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November 4, 2026 Third Quarter 2026 Financial Results
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2 Cautionary Note Regarding Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including risks related to an economic downturn or recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our most recent Annual Report on Form 10-K and other filings with the SEC, may cause our actual results to differ from those expressed in forward-looking statements. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law. Non-GAAP1 And Other Items All financial results are as of September 30, 2026, unless otherwise noted. For additional information, please see Enact’s third quarter 2026 earnings release and financial supplement posted at ir.enactmi.com. For important information regarding the use of non-GAAP and selected operating performance measures, see the Appendix. Unless otherwise noted, all references in this presentation to net income (loss), net income (loss) per share, adjusted operating income (loss) and adjusted operating income (loss) per share should be read as net income (loss) available to Enact’s common stockholders, net income (loss) available to Enact’s common stockholders per diluted share, adjusted operating income (loss) available to Enact’s common stockholders and adjusted operating income (loss) available to Enact’s common stockholders per diluted share, respectively. 1 U.S. Generally Accepted Accounting Principles
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3 Third Quarter Key Takeaways Insurance in-force was $275B, driven by NIW of $14B and continued elevated persistency of 81% Reserve release of $37M during the quarter driven by continued strong cure performance and our loss mitigation activities Robust PMIERs sufficiency of $1.8B or 158% supporting strong capital and liquidity positions Returned $151M of capital to shareholders in 3Q26; $33M through our quarterly dividend and $118M from our share buyback program; Now expect 2026 capital return to be ~$600M Enact helped ~36,300 households achieve homeownership and ~3,900 households stay in their homes Based on performance year to date, operating expense guidance, excluding reorganization costs, has been adjusted to the lower end of the $205 million to $210 million range
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About Us MISSION: We help people buy a house and keep it their home Vision: We enable the dream of homeownership through industry leading customer experience from quote to claim, best-in-class risk management, and a diverse team empowered to ACT! Drive Profitable Growth in MI Market Lead in the acquisition, management and distribution of risk while driving a strong market position in marketing and sales, and actively managing government relations Drive an Exceptional Employee Experience Transform MI Business to Maximize Value & Efficiency Generate Shareholder Value by Capitalizing On Our Core Assets and Skillsets Innovate in MI along the value chain and drive modernization of our data, technology, and security infrastructure Leverage our strong balance sheet and strengths in credit risk, underwriting and distribution channels to invest in adjacent sectors Enhance our team’s capabilities and skillsets to drive innovation and growth 4
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enactmi.com 5 Quarterly Financial Highlights $242 million Net Premiums Earned Down $2M Q/Q$14.1 Billion New Insurance Written Down 7% Q/Q$275 billion Primary Insurance in-Force Flat Q/Q $74 million Net Investment Income Up 2% Q/Q$164 million Adjusted Operating Income1 Down 7% Q/Q $159 million Net Income Down 9% Q/Q $50 million Operating Expenses Down 3% Q/Q$1.19 Diluted Adj Operating Income Per Share Down 6% Q/Q$1.15 Diluted Net Income Per Share Down 8% Q/Q 21% Expense Ratio3 Flat Q/Q12.4% Adj Operating Return on Equity2 Down 0.8 points Q/Q12.0% Return on Equity Down 1 point Q/Q $47 million Losses Incurred Up $14M Q/Q158% PMIERs Sufficiency (%)5 Down 3 points Q/Q$1.8 billion PMIERs Sufficiency ($)4 Down 4% Q/Q 20% Loss Ratio7 Up 6 points Q/Q1.6% New Delinquency Rate6 Up 0.3 points Q/Q2.8% Delinquency Rate Up 0.2 points Q/Q 1 Adjusted operating income is a non-GAAP measure. Please see appendix for a reconciliation; 2 Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity; 3 The ratio of acquisition and operating expenses, net of deferra ls, and amortization of deferred acquisition costs and intangibl es to net earned premiums; 4 Calculated as total available assets less net required assets, based on PMIERs then in effect; 5 Calculated as total available assets divided by net required assets, based on PMIERs then in effect; 6 The ratio of new delinquencies divided by total policies in-force that are not delinquent; 7 The ratio of losses incurred to net earned premiums.
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enactmi.com 6 Driving Continued Book Value Accretion Book value per share excluding AOCI 1 + cumulative dividends 1 Book value per share excluding Accumulated Other Comprehensive Income “AOCI” is a non-GAAP measure. Please see appendix for a reconciliation.
