Neptune Insurance Q2 revenue $55.9M (+33%), Adj. EBITDA $34.5M (+36.5%), raises FY outlook

Neptune Insurance Holdings Inc.

Q2 revenue $55.9M (record, +33% YoY); net income $15.8M (+36%); adjusted EBITDA $34.5M (+36.5%)
Written premium $126.9M (+31% YoY); lifetime written loss ratio improved to 19.5% from 24.7% a year ago
Raised FY2026 guidance: revenue ~$199M (+25% YoY), adjusted EBITDA margin 60-61%
Repurchased 1.22M shares in Q2; debt $240M, net leverage 2.1x; subsequent paydown $7M
Renewed two largest capacity programs on improved terms; capacity partners now 45; launched commercial/condo earthquake products

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