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INVESTOR PRESENTATION October 2025
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2 Forward-Looking Statements: This presentation by Ryan Specialty Holdings, Inc. (the “Company,” “we,” “us”) contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve substantial risks and uncertainties and that reflect the Company’s current expectations and projections with respect to, among other things, its plans, objectives, and business. These forward- looking statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to risks and uncertainties, known and unknown, that may cause actual results to differ materially from those that the Company expected. For more detail on the risk factors that may affect the Company’s results, see the section entitled ‘‘Risk Factors’’ in our most recent annual report on Form 10-K and quarterly reports on 10-Q filed with the SEC, and in other documents filed with, or furnished to, the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Given these factors, as well as other variables that may affect the Company’s operating results, you are cautioned not to place undue reliance on these forward-looking statements, not to assume that past financial performance will be a reliable indicator of future performance, and not to use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this presentation relate only to events as of the date hereof. We do not undertake, and expressly disclaim, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Market and Industry Data This presentation includes information concerning economic conditions, the Company’s industry, the Company’s markets and the Company’s competitive position that is based on a variety of sources, including information from independent industry analysts and publications, as well as the Company’s own estimates and research. The Company’s estimates are derived from publicly available information released by third party sources, as well as data from its internal research, and are based on such data and the Company’s knowledge of its industry, which the Company believes to be reasonable. The independent industry publications used in this presentation were not prepared on the Company’s behalf. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that data nor do we undertake to update such data after the date of this presentation. Non-GAAP Measures This presentation contains the following financial measures: Organic Revenue Growth Rate (or “Organic Growth”), Adjusted EBITDAC, and Adjusted EBITDAC Margin, each of which are not recognized under generally accepted accounting principles (“GAAP”) in the United States. The Company believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. Organic Growth, Adjusted EBITDAC, and Adjusted EBITDAC Margin each have limitations as an analytical tool, respectively, and you should not consider any of these measures either in isolation or as a substitute for other methods of analyzing the results as reported under GAAP. Please see the appendix for a reconciliation of such non-GAAP financial information to the most comparable GAAP measure. DISCLAIMER
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3 Retailers need Wholesalers that match their scale and sophistication #2 TREND Retail brokers are getting substantially bigger Elevated risk and complexity drives greater need for specialty solutions #1 TREND World is becoming riskier and more complex #3 TREND Retail brokers require a more holistic solution from fewer trading partners Using too many wholesalers is expensive and inefficient Retail broker Fewer strategic trading partners Broad panel #4TREND Carrier adoption and number of innovative solutions is growing Delegated underwriting authority has durable value Want access to specialized talent on a variable cost basis CARRIERS Are drawn to an independent, entrepreneurial model UNDERWRITERS OUR FOUNDING THESIS