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enactmi.com 7 Market and Industry Dynamics » High quality credit portfolio and strong manufacturing quality » Increased risk-based capital standards and robust sufficiency levels » Ability to quickly adapt to market changes with granular risk-based pricing models » Enhanced credit protections from robust and diversified CRT programs » Elevated persistency caused by higher rates offsets pressure on originations » Housing market remains slow in the near-term given low affordability » At the national level, housing supply is modestly increasing off historical lows while inventories in certain geographies are at elevated levels » Consumers using mortgage insurance remain generally healthy and the resilient labor market continues to support credit performance » Long-term demand dynamics remain favorable, driven by strong First-Time Home Buyers (“FTHB”) demographics Industry well positioned to navigate a range of economic scenarios Complex market with favorable underpinnings
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enactmi.com 8 Strong & Comprehensive Risk Management 1 Metrics derived from underlying characteristics at the time the loan was originated. Borrowers without a credit score included i n the 620–679 category; credit scores from the third quarter of 2026 contain an immaterial number of loans that use Vantage Score 4.0. 2 High-risk layers defined as loans that have a single borrower, debt -to-income > 45%, cash-out refinances or investor-owned prop erties; 3 May not foot due to rounding. » Minimal number of high-risk layers within portfolio » High credit quality portfolio is driven by granular risk- based pricing and disciplined approach LTV at Origination (RIF) 1 Layered Risk (RIF) 2, 3 3Q262Q261Q264Q253Q254Q07# of High-Risk Layers2 0.5%0.5%0.5%0.5%0.5%4.6%+0LTV > 95% & Credit Score < 680 0.5%0.5%0.5%0.5%0.5%7.9%+1 0.1%0.1%0.1%0.1%0.1%2.5%+2 0.0%0.0%0.0%0.0%0.0%0.0%+3 or > 1.1%1.1%1.2%1.2%1.2%15.0%Total Credit Score at Origination (Risk in-force “RIF”) 1
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enactmi.com Mortgage Rate IIF Concentration 1, 2 9 Primary Insurance in-Force (IIF) Growth 1 May not foot due to rounding; 2 Represents percentage of IIF mortgage rates at origination. » NIW down 7% sequentially primarily from lower refinance activity » Persistency remains elevated and helps offset impact of higher mortgage rates on production NIW ($B), IIF ($B) and Persistency Rate 1 » 89% of our IIF have an interest rate less than 7%, providing support for continued elevated persistency » 6% of our IIF had mortgage ra tes at least 50 basis points above the average September prevailing market rate of 6.9%
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enactmi.com Primary Direct & Ceded Premiums 2 ($M) 10 Portfolio Premium Yield & Premiums In-Force Primary Portfolio Premium Yield 1 3Q262Q261Q264Q253Q25 38.939.139.439.639.7Base Premium Rate (bps) 0.10.20.20.20.2Single Cancellations (5.6)(5.1)(5.3)(5.1)(5.0)Ceded Premium 33.434.134.334.834.9Net Premium Rate (bps) 275273273273271Average IIF ($B) 81%80%80%80%83%Persistency » Base premium rate in line with expectations and may modestly fluctuate from quarter-to-quarter » Quarter-to-quarter fluctuations c an be driven by persistency, mix, and premium refund estimates » Net premium rate down sequen tially primarily due to an increase in ceded premiums 1 Figures may not foot due to rounding. 2 Total Net Earned Premiums are $245, $246, $243, $245 and $242 million as of 3Q25, 4Q25, 1Q26, 2Q26 and 3Q26, respectively. » Year-over-year higher ceded prem iums driven primarily from quota share reinsurance (QSR) that we began leveraging in 2023 and continued in subsequent years » QSR transactions tend to yield higher ceded premiums but with partially offsetting impacts to expenses and losses relative to excess of loss transactions
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enactmi.com 11 Strong Credit Performance 10,6614,8782,9542,2081,559Remaining Delqs 26%60%78%83%87%Cumulative Cure Rate 1 New delinquencies and cures are on an as reported basis in each quarter. Subsequent servicer reporting could result in slight ch anges to the percentage Cures includes rescissions and claim denials; 2 The ratio of new delinquencies divided by total policies in-force that are not delinquent; 3 The ratio of cures divided by prior period delinquencies. Primary New Delinquencies 1 Primary Cure Activity 1 26,08524,33024,67024,88523,382Total Delqs 2.8%2.6%2.6%2.6%2.5%Delq Rate 2 3 » New delinquencies and rate increas ed sequentially primarily from seasonality » Strong and consistent cumulative cure rates continue » Continued strong cure rates above pre-pandemic levels » Delq rate up increased sequentia lly primarily from seasonality
