Slides
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Earnings Conference Call Presentation Second Quarter 2026 Published August 6 , 2026 octave
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2 Forward Looking Statement In this presentation, we have included statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “estimate,” “project,” “plan,” “believe,” “anticipate,” “intend,” “planned,” “potential” and similar expressions, or future or conditional verbs such as “will,” “should,” “would,” “could,” and “may,” or the negative of those expressions or verbs, identify forward-looking statements. We caution readers that these statements are not guarantees of future performance. Forward-looking statements are not historical facts, but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain and some of which may be outside our control. These statements may relate to plans and objectives with respect to the future, among other things, which may change. We are alerting you to the possibility that our actual results may differ, possibly materially, from the expected objectives or anticipated results that may be suggested, expressed or implied by these forward-looking statements. Important factors that could cause our results to differ, possibly materially, from those indicated in the forward-looking statements include, among others, those discussed under “Risk Factors.” Any or all of management’s forward-looking statements, whether contained herein or in other publications, may prove to be incorrect and are based on management’s current belief or opinions. Octave Specialty Group’s (“OSG”) and its subsidiaries’ (collectively, “Octave” or the “Company”) actual results may differ materially from those expressed in, or implied by, these forward-looking statements, and there are no guarantees about the performance of Octave’s securities. Among events, risks, uncertainties or factors that could cause actual results to differ materially are: (1) the high degree of volatility in the price of OSG’s common stock; (2) uncertainty concerning the Company’s ability to achieve value for holders of its securities from the specialty property and casualty insurance business, the insurance distribution business, or related businesses; (3) greater than expected underwriting losses in the Company’s specialty property and casualty insurance business resulting in inadequacy of loss and loss expense reserves and the possibility that changes in reserves may result in further volatility of earnings or financial results; (4) credit risk throughout Octave’s business, including but not limited to issuers of securities in our investment portfolios, and exposures to reinsurers; (5) the Company’s level of indebtedness, including its ability to generate sufficient cash to service obligations, refinance existing debt, or obtain additional financing on acceptable terms, and the resulting impact on financial condition and operating flexibility; (6) dependence on third parties, including specialty insurance program partners, reinsurers, distribution relationships, and other service providers, and the risk of failures or disruptions in their performance; (7) inability to obtain reinsurance coverage on economic terms; (8) loss of key relationships for the production of business in our specialty property and casualty and insurance distribution businesses or the inability to secure such additional relationships to produce expected results; (9) the impact of catastrophic public health events, environmental or natural events, or political events, including as a result of global or regional conflicts; (10) restrictive covenants in agreements and instruments that impair Octave’s ability to pursue or achieve its business strategies; (11) regulatory risks, including disagreements with insurance regulators, changes in laws or regulations, and the Company’s ability to adapt to an evolving regulatory environment; (12) risks related to changes in the composition, valuation, or performance of the Company’s investment portfolio, including interest rate and foreign currency exchange rate fluctuations; (13) events or circumstances that result in the impairment of our intangible assets and/or goodwill that were recorded in connection with Octave’s acquisitions; (14) the risk of litigation, regulatory inquiries, investigations, claims or proceedings, and the risk of adverse outcomes in connection therewith; (15) system security risks, data protection breaches and cyberattacks; (16) our inability to attract and retain qualified executives, senior managers and other employees, or the loss of such personnel; (17) greater competition for our specialty property and casualty insurance business and/or our insurance distribution business; (18) loss or lowering of the AM Best rating for our property and casualty insurance company subsidiaries; (19) disintermediation within the insurance industry or greater competition from technology-based insurance solutions or non-traditional insurance markets; (20) changes in law or in the functioning of the healthcare market that impair the business model of our accident and health managing general agents; (21) failure to successfully execute business expansion initiatives, integrate acquired businesses, or realize anticipated benefits from such efforts and significant obligations under put rights granted in completed acquisitions; and (22) other risks and uncertainties that have not been identified at this time.