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4 For retail insurance brokers, we assist in the placement of complex or otherwise hard-to-place risks. We are a rapidly growing provider of specialty products and solutions for insurance brokers, agents, and carriers. For insurance carriers, we work with retail and wholesale insurance brokers to source, onboard, underwrite, and service these same risks on a variable cost basis. $3.0bn 24.2% 9/30/25 YTD Total Revenue Growth 9/30/25 YTD Organic Revenue Growth2 2010 Founded 1st Largest Delegated Underwriter1 2nd Largest U.S. P&C Wholesale Broker1 1 According to premium volume; Source: Business Insurance, company filings 2 Non-GAAP measure; Please see the appendix for a reconciliation of organic revenue growth to the most comparable GAAP measure. WHO WE ARE 11.4% 9/30/25 LTM Total Revenue
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5 Wholesale Broker Underwriting Manager (Commission & Fee Model) Insureds Standard Insurance Carrier (Risk bearing) Specialty Insurance Carrier (Risk bearing) Retail Broker (Commission & Fee Model) Bespoke, Complex, or Larger Risks 26% of the commercial market (E&S market) Traditional Risks 74% of the commercial market (Admitted market)1 Source: AM Best September 9, 2025 Market Segment Report; 1 ~22% of Ryan Specialty’s business was in the admitted market for the year ended 12/31/2024 DRIVING VALUE BY SECURING COVERAGE FOR COMPLEX SPECIALTY RISKS
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6 WHAT IS THE E&S MARKET? WHAT IS DRIVING THE E&S MARKET? Market for highly specialized insurance risks Freedom of rate and form Facilitates coverage which wouldn’t be possible otherwise Tailor coverage to the needs of insureds Increasing catastrophe losses and risk of climate change Increasing jury verdicts and social inflation Proliferation of cyber threats as more business is done online Emergence of novel health risks 1 For the year ended 12/31/2024 78% OF OUR PREMIUMS ARE PLACED IN THE ATTRACTIVE E&S MARKET1
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7 E&S PREMIUMS & TOTAL NORTH AMERICA COMMERCIAL P&C PREMIUMS + TOTAL ADDRESSABLE MARKET IS POISED FOR FURTHER GAINS $153 $230 $205 $255 $295 $376 $12 $33 $32 $41 $66 $130 $165 $264 $237 $296 $361 $506 2000 2005 2010 2015 2020 2024 Commercial Lines Premium E&S Premium + + + Underlying E&S Market International P&C Group Benefits Alternative Risk RYAN Total Addressable Market Specialized Admitted Market P&C 13% 13% E&S % of Total 7% 14% Source: AM Best September 9, 2025 Market Segment Report. 1 For the period 2000 to 2024. E&S CAGR1 10.6% Admitted Market CAGR1 3.8% 18% ($bn) Extensive Market Opportunity + Reinsurance Underwriting 26%
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8 Retailers have used wholesalers for more than 80% of E&S placements over the last 5 years1 Ryan Specialty had 98% producer retention in 2024 Underwriting profitability, growth, and agility are paramount to carrier success EmployeesRetail Brokers Carriers Wholesalers are a “force multiplier” for retail brokers: ─ Specialized expertise ─ More efficient results for their clients Access to industry-leading talent on a variable cost basis Independent, specialty firms like Ryan Specialty are a destination of choice – the most talented professionals want: ─ To work with all retail brokers, only possible through independence ─ A platform that provides the highest earnings potential ─ An entrepreneurial culture Carriers rely on wholesalers with MGAs / MGUs for product expertise and distribution capabilities: ─ Ability to quickly enter niche markets on a variable cost basis ─ Expert talent and a diverse specialty portfolio ─ Access to >30,000 retail brokers A CLEAR VALUE PROPOSITION 1 Per AM Best September 9, 2025 Market Segment Report
