Slides
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Q4 2025 EARNINGS SUPPLEMENT FEBRUARY 2026
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BWIN | NASDAQ | Earnings Supplement 2 This presentation includes certain financial measures (including, retained commissions and fees, organic revenue, organic revenue growth, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA margin on retained commissions and fees, adjusted net income, adjusted diluted EPS, pro forma revenue, pro forma adjusted EBITDA, pro forma adjusted EBITDA margin, and adjusted free cash flow) that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“non-GAAP”). These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these non-GAAP financial measures in isolation or as substitutes for commissions and fees, net income (loss), net income (loss) attributable to Baldwin, diluted earnings (loss) per share, net cash provided by (used in) operating activities or other consolidated income statement data prepared in accordance with GAAP. Other companies in our industry may define or calculate these non-GAAP financial measures differently than we do, and accordingly, these measures may not be comparable to similarly titled measures used by other companies. The pro forma information presented herein (i) assumes our 2025 partnerships were consummated on January 1, 2025, such that our 2025 financial pro forma figures take into account adjusted EBITDA from our 2025 partnerships in the unowned period of 2025, and (ii) removes the effects of 2025 and 2024 divestitures for the respective periods as if the divestitures had occurred on January 1, 2025 and January 1, 2024, respectively. This unaudited pro forma information should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had occurred on that date, nor the results that may be obtained in the future. Pro forma adjusted EBITDA is adjusted to exclude the effects of partnerships and divestitures. We define pro forma adjusted EBITDA as pro forma net income (loss) before interest, taxes, depreciation, amortization and certain items of income and expense, including share-based compensation expense, transaction-related partnership and integration expenses, transformation costs, severance, and certain non-recurring items, including capital related expenses. Pro forma net income reflects GAAP net income (loss) adjusted to exclude the effects of partnerships and divestitures. Pro forma adjusted EBITDA margin is pro forma adjusted EBITDA divided by pro forma revenue. Pro forma revenue reflects GAAP revenue adjusted to exclude the effects of partnerships and divestitures. Pro forma adjusted EBITDA margin is a key metric used by management and our board of directors to assess our financial performance. We believe that pro forma adjusted EBITDA and pro forma adjusted EBITDA margin are useful to investors because the presentation of these measures enhances their understanding of the effect that a divested business has had on our financial performance. Please refer to the organic revenue growth reconciliation, adjusted EBITDA bridge, adjusted compensation and benefits expense, adjusted selling, operating and administrative expense, adjusted EBITDA margin on retained commissions and fees bridge, pro forma consolidated and credit adjusted EBITDA bridge, adjusted free cash flow bridge, and partnership adjusted EBITDA bridge slides throughout this presentation, in addition to our earnings release issued on February 26, 2026 and posted to our website, for reconciliations of the non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP. Note, however, that the Company is unable to reconcile forward-looking non-GAAP guidance contained in this presentation to the most comparable GAAP measures. Reconciliation of such guidance is not available without unreasonable efforts due to the high variability, complexity, and low visibility with respect to commissions and fees, net income (loss), diluted earnings (loss) per share or other consolidated income statement data prepared in accordance with GAAP for these periods. The unavailable information could have a significant impact on the non-GAAP measures. Non-GAAP Financial Measures
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BWIN | NASDAQ | Earnings Supplement 3 Table of Contents 01 Quarterly Results Financial highlights, segment performance, and key metrics 02 Partnership Scorecards Key financial performance, purchase price and value creation metrics of completed partnerships 03 Appendix GAAP reconciliations, segment detail, and supplemental data
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BWIN | NASDAQ | Earnings Supplement 4 01 Quarterly Results Financial highlights, segment performance, and key metrics
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BWIN | NASDAQ | Earnings Supplement 5 Q4 and Full Year 2025 Financial Highlights Fourth Quarter 2025 Full Year 2025 Revenue $347M +5% YoY Revenue $1,505M +8% YoY Organic Revenue Growth (1) 3% Organic Revenue Growth (1) 7% Adjusted EBITDA (1) $70M +10% YoY Adjusted EBITDA (1) $341M +9% YoY Adj. EBITDA Margin (1) 20% +91 bps YoY Adj. EBITDA Margin (1) 23% +19 bps YoY Adj. EBITDA Margin on Ret. C&F (2) 24% +45 bps YoY Adj. EBITDA Margin on Ret. C&F (2) 28% -5 bps YoY Adjusted Diluted EPS (1) $0.31 +15% YoY Adjusted Diluted EPS (1) $1.67 +11% YoY Adjusted Free Cash Flow (3) $11M +85% YoY Adjusted Free Cash Flow (3) $87M -5% YoY Net Leverage 4.1x Net Leverage 4.1x Adjusted FCF Conversion 16% (% of Adj. EBITDA) Adjusted FCF Conversion 26% (% of Adj. EBITDA) Quarterly Results (1) Organic revenue growth, adjusted EBITDA, adjusted EBITDA margin and adjusted diluted EPS are non -GAAP measures. Refer to the Appendix of this presentation and our earnings release issued on February 26, 2026 and posted on our website for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures. (2) Retained commissions and fees is total revenue minus outside commissions. This represents a non-GAAP measure used to measure efficiency of internal workforce, removing the effect of insurance products distributed by third-party distribution partners (i.e. traditional retail and wholesale agents, proprietary software management companies, builders, etc.). Adjusted EBITDA margin on retained commissions and fees is adjusted EBITDA divided by retained commissions and fees. Refer to the Appendix of this presentation and our earnings release issued on February 26, 2026 and posted on our website for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures. (3) Management calculates adjusted net cash provided by operating activities (“adjusted free cash flow”), a non -GAAP measure, because the Company holds fiduciary cash designated for our insurance company partners on behalf of our clients and incurs substant ial earnout liabilities in conjunction with its partnership strategy. Adjusted free cash flow is calculated as net cash provided by (used in) operating activities excluding the impact of: (i) the payment of contingent earnout consideration in excess of purc hase price accrual, and (ii) the payment of colleague earnout incentives. Refer to the Appendix of this presentation and our earnings re lease issued on February 26, 2026 and posted on our website for a reconciliation of these non -GAAP measures to the most directly comparable GAAP financial measures.
