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Investor Presentation Summer 2025
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FORWARD LOOKING STATEMENTS / NON -GAAP FINANCIAL MEASURES This presentation and the information contained herein (together, this “Presentation”) are the property of Hagerty, Inc. (“Hagerty") and may not be copied or reproduced in any way without its written consent. This Presentation is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of Hagerty in any jurisdiction, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any registered offering in the United States shall be made only through a registration statement, including a prospectus, filed with the SEC that should be read carefully before any investment. If and when available, you may get documents relating to any registered offering and the issuer for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in any registered offering will arrange to send you the prospectus if you request it. This Presentation contains certain statements that are “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995 and releases issued by the SEC. All statements other than statements of historical facts contained in this Presentation are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “would,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Hagerty has based these forward-looking statements largely on current expectations about future events, which may not materialize. Actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. These factors include, among other things, Hagerty’s ability to: (i) compete effectively within our industry and attract and retain our insurance policyholders and paid Hagerty Drivers Club ("HDC") subscribers; (ii) maintain key strategic relationships with our insurance distribution and underwriting carrier partners; (iii) prevent, monitor, and detect fraudulent activity; (iv) manage risks associated with disruptions, interruptions, outages or other issues with our technology platforms or our use of third-party services; (v) accelerate the adoption of our membership and marketplace products and services, as well as any new insurance programs and products we offer; (vi) enter into and successfully implement the proposed fronting arrangement with Markel; (vii) achieve the anticipated benefits of the proposed fronting arrangement with Markel; (viii) manage the cyclical nature of the insurance business, including through any periods of recession, economic downturn or inflation; (ix) address unexpected increases in the frequency or severity of claims, and (x) comply with the numerous laws and regulations applicable to our business, including state, federal and foreign laws relating to insurance and rate increases, privacy, the internet, and accounting matters. These forward-looking statements include, among others, statements relating to our future financial performance, our business prospects and strategy, our market opportunity and the potential growth of that market, our anticipated financial position, our liquidity and capital needs, plans and objectives of management for future operations, and other similar matters. These forward-looking statements are based on management’s current expectations and assumptions about future events, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. This Presentation contains non-GAAP financial measures that Hagerty uses in evaluating its business. Please see the Appendix for a reconciliation of such measures to the most directly comparable GAAP financial measures. This Presentation speaks only as of its date, and Hagerty undertakes no obligation to update this Presentation for any reason, except as required by law. HAGERTY | 2
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I. Company Overview
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Our Vision To be the world’s leading brand for enthusiasts to protect, buy, sell, and enjoy their cars “People take good care of their toys” - Louise Hagerty HAGERTY | 4
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Insurance: Protect Custom, specialized insurance for enthusiast vehicles Marketplace: Buy & Sell Trusted marketplace for buying and selling classic and collector cars Membership: Enjoy Affinity program with the world’s largest automotive membership community and award-winning content & entertainment HAGERTY | 5 The Leading Brand for Auto Enthusiasts Creating an Enthusiast-Centered Ecosystem 1 Per SNL Financial, by auto premiums written as of FY2024.