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9 Wholesale Value Proposition Product Expertise Industry Expertise Depth & Breadth of Platform Speed & Efficiency Proven Track Record of Delivering Unique Solutions Long-Term, Durable Relationships WHOLESALE BROKERS & MGUS OFFER A UNIQUE VALUE TO OUR CLIENTS
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10 Wholesale Brokerage 55% Binding Authority 12% Underwriting Management 33% Brand Operating model Value proposition Distributes a wide range of products from insurance carriers to retail brokers Connects retail brokers and their clients to specialized capacity providers who price the risk Focused, specialized servicing of retail agent’s most challenging risks Critical distribution channel for carriers with unique or specialized risk appetites Places larger-volume, smaller premium policies efficiently with insurance carriers Able to quickly bind (i.e. put coverage in place) new risks that fit narrowly defined carrier guidelines Timely and secure access to insurance carriers through in-house binding arrangements Broad distribution through national scale with local expertise Breadth of service offerings; designs, underwrites, binds, and administers policies on behalf of carriers Typically specialize in larger, complex, bespoke coverages Provides carriers with effective market expertise in distinct and complex niches Exceptional specialized talent and proven underwriting skills delivers sustained profitability for carriers Note: Specialty mix represents September 30, 2025 LTM Net Commissions and Fees COMPREHENSIVE, FULL-SERVICE PRODUCT OFFERING Delegated Authority Risk Placement Risk Underwriting
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11 PRODUCER HIRING AND RETENTION KNOWLEDGE DEVELOPMENT INNOVATION New hire classes typically cover their costs by the end of year two, hitting target margins by the end of year three Cutting-edge sourcing and development program through Ryan Specialty University Innovation is part of our DNA and is leveraged to meet the evolving and growing needs of our clients and trading partners Our people are the key to our success and we seek the most talented professionals in the industry 98% Producer retention1 78% of Ryan Specialty’s Producers grew their book of business in 2024 Continue to stay ahead of the curve: 13 active de novo MGUs Digital distribution Data & Analytics Effectively empowering talent and fostering the next generation drives future growth 1 Retention metrics for FY 2024 Creation of proprietary products serving novel industries: Ryan Specialty’s platform and culture make it a destination of choice for top-tier talent PROVEN ABILITY TO ATTRACT, RETAIN AND DEVELOP HUMAN CAPITAL
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12 ORGANIC GROWTH STRATEGIC ACQUISITIONS DE NOVOS, INTERNAL DEVELOPMENT & NEW HIRES Deepen and broaden relationships with retail brokers ─ Access to >30,000 retail insurance brokerage firms ─ Ryan Specialty’s revenue growth with the top 100 retail brokerage firms exceeded Ryan Specialty’s organic revenue growth of 12.8% in 20241 ─ Expanding TAM into new specialties – Ryan Alternative Risk and Ryan Specialty Benefits Durable value proposition built on consistently profitable underwriting results, growth, and scale on a variable cost basis Ample M&A opportunity in highly fragmented U.S. market (700+3 MGUs) and internationally Nascent opportunity for panel consolidation in Binding Authority to further accelerate organic growth Opportunity to comprehensively address the delegated authority market, which represented 31% of E&S premiums in 20244 62 acquisitions completed since founding Approximately $59mm of revenue acquired in 2019, $240mm in 2020, $34mm in 2021, $98mm in 2023, $268mm in 2024, $115mm thus far in 2025. Ability to improve performance at acquired firms Executing on acquisitions that are a cultural fit, strategic, and