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BWIN | NASDAQ | Earnings Supplement 6 Segment Performance Scorecard — Q4 and Full Year 2025 Quarterly Results Insurance Advisory Solutions (IAS) Q4 2025 FY 2025 Revenue % Change YoY $158M -3% $727M +2% Organic Growth (1,2,3) (2)% 3% Adj. EBITDA (1) % Change YoY $24M -19% $168M -4% Adj. EBITDA Margin (1) YoY Delta 15% -300 bps 23% -140 bps Adj. EBITDA Margin on Ret. C&F (1) YoY Delta 15% -300 bps 23% -140 bps Underwriting, Capacity & Technology (UCTS) Q4 2025 FY 2025 $130M +11% $549M +16% 16% 21% $30M +30% $126M +35% 23% +340 bps 23% +330 bps 41% -240 bps 44% +50 bps Mainstreet Insurance Solutions (MIS) Q4 2025 FY 2025 $77M +7% $298M +6% (4)% 1% $24M +25% $90M +13% 32% +460 bps 30% +190 bps 42% +410 bps 40% +120 bps Note: Segment figures exclude eliminations and Corporate & Other. (1) Organic revenue growth, adjusted EBITDA, adjusted EBITDA margin and adjusted EBITDA on retained C&F are non -GAAP measures. Refer to the Appendix of this presentation and our earnings release issued on February 26, 2026 and posted on our website for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures. (2) The Insurance Advisory Solutions operating group (“IAS”) recorded intercompany commissions of $0.1 million and $0.4 million for Q4 and YTD 2025, respectively, which are eliminated in consolidation and excluded from the calculation of organic revenue growth. (3) The Underwriting, Capacity & Technology Solutions Operating Group (“UCTS”) recorded intercompany and pass-through commissions of $17.1 million and $71.1 million for Q4 and YTD 2025, which are eliminated in consolidation and excluded from the calculation of organic revenue growth.
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BWIN | NASDAQ | Earnings Supplement 7 FY 2025 Performance Headwinds Explained Quarterly Results Q u a n t i f y i n g N e a r- T e r m I d i o s y n c r a t i c & M a r k e t H e a d w i n d s IAS Rate & Exposure Environment (2) Headwind to IAS organic growth; a 410 bps rate-of-change swing from 2024 tailwinds. Property rate declines and shifting exposure mix drove meaningful revenue compression. We expect the severe rate of change to subside through the first half of 2026, normalizing into a neutral impact for the back half of the year. IAS Revenue Recognition Change Procedural change to revenue estimate true-up process deferred approximately $10M revenue and $7.5M EBITDA from 2H 2025 into 2026. Headwind persists through first half of 2026, then reverses to tailwind in 2H 2026. QBE Builder Book Transition Top and bottom-line headwind at MIS related to 5% reduction in commission that went effective 5/1/25 and transition of policies from QBE to BRIE. Year-over-year headwind from commission reduction to subside in 2Q and expect uplift from AIF economics over time as business transitions to BRIE. Medicare Market Disruption Medicare operation (~$55M rev) impacted by drastic plan changes and market exits from major providers. Record new enrollments (+50%) offset by elevated renewal churn. Expect stabilization in 2026 from increased government funding levels in 2026. -410 bps -70 bps -120 bps -70 bps Normalized Full Year Performance Reported Organic Revenue Growth (1) 7.3% Normalized (Excl. One-Time Impacts) 9.9% Core C&F Organic (FY) 7.8% Adj. EPS Growth 11.3% -1,530 bps -100 bps -130 bps -100 bps FY25Q4 ‘25 (1) Organic growth, adjusted EBITDA and adjusted diluted EPS are non -GAAP measures. Refer to the Appendix in this presentation and our earnings release issued on February 26, 2026 and posted on our website for a reconciliation of these non -GAAP measures to the most directly comparable GAAP financial measures. (2) Included in the calculation of reported organic revenue growth, as opposed to the bridge from reported to normalized organic growth
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BWIN | NASDAQ | Earnings Supplement 8 Organic Revenue Growth Decomposition — Q4 and Full Year 2025 Q4 2025 Full Year 2025 Q4 2025 Organic Growth (1) Waterfall 5% (3)% 3% 6%3% Core C&F Organic Revenue Growth Contingents Total Organic Revenue Growth One-time Items Normalized Organic Revenue Growth FY 2025 Organic Growth (1) Waterfall Quarterly Results Note: One-time Items reflect impact of accounting procedural change to timing of revenue recognition, transition of QBE book to BRIE and impact of Medicare business. (1) Organic revenue growth is a non-GAAP measure. Refer to the Appendix in this presentation and our earnings release issued on February 26, 2026 and posted on our website for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures. 8% (1)% 7% 10%3% Core C&F Organic Revenue Growth Contingents Total Organic Revenue Growth One-time Items Normalized Organic Revenue Growth Impact of procedural accounting change at IAS (100bps), QBE commission headwind at MIS (130 bps) and Medicare business (100 bps) Impact of procedural accounting change at IAS (70bps), QBE commission headwind at MIS (120 bps) and Medicare business (70 bps)
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BWIN | NASDAQ | Earnings Supplement 9 Net Leverage Trend Meaningful de-levering progress while continuing to invest in the business to support future growth 5.7x 4.5x 4.4x 4.2x 4.1x 4.2x 4.2x 4.1x 4.1x Q2'22 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25E Quarterly Results ($M) Cash Earn-Out Payments $37 $21 $10 $1 $2 $90 $25 $1 $1 Cash Paid for Partnerships $377 $0 $0 $0 $0 $0 $12 $74 $0 Cash Interest Payments $12 $28 $27 $19 $38 $14 $41 $22 $39 Cash One-Time Expenses (2) $9 $5 $2 $2 $1 $2 $5 $6 $18 Total Select Cash Uses $435 $54 $39 $22 $42 $105 $83 $103 $57 Free Cash Flow Bridge & Capital Allocation (1) Adjusted EBITDA and adjusted free cash flow are non-GAAP measures. Refer the Appendix in this presentation and our earnings rele ase issued on February 26, 2026 and posted on our website for a reconciliation of these non -GAAP measures to the most directly comparable GAAP financial measures. (2) Represents transformation costs and transaction -related partnership and integration expenses. YTD Adjusted Free Cash Flow Bridge ($M) Adjusted EBITDA (1) $341.5 (-) Cash Interest 115.3 (-) Cash Addbacks 69.1 (-) Working Capital 65.9 (-) Other 3.9 = Adjusted Free Cash Flow (1) $87.2 Capital Allocation Priorities De-lever to <4.0x net leverage Organic reinvestment in talent & technology Strategic, disciplined M&A Opportunistic share repurchases ($250M authorized) $312.5 111.4 57.2 50.1 1.8 $92.0 FY 2025 FY 2024 = Adjusted Free Cash Flow (1) Conversion 26% 29%
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BWIN | NASDAQ | Earnings Supplement 10 2026 Outlook: Accelerate Quarterly Results F u l l Y e a r 2 0 2 6 G u i d a n c e ( i n c l . C A C G r o u p ) $2.01B–$2.05B Total Revenue Including CAC Group Mid-Single Digits or Higher Organic Growth Double digits by Q4 $460M–$480M Adj. EBITDA +20-70 bps margin $2.00–$2.10 Adj. Diluted EPS +20-26% growth 2 0 2 6 K E Y C A T A L Y S T S Advance $3B/30 Catalyst: consolidate tech, improve data clarity Phase 1 role transformation in IAS — reduce friction, sharpen advisory Integrate CAC, Obie, Capstone (~$400M expected revenue, ~$110M expected EBITDA); headcount synergies actioned by mid-Feb — ahead of schedule Expand reciprocal capabilities and risk-transfer ecosystem Accelerate embedded distribution; signing Fairway Independent Mortgage, 6 th largest independent mortgage originator Catalyst savings in 2026, ramping meaningfully in 2027+ C A P I T A L A L L O C A T I O N $250M share repurchase plan — priority given share price dislocation and value opportunity. Funded via excess FCF and periodic revolver use. Q 1 2 0 2 6 G U I D A N C E Revenue: $520M–$530M | Organic growth: low single digits Adj. EBITDA: $130M–$140M | Adj. EPS: $0.61–$0.65 Organic growth ramping throughout year to double digits by Q4 as Medicare, QBE and IAS headwinds lapse.