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3 Our Vision To be the leading MGA specialty insurance platform, delivering innovative solutions through expertise, technology, and trusted partnerships. Octave Specialty Group: Pure- Play Specialty Insurance Platform
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4 Octave at a Glance Diversified Portfolio of Specialty MGAs NYSE: OSG Well-Positioned Specialty Insurance Platform MGA Platform Growth (#of MGAs) Aligned Capacity Differentiator Aligned Capacity S4242, S1416, Everspan 17.6% Organic Revenue Growth $1.5B Available Third-Party Capacity Consolidated 1 3 5 18 22 22 Acquisitions De Novos 2021 2022 2023 2024 2025 1H2026 2025 1H2026 Insurance Distribution only Total Revenue Growth65% 42.9% Organic Revenue Growth Insurance Distribution Segment Total Revenue Growth85% $2.0B Available Third-Party Capacity
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5 Why Octave? Differentiated specialty insurance distribution platform built for sustainable growth • Dua l Growth Eng ine s: Purpose built platform for launching new MGAs and acquiring established operations • Partne rship Mode l: Aligns incentives and focuses teams on profitable sustained growth • Aligned Capacity: Provides coveted capacity to launch new programs and support growth and development of new programs • Disciplined Execution : Proven track record with rigorous acquisition criteria and fast profitability timelines • Scalable Oppo rtun ity: Multiple pathways with attractive margin profile 5
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6 Second Quarter Consolidated Financial Highlights (2Q26 vs 2Q25) Premium Production Premium production was up 18% to $409 million • Insurance Distribution premiums produced were up 26% to $314 million • Specialty P&C Insurance Gross Premiums Written decreased 2% to $95 million Consolidated Results Net income (loss) from continuing operations to Shareholders of $(14) million vs $(21) million Adjusted Net Income (loss) to Shareholders of $(1.8) million vs $(10.6) million EBITDA to shareholders of $(1.7) million vs $(9.8) million Adjusted EBITDA to Shareholders of $3.7 million vs $(4.6) million Prem ium Prod uct ion $ 4 0 9 $ 34 6 $95 $96 $31 4 $250 SPC ID 2Q2026 2Q2025 Insurance Distribution premium production includes $8 million of intersegment premiums placed with Specialty P&C Insurance.
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Insurance Distribution Octave Partners & Octave Ventures
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8 Octave’s Dual-Engine Business Model One scalable platform powering two complementary growth strategies Specialty Insurance Focus Ventures (De Novos) Partners (Acquisitions) Target 2-4 De Novos per Year Strategic and Opportunistic Acquisitions Claude LeBlanc, President & CEO Naveen Anand, PresidentJohn Cavanagh, Executive Paul Rayner, Executive
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9 Second Quarter Highlights: Insurance Distribution • Premiums placed increased 26% to $314 million • Total revenue up 77% to $58 million • Organic revenue growth of 44%1 • Net income (loss) of $(1) million vs. net income (loss) of $(8) million • Adjusted net income to shareholders of $5 million vs $(3) million1 • Adjusted EBITDA to shareholders of $10 million generating a margin of 17%1 • Start-up MGA losses totaled $1.1 million to shareholders in 2Q26 1. Refer to Non-GAAP reconciliations starting at slide 19 2. EBITDA Margin calculated as EBITDA/Total (Segment) Revenue Total Revenues & Net Commissions (millions) $33 $4 3 $4 6 $79 $58 $23 $25 $32 $54 $42 Revenues Net commissions 2Q2025 3Q2025 4Q2025 1Q2026 2Q2026 $0 $50 $100 Premium Placed by Line (millions) $ 25 0 $ 24 5 $ 223 $ 4 27 $ 31 4 Accident & Health Specialty Auto Other professional Niche Specialty Risks Property Marine & Energy Professional D&O Reinsurance Environmental Surety Misc. Specialty 2Q2025 3Q2025 4Q2025 1 Q2026 2Q2026 $0 $250 $500
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10 London / Bermuda Niche Specialty NA Property Accident & Health Reinsurance Marine & Energy Surety Property Other Professional Professional D&O United States Accident & Health Specialty Commercial Auto Professional Liability Marine Professional D&O Niche Specialty Environmental Liability Other Specialty Professional D&O Commercial Property Accident & Health Professional Liability Property Specialty Distribution with a Global Reach
