Neptune Insurance Holdings Inc.
For the period ended Oct 20, 2026. Filed Oct 20, 2026.
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Oct 20, 2026 · Filed Oct 20, 2026
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EX-99.1 · Adjusted EBITDA and Adjusted EBITDA margin
Adjusted EBITDA and Adjusted EBITDA margin
Below is a reconciliation of Adjusted EBITDA to net income (the most directly comparable GAAP measure), as well as our Adjusted EBITDA margin to net income margin (the most directly comparable GAAP measure), for the three and nine months ended September 30, 2026 and 2025, respectively, and for the twelve months ended September 30, 2026 and 2025, respectively:
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||||
|---|---|---|---|---|---|---|
| (In thousands) | 2026 | 2025 | Change %/pp | 2026 | 2025 | Change %/pp |
| Total revenues | $59,567 | $44,365 | 34.3% | $153,234 | $115,784 | 32.3% |
| Net income | 17,256 | 11,511 | 49.9% | 40,401 | 33,070 | 22.2% |
| Interest expense (net of interest income) | 3,250 | 5,237 | (37.9%) | 9,981 | 13,090 | (23.8%) |
| Income tax expense | 7,459 | 3,952 | 88.7% | 17,575 | 11,457 | 53.4% |
| Amortization expense | 992 | 948 | 4.6% | 3,013 | 2,734 | 10.2% |
| Share-based compensation | 7,009 | 111 | NM | 20,832 | 299 | NM |
| Employer payroll taxes on equity awards | 622 | — | NM | 667 | — | NM |
| Corporate transaction related expenses | 172 | 4,966 | NM | 239 | 8,440 | NM |
| One-time expenses | — | — | NM | 74 | — | NM |
| Adjusted EBITDA | $36,760 | $26,725 | 37.5% | $92,782 | $69,090 | 34.3% |
| Net income margin(1) | 29.0% | 25.9% | 3.1 | 26.4% | 28.6% | (2.2) |
| Adjusted EBITDA margin(1) | 61.7% | 60.2% | 1.5 | 60.5% | 59.7% | 0.8 |
| Twelve Months Ended September 30, | |||
|---|---|---|---|
| (In thousands) | 2026 | 2025 | Change %/pp |
| Total revenues | $197,001 | $147,287 | 33.8% |
| Net income | 44,743 | 44,682 | 0.1% |
| Interest expense (net of interest income) | 14,210 | 16,006 | (11.2)% |
| Income tax expense | 22,341 | 15,319 | 45.8% |
| Amortization expense | 3,992 | 3,554 | 12.3% |
| Share-based compensation | 31,954 | 378 | NM |
| Employer payroll taxes on equity awards | 667 | — | NM |
| Corporate transaction related expenses | 711 | 8,440 | NM |
| One-time expenses | 74 | — | NM |
| Adjusted EBITDA | $118,692 | $88,379 | 34.3% |
| Net income margin(1) | 22.7% | 30.3% | (7.6) |
| Adjusted EBITDA margin(1) | 60.2% | 60.0% | 0.2 |
NM - not meaningful
(1) Year-over-year changes in percentages are reported in percentage points (pp).
| Twelve Months Ended September 30, · Change | ||||
|---|---|---|---|---|
| (In thousands) | 2026 | 2025 | Amount | Percentage |
| Average number of employees | 60.8 | 58.0 | 2.8 | 4.8% |
| Total revenues | $197,001 | $147,287 | $49,714 | 33.8% |
| Revenue per employee | $3,242 | $2,539 | $703 | 27.7% |
| Adjusted EBITDA | $118,692 | $88,379 | $30,313 | 34.3% |
| Adjusted EBITDA per employee | $1,953 | $1,524 | $429 | 28.2% |
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