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BWIN | NASDAQ | Earnings Supplement 11 Debt Maturity Schedule ($M) $0 $0 $0 $600 $0 $1,604 2026 2027 2028 2029 2030 2031+ Key Debt Metrics (Year End 2025) Total Debt $1,711M Net Debt $1,587M Wtd. Avg. Rate 6.6% RCF Available $477M Net Leverage 4.1x LTM Cash Int. / Adj. EBITDA (1) 34% Interest Cost by Instrument (As of December 31, 2025) Facility Balance Borrowing Rate (2) Interest Rate Maturity Annual Interest Cost Senior Secured Notes $600.0M (3) 7.125% 7.125% May 2031 $42.8M Term Loan B $1,003.6M (3,4) SOFR + 250 bps 6.25% May 2031 $65.0M Revolver $107.0M SOFR + 185-260 bps 6.39% May 2029 $7.6M Total Cash Interest — — — — $115.3M Capital Structure Overview (1) Adjusted EBITDA is a non-GAAP measures. Refer the Appendix in this presentation and our earnings release issued on February 26, 2026 and posted on our website for a reconciliation of these non -GAAP measures to the most directly comparable GAAP financial measures. (2) We have a $500.0 million notional, 3.244% floating-to-fixed interest rate swap expiring on September 14, 2028. (3) Debt outstanding under the Senior Secured Notes and the Term Loan represents outstanding borrowings, which are presented net of unamortized debt discount and issuance costs of $24.9 million for balance sheet presentation as of December 31, 2025. (4) On January 2, 2026, we refinanced the Term Loans to provide for $600.0 million of incremental term B loans, increasing the aggregate principal amount of outstanding term loans under the JPM Credit Agreement to approximately $1.604 billion. The incremental term loans are subject to the same terms to which the Term Loans were subject under the JPM Credit Agreement. Quarterly Results
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BWIN | NASDAQ | Earnings Supplement 12 02 Partnership Scorecards Key financial performance, purchase price and value creation metrics of completed partnerships
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BWIN | NASDAQ | Earnings Supplement 13 Capital Allocation: Historical Partnership Performance M & A T r a c k R e c o r d D e m o n s t r a t e d V a l u e C r e a t i o n Acq. Revenue ($M)(1) Acq. EBITDA ($M)(2) Upfront Price ($M) Total Price ($M)(3) Upfront Multiple All-In Multiple Multiple Buydown 2020 total $223 $76 $1,009 $1,150 13.3x 10.3x (3.0x) 2021 total $204 $70 $1,028 $1,266 14.6x 8.9x (5.7x) 2022 total (Westwood) $82 $31 $375 $390 12.1x 5.6x (6.4x) 2020-2022 Total $508 $177 $2,412 $2,807 13.6x 8.7x (4.9x) 8.7x Blended All-In Multiple (2020-2022) vs. industry avg. of 13.0x-14.0x over same period 5.6x All-In Multiple Largest partnership pre-CAC; proven to be outstanding strategic & financial decision 7.9x Closing Consideration Based on 2025E Adj. EBITDA inclusive of synergies; structure drives alignment Validates our ability to attract top-performing businesses, make them better as part of Baldwin, and drive shareholder value. All 2020-2022 earnouts fully extinguished. The Partnership Scorecard illustrates the key financial performance and purchase price metrics of the partnerships completed from FY 2020 – FY 2022. The decline in purchase price multiples between Closing (as measured by Upfront Purchase Price divided by quality of earnings (“QoE”) Adjusted EBITDA (“AEBITDA”)) and completion of earnouts after three years (as measured by Total Purchase Price divided by Year 3 AEBITDA) can be viewed as a proxy for the valued created by these Partnerships. (1) Gross Revenue and AEBITDA are attributable to partners for the most recent trailing twelve-month period prior to acquisition by the Company, in each case, at the time the due diligence was conducted based on a QoE review and not an audit. (2) Partnership-level AEBITDA figures calculated in a manner consistent with the calculation of adjusted EBITDA as described on Slides 19-20 of this presentation. In addition, consistent with the calculation of AEBITDA used for purposes of assessing compliance with the Total First Lien Net Leverage Ratio covenant contained in the JPM Credit Agreement, Partnership-level AEBITDA figures remove the impact of net unvalidated producer payroll, which is producer compensation paid above commissions earned while a producer validates. In addition, to more closely present each partnership's AEBITDA metric as if it were a standalone business burdened by overhead expenses, regional corporate costs have been allocated down to each partnership based on each partnership's regional revenue contribution. (3) Total Purchase Price represents the sum of all transaction consideration paid at closing and includes all subsequent liveout and earnout payments. Partnership Scorecards 10.4x Max Consideration