accretive Capitalizing on market needs to enhance our product capabilities through the launch of new MGU’s and Programs Typically each producer cohort has a positive contribution margin by their second year2 World class training and development programs through Ryan Specialty University 1 Non-GAAP measure, please see appendix for a reconciliation of Organic Growth to the most comparable GAAP Measure 2 Represents revenue less expenses 3 Per AM Best June 4, 2025 MGA Market Segment Report 4 Per AM Best September 9, 2025 Market Segment Report DELEGATED AUTHORITY OPPORTUNITY 1 2 3 4 MULTIPLE AVENUES FOR GROWTH
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13 Retail brokers are consolidating wholesale broker panels down from hundreds to 2-5 1 Represents 2019-2024 public commercial insurance brokerage median organic growth 2 Represents approximated inorganic growth 3 Represents approximate E&S market outperformance relative to the admitted market over the last fourteen years 4 Non-GAAP measure, please see the appendix for a reconciliation of Organic Growth to the most comparable GAAP measure Source: AM Best, company filings; Public insurance commercial brokerage median includes AJG, AON, BRO, BRP, MMC, and WLTW 1 2 Retail Broker Organic Growth Retail Broker Inorganic Growth Panel Consolidation Faster Growth in E&S Market Products, Structure, and Producers Ryan Specialty's Organic Growth 4 - 6% Double digit organic growth4 3 E&S market growth is outpacing admitted market growth by ~4-6% 3 (retail brokers have minimal E&S concentration) Estimated to be ~3-5% 2 which feeds into Ryan Specialty’s organic growth 1 2 3 Secular growth drivers Strategies Ryan Specialty is pursuing FINANCIAL RESULTS DRIVEN BY MARKET FUNDAMENTALS 1 2 3 4
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14 Ecosystem of Excellence Entrepreneurial & Empowering Culture • Destination of choice for top talent and M&A opportunities • Attract, retain, and develop technical, growth-minded talent • Industry-leading retention rates Unique Relationships and Position of Trust • Deep relationships with leading insurance institutions • Drive partner profitability and growth • Valued force multiplier for the success of brokers, agents, and carriers Scale and Scope of Expertise • Unmatched, hard-to-replicate breadth and depth of specialty capabilities • Focus on growth markets, capturing secular tailwinds, and capitalizing on emerging opportunities Our Ability to Innovate, Evolve, and Win is underpinned and perpetuated by our foundational pillars Ecosystem of Excellence Ryan Specialty’s 4 RYAN SPECIALTY’S UNIQUE STRATEGIES
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15 More streamlined operations and technology driving speed to market for new innovative products Variable, cost-efficient structure for carriers to access attractive, fast- growing niche markets Industry increasingly attracting top underwriting talent Rising trust from carriers driven by ability for select delegated underwriters to generate consistent profits Increasing complexity of risk driving strong demand for difficult to replicate, specialized underwriting expertise via MGAs The MGA market’s 9%1 CAGR over the last 10+ years reflects its ability to meet the growing demand for innovative solutions STRUCTURAL TAILWINDS DRIVING DELEGATED AUTHORITY PREMIUM GROWTH 1 Source: Conning MGA report, July 2025. Based on premium growth rates from 2014-2024.
