaid expenses and other current assets 452 1,309 Income tax receivable — 1,150 Total current assets $ 35,225 $ 52,462 Intangible assets, net $ 476 $ 466 Internally developed software, net 5,756 6,030 Goodwill 3,793 3,793 Deferred tax assets 2,803 802 Deferred financing asset 99 1,746 Total assets $ 48,152 $ 65,299 Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Deficit Current liabilities: Accounts payable $ 7,165 $ 10,141 Commissions payable 2,528 3,788 Insurance company payables 13,257 18,946 Income tax payable 4,781 — Accrued expenses 475 977 Premium deposits 11,810 18,941 Current portion of debt 8,550 — Total current liabilities $ 48,566 $ 52,793 Debt, less current portion $ 125,101 $ — Revolving credit facility — 240,000 Total liabilities $ 173,667 $ 292,793 Redeemable, convertible preferred stock, $0.00001 par value, 5% cumulative dividend; 20,000,000 and 41,850,000 shares authorized; 0 and 41,850,000 shares issued and outstanding at December 31, 2025 and 2024, respectively (liquidation preference of $249,552 as of December 31, 2024) $ 240,473 $ — Stockholders’ deficit: Class A common stock, $0.00001 par value, 428,422,036 and 154,300,000 shares authorized; 94,718,530 and 93,350,000 shares issued and outstanding at December 31, 2025 and 2024, respectively 1,000 1,000 Class B common stock, $0.00001 par value, 51,577,964 and 0 shares authorized; 43,435,000 and 0 shares issued and outstanding at December 31, 2025, and 2024, respectively — — Accumulated deficit $ (366,326) $ (514,351) Additional paid-in capital 337 286,856 Total stockholders’ deficit $ (365,988) $ (227,494) Total liabilities, redeemable, convertible preferred stock, and stockholders’ deficit $ 48,152 $ 65,299 21