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BWIN | NASDAQ | Earnings Supplement 14 Quality of Earnings(1) FY 2025 Avg. Annual Revenue Growth During Earnout Period(3)(4)AMOUNTS IN 000s Gross Revenue AEBITDA AEBITDA Margin Gross Revenue AEBITDA(2) AEBITDA Margin Westwood Insurance Agency 81,800 31,048 38.0 % 161,190 69,214 42.9 % 25.4 % Purchase Price Multiple Analysis AMOUNTS IN 000s Total Purchase Price(1) Upfront xQoE AEBITDA Total xFY2024 AEBITDA Westwood Insurance Agency 390,000 12.1x 5.6x Partnership Scorecards The 2022 Partnership Scorecard illustrates the key financial performance and purchase price metrics of the partnerships completed during FY 2022. The decline in purchase price multiples between Closing (as measured by Upfront Purchase Price divided by quality of earnings (“QoE”) Adjusted EBITDA (“AEBITDA”)) and completion of earnouts in FY 2025 (as measured by Total Purchase Price divided by FY 2025 AEBITDA) can be viewed as a proxy for the valued created by our 2022 Partnerships. (1) Gross Revenue, AEBITDA and AEBITDA Margin attributable to partners for the most recent trailing twelve-month period prior to acquisition by the Company, in each case, at the time the due diligence was conducted based on a QoE review and not an audit. (2) Partnership-level FY 2025 AEBITDA figures calculated in a manner consistent with the calculation of adjusted EBITDA as described on slides 19-20 of this presentation. In addition, consistent with the calculation of AEBITDA used for purposes of assessing compliance with the Total First Lien Net Leverage Ratio covenant contained in the JPM Credit Agreement, Partnership-level FY 2025 AEBITDA figures remove the impact of net unvalidated producer payroll, which is producer compensation paid above commissions earned while a producer validates. In addition, to more closely present each partnership's AEBITDA metric as if it were a standalone business burdened by overhead expenses, regional corporate costs have been allocated down to each partnership based on each partnership's regional revenue contribution. (3) Beginning period revenue represents revenue attributable to the acquired business for the most recent 12-month period prior to acquisition by the Company, in each case, at the time due diligence was conducted based on a QoE review and not an audit. (4) Partnership-level Average Annual Revenue Growth represents the three-year compound annual growth rate from transaction closing date through the end of the respective partnership’s earnout measurement period. 2022 Partnership Scorecard
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BWIN | NASDAQ | Earnings Supplement 15 03 Appendix GAAP reconciliations, segment detail, and supplemental data
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BWIN | NASDAQ | Earnings Supplement 16Appendix Note: Link to navigate to The Baldwin Group’s Interactive Analyst Center. Refer to the Appendix of this presentation and our earnings release issued on February 26, 2026 and posted on our website for a reconciliation of these non-GAAP measures to the most directly comparable GAAP financial measures. Metric FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 CAGR Total Revenue ($M) $138 $241 $567 $981 $1,219 $1,389 $1,505 49% Pro Forma Revenue ($M) $153 $426 $719 $1,014 $1,183 $1,383 $1,523 47% Retained C&F ($M) - - - - - $1,119 $1,225 N/A PF Retained C&F ($M) - - - - - $1,113 $1,244 N/A Organic Growth (%) 10% 16% 22% 23% 19% 17% 7% N/A Adj. EBITDA ($M) $29 $44 $113 $196 $250 $312 $341 51% Adj. EBITDA Margin (%) 21% 18% 20% 20% 21% 22% 23% +199bps Adj. EBITDA Margin on Ret. C&F (%) - - - - - 28% 28% N/A PF Adj. EBITDA ($M) $34 $110 $175 $203 $244 $311 $353 48% PF Adj. EBITDA Margin (%) 22% 26% 24% 20% 21% 22% 23% N/A Adj. Diluted EPS ($) $0.28 $0.46 $0.80 $1.03 $1.12 $1.50 $1.67 35% Adj. Free Cash Flow ($M) - - - - $24 $92 $87 N/A Net Debt / Adj. EBITDA (0.1)x 2.9x 4.3x 5.4x 4.8x 4.1x 4.1x N/A Partnerships Completed 5 16 16 3 0 0 2 N/A Historical Financial Performance
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BWIN | NASDAQ | Earnings Supplement 17 Q4 2025 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other ConsolidatedAMOUNTS IN 000s Commissions and fees $ 156,832 $ 128,153 $ 76,800 $ (17,202) $ 344,583 Partnership commissions and fees(1) — (1,020) (8,366) — (9,386) Pass-through of retail commissions (eliminated)(2) — (13,145) — 13,145 — Intercompany commissions (eliminated) (112) (3,945) — 4,057 — Organic revenue $ 156,720 $ 110,043 $ 68,434 $ — $ 335,197 Organic revenue growth(3) $ (3,833) $ 15,531 $ (3,018) $ — $ 8,680 Organic revenue growth %(3) (2) % 16 % (4) % — % 3 % FY 2025 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other ConsolidatedAMOUNTS IN 000s Commissions and fees $ 722,974 $ 544,590 $ 297,548 $ (71,432) $ 1,493,680 Partnership commissions and fees(1) — (7,794) (15,794) — (23,588) Pass-through of retail commissions (eliminated)(2) — (55,640) — 55,640 — Intercompany commissions (eliminated) (369) (15,423) — 15,792 — Organic revenue $ 722,605 $ 465,733 $ 281,754 $ — $ 1,470,092 Organic revenue growth(4) $ 17,737 $ 80,232 $ 2,080 $ — $ 100,049 Organic revenue growth %(4) 3 % 21 % 1 % — % 7 % (1) Includes the first twelve months of such commissions and fees generated from newly acquired partners. (2) Represents commissions earned by our UCTS operating group for acting as an MGA and passed through to our other operating groups for serving as the retail agent. These commissions are eliminated in consolidation and excluded from the calculation of organic revenue growth. (3) Organic revenue for Q4 2024 used to calculate organic revenue growth for Q4 2025 was $160.6 million, $94.5 million, $71.5 million, and $326.5 million for IAS, UCTS, MIS and consolidated, respectively, which has been adjusted to exclude commissions and fees from divestitures that occurred during 2024 and 2025. (4) Organic revenue for FY 2024 used to calculate organic revenue growth for FY 2025 was $704.9 million, $385.5 million, $279.7 million and $1.37 billion for IAS, UCTS, MIS and consolidated, respectively, which has been adjusted to exclude commissions and fees from divestitures that occurred during 2024 and 2025. Appendix Organic Revenue Growth Reconciliation