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16 Differentiated Underwriting Expertise Deep underwriting expertise in attractive market niches Diversified risk profile of underlying premiums across ~250+ products Proven underwriting results with multi-year track record Supportive Carrier Partnerships Long-term, durable carrier relationships Wide breadth of C-suite engagement across highly-rated carriers Growing trend of carrier participation across multiple MGUs Differentiated Platform Capabilities Platform of choice for top underwriting talent with vast opportunities for growth & development Entrepreneurial, empowered, aligned, winning culture incentivizes talent to succeed Attractive Financial Profile Structural organic and inorganic growth profile Organic growth drivers: new MGUs, tangential products, international expansion, more capital under management Fragmented market in the US and internationally 60+ person Central Underwriting team with actuaries, data and AI specialists CREATED BEST-IN-CLASS UNDERWRITING MANAGEMENT SOLUTION Our Platform Is Well Positioned to Gain Share in a Fast-Growing Market
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17 $294 $460 $517 $625 $811 $960 2020 2021 2022 2023 2024 9/30/25 LTM REVENUE ($MM) ADJUSTED EBITDAC2 ($MM) + (closed 9/1/20) Organic Growth2 Adjusted EBITDAC Margin2 29% 32% 1 Only Revenue of $1,187MM and Adjusted EBITDAC of $352MM include the pro forma effect of All Risks, transaction closed 9/1/20 2 Non-GAAP measure, please see the appendix for a reconciliation of Organic Growth, Adjusted EBITDAC, and Adjusted EBITDAC Margin to the most comparable GAAP measure 3 Represents the period September 30, 2025 YTD 30% + (closed 9/1/20) $1,1871 $3521 PROVEN HISTORY OF DOUBLE-DIGIT ORGANIC GROWTH AND STRONG MARGINS 30% 32% $1,018 $1,433 $1,725 $2,078 $2,516 $2,963 2020 2021 2022 2023 2024 9/30/25 LTM 21% 23% 17% 15% 13% 32%11% 3
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18 LIQUIDITY FINANCIAL PROFILE ($mm) March 31, 2025 Unrestricted cash and cash equivalents $153 $1.4 billion Revolving credit facility 125 S+200 Term Loan due 2031 1,687 4.375% Senior Secured Notes due 2030 400 5.875% Senior Secured Notes due 2032 1,200 Other debt2 9 Total senior debt $3,421 Net senior debt3 $3,307 LTM Net Income 225 LTM Adjusted EBITDAC4 $960 Credit adjustments 26 Credit Adjusted EBITDAC1 $987 Credit Statistics Total debt / Credit Adjusted EBITDAC1 3.5x Net debt3 / Credit Adjusted EBITDAC1 3.4x Interest Expense Coverage5 4.5x 1 Represents Adjusted EBITDAC as further adjusted without duplication for: acquired EBITDAC from the beginning of the applicabl e 12-month reference period, certain run rate expected cost savings and initiatives, and certain other adjustments as permitted in calculating leverage ra tios under our debt agreements. 2 Represents other outstanding principal and excludes units subject to mandatory redemption as of 9/30/2025. Refer to FN 6 in t he 10-Q for more information 3 Defined as “Total senior debt” less cash attributable to the LLC. Refer to FN 11 in the form 10 -Q for further reference 4 Non-GAAP measure, please see the appendix for a reconciliation of Adjusted EBITDAC to the most comparable GAAP measure 5 Defined as Credit Adjusted EBITDAC divided by Interest expense, net Ryan Specialty’s stated leverage corridor of 3 – 4x is on a credit basis1 As of September 30, 2025, our net leverage on a credit basis1 was 3.4x LEVERAGE STRONG BALANCE SHEET Ryan Specialty's operating cash flow and conversion of EBITDAC to Free Cash Flow remains strong Operating cash flow is largely used to service existing debt, finance accretive acquisitions, invest in systems and operations, and invest in initiatives fueling future growth Strong EBITDAC-to-cash flow conversion driven by: ─ Limited capex needs ─ Limited working capital needs OPERATING CASH FLOW Ryan Specialty maintains sufficient liquidity to fund operations and continue investing in growth with cash on hand and ~$1.3bn of capacity on our revolving credit facility In February 2025, increased regular quarterly dividend 9% to $0.12/share on outstanding Class A common stock In August 2025, RYAN received an upgrade to Moody’s corporate family rating to Ba3, unlocking a 25bps savings in borrowing margin on the Company’s Term Loan S&P (BB-) and Fitch (BB+) ratings remain on Stable outlook CREDIT RATINGS