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Hagerty at a Glance • Leading specialty insurance provider and automotive brand for the vast collector car enthusiast ecosystem • Recurring revenue model fueled by unique expertise in underwriting, servicing and monetizing collector cars • Highly predictable and stable underwriting economics captured via underwriting entities • Commission and fee-based economics earned in an MGA capacity • Membership, marketplace and other economics from Hagerty Drivers Club (HDC) subscriptions, auto auctions, private sales, online marketplaces, events, collector car lending and more • All components of the engine come together to create a powerful flywheel effect resulting in happy customers who view Hagerty as additive to their passion and not simply a commodity • Underpinned by proprietary database meticulously constructed, cataloged and scrubbed over 40+ years leading to measurable data advantages PROFITABILITY 40.8% 2024Y ex Cat Loss Ratio2,3 $1,303M LTM Total Revenue +18% from Q2 ‘24 GROWTH AND RETENTION $102M | 8%4 LTM Net Income +30% from Q2’24 $147M | 11%4 LTM Adj. EBITDA5 +16% from Q2’24 Note: Statistics shown LTM for the period ended June 30, 2025. 1 NPS is measured twice annually through a web-based survey sent by email invitation to a random sample of existing HDC Members, and is reported annually using an average of the two surveys. 2 Hagerty Re Loss Ratio is the ratio of (i) Hagerty Re's losses and loss adjustment expenses to (ii) its earned premium. 3 Hagerty Re’s Loss Ratio of 40.8% excludes the $26.7 million pre-tax impact from Hurricanes Helene and Milton. Hagerty’s Loss Ratio including catastrophe losses was 46.4%. 4 Net income margin and adjusted EBITDA margin, respectively. 5 Non-GAAP financial measure. Please see the appendix for a reconciliation to most applicable GAAP metric. HAGERTY | 6 89.0% 2024FY Policy Retention 83 5 Year Average Net Promoter Score1
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Unique Ecosystem to Authentically Engage with Passionate Enthusiasts Driving Engagement Across Every Mile of the Hagerty Experience – Our “Secret Sauce” Suite of Products and Services Help Enthusiasts Protect, Buy, Sell, and Enjoy… .. While Constant Engagement Helps Build the Brand and Feed the Hagerty Insurance Engine Membership Roadside assistance, exclusive events, authentic contact 900k+ members • Authentic interaction with customers and policyholders – not just at insurance renewal • Allows insurance business to flourish • Ability to reach all collector car enthusiasts • Source of vast amount of data collection ✓ Outsized new customer growth ✓ Excellent customer retention and NPS ✓ Decreased Customer Acquisition Cost ✓ Improved underwriting ✓ Earnings diversification ✓ Differentiated means of competing in insurance Marketplace Live and virtual auctions, auto lending $16B+ buy/sell transactions observed Media and Events Automotive enthusiast events, merchandise, social media content 479M lifetime views and 4.7M followers HAGERTY | 7
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$28 $78 $116 2023 2024 2025E $88 $124 $167 2023 2024 2025E 40.3% 40.8% 38.1% 1.2% 5.6% 4.1%41.5% 46.4% 42.2% 2023 2024 YTD '25 $907 $1,044 $1,186 2023 2024 2025E $1,000 $1,200 $1,362 2023 2024 2025E Compelling Financial Profile Total Revenue ($M) Total Written Premium ($M)2 Hagerty Re Loss Ratio (%)3 Adjusted EBITDA1 ($M) Note: 2025E indicates the midpoint of the disclosed range for each statistic. LTM or YTD statistics shown for the period ended June 30, 2025. 1 Non-GAAP financial measure. Please see the appendix for a reconciliation to most applicable GAAP metric. 2 Total Written Premium is the total amount of insurance premium written by our MGA subsidiaries on behalf of insurance carrier partners during the period. 3 Hagerty Re Loss Ratio is the ratio of (i) Hagerty Re's losses and loss adjustment expenses to (ii) its earned premium. CAT Non-CAT Hagerty Re Return on Equity Net Income ($M) 38% 25% 21% 2023 2024 LTM '25 HAGERTY | 8
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II. Investment Highlights
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Why Hagerty? 1 7 2 3 4 5 6 HAGERTY | 10 State Farm partnership and Enthusiast+ product spring-loaded to sustain high rates of profitable growth Visionary, founder-led leadership team with deep insurance expertise and diverse backgrounds Attractive combination of i) retained underwriting economics, ii) commission and fee-based MGA revenue, and iii) synergistic membership, marketplace and other revenue Large and underpenetrated target market with deep fragmentation Robust and diversified omni-channel distribution Advanced data collection will be augmented by recent technology investments Risk bearing entity producing strong returns with a robust and conservative balance sheet