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BWIN | NASDAQ | Earnings Supplement 18 2025 Q1 Q2 Q3 Q4 YTD Stock price at quarter end $ 44.69 $ 42.81 $ 28.21 $ 24.03 $ 24.03 Weighted average Class A & B shares outstanding (000s)(1) 118,373 119,163 119,104 118,977 118,905 Adjusted diluted EPS (fully vested and as-if converted) $ 0.65 $ 0.42 $ 0.31 $ 0.31 $ 1.67 RECONCILIATION TO GAAP Q1 Q2 Q3 Q4 YTD Diluted earnings (loss) per share $ 0.20 $ (0.05) $ (0.27) $ (0.37) $ (0.50) Effect of exchange of Class B common stock and net income (loss) attributable to noncontrolling interests per share 0.01 0.01 0.02 — 0.04 Other adjustments to earnings (loss) per share 0.51 0.51 0.59 0.71 2.31 Adjusted income taxes per share (0.07) (0.05) (0.03) (0.03) (0.18) Adjusted diluted EPS $ 0.65 $ 0.42 $ 0.31 $ 0.31 $ 1.67 (1) Assumes the vesting of all restricted stock and full exchange of LLC Units (and paired shares of Class B common stock) for Class A common stock pursuant to the Amended LLC Agreement. Shares used is consistent with the calculation of adjusted diluted EPS included in our earnings release issued on February 26, 2026 and posted on our website. Appendix Shareholder Value Creation
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BWIN | NASDAQ | Earnings Supplement 19 Q4 2025 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other TotalAMOUNTS IN 000s Revenues $ 157,866 $ 129,501 $ 76,838 $ (16,926) $ 347,279 Expenses: Outside commissions 2,842 57,539 18,012 (17,202) 61,191 Colleague compensation and benefits 122,294 30,782 26,312 11,621 191,009 Selling expense 5,881 1,715 3,871 2,293 13,760 Operating expense 18,729 23,235 6,436 7,545 55,945 Administrative expense 17,061 6,675 15,524 31,383 70,643 All other expenses (2,463) (1,266) 1,090 1,044 (1,595) Net income (loss) (6,478) 10,821 5,593 (53,610) (43,674) Net income (loss) margin (4) % 8 % 7 % (13) % Adjustments to net income (loss): Interest expense, net — 74 11 29,426 29,511 Depreciation and amortization expense 16,943 6,446 15,494 1,787 40,670 Share-based compensation 6,487 5,569 468 6,817 19,341 Loss on extinguishment and modification of debt — — — 542 542 Transaction-related partnership and integration expenses 7,529 6,127 885 616 15,157 Transformation costs 284 125 — 2,184 2,593 Income and other taxes (3) 454 141 374 966 Severance 291 348 3 1,703 2,345 Change in fair value of contingent consideration (2,659) (1,007) 1,176 — (2,490) Impairment of right-of-use assets — 7 — 14 21 All other expenses 1,608 620 681 1,754 4,663 Adjusted EBITDA $ 24,002 $ 29,584 $ 24,452 $ (8,393) $ 69,645 Adjusted EBITDA margin 15 % 23 % 32 % 20 % Appendix Adjusted EBITDA Bridge
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BWIN | NASDAQ | Earnings Supplement 20 FY 2025 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other TotalAMOUNTS IN 000s Revenues $ 727,324 $ 549,452 $ 297,747 $ (69,639) $ 1,504,884 Expenses: Outside commissions 11,431 264,910 74,802 (71,432) 279,711 Colleague compensation and benefits 510,028 116,504 104,707 46,292 777,531 Selling expense 24,119 6,382 15,094 8,939 54,534 Operating expense 61,101 68,503 23,859 29,760 183,223 Administrative expense 58,800 22,730 42,085 134,394 258,009 All other expenses 3,905 (1,740) 1,988 1,877 6,030 Net income (loss) 57,940 72,163 35,212 (219,469) (54,154) Net income (loss) margin 8 % 13 % 12 % (4) % Adjustments to net income (loss): Interest (income) expense, net (1) 393 61 122,325 122,778 Depreciation and amortization expense 57,957 21,770 41,810 6,293 127,830 Share-based compensation 25,680 16,344 5,328 23,761 71,113 Colleague earnout incentives (1,671) (108) — — (1,779) Gain on divestitures (1,901) — — 1,611 (290) Loss on extinguishment and modification of debt — — — 6,226 6,226 Transaction-related partnership and integration expenses 8,703 10,074 1,521 2,753 23,051 Transformation costs 2,516 441 473 3,573 7,003 Income and other taxes 128 533 210 3,384 4,255 Severance 2,096 2,246 505 1,943 6,790 Change in fair value of contingent consideration 5,544 (1,405) 1,455 — 5,594 Impairment of right-of-use assets 1,226 7 28 14 1,275 Loss on interest rate caps — — — 18 18 All other expenses 9,565 3,574 3,371 5,252 21,762 Adjusted EBITDA $ 167,782 $ 126,032 $ 89,974 $ (42,316) $ 341,472 Adjusted EBITDA margin 23 % 23 % 30 % 23 % Appendix Adjusted EBITDA Bridge
