Slide Reports Second Quarter 2025 Results

- Gross Premiums Written Increased 25.0% Year-over-Year to $435.4 Million - - Net Income Grew 30.5% Year-over-Year to $70.1 Million; $0.56 Diluted Earnings Per Share - - Combined Ratio Improved 250 Basis Points Year-over-Year to 67.4% - - Completed Initial Public Offering in June 2025 - TAMPA, Fla., Aug. 12, 2025 (GLOBE NEWSWIRE) -- Slide Insurance Holdings, Inc. (“Slide” or the “Company”) (Nasdaq: SLDE) today reported results for the second quarter ended June 30, 2025. Second Quarter 2025 Highlights Gross premiums written grew 25.0% to $435.4 million, compared to $348.3 million in the prior-year period.Total revenue increased 25.1% to $261.6 million, compared to $209.1 million in the prior-year period.Net income grew 30.5% to $70.1 million, compared to $53.7 million in the prior-year period. Diluted earnings per share for the second quarter of 2025 was $0.56.Loss ratio of 37.4%, compared to 45.9% in the prior-year period.Combined ratio of 67.4%, compared to 69.9% in the prior-year period. “We delivered another strong quarter, building on our continued success, and we are excited to achieve a major milestone for Slide by successfully completing our initial public offering,” said Bruce Lucas, Chairman and Chief Executive Officer of Slide. “For the quarter, we generated significant year-over-year growth across all of our key metrics. Our underwriting technology continues to outperform, allowing us to generate superior underwriting returns. By leveraging our well-capitalized balance sheet and tech-enabled, data-driven underwriting capabilities, we are well-positioned to continue executing on our long-term growth strategy, while creating long-term value for our shareholders.” Second Quarter 2025 Operating Results Gross premiums written were $435.4 million, a 25.0% increase compared to $348.3 million in the prior-year period, driven by the acquisition of additional policies from Citizens, as well as consistent year-over-year renewal rates of existing written policies. Policies in force as of June 30, 2025 were 348,439, compared to 348,029 as of March 31, 2025 and 275,178 as of June 30, 2024; sequentially, increased policy renewals were offset by lower policies written as a result of the completion of offers under the Farmers renewal rights agreement in February 2025. Net premiums earned grew 25.1% to $243.9 million, compared to $195.0 million in the prior-year period, driven by the assumption of policies from Citizens and increased renewals of existing policies. Total revenue of $261.6 million increased 25.1% compared to $209.1 million in the prior-year period, primarily attributable to an increase in net premiums earned due to the assumption of policies from Citizens and increased renewals of existing policies. Losses and loss adjustment expenses (LAE) incurred, net were $91.4 million (inclusive of catastrophe losses from non-hurricane weather events of $6.1 million), compared to $89.5 million (inclusive of catastrophe losses from non-hurricane weather events of $29.9 million) in the prior-year period. This was primarily due to the year-over-year growth in policies in force. Loss ratio improved 850 basis points to 37.4%, compared to 45.9% in the prior-year period. Policy acquisition and other underwriting expenses were $32.1 million, compared to $17.8 million in the prior-year period. The increase was primarily attributable to greater policies in force on a year-over-year basis, as well as fewer premiums earned on Citizens policies in their assumption period. General and administrative expenses were $37.9 million, compared to $26.8 million in the prior-year period, due primarily to the growth in staffing to support the Company’s increased policies in force. Combined ratio improved 250 basis points to 67.4%, compared to 69.9% in the prior-year period, primarily as a result of increased net premiums earned from increased policies in force and a decrease in catastrophe losses from non-hurricane weather activity. Net income grew 30.5% to $70.1 million, compared to $53.7 million in the prior-year period. Diluted earnings per share for the second quarter of 2025 was $0.56. Return on equity was 10.0% for the three months ended June 30, 2025, compared to 16.9% in the prior-year period, driven by the growth in equity in the second quarter of 2025 due to retained earnings and proceeds from the Company’s initial public offering in June 2025. For the six months ended June 30, 2025 was 25.0%, compared to 37.3% in the prior-year period. Key Ratios In this press release we discuss certain key ratios, described below, which provide useful information about our business and the operational factors underlying our financial performance. Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses incurred, net to net premiums earned. Policy acquisition expense ratio is the ratio, expressed as a percentage, of policy acquisition expenses and other underwriting expenses to net premiums earned. Expense ratio, expressed as a percentage, is the ratio of policy acquisition and other underwriting expenses, general and administrative expenses, and other operating expense to net premiums earned. Combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss. Webcast and Conference Call Slide will hold a conference call to discuss financial results today at 5:00 pm Eastern Time. A live webcast of the conference call will be available at ir.slideinsurance.com. The dial-in number for the conference call is (877) 407-9208 (toll-free) or (201) 493-6784 (international). Please dial the number 10 minutes prior to the scheduled start time. A webcast replay of the call will be available at ir.slideinsurance.com for one year following the call. Forward-Looking Statements Statements in this press release and the Company’s earnings call that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “aim,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology and relate, without limitation, to the Company’s beliefs and expectations regarding the Company’s (i). projections of future financial performance, (ii) growth strategies, (iii) business trends, (iv) sustainable, long-term growth, including the drivers of such growth, (v) competitive advantages, (vi) ability to achieve top-line growth and margin expansion and create long-term value for its shareholders, (vi) underwriting profitability, and (viii) capitalization and profitability. These statements are only predictions based on Slide’s current expectations and projections about future events and are not guarantees of actual results, level of activity, performance or achievements. Although Slide believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, there are important factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those anticipated in any forward-looking statements, including, among others, our limited operating history; the success of the Company’s underwriting and profitability initiatives; inflation and other changes in economic conditions (including changes in interest rates and financial and real estate markets), including changes that may impact demand for our products and our operations; lack of effectiveness of exclusions and loss limitation methods in the insurance policies we assume or write; inherent uncertainty of our models and our reliance on such models as a tool to evaluate risk; the impact of macroeconomic conditions, including declining consumer confidence, inflation, high unemployment and the threat of recession; the impact of new federal and state regulations that affect the property and casualty insurance market and our failure to meet increased regulatory requirements, including minimum capital and surplus requirements; the cost of reinsurance, the collectability of reinsurance and our ability to obtain reinsurance coverage on terms and at a cost acceptable to us; assessments charged by various governmental agencies; pricing competition and other initiatives by competitors; our ability to obtain regulatory approval for requested rate changes, and the timing thereof; legislative and regulatory developments; the outcome of litigation pending against us, including the terms of any settlements; risks related to the nature of our business; performance of our investment portfolio; the adequacy of our liability for losses and loss adjustment expense; ratings by industry services; catastrophe losses; reliance on key personnel; weather conditions (including the severity and frequency of storms, hurricanes, tornadoes, wildfires and hail); acts of war and terrorist activities; court decisions and trends in litigation; and other matters described from time to time by us in our filings with the Securities and Exchange Commission. Any forward-looking statement made by Slide in this press release and the earnings call speak only as of the date on which it is made. Slide undertakes no obligation to update any forward-looking statement, whether as a result of new information, actual results, revised expectations or otherwise, except as may be required by law. About Slide Slide is a technology-enabled insurance company that makes it easy for homeowners to choose the right coverage for their unique needs and budgets. Slide's cutting-edge technology leverages artificial intelligence and big data to optimize and streamline every part of the insurance process. Based in Tampa, FL, Slide was founded by Bruce and Shannon Lucas, insurance insiders