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High Quality Leadership T eam McKeel Hagerty Chief Executive Officer & Chairman of the Board Patrick McClymont Chief Financial Officer Jeff Briglia President of Insurance 1 Kenneth Ahn President of Marketplace Russell (Russ) Page Chief Information Officer HAGERTY | 11 Jay Koval SVP of Investor Relations and Communications Mark Elliott Chief Investment Officer Collette Champagne Chief HR Officer & Chief Administrative Officer Diana Chafey Chief Legal Officer Sean McMullan Senior Vice President of Digital Marc Burns SVP of Brand and Marketing
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Diversified Sources of Revenue Earned Premium • Earned portion of written premiums that Hagerty Re has assumed under ~80%1 quota share reinsurance agreements with carrier partners Commission and Fees • Gross commissions and fees earned from the underwriting, sale and servicing of insurance policies written on behalf of carriers, prior to any offsetting ceding commission expense Membership, Marketplace and Other • Revenue primarily earned through HDC subscriptions, auto auctions, private sales, online marketplaces, industry-leading events, collector car lending, media and more $403 $532 $643 $1,362 $307 $366 $423 $77 $103 $133 $787 $1,000 $1,200 $1,362 2022 2023 2024 2025E Total Revenue ($M) Membership, Marketplace and Other Commission and FeesEarned Premium Note: 2025E indicates the midpoint of the disclosed range. Numbers may not tie due to rounding. 1 Quota share percentages by geographic area for the LTM period ended June 30, 2025, were 80% for core U.S. business, 50% in Canada, and 80% in the U.K. Hagerty Re is no longer reinsuring the risks underwritten by its U.K. MGA affiliate as of 1/1/2024, and the book is in run-off. If the proposed fronting agreement with Markel is consummated, Hagerty will assume 100% of the risk in the U.S. book starting on January 1, 2026 as more fully described on page 25. 2 HAGERTY | 12
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Hagerty Marketplace: Buy & Sell Platform for Auto Enthusiasts Driving exceptional brand loyalty with multiple points of monetization HAGERTY | 13 2024 Collector Car Transactions Observed 300K+ 2024 Revenue from Live Auctions, Private Sales and Financings $54M 2024 Total Value Trading Hands in Hagerty’s U.S. Insurance Book $16B Q2’YTD YOY Marketplace Revenue Growth 232% 2
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Partnership Channel Omni-Channel Distribution Network Unlocks T arget Market Direct Distribution Value proposition: Belonging, comradery, understanding, admiration, joy • Membership model drives significant percentage of new business flow • Promotes brand awareness Note: The reported growth and segment acceleration of our top 5 partners is historical and not necessarily representative of the growth and acceleration of all our partners, and past performance is not a reliable indicator or guarantee of future results. 1 Per Business Insurance. 2 Per SNL Financial, by auto premiums written as of FY2024. 3 45% National Insurance Partners Value proposition: Enhance service, true partner, no channel conflict • 9 of the top 10 largest auto insurers2 • 4 of our top 5 partners report double digit growth • Recent new partnerships Agency and Broker Partners Value proposition: Enhance service, increase efficiency • Over 50,000 agents • 10 of the top 10 brokers by revenue1 32% 23% 55% HAGERTY | 14 Representative Partners
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0.0 0.5 1.0 1.5 2.0 2.5 3.0 Durable and Consistent Mid-T eens Growth Note: All premium amounts shown for Hagerty reflect total written premium. 1Industry Top 100 represents the top 100 U.S. P&C insurers with a private auto LOB. 2 Source: Company filings. 3 Specialty P&C peers include BOW, KNSL, PGR, PLMR, RLI, SKWD, and WRB. 4Brokers peers include AJG, AON, BRO, BWIN, GSHD, MMC, RYAN, TWFG, and WTW. 4 Hagerty PIF Count(M) Hagerty vs. Industry Top 1001 Total U.S. Auto Written Premium Growth Hagerty vs. Peers 2020-2024 Median Total Revenue Growth2 3.0M PIF count goal by 2030 26% 25% 16% Specialty P&C Brokers 100% 200% 300% 400% 500% 600% 700% HGTY U.S. Auto Industry Top 100 HAGERTY | 15 43
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• Distribution relationship since 2022; agreement in place through 2030 • Alignment of interest via State Farm ~16% stake in Hagerty • 525k+ existing State Farm collector car policies moving to Hagerty platform by 2027 • State Farm agents selling new policies in 13 states; expect to be selling in majority of US by YE 2026 • 100% MGA-based economic arrangement Near and Medium-T erm Initiatives at Inflection Point 4 Near Term Growth Engine • Broadening underwriting appetite and addressable market • Designed to target more modern enthusiast vehicles that are inherently more drivable • Distinct pricing and leading product features • Natural evolution of risk appetite and business model • Initial launch in 3Q’25; full rollout in the United States in next 3-4 years • Opportunity to leverage onshore insurance carrier, Drivers Edge Enthusiast+ Program Medium Term Growth Engine HAGERTY | 16
