TAMPA, Fla.--(BUSINESS WIRE)--The Baldwin Group ("Baldwin†or the "Company†) (NASDAQ: BWIN), a leading independent insurance brokerage and advisory firm delivering tailored insurance solutions to a wide range of personal and commercial clients, today announced a long-planned leadership transition within its Underwriting, Capacity, & Technology Solutions ("UCTS†) operating group, effective January 1, 2027. Amy Carlisle will become Chief Executive Officer of UCTS, succeeding Jim Roche, who will assume the ...

Shares of the Baldwin Insurance Group ( BWIN ) have been a poor performer over the past year, losing over 40% of their value. Margin pressure, elevated debts, and questions about M&A strategy have all weighed on the stock. More recently, the insurance brokerage sector has come underOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or hav ...

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Core Insights - The Baldwin Insurance Group reported revenue of $347.28 million for Q4 2025, a 5.3% year-over-year increase, with an EPS of $0.31 compared to $0.27 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $354.34 million, resulting in a surprise of -1.99%, while the EPS exceeded expectations by 7.83% [1] Financial Performance Metrics - Organic revenue growth was 3%, below the two-analyst average estimate of 4.2% [4] - Commissions and fees revenue was $344.58 million, compared to the average estimate of $351.21 million, reflecting a year-over-year increase of 5.5% [4] - Investment income was reported at $2.7 million, slightly below the estimated $2.71 million, marking a 15.4% decrease year-over-year [4] - Corporate and Other revenues were -$16.93 million, better than the estimated -$17.65 million, but showed an 18.9% decline from the previous year [4] - Underwriting, Capacity & Technology Solutions revenue was $129.5 million, compared to the estimate of $132.18 million, with a year-over-year increase of 10.9% [4] - Mainstreet Insurance Solutions revenue was $76.84 million, in line with the estimate of $76.83 million, reflecting a 6.9% year-over-year increase [4] - Insurance Advisory Solutions revenue was $157.87 million, below the average estimate of $164.49 million, showing a significant year-over-year decline of 68.6% [4] Stock Performance - Shares of The Baldwin Insurance Group have decreased by 25.8% over the past month, contrasting with a 0.6% increase in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

分组1 - The Baldwin Insurance Group reported quarterly earnings of $0.31 per share, exceeding the Zacks Consensus Estimate of $0.29 per share, and showing an increase from $0.27 per share a year ago, resulting in an earnings surprise of +7.83% [1] - The company posted revenues of $347.28 million for the quarter ended December 2025, which was 1.99% below the Zacks Consensus Estimate, but an increase from $329.89 million year-over-year [2] - The stock has underperformed, losing about 29.5% since the beginning of the year, while the S&P 500 gained 1.5% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.69 on revenues of $548.56 million, and for the current fiscal year, it is $1.93 on revenues of $2.04 billion [7] - The Zacks Industry Rank for Insurance - Life Insurance is in the top 29% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - The estimate revisions trend for The Baldwin Insurance Group was unfavorable ahead of the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, suggesting expected underperformance in the near future [6]

Baldwin Insurance Group (NasdaqGS:BWIN) Q4 2025 Earnings call February 26, 2026 05:00 PM ET Company ParticipantsAndrew Kligerman - Managing DirectorBonnie Bishop - Executive Director of Investor RelationsBrad Hale - CFOElyse Greenspan - Managing DirectorGregory Peters - Managing DirectorJosh Shanker - Managing DirectorPablo Singzon - Executive DirectorTommy McJoynt - DirectorTrevor Baldwin - CEOConference Call ParticipantsCharlie Lederer - Research AnalystOperatorGreetings, and welcome to the Baldwin Group' ...

Baldwin Insurance Group (NasdaqGS:BWIN) Q4 2025 Earnings call February 26, 2026 05:00 PM ET Company ParticipantsAndrew Kligerman - Managing DirectorBonnie Bishop - Executive Director of Investor RelationsBrad Hale - CFOElyse Greenspan - Managing DirectorGregory Peters - Managing DirectorJosh Shanker - Managing DirectorPablo Singzon - Executive DirectorTommy McJoynt - DirectorTrevor Baldwin - CEOConference Call ParticipantsCharlie Lederer - Research AnalystOperatorGreetings, and welcome to the Baldwin Group' ...

Baldwin Insurance Group (NasdaqGS:BWIN) Q4 2025 Earnings call February 26, 2026 05:00 PM ET Speaker7Greetings, and welcome to the Baldwin Group's fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Bonnie Bishop, Executive Dire ...

