Neptune Insurance Q3 revenue up 31% to $44.4M, adj. EBITDA margin 60%; refinances debt to $260M revolver

Neptune Insurance Holdings Inc.

2025-Q3 EPS reported -$0.34 revenue$115,784,000

Revenue $44.4M (+31.2% YoY), net income $11.5M (-4.8% due to $5M IPO expenses), Adj. EBITDA $26.7M (+28.6%).
Written Premium $101.6M (+30.7%), Policy Retention 86.2%, Premium Retention 98.7%.
Post-quarter refinanced debt into $260M revolving facility, $251M outstanding, lower rate, no required amortization.
Full-year 2026 guidance: revenue $186-189M, Adj. EBITDA margin 60-61%.
Record new business sales; added 6 reinsurers to new program (now 39 providers across 7 programs).

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