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enactmi.com 12 Losses Primary Delqs 24,33024,67024,88523,38222,118Beginning Balance 14,40112,29913,55913,679 12,998 New Delqs (12,104)(12,278)(13,494)(11,889)(11,481)Cures1 (542)(361)(280)(287)(253)Paid Claims 26,08524,33024,67024,885 23,382 Ending Balance Losses ($M) & Loss Ratio 1 Includes rescissions and claim denials. Highlights » Current quarter reserve release of $37 million from favorable cure performance and loss mitigation activities compares to reserve release of $37 million in the second quarter of 2026, and $45 million in the third quarter of 2025 » Losses, excluding reserve rele ases, were higher sequentially primarily from seasonally higher new delinquencies and year- over-year as newer books progressed on their expected loss development pattern partially offset by lower claim rate in current period » Paid claims volume remained low relative to pre-pandemic levels with modest impacts from non-performing loan settlements » 3Q25 (~30) , 4Q25 (~70), 3Q26 (~170) paid claims include claims relating to claims settlement on non- performing loans
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enactmi.com 13 Embedded Equity 1 Delinquent PoliciesPrimary Portfolio » Cumulative HPA and continued tight supply supporting hous ing prices support cumulative equity across our portfolio » 87% of delinquent policies and 82% of all policies have at least 10% equity 1 MTM LTVs are estimated based on amortization and house price apprec iation at the MSA level. House price appreciation is based on the FHFA Purchase-Only House Price Index. Data as of 9/30/26, based on home price appreciation through 6/30/26. May not foot due to rounding. 93% 82% 87%
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enactmi.com 14 Continued Strong Capital Return and Low Leverage $33$34$30$30$31Dividends ($M) $118$93$93$127$105Total Share Repurchases ($M) $151$127$123$157$136Total Shareholder Return ($M) GAAP Capital Position 1 ($M) Highlights 1 Equity includes accumulated other comprehensive income (loss) of $(42), $(30), $(83), $(83), and $(294) million as of 3Q25, 4Q2 5, 1Q26, 2Q26 and 3Q26, respectively. » Updated 2026 capital return to be ~$600M reflecting our continued strong performance » Final amount and form will depend on business performance, market conditions, and regulatory approvals » Returned $151M to shareholders during the quarter, consisting of $33M dividend, and share repurchases of $118M (2.4M shares; $48.19 per share avg price) » Repurchased additional $57M thru Nov 3, 2026 and ~$200M remains on $500M authorization » Board of Directors declared a quarterly dividend of $0.24 per share, payable on December 17, 2026, to common shareholders of record on November 25, 2026 » Decrease in equity primarily impacted by higher unrealized losses in our investment portfolio from increased interest rates during the quarter » Over $2.0B returned to shar eholders since IPO (Sept 2021)
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enactmi.com 15 Strong PMIERs Sufficiency 1 PMIERs calculated as available assets divided by or less than required assets as defined within PMIERs; 2 Company estimate for the current period due to timing of the preparation and filing of statutory statements. 3 May not foot due to rounding Sufficiency to PMIERs 1, 2 ($M) PMIERs Credit by CRT Instrument 3 » Operating leverage of 36% reflects successful execution of our well diversified CRT program in a complex market » Executed QSR transaction covering 2028 book year that will cede ~35% of a portion of expected NIW » Strong and consistent PMIERs sufficiency
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enactmi.com $4,600$4,571$4,535$4,498$4,457Contingency Reserve 16 Robust Statutory Capital » Robust policyholder surplus cont inues to support capital return » EMICO completed a dividend of $200M to EHI to primarily suppor t capital return to shareholders and bolster financial flexibility » Released $255M YTD of the $342M scheduled for 2026 $MYear $342 2026 $359 2027 $384 2028 $441 2029 $510 2030 $522 2031 $508 2032 $492 2033 $4602034 $4802035 $4,498Total EMICO Policyholder Surplus & Statutory Capital Scheduled Contingency Reserve Release 1 1 Contingency reserves are established by contributing at least 50% of earned premiums. Releases of contingency reserves occur wi th either an annual loss ratio greater than 35%, subject to regulatory approval, or after 10 years on a first-in, first-out basis, and are released into unassigned funds. The scheduled releases pres ented above represent full year releases.