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Type Total Addressable Market (M) Hagerty Target Market (M) Hagerty Target Market Penetration Pre-1981 Vehicles 11.1 11.1 14.4% Post-1980 Vehicles 35.4 24.0 3.1% Total 46.5 35.0 6.7% Well Positioned to Capture Additional Market Share Niche, but Large and Underpenetrated, Target Market Source: Hagerty company reports based on aggregated data of various sources; 1 Per Facebook analytics, members who have expressed an interest in or “Liked” automobiles or associated interests. 2 Per Hagerty company reports based on aggregate data of various sources. 3 Vehicles in force as of June 30, 2025. 500M+ 67M 2.6M Hagerty Insured Vehicles3 U.S Auto Enthusiasts Global Car Enthusiasts1 HAGERTY | 17 5 47M Total Addressable Market2 35M Hagerty Target Market 2
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T echnology and Data Driving Superior Results Industry-Leading Valuation Tool Powering Hagerty’s Ecosystem Today HISTORICAL DATA COLLECTION CURRENT TECHNOLOGY AND DATA FUTURE AREAS OF EXPANSION ⚫ 40+ years of proprietary collector car data ⚫ Detailed pricing data points across 48k+ collector car models ⚫ 300k+ 2024 collector car transactions observed ⚫ Improving operational efficiency through technology investments in CRM tools, Duck Creek, and other systems ⚫ Leveraging existing data and platform to drive superior financial performance ⚫ Leading valuation capabilities on collector cars enhances insurance function and customer experience ⚫ Differentiated claims handling ability via parts sourcing and expert repair networks fueled by data ⚫ Best in class proprietary data and unique access to collector car market unlocks AI capabilities for automation, pricing, and unique customer features ⚫ Investment in technology drives down costs to serve our customers 6 HAGERTY | 18
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Underwriting Snapshot $727M Q2’25 LTM Net Written Premium 42.2% Q2’25 YTD Loss Ratio 89.1% Q2’25 YTD Combined Ratio 195% 12/31/2024 BSCR 2 ~21% Q2’25 Return on Equity $319M Q2’25 Capital 3 A - A.M. Best FSR Note: Metrics shown as of LTM for year ended 6/30/2025. 1 If the proposed fronting agreement with Markel is consummated, Hagerty will assume 100% of the risk in the U.S. book starting on January 1, 2026. 2 Bermuda Solvency Capital Requirement. 3 Represents Hagerty Re equity of $294 plus the State Farm loan of $25M that is treated as debt per GAAP however received favorable capital treatment from A.M. Best and has received approval from the Bermuda Monetary Authority to be recorded as Other Fixed Capital on the Statutory Statement of Capital and Surplus and as Tier 2 Ancillary Capital. ⚫ Our risk-bearing entity assumes risk from our capacity partners via quota share reinsurance ⚫ Core U.S. = 80% → moving to 100%1 ⚫ Canada = 50% ⚫ Steady increase in assumed premium over time given profitability of the book ⚫ Track record of industry-leading consistent and stable loss ratios ⚫ 3Y average loss ratio of 44% vs. ~75% industry average ⚫ Fundamentally different risk profile vs. daily driving auto insurance ⚫ Diversified high-quality investment portfolio with 98% comprised of investment grade fixed maturity securities as of 2Q’25 ⚫ Prudently booked reserves HAGERTY | 19 7 $681M Q2’25 LTM Net Earned Premium
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• Markel is a leading global specialty insurance carrier • Dedicated carrier partner providing paper for insurance policies1 written by Hagerty’s MGA subsidiaries since 2013 • Meaningful alignment of interest through 23% ownership stake in Hagerty • If the proposed fronting agreement with Markel is consummated, Hagerty will assume 100% of the risk in the U.S. book starting on January 1, 2026 (current risk retention is 80%) • Moving from a quota share reinsurance arrangement to a pure fronting arrangement • ~2% fronting fee scaling down as book of business grows ⚫ Natural Evolution: HGTY has been increasing quota share steadily since 2017 ⚫ Control: Full discretion over pricing, underwriting, and investment of premium ⚫ Efficiency: Gain direct oversight of filings, compliance, servicing ⚫ Economic Upside: Incremental benefit from underwriting and investment income; accretive to earnings ⚫ Continuity: Partnership with Markel continues; no changes to policyholder experience Markel Partnership Evolution: Strategic Rationale HAGERTY | 20 1 Policies are written by Essentia, a wholly owned subsidiary of Markel, which was acquired in 2013 exclusively for Hagerty’s U.S. business.