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Adjusted EBITDA and Adjusted EBITDA Margin Below is a reconciliation of Adjusted EBITDA to net income (the most directly comparable GAAP measure), as well as our Adjusted EBITDA margin to net income margin (the most directly comparable GAAP measure), for each of the three and twelve months ended December 31, 2025 and 2024. Three Months Ended December 31, Twelve Months Ended December 31, ($ in thousands) 2024 2025 Change %/PP 2024 2025 Change %/PP Total revenues $ 31,503 $ 43,767 38.9 % $ 119,299 $ 159,551 33.7 % Net income $ 11,612 $ 4,343 (62.6) % $ 34,592 $ 37,413 8.2 % Interest expense (net of interest income) $ 2,916 $ 4,230 45.1 % $ 16,640 $ 17,320 4.1 % Income tax expense $ 3,862 $ 4,765 23.4 % $ 11,788 $ 16,222 37.6 % Loss on extinguishment of debt $ — $ — NM $ 5,426 $ — (100.0) % Amortization expense $ 820 $ 979 19.4 % $ 3,027 $ 3,713 22.7 % Share-based compensation $ 79 $ 11,121 13,977.2 % $ 296 $ 11,420 NM Corporate transaction related expenses $ — $ 473 NM $ 100 $ 8,913 NM One-time Expenses $ — $ — NM $ 230 $ — (100.0) % Adjusted EBITDA $ 19,289 $ 25,911 34.3 % $ 72,099 $ 95,001 31.8 % Net income margin 36.9 % 9.9 % (27.0) 29.0 % 23.4 % (5.6) Adjusted EBITDA margin 61.2 % 59.2 % (2.0) 60.4 % 59.5 % (0.9) Twelve Months Ended December 31, ($ in thousands) 2024 2025 Change % Average number of employees 51.8 60.0 15.8 % Total revenues $ 119,299 $ 159,551 33.7 % Revenue per employee $ 2,303 $ 2,659 15.5 % Adjusted EBITDA $ 72,099 $ 95,001 31.8 % Adjusted EBITDA per employee $ 1,392 $ 1,583 13.7 % 22 NM = Not meaningful. “NM” indicates that the period-to-period percent change is not meaningful, typically due to the magnitude of change or limited comparability between periods.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Adjusted Net Income and Adjusted Earnings (Basic and Diluted) Per Share The table below presents a reconciliation of Adjusted Net Income to net income (the most directly comparable GAAP measure), as well as our Adjusted Earnings (basic and diluted) per share to basic earnings (loss) and diluted earnings (loss) per share of common stock (the most directly comparable GAAP measure), respectively, for each of the three and twelve months ended December 31, 2025 and 2024. Three Months Ended December 31, Twelve Months Ended December 31, (In thousands, except share and per share data) 2024 2025 Change % 2024 2025 Change % Net income $ 11,612 $ 4,343 (62.6) % $ 34,592 $ 37,413 8.2 % Income tax $ 3,862 $ 4,765 23.4 % $ 11,788 $ 16,222 37.6 % Loss on extinguishment of debt $ — $ — NM $ 5,426 $ — (100.0) % Amortization expense $ 820 $ 979 19.4 % $ 3,027 $ 3,713 22.7 % Share-based compensation $ 79 $ 11,121 13,977.2 % $ 296 $ 11,420 NM Corporate transaction related expenses $ — $ 473 NM $ 100 $ 8,913 NM One-time expenses (1) $ — $ — NM $ 230 $ — (100.0) % Adjusted Income before income tax expense $ 16,373 $ 21,681 32.4 % $ 55,459 $ 77,681 40.1 % Adjusted income taxes (2) $ (4,087) $ (6,346) 55.3 % $ (14,096) $ (20,749) 47.2 % Adjusted net income $ 12,286 $ 15,335 24.8 % $ 41,363 $ 56,932 37.6 % Weighted average Common Stock outstanding - Basic 93,350,000 138,069,793 47.9 % 93,350,000 104,502,838 11.9 % Plus: Impact of conversion of redeemable, convertible preferred stock (3) 41,850,000 454,891 (98.9) % 41,850,000 31,330,328 (25.1) % Adjusted Weighted average Common Stock outstanding - Basic 135,200,000 138,524,684 2.5 % 135,200,000 135,833,166 0.5 % Basic earnings (loss) per share $ 0.06 $ 0.03 (50.0) % $ 0.16 $ (0.26) (262.5) % Effect of conversion of redeemable, convertible preferred stock and net loss attributable to preferred stock holders (4) $ 0.05 $ 0.04 (20.0) % $ 0.18 $ 0.66 266.7 % Other adjustments to earnings (loss) per share (5) $ 0.01 $ 0.09 800.0 % $ 0.07 $ 0.18 157.1 % Adjusted income taxes per share $ (0.03) $ (0.05) 66.7 % $ (0.10) $ (0.15) 50.0 % Adjusted basic earnings per share $ 0.09 $ 0.11 22.2 % $ 0.31 $ 0.42 35.5 % Weighted average Common Stock outstanding - Diluted 93,350,000 147,676,485 58.2 % 93,350,000 104,502,838 11.9 % Plus: Impact of dilutive RSUs and stock options (6) — — NM — 4,208,597 NM Plus: Impact of conversion of redeemable, convertible preferred stock (2) 41,850,000 454,891 (98.9) % 41,850,000 31,330,328 (25.1) % Adjusted weighted average Common Stock outstanding - Diluted 135,200,000 148,131,376 9.6 % 135,200,000 140,041,763 3.6 % Diluted earnings (loss) per share $ 0.06 $ 0.03 (50.0) % $ 0.16 $ (0.26) (262.5) % Effect of conversion of redeemable, convertible preferred stock (4) $ 0.05 $ 0.03 (40.0) % $ 0.18 $ 0.65 261.1 % Other adjustments to earnings (loss) per share (5) $ 0.01 $ 0.08 700.0 % $ 0.07 $ 0.17 142.9 % Adjusted income taxes per share $ (0.03) $ (0.04) 33.3 % $ (0.10) $ (0.15) 50.0 % Adjusted diluted earnings per share $ 0.09 $ 0.10 11.1 % $ 0.31 $ 0.41 32.3 % (1)One-time expenses during the year ended December 31, 2024, were entirely related to the corporate rebrand that was completed in that period. (2)This represents the tax impact using the applicable effective tax rate for each respective period presented, excluding items that are non-deductible/non-taxable or subject to a specific tax treatment. (3)Assumes the conversion of all shares of Redeemable Convertible Preferred Stock into an equivalent number of shares of common stock. (4)For comparability purposes, this calculation reflects net income that would be distributable to holders of common stock assuming all redeemable preferred shares had been converted and therefore no longer impacted the numerator. Accordingly, accretion adjustments and dividends or other allocations attributable to redeemable preferred stock have been added back to net income, as applicable for each period presented. These adjustments were divided by the weighted-average shares outstanding for each respective period to calculate adjusted earnings (basic and diluted) per share. (5)Other adjustments to earnings (loss) represent loss on extinguishment of debt, amortization expense, share-based compensation, corporate transaction related expenses, and one-time expenses. (6)Represents the impact of 3,531,938 stock options and 676,659 RSUs that were considered anti-dilutive in the GAAP diluted weighted-average common stock outstanding calculation but are included for purposes of Adjusted diluted earnings per share, for the year ended December 31, 2025.