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BWIN | NASDAQ | Earnings Supplement 21 Adjusted Compensation and Benefits Expense Three Months Ended Year Ended December 31, December 31, (in thousands, except percentages) 2025 2024 2025 2024 Total Revenue $ 347,279 $ 329,892 $ 1,504,884 $ 1,389,037 Colleague compensation and benefits $ 191,009 $ 212,860 $ 777,531 $ 762,219 Share-based compensation (19,341) (18,739) (71,113) (65,503) Colleague earnout incentives - (31,211) 1,779 (41,917) Transaction-related partnership and integration expenses (2,495) (1,412) (8,154) (5,786) Transformation costs (383) - (2,191) - Severance (2,345) (2,202) (6,790) (5,756) All other expenses (1,073) (1,921) (7,586) (10,615) Adjusted colleague compensation and benefits $ 165,372 $ 157,375 $ 683,476 $ 632,642 Colleague compensation and benefits ratio 55.0% 64.5% 51.7% 54.9% Adjusted colleague compensation and benefits ratio 47.6% 47.7% 45.4% 45.5% Appendix
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BWIN | NASDAQ | Earnings Supplement 22 Adjusted Selling, Operating and Administrative Expense Three Months Ended Year Ended December 31, December 31, (in thousands, except percentages) 2025 2024 2025 2024 Total Revenue $ 347,279 $ 329,892 $ 1,504,884 $ 1,389,037 Selling, operating and administrative expense $ 138,753 $ 86,279 $ 501,796 $ 398,070 Transaction-related partnership and integration expenses (12,662) (47) (14,897) (4,715) Transformation costs (2,209) - (4,812) - Interest expense, net (29,511) (29,441) (122,778) (123,644) Amortization (39,030) (26,396) (121,316) (102,760) Depreciation (1,640) (1,575) (6,514) (6,194) Change in fair value of contingent consideration 2,490 22,225 (5,594) 4,949 Loss on extinguishment and modification of debt (542) (45) (6,226) (15,113) Gain on divestitures - - 290 38,953 Impairment of right-of-use assets (21) - (1,275) - Income and other taxes (966) (3,884) (4,255) (7,184) Loss on interest rate caps - - (18) (244) All other expenses (3,590) (3,351) (14,176) (8,067) Adjusted selling, operating and administrative expense $ 51,074 $ 43,765 $ 200,225 $ 174,051 Selling, operating and administrative expense ratio 40.0% 26.2% 33.3% 28.7% Adjusted selling, operating and administrative expense ratio 14.7% 13.3% 13.3% 12.5% Appendix
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BWIN | NASDAQ | Earnings Supplement 23Appendix Q4 2025 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other TotalAMOUNTS IN 000s Revenues $ 157,866 $ 129,501 $ 76,838 $ (16,926) $ 347,279 Less: Outside commissions 2,842 57,539 18,012 (17,202) 61,191 Retained commissions and fees $ 155,024 $ 71,962 $ 58,826 $ 276 $ 286,088 Adjusted EBITDA $ 24,002 $ 29,584 $ 24,452 $ (8,393) $ 69,645 Adjusted EBITDA margin on retained commissions and fees 15 % 41 % 42 % 24 % FY 2025 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other TotalAMOUNTS IN 000s Revenues $ 727,324 $ 549,452 $ 297,747 $ (69,639) $ 1,504,884 Less: Outside commissions 11,431 264,910 74,802 (71,432) 279,711 Retained commissions and fees $ 715,893 $ 284,542 $ 222,945 $ 1,793 $ 1,225,173 Adjusted EBITDA $ 167,782 $ 126,032 $ 89,974 $ (42,316) $ 341,472 Adjusted EBITDA margin on retained commissions and fees 23 % 44 % 40 % 28 % Adjusted EBITDA Margin on Retained Commissions and Fees Bridge
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BWIN | NASDAQ | Earnings Supplement 24Appendix Pro forma Consolidated and Credit Adjusted EBITDA Bridge 2025 AMOUNTS IN 000s Q1 Q2 Q3 Q4 YTD Revenues $ 413,405 $ 378,811 $ 365,389 $ 347,279 $ 1,504,884 Pro forma revenue adjustments for partnerships and divestitures (1) 10,929 7,459 — — 18,388 Pro forma revenue $ 424,334 $ 386,270 $ 365,389 $ 347,279 $ 1,523,272 Net income (loss) $ 24,898 $ (5,141) $ (30,237) $ (43,674) $ (54,154) Pro forma net income/loss adjustments for partnerships and divestitures(2) 1,928 (438) — — 1,490 Pro forma net income (loss) 26,826 (5,579) (30,237) (43,674) (52,664) Adjustments to pro forma net income (loss): Interest expense, net 31,239 32,596 31,971 29,511 125,317 Amortization expense 29,335 29,271 30,394 39,030 128,030 Share-based compensation 12,803 16,952 22,017 19,341 71,113 Transaction-related partnership and integration expenses 1,533 3,985 2,376 15,157 23,051 Transformation costs 545 227 3,638 2,593 7,003 Severance 1,207 1,618 1,620 2,345 6,790 Depreciation expense 1,583 1,642 1,649 1,640 6,514 Loss on extinguishment and modification of debt 2,394 — 3,290 542 6,226 Change in fair value of contingent consideration 8,061 (1,957) 1,980 (2,490) 5,594 Income and other taxes 1,471 1,348 470 966 4,255 Colleague earnout incentives (3,269) 1,490 — — (1,779) Impairment of right-of-use assets — 1,188 66 21 1,275 Loss on interest rate caps 18 — — — 18 Other 8,094 5,719 3,286 4,663 21,762 Pro forma adjusted EBITDA $ 121,840 $ 88,500 $ 72,520 $ 69,645 $ 352,505 Credit adjustments(3) 11,524 8,140 6,239 7,853 33,756 Pro forma credit adjusted EBITDA $ 133,364 $ 96,640 $ 78,759 $ 77,498 $ 386,261 Pro forma adjusted EBITDA margin 29% 23% 20% 20% 23% (1) The adjustments for Q1, Q2 and YTD 2025 include revenue from our 2025 partnerships in the unowned periods, and exclude revenue from 2025 divestitures, as if the partnerships and divestitures had occurred on January 1, 2025. (2) The adjustments for Q1, Q2 and YTD 2025 include net income/loss from our 2025 partnerships in the unowned periods, and exclude net income from 2025 divestitures, including the gain or loss on divestitures, as if the partnerships and divestitures had occurred on January 1, 2025. (3) Adjustments made to Adjusted EBITDA represent (without duplication) additional adjustments permitted under our debt agreements.