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11 • Strategic Capital Deployment: Targeted investments in high-potential underwriting teams with proven expertise • Partne rsh ip Mode l: Aligned incentives focused on profitable growth • Capital Efficient: Modest upfront capital requirements enable portfolio diversification • Accelerated Path to Profitability: MGAs structured to achieve profitability generally within 1 8 - 24 months • Londo n Market Advant age: UK-based MGAs typically reach profitability faster, achieving scale in under three years • U.S. Market Scale: Longer profitability timeline offset by significantly larger addressable market opportunities and growth potential • Target Profile: Focus on businesses generating $3m to $10m+ EBITDA at scale 2020 & Prior* 2021* 2022* 2023* 2024 2025 New MGAs launched in the U.K.. & U.S. 4 2 1 1 6 3 Recent MGAs (9 in Class o f ‘24 -’25) expected to drive material EBITDA expansion as they scale between 2026 -2028 De Novo MGA: P a t h t o Profitability (Illustrative) • $1M cumulative Investment • EBITDA positive in 1 8 - 2 4 months- rapid path to profitability • 5+ years of high post-launch growth • Investment recovered by month 24 • Scalable growth model • Targeted margins of 5 % + with improving EBITDA to premium ratios*Includes de novos developed prior to acquisition of Beat in 2024 Illustrative of Organic Growth Profile Sample De Novo MGA Profile (years) Octave Ventures Business Profile (2,000,000) - 8,000,000 6,000,000 4,000,000 2,000,000 1 Yearly EBITDA 2 Cumulative EBITDA 3 4 Cumulative Investment 1 1
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12 20 21 20 22 20 23 20 24 20 25 Octave Partners Acquisitions Profile • Marke t Acce ss: Target high-potential markets with significant organic entry barriers • Underwriting Excellence: Proven track record of consistent performance and reliable capacity partnerships • Partne rsh ip Mode l: Aligned incentives focused on profitable growth • Cultural Fit: Strong alignment in values and business practices • Growth Pote ntial: Clear pathways for geographic, product, and distribution expansion • Disc ipline d App roach: Opportunistic, yet selective acquisition strategy • Operational Efficiency: Streamlined operations with clear targeted integration roadmaps • Value Crea tion: Identifiable enterprise synergy opportunities Acquisitions • Expanded distribution and geographic footprint • Launched complementary products • Developed additional relationships for capacity • EBITDA yield on Gross Premiums increased from 4.6% (2021) to 6.5% (2025) Strategic Expansio n & Margin Enhancement (Illustrative) 1 2 Illustrative MGA Expansion Profile
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Specialty P&C Insurance Everspan
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14 Second Quarter Highlights: Specialty P&C Insurance • GPW of $95 million was down (2)% • NPW of $23 million were up 52% • Net premiums earned of $22 million were up 34% • Loss ratio of 61.4% and Expense ratio of 39.2% in 2Q2026 • Combined ratio of 100.6% improved by 610 bps • Net income (loss) of $1 million vs. $0.4 million in prior year • Adjusted EBITDA to shareholders of $2 million vs. $0.7 million in prior year1 • AM Best 'A-' Rated Class VIII • Average Reinsurance partner rated 'A+' GPW by Line of Business 2Q 2026 14% 9% 30% 3%1%10% 32% Commercial auto liability Commercial auto physical damage General liability Excess liability Workers Compensation Surety Professional Lines Multi-Peril / Business Owners (BOP) Other 2Q 2025 33% 6% 33% 7% 5% 6% 10% 1% Commercial auto liability Commercial auto physical damage General liability Excess liability Workers Compensation Surety Professional Lines Multi-Peril / Business Owners (BOP) Other NPW by Line of Business 2Q 2025 2% 10% 28% 42% 5% 11% 2% Commercial auto liability Commercial auto physical damage General liability Excess liability Workers Compensation Surety Professional Lines Multi-Peril / Business Owners (BOP) Other 2Q 2026 2% 14% 15% 11% 3%4% 48% 4% Commercial auto liability Commercial auto physical damage General liability Excess liability Workers Compensation Surety Professional Lines Multi-Peril / Business Owners (BOP) Other 1. Refer to Non-GAAP reconciliations starting at slide 19