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19 Miles Wuller CEO, Underwriting Managers SEASONED AND ALIGNED LEADERSHIP TEAM Kieran Dempsey Chief Underwriting Officer CEO Ryan Alternative Risk Lana Jankovic Chief Audit and Risk Officer Michael Blackshear Chief Compliance and Privacy Officer, Head of Diversity, Equity & Inclusion Michael Conklin Chief Human Resources Officer Pat Ryan Executive Chairman Timothy Turner CEO, Ryan Specialty Chairman, RT Specialty Eric Quinn President, Underwiring Managers Alice Topping Chief Marketing and Communications Officer John Zern President and CEO, Ryan Specialty Benefits Michael VanAcker Co-President, RT Specialty Janice Hamilton Chief Financial Officer Ed McCormack CEO, RT Specialty Steve Keogh Co-President, Chief Operating Officer Andy Gorman SVP, Strategy and M&A Brenda Austenfeld Co-President, RT Specialty CEO, RT National Property Brendan Mulshine Co-President, Chief Revenue Officer Noah Angeletti Treasurer Mark Katz General Counsel
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20 Proven Ability to Attract, Retain and Develop Human Capital Deep Connectivity with Retail Brokers, Free of Channel Conflict Fragmented Industry and Benefits of Scale Perpetuate M&A Seasoned and Aligned Leadership Team Comprehensive Product Offering and Collaborative Relationships with Carriers KEY INVESTMENT HIGHLIGHTS
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21 Rank Company 2024 P&C Premiums ($ in billions) 1 $12.7 2 12.5 3 8.6 4 5.6 5 4.4 6 3.4 7 3.2 8 2.6 9 2.1 10 1.8 Rank Company 2024 P&C Premiums ($ in billions) 1 $37.0 2 28.1 3 21.8 4 8.1 5 7.0 6 4.0 7 3.9 8 3.7 9 3.0 10 2.2 MARKET LANDSCAPE OF WHOLESALE BROKERS AND DELEGATED AUTHORITY Only publicly traded “pure play” wholesale broker… Source: Business Insurance August/September 2025 LARGEST SPECIALTY INTERMEDIARIES LARGEST DELEGATED UNDERWRITERS …and delegated authority specialists
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22 APPENDIX
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23 COMMENTARY ADJUSTED EBITDAC & ADJUSTED EBITDAC MARGIN RECONCILIATIONS ($MM) 2020 2021 2022 2023 2024 9/30/25 LTM Total Revenue $1,018.3 $1,432.8 $1,725.2 $2,077.5 $2,515.7 $2,963.4 Net Income $70.5 $56.6 $163.3 $194.5 $229.9 $225.5 Interest expense $47.2 $79.4 $104.8 $119.5 $158.4 $217.7 Income tax expense 9.0 4.9 15.9 43.4 42.6 92.1 Depreciation 3.9 4.8 5.7 9.0 9.8 12.1 Amortization 63.6 107.9 103.6 106.8 157.8 265.0 Change in contingent consideration (1.3 ) 2.9 0.4 5.4 (22.9) (26.5) EBITDAC $192.9 $256.5 $393.8 $478.7 $575.8 $785.9 Acquisition-related expense $18.3 $4.3 $4.6 $23.3 $69.8 $80.7 Acquisition-related long-term incentive compensation 13.1 38.4 22.1 (4.3) 24.9 33.0 Restructuring and related expense 13.1 14.7 5.7 49.3 59.7 11.9 Amortization and expense related to discontinued prepaid incentives 14.2 7.2 6.7 6.4 5.2 4.6 Other non-operating loss / (income) 32.3 44.9 5.1 10.4 15.0 (4.2) Equity based compensation 10.8 13.6 23.4 31.0 52.0 49.2 Discontinued programs expense (0.8 ) - - - - - Other non-recurring items 0.3 0.4 - - - - IPO-related expenses – 79.5 55.6 38.7 27.0 19.1 (Income) / loss from equity method investments (0.4 ) 0.8 0.4 (8.7) (18.2) (19.8) Adjusted EBITDAC $293.5 $460.2 $517.4 $624.7 $811.2 $960.5 Net Income Margin 6.9% 4.0% 9.5% 9.4% 9.1% 7.6% Adjusted EBITDAC Margin 28.8% 32.1% 30.0% 30.1% 32.2% 32.4% Pro Forma Impact of All Risks $58.4 – – – – – Pro Forma Adjusted EBITDAC $351.9 – – – – – Note: Numbers may not sum due to rounding Related to Acquisitions and integration, and non-controlling interest buyouts Discontinued incentive plan Adjustment related to the extinguishment of the Onex Preferred instrument, changes in state tax rates on the TRA liability, and term loan modification IPO adjustment related to: one-time payments made at the IPO expense related to revaluation of pre-IPO equity awards expense related to new, one-time IPO awards Related to All Risks and ACCELERATE 2025 Related to changes in valuation of projected earn-outs