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BWIN | NASDAQ | Earnings Supplement 25 $72 $76 $74 $88 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Quarterly Revenue Contribution Appendix CAC Group – FY2025 Quarterly Phasing of Revenue
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BWIN | NASDAQ | Earnings Supplement 26 Q4 2024 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other ConsolidatedAMOUNTS IN 000s Commissions and fees $ 160,773 $ 115,504 $ 71,826 $ (21,396) $ 326,707 Pass-through of retail commissions (eliminated)(1) — (17,160) — 17,160 — Intercompany commissions (eliminated) — (3,863) (373) 4,236 — Organic revenue $ 160,773 $ 94,481 $ 71,453 $ — $ 326,707 Organic revenue growth(2) $ 21,830 $ 19,042 $ 11,206 $ — $ 52,078 Organic revenue growth %(2) 16 % 25 % 19 % — % 19 % Appendix FY 2024 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other ConsolidatedAMOUNTS IN 000s Commissions and fees $ 706,157 $ 468,877 $ 281,248 $ (79,166) $ 1,377,116 Pass-through of retail commissions (eliminated)(1) — (63,417) — 63,417 — Intercompany commissions (eliminated) — (14,176) (1,573) 15,749 — Organic revenue $ 706,157 $ 391,284 $ 279,675 $ — $ 1,377,116 Organic revenue growth(3) $ 66,656 $ 83,521 $ 46,745 $ — $ 196,922 Organic revenue growth %(3) 10 % 27 % 20 % — % 17 % (1) Represents commissions earned by UCTS for acting as an MGA and passed through to our other operating groups for serving as the retail agent. These commissions are eliminated in consolidation and excluded from the calculation of organic revenue growth. (2) Organic revenue for Q4 2023 used to calculate organic revenue growth for Q4 2024 was $138.9 million, $75.4 million, $60.2 million and $274.6 million for IAS, UCTS, MIS and consolidated, respectively, which has been adjusted to exclude commissions and fees from divestitures that occurred during 2024. (3) Organic revenue for FY 2023 used to calculate organic revenue growth for FY 2024 was $639.5 million, $307.8 million, $232.9 million and $1.18 billion for IAS, UCTS, MIS and consolidated, respectively, which has been adjusted to exclude commissions and fees from divestitures that occurred during 2024. Organic Revenue Growth Reconciliation
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BWIN | NASDAQ | Earnings Supplement 27Appendix Q4 2024 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other TotalAMOUNTS IN 000s Revenues $ 162,126 $ 116,763 $ 71,861 $ (20,858) $ 329,892 Expenses: Outside commissions 2,745 64,546 19,697 (21,396) 65,592 Colleague compensation and benefits 148,548 28,353 24,856 11,103 212,860 Selling expense 6,609 1,041 4,527 2,266 14,443 Operating expense 13,108 7,752 5,225 10,003 36,088 Administrative expense 14,762 4,361 7,770 31,114 58,007 All other expenses (20,159) (2,233) 229 (96) (22,259) Net income (loss) (3,487) 12,943 9,557 (53,852) (34,839) Net income (loss) margin (2) % 11 % 13 % (11) % Adjustments to net income (loss): Interest expense, net — 12 17 29,412 29,441 Depreciation and amortization expense 14,526 4,325 7,694 1,426 27,971 Share-based compensation 7,672 2,357 1,349 7,361 18,739 Change in fair value of contingent consideration (20,167) (2,270) 212 — (22,225) Loss on extinguishment and modification of debt — — — 45 45 Colleague earnout incentives 28,609 2,602 — — 31,211 Transaction-related partnership and integration expenses 558 667 (171) 405 1,459 Severance 96 1,233 71 802 2,202 Income and other taxes 52 (1) 10 3,823 3,884 All other expenses 1,594 861 798 2,019 5,272 Adjusted EBITDA $ 29,453 $ 22,729 $ 19,537 $ (8,559) $ 63,160 Adjusted EBITDA margin 18 % 19 % 27 % — % 19 % Adjusted EBITDA Bridge
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BWIN | NASDAQ | Earnings Supplement 28Appendix FY 2024 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other TotalAMOUNTS IN 000s Revenues $ 711,936 $ 472,939 $ 281,283 $ (77,121) $ 1,389,037 Expenses: Outside commissions 11,009 260,204 77,782 (79,166) 269,829 Colleague compensation and benefits 523,370 101,513 98,374 38,962 762,219 Selling expense 23,098 4,414 15,754 6,866 50,132 Operating expense 54,714 36,602 19,449 28,172 138,937 Administrative expense 63,016 15,681 27,511 144,390 250,598 All other expenses (15,403) (28,888) 495 2,199 (41,597) Net income (loss) 52,132 83,413 41,918 (218,544) (41,081) Net income (loss) margin 7 % 18 % 15 % (3) % Adjustments to net income (loss): Interest (income) expense, net (4) (26) 32 123,642 123,644 Depreciation and amortization expense 61,707 15,518 27,167 4,532 108,924 Share-based compensation 25,511 9,326 6,719 23,947 65,503 Gain on divestitures (3,843) (35,110) — — (38,953) Change in fair value of contingent consideration (10,458) 5,085 424 — (4,949) Loss on extinguishment and modification of debt — — — 15,113 15,113 Colleague earnout incentives 39,315 2,602 — — 41,917 Transaction-related partnership and integration expenses 1,505 6,968 282 1,746 10,501 Severance 1,895 1,757 520 1,584 5,756 Income and other taxes 221 76 153 6,734 7,184 Loss on interest rate caps — — — 244 244 All other expenses 6,269 3,451 2,379 6,583 18,682 Adjusted EBITDA $ 174,250 $ 93,060 $ 79,594 $ (34,419) $ 312,485 Adjusted EBITDA margin 24 % 20 % 28 % — % 22 % Adjusted EBITDA Bridge
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BWIN | NASDAQ | Earnings Supplement 29Appendix Q4 2024 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other TotalAMOUNTS IN 000s Revenues $ 162,126 $ 116,763 $ 71,861 $ (20,858) $ 329,892 Less: Outside commissions 2,745 64,546 19,697 (21,396) 65,592 Retained commissions and fees $ 159,381 $ 52,217 $ 52,164 $ 538 $ 264,300 Adjusted EBITDA $ 29,453 $ 22,729 $ 19,537 $ (8,559) $ 63,160 Adjusted EBITDA margin on retained commissions and fees 18 % 44 % 37 % 24 % FY 2024 Insurance Advisory Solutions Underwriting, Capacity & Technology Solutions Mainstreet Insurance Solutions Corporate and Other TotalAMOUNTS IN 000s Revenues $ 711,936 $ 472,939 $ 281,283 $ (77,121) $ 1,389,037 Less: Outside commissions 11,009 260,204 77,782 (79,166) 269,829 Retained commissions and fees $ 700,927 $ 212,735 $ 203,501 $ 2,045 $ 1,119,208 Adjusted EBITDA $ 174,250 $ 93,060 $ 79,594 $ (34,419) $ 312,485 Adjusted EBITDA margin on retained commissions and fees 25 % 44 % 39 % 28 % Adjusted EBITDA Margin on Retained Commissions and Fees Bridge