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15 Everspan Capital Light Hybrid Front - Second Quarter • Casu alty focused plat form targeting mid-teens ROE at scale • Fee-focused strateg y with managed risk exposure and strong partner selectivity • Expanding sup p o rt for Octave MGAs and Programs • 2024 Fro nting Carrier of the Year (Insurance Insider) 2Q26 Gros s Premium Mix 2Q26 Net Premium Mix Gross Premiums (in millions USD) Combined Ratio Everspan operates as an AM Best Financial Size Category Class VIII property and casualty insurer with a Financial Strength Rating of ‘A-’ (Excellent) 1 5 Commercial auto liability Commercial auto physical damage General liability Excess liability Workers Compensation Surety Professional Lines Multi-Peril / Business Owners (BOP) Other Commercial auto liability Commercial auto physical damage General liability Excess liability Workers Compensation Surety Professional Lines Multi-Peril / Business Owners (BOP) Other GWP 2Q2025 2Q2026 $— $25 $50 $75 $1 00 $1 25 $1 50 1 0 6 .7 % 1 0 0 .6 % 67.8% 61 .4% 38.9% 39.2% Loss Expense 2Q2025 2Q2026 —% 50.0% 1 00.0% 1 50.0% 200.0%
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Corporate
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17 Corporate G&A Expense Trend (in millions) $1 3.5 $26.6 $25.0 $11 .9 $11 .7 $8.3 $9.5 $7.6 $7.2 $7.9 $69.9 $69.3 $79.8 $77.0 $75.2 $35.4 $37.2 $36.0 $32.6 $32.2 Reported Corporate Expenses Adjusted Corporate Expenses TTM Reported Corporate Expenses TTM Adjusted Corporate Expenses 2Q25 3Q25 4Q25 1 Q26 2Q26 $— $1 0.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 2Q26 Reported Corporate Expenses $7.0 $2.0 $0.1$0.6 $0.5 $1.4 Compensation Professional Fees Premises Outside Services Software costs Other 2Q26 Adjusted Corporate Expenses $4.3 $0.9 $0.1 $0.6 $0.5 $1.4 Compensation Professional Fees Premises Outside Services Software costs Other Adjusted Corporate Expenses represents Reported Corporate Expenses adjusted for the same items used to arrive at Adjusted EBITDA, which excludes certain items of expense — including share-based compensation expense, acquisition and integration-related expenses, severance, and other non- recurring items. Refer to Non-GAAP reconciliations starting at slide 19.
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Appendix Reconciliation of Non-GAAP Measures Proforma Combined Ratio 2Q2026 YTD
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19 EBITDA Reconciliation 2Q2026 and 2Q2025 The following table reconciles Net income (loss) to the non-GAAP measure EBITDA: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 ($ in millions) Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Eliminations Consolidated Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Eliminations Consolidated Net income (loss) (1) .......................... $ 1.1 $ (1.3) $ (11.6) $ (0.3) $ (12.2) $ 0.4 $ (8.0) $ (13.2) $ — $ (20.8) Adjustments: Interest expense ............................. — 2.8 — — 2.8 — 5.6 — — 5.6 Income tax expense (benefit) .... 0.1 0.5 (0.1) — 0.5 0.2 (2.2) (0.2) — (2.2) Depreciation expense .................. — 0.4 0.3 — 0.7 — — 0.4 — 0.4 Intangible amortization expense ............................................. — 11.6 — — 11.6 — 9.3 — — 9.3 EBITDA (2) .............................................. 1.2 13.9 (11.5) (0.3) 3.4 0.6 4.7 (13.0) — (7.7) Impact of noncontrolling interest — (5.2) — 0.1 (5.1) — (2.2) — — (2.2) EBITDA to shareholders ................. $ 1.2 $ 8.7 $ (11.5) $ (0.2) $ (1.7) $ 0.6 $ 2.5 $ (13.0) $ — $ (9.8) 1. Net income (loss) is prior to the impact of noncontrolling interests. 2. EBITDA is prior to the impact of noncontrolling interests and relates to subsidiaries where Octave does not own 100%