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24 1 For the twelve months ended September 30, 2025, Change in contingent consideration included a $39.8 million decrease in valua tion of the US Assure contingent consideration as a result of increased loss ratios impacting projected profit commissions and business performance 2 Adjustments made to Net income are described in the definition of Adjusted EBITDAC in “Non-GAAP Financial Measures and Key Performance Indicators” as filed in the company’s more recent earnings release on form 8-K on October 30, 2025 3 Adjustments made to Adjusted EBITDAC represent (without duplication) additional adjustments permitted under our debt agreemen ts. ($MM) Twelve Months Ended September 30, 2025 Total Revenue $2,963.4 Net Income $225.5 Interest expense, net $217.7 Income tax expense 92.1 Depreciation 12.1 Amortization 265.0 Change in contingent consideration 1 (26.5) EBITDAC $785.9 Acquisition-related expense $80.7 Acquisition related long-term incentive compensation 33.0 Restructuring and related expense 11.9 Amortization and expense related to discontinued prepaid incentives 4.6 Other non-operating loss / (income) (4.2) Equity-based compensation 49.2 IPO related expenses 19.1 (Income) / loss from equity method investments (19.8) Adjusted EBITDAC 2 $960.5 Credit adjustments 3 26.4 Credit Adjusted EBITDAC $986.8 CREDIT ADJUSTED EBITDAC TO NET INCOME RECONCILIATION
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25 2020 2021 2022 2023 2024 9/30/25 YTD Net Commissions and Fees Revenue Growth Rate1 34.0% 40.9% 19.5% 18.4% 21.2% 24.9% Less: Impact of Contingent Commissions 0.3% 0.5% (0.2%) (0.2%) (1.3%) (1.4%) Net Commissions and Fees Revenue Excluding Contingent Commissions Growth Rate 34.3% 41.4% 19.3% 18.2% 19.9% 23.5% Less: Mergers and Acquisitions Net Commissions and Fees Revenue Excluding Contingent Commissions (12.9%) (18.4%) (2.8%) (2.8%) (7.1%) (12.0%) Impact of Change in Foreign Exchange Rates (0.3%) (0.1%) 0.3% -- -- (0.1%) Organic Revenue Growth Rate 21.1% 22.9% 16.8% 15.4% 12.8% 11.4% INCOME STATEMENT ($MM) ORGANIC GROWTH RECONCILIATION 2020 2021 2022 2023 2024 9/30/25 LTM Revenues: Net commissions and fees $1,016.7 $1,432.2 $1,711.9 $2,026.6 $2,455.7 $2,905.9 Fiduciary investment income 1.6 0.6 13.3 51.0 60.0 57.5 Total Revenue $1,018.3 $1,432.8 $1,725.2 $2,077.5 $2,515.7 $2,963.4 Expenses: Compensation and benefits $686.2 $991.6 $1,129.0 $1,321.0 $1,591.1 $1,766.2 General and administrative 107.4 139.0 197.0 276.2 352.1 435.2 Amortization 63.6 107.9 103.6 106.8 157.8 265.0 Depreciation 3.9 4.8 5.7 9.0 9.8 12.1 Change in contingent consideration (1.3) 2.9 0.4 5.4 (22.9) (26.5) Total operating expenses $859.7 $1,246.1 $1,435.7 $1,718.5 $2,087.9 $2,452.0 Operating Income $158.5 $186.6 $289.5 $359.1 $427.8 $511.3 Operating Income Margin 15.6% 13.0% 16.8% 17.3% 17.0% 17.3% Interest expense, net ($47.2) ($79.4) ($104.8) ($119.5) ($158.4) ($217.7) Income / (loss) from equity method investments 0.4 (0.8) (0.4) 8.7 18.2 19.8 Other non-operating income / (loss) (32.3) (44.9) (5.1) (10.4) (15.0) 4.2 Income before income taxes $79.5 $61.6 $179.2 $237.9 $272.6 $317.6 Income tax expense ($9.0) ($4.9) ($15.9) ($43.4) ($42.6) ($92.1) Net Income $70.5 $56.6 $163.3 $194.5 $229.9 $225.5 SUMMARY FINANCIALS AND ORGANIC GROWTH RECONCILIATION Note: Beginning in the first quarter of 2024, the Company changed its method of calculating Organic revenue growth rate, a non -GAAP measure. For more information on the revised calculation methodology, see “Reconciliation of Organic Revenue Growth Rate” referenced in our third quarter 2025 earnings release. 1 Excludes revenue attributable to sold businesses