Financial Performance - Total assets increased by $327.5 million year over year, while total liabilities rose by $251.9 million[298]. - Adjusted EBITDA margin is a key metric used to assess financial performance, calculated as adjusted EBITDA divided by total revenue[309]. - Organic revenue for the year ended December 31, 2024 was $1.37 billion, adjusted to exclude commissions and fees from divestitures[312]. - Organic revenue for 2025 reached $1,470,092, a 7% increase from $1,377,116 in 2024, with organic revenue growth of $100,049[313]. - Adjusted EBITDA for 2025 was $341,472, up from $312,485 in 2024, resulting in an adjusted EBITDA margin of 22.7% compared to 22.5% in the previous year[315]. - Net loss attributable to Baldwin for 2025 was $(33,813), compared to $(24,518) in 2024, with adjusted net income increasing to $198,942 from $176,898[318]. Revenue Growth - Total revenues for the Insurance Advisory Solutions (IAS) segment increased to $727,324 in 2025, a 2% rise from $711,936 in 2024[324]. - Core commissions and fees for IAS grew by $20,304, or 3%, to $661,590, driven by organic growth despite a 380 bps headwind from softening insurance rates[326]. - UCTS reported total revenues of $549.5 million for 2025, a 16% increase from $472.9 million in 2024, driven by a $71.4 million rise in core commissions and fees[333]. - Core commissions and fees for UCTS increased by $75.7 million, or 16%, year over year, with significant contributions from MSI ($41.2 million) and the Captive business ($22.6 million)[335]. - MIS total revenues reached $297.7 million in 2025, reflecting a 6% increase from $281.3 million in 2024, with core commissions and fees growing by $14.5 million[343]. Expenses and Liabilities - Long-term debt increased by $172.2 million due to 2025 refinancings, which included an upsizing of Term Loans by $175.0 million[303]. - Colleague compensation and benefits for IAS decreased by $13,342, or 3%, primarily due to a reduction in colleague earnout incentives[327]. - Other operating expenses for IAS increased by $6,741, or 8%, mainly due to higher professional fees and legal settlement expenses[328]. - Total operating expenses for UCTS increased by $53.6 million, or 13%, primarily due to a $34.1 million rise in other operating expenses[333]. - Colleague compensation and benefits for UCTS increased by $15.0 million, or 15%, year over year, influenced by partnership activity and elevated health plan costs[336]. Cash Flow and Financing - Net cash used in operating activities increased by $80.9 million year over year, primarily due to a $62.4 million increase in payments of contingent earnout consideration[387]. - Net cash used in investing activities increased by $153.6 million year over year, driven by an $85.7 million increase in cash consideration paid for partnership activity[388]. - Net cash provided by financing activities increased by $182.8 million year over year, primarily due to a $196.6 million increase in net proceeds from borrowings on credit facilities[389]. - As of December 31, 2025, the company had senior secured credit facilities totaling $1.606 billion, including a term loan of $1.006 billion and a revolving credit facility of $600 million[361]. - The company had $107 million outstanding under the Revolving Facility and $16 million of undrawn letters of credit as of December 31, 2025[361]. Intangible Assets and Goodwill - At December 31, 2025, the company had $978.4 million of intangible assets, including $908.4 million in acquired relationships[411]. - The company performed a qualitative analysis for its intangible assets as of October 1, 2025, and determined no impairment charges were necessary[411]. - At December 31, 2025, the company had $1.5 billion of goodwill, with no impairment charges recorded during 2025, 2024, or 2023[417]. - The company evaluates its definite-lived intangible assets for impairment whenever events indicate that the carrying amount may not be recoverable[407]. Contingent Consideration - Contingent consideration arrangements are based on achieving thresholds related to future revenues, EBITDA, or retention rates, reducing the risk of overpaying for acquisitions[419]. - As of December 31, 2025, the company recorded $23.3 million in contingent consideration liabilities related to five outstanding arrangements, with a total potential maximum of $50.0 million in remaining payments[425]. - The company recognized a $5.6 million expense related to the change in fair value of contingent consideration in 2025[424]. - The fair value of contingent consideration is estimated using a Monte Carlo Simulation approach, which incorporates forecasts of revenue, EBITDA, and retention rates[421]. Tax and Valuation - The company maintains a full valuation allowance against its deferred tax assets, reassessing their realizability as it emerges from its cumulative loss position[384]. - A full valuation allowance was established for deferred tax assets as of December 31, 2025, indicating it is more likely than not that these assets will not be realized[429]. - If the deferred tax assets were deemed realizable, the company would have recognized approximately $210.7 million in deferred tax assets on its balance sheet[430]. - The company would have recognized an income tax benefit of approximately $13.7 million for the year ended December 31, 2025, if no valuation allowance had been established[431].

Q4 2025 EARNINGS SUPPLEMENT Please refer to the organic revenue growth reconciliation, adjusted EBITDA bridge, adjusted compensation and benefits expense, adjusted selling, operating and administrative expense, adjusted EBITDA margin on retained commissions and fees bridge, pro forma consolidated and credit adjusted EBITDA bridge, adjusted free cash flow bridge, and partnership adjusted EBITDA bridge slides throughout this presentation, in addition to our earnings release issued on February 26, 2026 and pos ...