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enactmi.com 17 Strong and Diversified Ratings » In September 2026, AM Best upgraded EMICO and EMIC – NC to A and EHI to bbb, the ratings are stable » Enact Holdings Inc. fully Investment Grade Enact Re1 Rating / Outlook EMIC-NC1 Rating / Outlook LT Debt3 Rating / Outlook EHI2 Rating / Outlook EMICO1 Rating / Outlook Date UpdatedRating Agency --Baa2 / StableBaa2 / StableA2 / StableRating Affirmed August 2026Moody’s A- / Positive-BBB-BBB- / PositiveA- / PositiveRating Affirmed October 2026S&P --BBB / StableBBB+ / StableA / StableRating Affirmed April 2026Fitch A- / StableA / Stable-bbb / StableA / StableRating Upgraded September 2026A.M. Best 1 Represents Financial Strength rating; 2 Represents Issuer Credit Rating; 3 Represents Debt Rating on our 2029 Senior Unsecured Debt
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enactmi.com 18 Highly Rated & Diversified Investment Portfolio Composition by asset class 1 Composition by rating 1, 2 1 Available-for-sale fixed maturity securities; 2 Fixed Maturity Securities, Credit Quality Nationally Recognized Statistical Rating Organizations “NRSRO” designation » Top 10 issuers comprise ~5% of portfolio » Book yield of 4.7% up 10bps versus prior quarter » 99% of portfolio is investment grade » 3Q26 unrealized gain / (loss) position of $(346)M from $(97)M at 2Q26 $5.9B Investment Portfolio and $0.5B of Cash Equivalents
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Appendix
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enactmi.com 20 Non-GAAP Measures Use of Non-GAAP Measures This communication includes the non-GAAP financial measures entitled “adjusted operating income (loss)”, “adjusted operating income (loss) per share," and “adjusted operating return on equity." Adjusted operating income (loss) per share is derived from adjusted operating income (loss). Enact Holdings, Inc. (the “Company”) defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non- operating items, and gain (loss) on the extinguishment of debt. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the company does not consider them to be related to the operating performance of the Company and other activities. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity. While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Enact Holdings, Inc.’s common stockholders or net income (loss) available to Enact Holdings, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies. Adjustments to reconcile net income (loss) available to Enact Holdings, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate.
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enactmi.com Net Income to Adj Operating Income 1Q25 2Q25 3Q25 4Q25 2025 1Q26 2Q26 3Q26 Net Income $166 $168 $163 $177 $674 $168 $175 $159 Adjustments to Net Income: Net investment (gains) losses $3 $7 $3 $3 $16 $6 $2 $6 Costs associated with reorganization $1 ($0) $0 $0 $1 $0 $1 $1 Taxes on adjustments ($1) ($2) ($1) ($1) ($4) ($1) ($1) ($1) Adjusted Operating Income $169 $174 $166 $179 $688 $172 $177 $164 Earnings (Loss) Per Share Data 1Q25 2Q25 3Q25 4Q25 2025 1Q26 2Q26 3Q26 Net Income per share Basic $1.09 $1.12 $1.11 $1.23 $4.54 $1.18 $1.25 $1.16 Diluted $1.08 $1.11 $1.10 $1.22 $4.52 $1.18 $1.25 $1.15 Adj operating income per share Basic $1.11 $1.16 $1.13 $1.24 $4.64 $1.22 $1.27 $1.20 Diluted $1.10 $1.15 $1.12 $1.23 $4.61 $1.21 $1.26 $1.19 Weighted-average common shares outstanding Basic 151,831 149,940 147,434 144,290 148,373 141,595 139,505 137,353 Diluted 152,907 150,729 148,340 145,294 149,316 142,634 140,315 138,294 Book Value Per Share Reconciliation 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Book Value Per Share $33.96 $35.20 $36.53 $37.66 $38.09 $39.06 $38.30 Impact of AOCI $1.01 $0.70 $0.29 $0.21 $0.59 $0.60 $2.17 BVPS Excluding AOCI $34.97 $35.90 $36.82 $37.87 $38.68 $39.66 $40.47 U.S. GAAP ROE to Adj Operating ROE 1Q25 2Q25 3Q25 4Q25 2025 1Q26 2Q26 3Q26 Return on Equity 13.1% 13.0% 12.4% 13.3% 13.0% 12.5% 13.0% 12.0% Adjustments to Net Income: Net investment (gains) losses 0.3% 0.6% 0.2% 0.2% 0.3% 0.4% 0.2% 0.5% Costs associated with reorganization 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1% (Gains) losses on early extinguishment of debt 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Taxes on adjustments (0.1)% (0.1)% 0.0% 0.0% (0.1)% (0.1)% (0.1)% (0.1)% Adjusted Operating ROE 13.4% 13.4% 12.6% 13.5% 13.3% 12.9% 13.2% 12.4% 21 Reconciliation of Non-GAAP Measures 1 Figures may not foot due to rounding. See Enact’s current Quarterly Financial Supplement (QFS).