SHARES OUTSTANDING Shares Outstanding The following table presents a summary of our outstanding equity interests as of December 31, 2025. Common Shares Date Class A Common Class B Common (10x vote) Shares issued and outstanding (Total) Beginning shares outstanding 10/2/2025 91,765,000 43,435,000 135,200,000 Add: Vesting of early exercised options at IPO 10/2/2025 2,835,000 — 10/2/2025 94,600,000 43,435,000 138,035,000 Add: Options exercised during 4Q2025 various 146,615 Common Shares Outstanding as of 12/31/2025 12/31/2025 94,746,615 43,435,000 138,181,615 Options Date Exercisable Options Class A Exercisable Options Class B Total Exercisable Options Post IPO 10/2/2025 2,765,000 6,160,000 8,925,000 Less: Exercised during 4Q2025 various (146,615) — (146,615) Exercisable Options as of 12/31/2025 12/31/2025 2,618,385 6,160,000 8,778,385 Restricted Stock Units Date RSUs - Class A RSUs - Class B Total Restricted Stock Units granted as of IPO 10/2/2025 2,172,714 1,982,964 4,155,678 Add: RSUs granted during 4Q2025 12/22/2025 21,810 — 21,810 RSUs outstanding as of 12/31/2025 12/31/2025 2,194,524 1,982,964 4,177,488 Treasury Stock Method Common Shares outstanding 138,181,615 Exercisable Options - $5.80 Avg Strike Price 8,778,385 Less: Net Exercise Options - $29.31 Market Price on 12/31/2025 (1,735,636) RSUs outstanding 4,177,488 Treasury Stock Method Shares Outstanding 149,401,852 Pro Forma 2026 Dilution From RSUs Basic Shares Common Shares Outstanding as of 12/31/2025 138,181,615 Add: Vesting of RSUs granted during FY 2025 1,392,496 Less: Net settlement for tax withholding (36.0%) (501,299) Common Shares Outstanding as of 12/31/2026 139,072,812 Basic Shares Annual Dilutive impact of RSUs 0.6 % Treasury Stock Method Common Shares outstanding 138,181,615 Exercisable Options - $5.80 Avg Strike Price 8,778,385 Less: Net Exercise Options - $29.31 Market Price on 12/31/2025 (1,735,636) Granted Unvested RSUs (2/3 of total) 2,784,992 Add: Vesting of RSUs granted during FY 2025 (1/3 of total) 1,392,496 Less: Net settlement for tax withholding (36.0%) (501,299) Treasury Stock Method Shares Outstanding 148,900,553 TSM Dilutive impact of RSUs (0.3) % 24