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BWIN | NASDAQ | Earnings Supplement 30 2024 AMOUNTS IN 000s Q1 Q2 Q3 Q4 YTD Revenues $ 380,367 $ 339,840 $ 338,938 $ 329,892 $ 1,389,037 Less revenues from 2024 divestitures (1) (6,201) (59) — — (6,260) Pro forma revenue $ 374,166 $ 339,781 $ 338,938 $ 329,892 $ 1,382,777 Net income (loss) $ 39,100 $ (30,867) $ (14,475) $ (34,839) $ (41,081) Less net income from 2024 divestitures(2) (36,782) (673) (1,809) — (39,264) Pro forma net income (loss) 2,318 (31,540) (16,284) (34,839) (80,345) Adjustments to pro forma net income (loss): Interest expense, net 31,545 31,329 31,329 29,441 123,644 Amortization expense 24,041 25,394 26,899 26,396 102,730 Share-based compensation 14,094 14,721 17,949 18,739 65,503 Colleague earnout incentives 3,583 2,796 4,327 31,211 41,917 Loss on extinguishment and modification of debt — 14,679 389 45 15,113 Transaction-related partnership and integration expenses 3,854 2,091 2,047 1,459 9,451 Income and other taxes 1,501 1,717 82 3,884 7,184 Depreciation expense 1,505 1,557 1,557 1,575 6,194 Severance 1,662 1,187 678 2,202 5,729 Change in fair value of contingent consideration 12,676 5,552 (952) (22,225) (4,949) Loss on interest rate caps 26 134 84 — 244 Other 3,329 5,226 4,646 5,272 18,473 Pro forma adjusted EBITDA $ 100,134 $ 74,843 $ 72,751 $ 63,160 $ 310,888 Credit adjustments(3) 3,231 4,913 3,715 4,944 16,803 Pro forma credit adjusted EBITDA $ 103,365 $ 79,756 $ 76,466 $ 68,104 $ 327,691 Pro forma adjusted EBITDA margin 27% 22% 21% 19% 22% (1) The adjustments for Q1, Q2, Q3, Q4 and YTD 2024 exclude revenue from 2024 divestitures as if the divestitures had occurred on January 1, 2024. (2) The adjustments for Q1, Q2, Q3, Q4 and YTD 2024 exclude net income from 2024 divestitures, including the gain on divestitures, as if the divestitures had occurred on January 1, 2024. (3) Adjustments made to Adjusted EBITDA represent (without duplication) additional adjustments permitted under our debt agreements Appendix Pro forma Consolidated and Credit Adjusted EBITDA Bridge
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BWIN | NASDAQ | Earnings Supplement 31Appendix Q1 AMOUNTS IN 000s For the Three Months Ended March 31, 2024 For the Six Months Ended June 30, 2024 As Previously Reported Change in Presentation(1) As Revised As Previously Reported Change in Presentation(1) As Revised Cash flows from operating activities: Changes in operating assets and liabilities: Assumed premiums, commissions and fees receivable, net $ (73,558) $ 40,723 $ (32,835) $ (134,494) $ 119,113 $ (15,381) Accounts payable, accrued expenses and other current liabilities 39,451 (39,219) 232 167,077 (176,601) (9,524) Colleague earnout incentives — (1,391) (1,391) — (4,766) (4,766) Cash flows from financing activities: Change in fiduciary assets and liabilities, net — (113) (113) — 62,254 62,254 Total represented changes in cash flows $ (34,107) $ — $ (34,107) $ 32,583 $ — $ 32,583 Adjusted Free Cash Flow: Net cash provided by operating activities $ 2,894 $ 113 $ 3,007 $ 83,600 $ (62,254) $ 21,346 Payment of contingent earnout consideration in excess of purchase price accrual 16,318 20,373 Payment of colleague earnout incentives 4,974 11,144 Adjusted free cash flow $ 24,299 $ 52,863 (1) This reconciliation of the 2024 adjusted free cash flow is presented as a result of the change in presentation for fiduciary assets and liabilities, as further discussed in our earnings release issued on February 26, 2026 and posted on our website. Adjusted Free Cash Flow Bridge
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BWIN | NASDAQ | Earnings Supplement 32Appendix Q1 AMOUNTS IN 000s For the Nine Months Ended September 30, 2024 For the Year Ended December 31, 2024 As Previously Reported Change in Presentation(1) As Revised As Previously Reported Change in Presentation(1) As Revised Cash flows from operating activities: Changes in operating assets and liabilities: Assumed premiums, commissions and fees receivable, net $ (27,777) $ (2,015) $ (29,792) $ (73,762) $ 31,351 $ (42,411) Accounts payable, accrued expenses and other current liabilities 35,395 (29,500) 5,895 81,561 (82,049) (488) Colleague earnout incentives — (439) (439) 24,806 — 24,806 Cash flows from financing activities: Change in fiduciary assets and liabilities, net — 31,954 31,954 — 50,698 50,698 Total represented changes in cash flows $ 7,618 $ — $ 7,618 $ 32,605 $ — $ 32,605 Adjusted Free Cash Flow: Net cash provided by operating activities $ 85,708 $ (31,954) $ 53,754 $ 102,151 $ (50,698) $ 51,453 Payment of contingent earnout consideration in excess of purchase price accrual 21,145 23,395 Payment of colleague earnout incentives 11,144 17,112 Adjusted free cash flow $ 86,043 $ 91,960 (1) This reconciliation of the 2024 adjusted free cash flow is presented as a result of the change in presentation for fiduciary assets and liabilities, as further discussed in our earnings release issued on February 26, 2026 and posted on our website. Adjusted Free Cash Flow Bridge
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BWIN | NASDAQ | Earnings Supplement 33Appendix FY 2025 Westwood Insurance AgencyAMOUNTS IN 000s Revenues $ 161,190 Net income $ 42,196 Adjustments to net income: Amortization expense 24,123 Share-based compensation 2,641 Transaction-related Partnership and integration expenses 1,513 Change in fair value of contingent consideration(1) 279 Depreciation expense 148 Other (1,686) Pro forma Adjusted EBITDA $ 69,214 Pro forma Adjusted EBITDA Margin 43% (1) Represents the change in estimated earnout payments, which have been paid. Partnership Adjusted EBITDA Bridge
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BWIN | NASDAQ | Earnings Supplement 34 T H E B A L D W I N G R O U P Thank You Investor Relations Bonnie Bishop, Executive Director, Investor Relations 813.259.8032 | IR@baldwin.com ir.baldwin.com