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Strong 2025 Outlook Sustained High-Quality Growth and Margin Expansion ($mm) 2024 RESULTS 2025 OUTLOOK ($) 2025 GROWTH OUTLOOK (%) LOW END HIGH END LOW END HIGH END OLD REVISED OLD REVISED OLD REVISED OLD REVISED Total Written Premium $1,044 $1,180 $1,180 $1,191 $1,191 13% 13% 14% 14% Total Revenue 1,200 1,344 1,356 1,356 1,368 12% 13% 13% 14% Net Income1 78 102 112 110 120 30% 43% 40% 53% Adjusted EBITDA1 124 150 162 160 172 21% 30% 29% 38% 1 Profit outlook includes an estimated $10 million of pre-tax losses from the Southern California wildfires, as well as the $20 million of elevated technology spend as the Company re-platforms from its legacy system to Duck Creek. HAGERTY | 21
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⚫ Sell State Farm Classic+ in 25 states by 2025 YE ⚫ Double live and global auctions (Europe) ⚫ Sign new partnerships Meaningful Levers to Support High-Quality Growth 2025 KEY PRIORITIES 2030 AND BEYOND… TECHNOLOGY + EXPENSE EFFICIENCIES STRATEGIC INITIATIVES FINANCIAL GROWTH D D Enthusiast+ ⚫ Launching in Q3 2025 on new IT Platform (Duck Creek) ⚫ Improving operational efficiencies to deliver greater experiences and drive margin growth from cost-cutting initiatives ⚫ Deliver 13 – 14% written premium growth ⚫ Achieve a combined ratio of ~90% by optimizing underwriting practices ⚫ Reduce operational expenses by 5% DOUBLE POLICIES-IN-FORCE FROM 1.5M TO 3.0M ⚫ Continued integration of Membership and Media ⚫ International expansion with more live events and auctions in Europe ⚫ Funnel auto enthusiasts to insurance platform and deliver authentic experiences ⚫ Continued scaling of Enthusiast+ HAGERTY | 22
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HAGERTY | 23 Never Stop Driving. Leading Brand for Automative Enthusiasts Unique Platform and Omni- Channel Presence to Engage with Our Members Poised for Margin Expansion and Sustained Profitable Growth
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Appendix
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• Beginning 1/1/26, Hagerty will assume 100% of the underwriting risk1 on policies written on Markel paper • The structure of the agreement will move from a quota share reinsurance arrangement to a pure fronting arrangement • New contractual provisions result in different GAAP accounting for Markel-related business upon entry into fronting arrangement Existing Structure New Structure HGTY earns 42% MGA commission revenue and retains 80% of risk via quota share1 Markel retains 20%. Handles filings and admin support HGTY Re pays 47% ceding commission (42% plus ~5% for G&A, premium taxes and operating expense) HGTY Re controls 100% of the premium and assumes 100% of risk1 Hagerty secures full discretion over pricing, underwriting, and investment of premium Markel issues policies and provides admin support HGTY Re pays a ~2% fronting fee and funds G&A, premium taxes, and operating expenses $ thousands Existing New Net Earned Premium $800 $1,000 Commissions and Fees 420 0 Membership and Other 70 70 Net Investment Income 0 40 Total Revenue $1,290 $1,110 MGA Ceding Commission 336 0 Premium Taxes / G&A Costs 40 30 Fronting Fee 0 20 Total Ceding Commission $376 $50 Losses 336 420 Other Reinsurance Opex 6 7 Other Operating Expenses 453 453 Total Expenses $1,171 $930 Operating Income $119 $180 Net Investment Income 32 0 Pretax Income 151 180 • Normalized time period whereby earned premium = written premium • Illustrative example does not include commission and fees generated from non-Markel programs • Increase in earned premium as a result of 100% risk retention1, simultaneous increase in net investment income, which also moves “above” the line for reporting (i.e., change in geography) • MGA commission revenue and Hagerty