Additional Information

ADDITIONAL INFORMATION Webcast The Company will host a conference call and webcast to discuss its financial results at 5:00 PM ET on Wednesday, February 18th. The dial-in number for the conference call is (800) 715-9871 or (646) 307-1963 (international). Please dial the number 10 minutes prior to the scheduled start time. A live webcast of the conference call will also be available here as well as on Neptune's investor relations website at investors.neptuneflood.com. A replay of the webcast will be available shortly after the event at the same website. Effectiveness of Information The information included in this earnings presentation and the statements made during the earnings conference call, each of which is available on Neptune's investor relations website at investors.neptuneflood.com (collectively, the “Earnings Materials”), represent Neptune’s expectations and beliefs as of February 18, 2026. Although these Earnings Materials will remain available on Neptune’s website through the date of the earnings call for fiscal year 2026, their continued availability through such date does not mean that Neptune is reaffirming or confirming their continued validity. Neptune undertakes no obligation to update any forward-looking statements, whether as a result of new information or future events, or otherwise update the targets given in this earnings presentation, except as required by law. Non-GAAP Financial Measures and Key Performance Indicators To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Diluted Earnings per Share. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures. Adjusted EBITDA is a non-GAAP financial measure derived from net income (the most directly comparable GAAP measure) adjusted to exclude interest expense (net of interest income), income taxes, depreciation and amortization, and further adjusted for other non-cash or non-recurring items, including share-based compensation. By removing these expenses, we believe Adjusted EBITDA provides a clearer representation of operating performance. Adjusted EBITDA Margin is a non-GAAP financial measure derived from Adjusted EBITDA divided by revenue. We believe that Adjusted EBITDA margin is a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful and also because it provides a period-to-period comparison of our operating performance. Adjusted Net Income is a non-GAAP financial measure derived from net income (the most directly comparable GAAP measure), adjusted to exclude loss on extinguishment of debt, amortization expense, share-based compensation, corporate transaction related expenses, and other one-time expenses, and the related tax effect of those adjustments. By removing these expenses, we believe Adjusted Net Income provides a clearer representation of operating performance. Adjusted Diluted Earnings per Share is Adjusted Net Income divided by diluted weighted average shares outstanding, assuming the conversion of all outstanding shares of redeemable convertible preferred stock into an equivalent number of shares of common stock, which occurred upon the consummation of our IPO. Similarly, Adjusted basic earnings per share is Adjusted Net Income divided by basic weighted average shares outstanding, also assuming the conversion of all outstanding redeemable convertible preferred stock into an equivalent number of shares of common stock, which occurred upon the consummation of our IPO. By implementing the conversion of the redeemable convertible preferred stock, we believe Adjusted earnings (basic and diluted) per share provides a clearer representation of operating performance. The most directly comparable GAAP measures are diluted earnings per share and basic earnings per share, respectively. Additionally, we discuss certain key performance indicators, described below, which provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance. Written Premium is a key performance indicator defined as the total premium we placed with insurance programs during a reporting period, less “return premiums” refunded to policyholders due to cancellations, endorsement of policies, or otherwise. We believe Written Premium is an appropriate measure of operating performance because it is the primary driver of our commission revenue. Revenue per Employee is a key performance indicator defined as revenue for the trailing four quarters, determined in accordance with GAAP, divided by the average number of our employees for the trailing four quarters. We monitor this as a metric of scaling growth and believe it to be a leading indicator of sustained profitability and efficiency. Adjusted EBITDA per Employee is a key performance indicator defined as Adjusted EBITDA, a non-GAAP metric, for the trailing four quarters divided by the average number of our employees for the trailing four quarters. We monitor this as a metric of scaling growth and believe it to be a leading indicator of sustained profitability and efficiency. Policy Retention Rate is a key performance indicator defined as the percentage of our policyholders who receive renewal offers that accept the offered renewal term. We monitor the acceptance of renewal offers as an early indicator of price elasticity. Premium Retention Rate is a key performance indicator defined as the premium associated with those accepted renewal offers, as a percentage of the total premium from expiring policies for which renewal offers were made. We monitor the acceptance of renewal offers as an early indicator of price elasticity. Revenue Retention Rate is defined as the percentage of revenue recognized on policies in a given period that is recognized under the renewal terms of those same policies in the subsequent period. We monitor this metric as a comprehensive indicator of renewal performance and the long-term stability of our revenue base, as it reflects the combined effect of policy retention, premium changes, and policy fee income. 26