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20 EBITDA Reconciliation 2Q2026 YTD and 2Q2025 YTD 20 The following table reconciles Net income (loss) to the non-GAAP measure EBITDA: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 ($ in millions) Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Eliminations Consolidated Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Eliminations Consolidated Net income (loss) (1) .......................... $ (6.6) $ 15.8 $ (24.0) $ (0.3) $ (15.0) $ 1.9 $ (9.7) $ (27.4) $ — $ (35.3) Adjustments: Interest expense ............................. — 4.9 — — 4.9 — 11.0 — — 11.0 Income tax expense (benefit) .... (0.5) 0.1 0.4 — — 0.3 (2.7) (0.4) — (2.8) Depreciation expense .................. — 0.6 0.6 — 1.2 — 0.1 0.7 — 0.9 Intangible amortization expense ............................................. — 23.3 — — 23.3 — 18.1 — — 18.1 EBITDA (2) .............................................. (7.0) 44.7 (23.0) (0.3) 14.3 2.1 16.8 (27.0) — (8.1) Impact of noncontrolling interest — (12.6) — 0.1 (12.5) — (7.2) — — (7.2) EBITDA to shareholders ................. $ (7.0) $ 32.1 $ (23.0) $ (0.2) $ 1.9 $ 2.1 $ 9.6 $ (27.0) $ — $ (15.3) 1. Net income (loss) is prior to the impact of noncontrolling interests. 2. EBITDA is prior to the impact of noncontrolling interests and relates to subsidiaries where Octave does not own 100%
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21 The following table reconciles EBITDA to the non-GAAP measure Adjusted EBITDA: Adjusted EBITDA Reconciliation 2Q2026 and 2Q2025 Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 ($ in millions) Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Eliminations Consolidated Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Eliminations Consolidated EBITDA ........................................................................................ $ 1.2 $ 13.9 $ (11.5) $ (0.3) $ 3.4 $ 0.6 $ 4.7 $ (13.0) $ — $ (7.7) Add: Impact of noncontrolling interests .................... — (5.2) — 0.1 (5.1) — (2.2) — — (2.2) EBITDA attributable to shareholders ............................ 1.2 8.7 (11.5) (0.2) (1.7) 0.6 2.5 (13.0) — (9.8) Net income margin .......................................................... 4.2 % (2.3) % NM NM (14.6) % 2.0 % (24.2) % NM NM (37.9) % Net income margin to shareholders ........................ 4.2 % (6.4) % NM NM (17.4) % 2.0 % (23.4) % NM NM (37.4) % EBITDA margin .................................................................. 4.7 % 23.8 % NM NM 4.1 % 2.9 % 14.2 % NM NM (13.9) % EBITDA margin to shareholders ................................ 4.7 % 14.8 % NM NM (2.1) % 2.9 % 7.6 % NM NM (17.9) % Add: Acquisition and integration-related expenses .... — 0.5 0.7 — 1.1 — 0.4 0.4 — 0.8 Add: Equity-based compensation expense ................... 0.4 1.0 2.7 — 4.0 0.1 0.1 1.9 — 2.0 Add: Severance and restructuring expense ................... 0.1 — 0.4 — 0.6 — — 2.9 — 2.9 Add: Other non-operating (income) losses .................... — — — — — — (0.6) — — (0.6) Adjusted EBITDA .................................................................... 1.8 15.3 (7.7) (0.3) 9.1 0.7 4.6 (7.8) — (2.5) Impact of noncontrolling interest ...................................... — (5.5) — 0.1 (5.4) — (2.1) — — (2.1) Adjusted EBITDA to shareholders .................................. 1.8 9.8 (7.7) (0.2) 3.7 0.7 2.5 (7.8) — (4.6) Adjusted EBITDA margin .................................................... 6.7 % 26.2 % NM NM 11.0 % 3.2 % 13.9 % NM NM (4.6) % Adjusted EBITDA margin to shareholders .................. 6.7 % 16.8 % NM NM 4.4 % 3.2 % 7.6 % NM NM (8.3) %
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22 The following table reconciles EBITDA to the non-GAAP measure Adjusted EBITDA: Adjusted EBITDA Reconciliation 2Q2026 YTD and 2Q2025 YTD Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 ($ in millions) Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Eliminations Consolidated Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Eliminations Consolidated EBITDA ........................................................................................ $ (7.0) $ 44.7 $ (23.0) $ (0.3) $ 14.3 $ 2.1 $ 16.8 $ (27.0) $ — $ (8.1) Add: Impact of noncontrolling interests .................... — (12.6) — 0.1 (12.5) — (7.2) — — (7.2) EBITDA attributable to shareholders ............................ (7.0) 32.1 $ (23.0) $ (0.2) 1.9 2.1 9.6 (27.0) $ — (15.3) Net income margin .......................................................... (12.7) % 11.6 % NM NM (8.0) % 4.4 % (13.1) % NM NM (30.0) % Net income margin to shareholders ........................ (12.7) % 6.9 % NM NM (11.4) % 4.4 % (15.0) % NM NM (31.2) % EBITDA margin .................................................................. (13.6) % 32.6 % NM NM 7.7 % 5.0 % 22.7 % NM NM (6.9) % EBITDA margin to shareholders ................................ (13.6) % 23.5 % NM NM 1.0 % 5.0 % 12.9 % NM NM (13.0) % Add: Acquisition and integration-related expenses .... — 1.9 1.8 — 3.6 — 0.4 1.1 — 1.5 Add: Equity-based compensation expense ................... 1.1 1.8 5.8 — 8.6 0.1 0.1 3.5 — 3.7 Add: Severance and restructuring expense ................... 1.4 — 0.9 — 2.3 — 0.1 4.7 — 4.8 Add: Other non-operating (income) losses .................... 7.9 — 0.1 — 8.0 — (0.6) — — (0.6) Adjusted EBITDA .................................................................... 3.4 48.3 (14.6) (0.3) 36.8 2.3 16.7 (17.8) — 1.2 Impact of noncontrolling interest ...................................... — (13.2) — 0.1 (13.1) — (7.1) — — (7.1) Adjusted EBITDA to shareholders .................................. 3.4 35.1 (14.6) (0.2) 23.8 2.3 9.6 (17.8) — (5.9) Adjusted EBITDA margin .................................................... 6.5 % 35.3 % NM NM 19.7 % 5.3 % 22.5 % NM NM 1.0 % Adjusted EBITDA margin to shareholders .................. 6.5 % 25.7 % NM NM 12.7 % 5.3 % 13.0 % NM NM (5.0) %
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23 Adjusted Net Income Reconciliation 2Q2026 and 2Q2025 Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 ($ in millions) Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Eliminations Consolidated Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Eliminations Consolidated Net income (loss) (Continuing Operations) ................1 1 $ 1.1 $ (1.3) $ (11.6) $ (0.3) $ (12.2) $ 0.4 $ (8.0) $ (13.2) $ — $ (20.8) Adjustments: Add: Acquisition and integration-related expenses .0 — 0.5 0.7 — 1.1 — 0.4 0.4 — 0.8 Add: Intangible amortization expense ..........................0 — 11.6 — — 11.6 — 9.3 — — 9.3 Add: Equity-based compensation expense .................2 0 0.4 1.0 2.7 — 4.0 0.1 0.1 1.9 — 2.0 Add: Severance and restructuring expense ................0 0.1 — 0.4 — 0.6 — — 2.9 — 2.9 Add: Other non-operating (income) losses ..................0 — — — — — — (0.6) — — (0.6) Adjusted net income (loss) before tax adjustments and NCI ............................................................ 1 3 6 1.6 11.7 (7.9) (0.3) 5.2 0.5 1.2 (8.0) — (6.3) Income tax effects ....................................................................- 4 (1.1) (2.3) 1.1 — (2.3) — (1.9) — — (1.9) Adjusted net income (loss) before NCI .........................1 3 0.5 9.4 (6.7) (0.3) 2.9 0.5 (0.7) (8.0) — (8.2) Net (income) loss attributable to NCI ...............................0 — (4.8) — 0.1 (4.7) — (2.3) — — (2.3) Adjusted net income (loss) to shareholders ............... 1 3 2 $ 0.5 $ 4.6 $ (6.7) $ (0.2) $ (1.8) $ 0.5 $ (3.0) $ (8.0) $ — $ (10.6) The following table reconciles Net income (loss) to the non-GAAP measure Adjusted Net income (loss):
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24 Adjusted Net Income Reconciliation 2Q2026 YTD and 2Q2025 YTD Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 ($ in millions) Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Eliminations Consolidated Specialty Property & Casualty Insurance Insurance Distribution Corporate & Other Eliminations Consolidated Net income (loss) (Continuing Operations) ................1 1 $ (6.6) $ 15.8 $ (24.0) $ (0.3) $ (15.0) $ 1.9 $ (9.7) $ (27.4) $ — $ (35.3) Adjustments: Add: Acquisition and integration-related expenses .0 — 1.9 1.8 — 3.6 — 0.4 1.1 — 1.5 Add: Intangible amortization expense ...........................0 — 23.3 — — 23.3 — 18.1 — — 18.1 Add: Equity-based compensation expense .................2 0 1.1 1.8 5.8 — 8.6 0.1 0.1 3.5 — 3.7 Add: Severance and restructuring expense .................0 1.4 — 0.9 — 2.3 — 0.1 4.7 — 4.8 Add: Other non-operating (income) losses ..................0 7.9 — 0.1 — 8.0 — (0.6) — — (0.6) Adjusted net income (loss) before tax adjustments and NCI ............................................................. 1 3 6 3.8 42.7 (15.5) (0.3) 30.7 2.0 8.2 (18.1) — (7.9) Income tax effects ....................................................................- 4 (2.2) (4.5) 2.2 — (4.5) — (1.9) — — (1.9) Adjusted net income (loss) before NCI .........................1 3 1.7 38.2 (13.3) (0.3) 26.2 2.0 6.3 (18.1) — (9.8) Net (income) loss attributable to NCI ................................0 — (11.5) — 0.1 (11.4) — (6.8) — — (6.8) Adjusted net income (loss) to shareholders ...............1 3 2 $ 1.7 $ 26.7 $ (13.3) $ (0.2) $ 14.8 $ 2.0 $ (0.5) $ (18.1) $ — $ (16.6) The following table reconciles Net income (loss) to the non-GAAP measure Adjusted Net income (loss):