Re ceding commission expense associated with Markel program no longer recognized in consolidated financial statements (Markel program accounts for ~90% of commission and fee income) • Assumes similar 5% all-in costs comprised of 3% for Premium Taxes + G&A plus new 2% fronting fee • Hagerty Re loss ratio = 42% and MGA margin = 7.6% based on prior year • Accretive to earnings A B C A A A B B C Illustrative Accounting of $1K on Markel (Essentia) Paper + HDC Membership C 1 Hagerty Re purchases a variety of reinsurance protections for itself including catastrophe XOL, facultative and quota share. Markel Transaction: Accounting Implications D D D HAGERTY | 25
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Hagerty Re: Diversified Investment Portfolio Corporate 38% U.S. Treasury 26% Mortgage- Backed Securities 21% States and Municipalities 5% Asset-Backed Securities 5% Foreign 3% Common Stocks 2% Q2’25 Investment Portfolio Key Highlights ⚫ Healthy investment portfolio primarily comprised of investment grade fixed maturity securities ⚫ Returns are achieved through executing an efficient, highly diversified portfolio, with an emphasis on strong liquidity ⚫ Limited credit risk and duration risk assumed through targeting a portfolio aggregate of 2-4 year duration and 'AA-' or better credit rating 98% of Investment Portfolio is Fixed Maturity Securities Investment Grade Rating for All Fixed Maturity Securities $602M Total Investments as of 2Q’2025 Summary Statistics Note: Financial data as of quarter ended, 6/30/2025. HAGERTY | 26
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Historical Income Statement Three Months Ended Year Ended $ in Thousands June 30, 2025 March 31, 2025 December 31, 2024 December 31, 2023 Revenue: Commission and Fee Revenue $143,287 $100,287 $423,240 $365,512 Earned Premium 177,785 169,355 643,324 531,866 Membership, Marketplace and Other Revenue 47,627 49,951 133,474 102,835 Total Revenue $368,699 $319,593 $1,200,038 $1,000,213 Operating Expenses: Salaries and Benefits $64,062 $59,103 $221,463 $216,896 Ceding Commissions, net 82,938 77,333 301,719 251,805 Losses and Loss Adjustment Expenses 75,213 71,130 298,593 220,658 Sales Expense 67,380 54,626 190,523 156,378 General and Administrative Expenses 22,574 22,185 82,504 85,434 Depreciation and Amortization 8,833 9,488 38,905 45,809 Restructuring, Impairment and Related Charges, net - - - 8,812 Gains, Losses, and Impairments Related to Divestitures - - (87) 4,013 Total Operating Expenses $321,000 $293,865 $1,133,620 $989,805 Operating Income (Loss) $47,699 $25,728 $66,418 $10,408 Gain (Loss) Related to Warrant Liabilities, Net - - (8,544) 11,543 Interest and Other Income (Expense), Net 5,664 7,054 35,808 22,821 Income Before Income Tax Expense $53,363 $32,782 $93,682 $44,772 Income Tax Expense ($6,161) ($5,489) ($15,379) ($16,593) Loss from Equity Method Investment, Net of Tax - - - - Net Income $47,202 $27,293 $78,303 $28,179 Net Income Attributable to Non-Controlling Interest ($36,229) ($18,922) ($61,286) ($7,948) Accretion of Series A Convertible Preferred Stock (1,875) (1,875) (7,427) (3,677) Net Income Attributable to Class A Common Stockholders $9,098 $6,496 $9,590 $16,554 Key Metrics Loss Ratio 42.3% 42.0% 46.4% 41.5% Combined Ratio 89.6% 88.5% 94.1% 89.2% HAGERTY | 27