ADDITIONAL INFORMATION Safe Harbor Statement This earnings presentation and the earnings conference call contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this presentation, are forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “outlook,” “predicts,” “potential,” or “continue,” the negative of these terms, and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties, and assumptions about us, include, among others, projections of our future financial performance, our anticipated growth and business strategies, anticipated trends in our business, capital allocation plans, technology initiatives, and other future events or development. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance, or achievements expressed or implied by the forward-looking statements, including those factors discussed under the captions entitled “Risk factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, once filed, and the other documents that the Company files with the U.S. Securities and Exchange Commission, which are available free of charge on the SEC's website at: www.sec.gov and on Neptune’s investor relations website at investors.neptuneflood.com. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by law. 27

FAQ

How did Neptune Insurance Holdings Inc. (NP) perform financially in 2025?

Neptune delivered strong 2025 growth, with revenue up 33.7% to $159.6 million and net income up 8.2% to $37.4 million. Adjusted EBITDA reached $95.0 million, a 59.5% margin, reflecting the scalability of its asset-light, AI-driven managing general agent model.

What were Neptune Insurance’s key fourth quarter 2025 results?

In Q4 2025, Neptune generated revenue of $43.8 million, up 38.9% year over year. Net income declined to $4.3 million, down 62.6%, mainly due to IPO-related expenses and higher share-based compensation, while Adjusted EBITDA increased 34.3% to $25.9 million at a 59.2% margin.

How fast is Neptune Insurance’s written premium and policy base growing?

For 2025, written premium grew 34% to $367.3 million, and premium in force reached $370.2 million, up 33%. Policies in force climbed 27% to about 280,000, highlighting continued expansion across Neptune’s flood-focused insurance programs and distribution channels.

What profitability and efficiency metrics did Neptune Insurance report for 2025?

Neptune reported a 2025 net income margin of 23.4% and Adjusted EBITDA margin of 59.5%. Revenue per employee was $2.7 million and Adjusted EBITDA per employee was $1.6 million, indicating significant operating leverage from its technology-driven, asset-light business model.

How did IPO-related costs impact Neptune Insurance’s 2025 results?

Neptune’s 2025 results included $13.1 million of IPO-related expenses and higher share-based compensation, which weighed on GAAP net income, especially in Q4. Adjusted net income of $56.9 million and Adjusted EBITDA of $95.0 million exclude these items to highlight underlying operating performance.

What is Neptune Insurance’s leverage and cash flow position at year-end 2025?

In November 2025, Neptune refinanced term loans into a $260 million revolving credit facility, with $240 million outstanding at year end. Operating cash flow for the twelve months ended December 31, 2025, was $49.8 million, roughly in line with the prior year’s $49.9 million.

What Rule of 40 score did Neptune Insurance report for 2025?

Neptune reported a 2025 Rule of 40 score of 93, calculated as the sum of year-over-year revenue growth and Adjusted EBITDA margin. This reflects 33.7% revenue growth combined with a 59.5% Adjusted EBITDA margin, emphasizing both rapid expansion and strong profitability.

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