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25 Proforma Combined Ratio 2Q2026 YTD • Everspan's underwriting results were impacted by a number of items that drove the reported combined ratio, which when adjusted for provides a clearer picture of performance the six month's ended June 30, 2026, including ◦ The settlement of a potential litigation matter related to an insurance claim ◦ Adverse development relates primarily to the timing of claims at programs inception late in 2023 ◦ Severance - $1.7 million ◦ Performance factors - $0.3 million impact of incentive compensation catch up accrual based on a change in performance factors Loss Acquisition Expense Combined Reported 79.1 % 30.8 % 14.2 % 124.1 % Settlement of potential litigation matter ............................................. (19.0) % (19.0) % Adverse development ................................................................................. (2.7) % (2.7) % Commission expense catch-up from 4Q2025 .................................... (0.5) % (0.5) % Severance ......................................................................................................... (4.0) % (4.0) % Sliding Scale .................................................................................................... 1.2 % (1.2) % Incentive compensation performance factors ................................... (0.8) % (0.8) % Adjusted 58.6 % 29.1 % 9.4 % 97.1 %
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26 Organic Growth 2Q2026 and 2Q2025 Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 ($ in millions) 2026 2025 % Growth 2026 2025 % Growth Total Insurance Distribution revenue (1) .......................................................................................................................................1 1 $ 58.4 $ 33.0 76.8 % $ 136.9 $ 74.0 85.0 % Less: Acquired revenues ........................................................................................................................................ (7.3) — (28.4) — Less: Profit commission and contingent commission income ............................................................... (5.6) (2.3) (11.8) (7.0) Less: Impact of F.X. rates ........................................................................................................................................ (0.4) 2.6 (1.7) 3.7 Less: Other conforming adjustments (2) ........................................................................................................... — (2.1) — (4.3) Total Organic Revenue & Growth Percentage ............................................................................................ $ 45.1 $ 31.3 44.1 % $ 95.0 $ 66.5 42.9 % 0 The following table reconciles Insurance Distribution revenue to Organic revenue and growth percentage: 1. Total Insurance Distribution revenue includes investment income 2. Change in accounting in 1Q26 related to an MGA contracts on a net basis, normalizing the prior year for consistency.
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27 About Octave Octave Specialty Group, Inc. is a global specialty insurance firm that builds, buys, and scales niche insurance distribution and underwriting businesses. With a focus on operational excellence, disciplined growth, and innovation, Octave is creating a harmonized portfolio of companies that deliver exceptional performance and long-term value for shareholders. For more information, visit www.octavegroup.com. The Amended and Restated Certificate of Incorporation of Octave contains substantial restrictions on the ability to transfer Octave’s common stock. Subject to limited exceptions, any attempted transfer of common stock shall be prohibited and void to the extent that, as a result of such transfer (or any series of transfers of which such transfer is a part), any person or group of persons shall become a holder of 5% or more of Octave’s common stock or a holder of 5% or more of Octave’s common stock increases its ownership interest. Contact Karen Beyer Head of Investor Relations ( 2 1 2 ) 208-3222 ir@Octavegroup.com 2 7