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Historical Balance Sheet As of June 30, As of December 31, $ in Thousands 2025 2024 2023 Assets Total Current Assets $1,212,984 $858,405 $1,250,218 Investments 482,248 515,570 5,526 Notes receivable 17,931 11,555 17,018 Property and equipment, net 17,259 18,205 20,764 Lease right-of-use assets 42,549 44,485 50,515 Intangible assets, net 86,732 90,107 91,924 Goodwill 114,165 114,123 114,214 Other long-term assets 66,707 56,888 38,033 Total Assets $2,040,575 $1,709,338 $1,588,212 Liabilities, Temporary Equity and Stockholders' Equity Total Current Liabilities $1,145,980 $915,446 $842,299 Long-term lease liabilities 40,903 43,178 50,459 Long-term debt, net 153,383 104,968 130,680 Warrant liabilities - - 34,018 Deferred tax liability 21,857 18,065 15,937 Contract liabilities 14,334 15,334 17,335 Other Long-term Liabilities 3,267 4,178 4,139 Total Liabilities $1,379,724 $1,101,169 $1,094,867 Temporary Equity Preferred Stock, $0.0001 Par Value $82,813 $84,663 $82,836 Stockholders' Equity Class A Common Stock, $0.0001 Par Value $9 $9 $8 Class V Common Stock, $0.0001 Par Value 25 25 25 Additional Paid-in Capital 604,621 603,780 561,754 Accumulated Deficit (432,634) (451,978) (468,995) Accumulated Other Comprehensive Loss 262 (1,514) (88) Total Stockholders' Equity $172,283 $150,322 $92,704 Non-controlling Interest 405,755 373,184 317,805 Total Equity $578,038 $523,506 $410,509 Total Liabilities and Equity $2,040,575 $1,709,338 $1,588,212 HAGERTY | 28
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1 Excludes interest expense related to the BAC Credit Facility, which is recorded within “Sales expense” in the Condensed Consolidated Statements of Operations. 2 Includes interest income and net investment income related to our investment portfolio. 3 Other unusual items includes certain legal settlement expenses, certain professional fees, and certain material severance expenses for the three months ended June 30, 2025 and professional fees associated with the warrant exchange, as well as certain material severance expenses for the year ended December 31, 2024. Adjusted EBITDA We define Adjusted EBITDA as consolidated Net income, excluding net interest and other income (expense), income tax expense, and depreciation and amortization, further adjusted to exclude (i) net gains and losses related to our warrant liabilities prior to the Warrant Exchange; (ii) share-based compensation expense; and when applicable, (iii) restructuring, impairment and related charges; (iv) gains, losses and impairments related to divestitures; and (v) certain other unusual items. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. We use Adjusted EBITDA as a measure of the operating performance of our business on a consistent basis, as it removes the impact of items not directly resulting from our core operations. By providing this non-GAAP financial measure, together with a reconciliation to Net income, which is the most comparable GAAP measure, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. However, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for Net income or other financial statement data presented in our Condensed Consolidated Financial Statements as indicators of financial performance. Our definition of Adjusted EBITDA may be different than similarly titled measures used by other companies in our industry, which could reduce the usefulness of this non-GAAP financial measure when comparing our performance to that of other companies. Non-GAAP Reconciliations – Adjusted EBITDA HAGERTY | 29 $ in thousands Q2 2025 LTM Q2 2025 Q1 2025 FY 2024 FY 2023 Net income $101,942 $47,202 $27,293 $78,303 $28,179 Interest and other (income) expense1, 2 (28,940) (5,664) (7,054) (35,808) (22,821) Income tax expense 16,089 6,161 5,489 15,379 16,593 Depreciation and amortization 36,652 8,833 9,488 38,905 45,809 EBITDA $125,743 $56,532 $35,216 $96,779 $67,760 Restructuring, impairment and related charges, net — — — — 8,812 (Gain) loss related to warrant liabilities, net 463 — — 8,544 (11,543) Share-based compensation expense 17,969 5,146 4,392 17,357 17,729 Gains, losses, and impairments related to divestitures — — — (87) 4,013 Other unusual items3 3,210 2,066 — 1,880 1,391 Adjusted EBITDA $147,385 $63,744 $39,608 $124,473 $88,162