with a deep understanding of how technology can be applied to achieve better underwriting outcomes. For more information, please visit https://www.slideinsurance.com. Contacts Investorsir@slideinsurance.com MediaRachel CarrChief Marketing Officerpress@slideinsurance.com Slide Insurance Holdings, Inc.Condensed Consolidated Statements of Operations (Unaudited)(Dollar amounts in thousands, except per share amounts) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Revenues: Gross premiums written $435,384 $348,336 $713,633 $592,964 Change in unearned premiums (96,726) (87,769) (24,084) (95,036)Gross premiums earned 338,658 260,567 689,549 497,928 Ceded premiums earned (94,799) (65,601) (179,649) (114,854)Net premiums earned 243,859 194,966 509,900 383,074 Net investment income 15,040 12,151 28,848 21,714 Policy fees 2,455 1,971 3,988 2,920 Other income 253 43 464 549 Total revenue $261,607 $209,131 $543,200 $408,257 Expenses: Losses and loss adjustment expenses incurred, net 91,369 89,520 175,130 168,541 Policy acquisition and other underwriting expenses 32,096 17,782 60,668 34,862 General and administrative expenses 37,935 26,752 79,314 53,833 Interest expense 895 1,307 1,830 1,587 Depreciation expense 1,117 363 2,262 680 Amortization expense 1,898 1,958 3,792 3,946 Total expenses $165,310 $137,682 $322,996 $263,449 Net income before income tax expense 96,297 71,449 220,204 144,808 Income tax expense 26,225 17,707 57,629 36,353 Net income $70,072 $53,742 $162,575 $108,455 Basic income earnings per share $1.05 $0.96 $2.63 $1.93 Diluted income earnings per share $0.56 $0.45 $1.30 $0.90 Slide Insurance Holdings, Inc.Condensed Consolidated Balance Sheets(Dollar amounts in thousands, except per share and par value amounts) June 30, 2025 December 31, 2024 (Unaudited) ASSETS Invested assets: Fixed-maturity securities, available-for-sale, at estimated fair value (amortized costs: $447,435 and $464,585, respectively and allowance for credit losses: $0 and $0 respectively) $454,550 $464,966 Other investments, net 4,212 4,548 Total invested assets $458,762 $469,514 Cash and cash equivalents 936,187 493,409 Restricted cash 648 631 Restricted cash - variable interest entity 478,913 295,802 Accrued interest income 5,786 5,569 Assumed premiums receivable 22,312 10,284 Premiums receivable, net of allowance for credit loss of $1,512 and $1,048, respectively 69,902 47,642 Reinsurance recoverable on paid losses net of allowance for credit loss: $0 and $0, respectively 45,243 — Reinsurance recoverable on unpaid losses net of allowance for credit loss: $0 and $0, respectively 240,241 341,051 Prepaid reinsurance premiums 432,733 148,288 Deferred tax assets 15,742 17,371 Deferred policy acquisition costs 71,458 65,046 Advanced payments of premium tax liability 1,115 — Property and equipment, net 12,812 13,578 Right-of-use lease asset, operating 7,701 8,390 Intangibles, net 3,900 7,692 Goodwill 2,603 2,603 Prepaid expenses 7,361 4,192 Other assets 610 865 Total assets $2,814,029 $1,931,927 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities: Loss and loss adjustment expense reserves $571,812 $595,487 Unearned premiums 720,394 696,310 Commissions payable 11,265 8,254 Advanced recoveries on reinsurance — 4,844 Deferred revenue 90 90 Reinsurance premiums payable 444,554 70,452 Long-term debt, net 36,280 39,190 Interest rate swap liability 103 117 Income taxes payable 72,638 43,943 Advanced premiums 50,518 12,051 Premium tax liabilities — 1,206 Accounts payable and accrued expenses 24,357 13,858 Lease liability, operating 8,374 9,063 Other liabilities 5,584 3,903 Total liabilities $1,945,969 $1,498,768 Shareholders’ equity: Common Stock (par value $0.01, 1,500,000,000 shares authorized, 125,243,157 and 56,224,168 issued and outstanding at June 30, 2025 and December 31, 2024, respectively) 1,252 562 Preferred stock (par value $0.01, 150,000,000 shares authorized, 0 and 51,374,125 issued and outstanding at June 30, 2025 and December 31, 2024, respectively) — 514 Additional paid-in capital 389,731 122,607 Accumulated other comprehensive income, net of taxes 5,311 285 Retained earnings 471,766 309,191 Total shareholders’ equity $868,060 $433,159 Total liabilities and shareholders’ equity $2,814,029 $1,931,927 Slide Insurance Holdings, Inc.Supplemental Information Three Months Ended June 30,(in thousands) Six Months Ended June 30,(in thousands) Year Ended December 31, 2024 (in thousands) Revenue 2025 2024 2025 2024 2024 Gross premiums written $435,384 $348,336 $713,633 $592,964 $ 1,334,864 Policy fees 2,455 1,971 3,988 2,920 6,550 Total revenue $261,607 $209,131 $543,200 $408,257 $ 864,814 Net income $70,072 $53,742 $162,575 $108,455 $ 201,125 Key Ratios Loss ratio 37.4% 45.9% 34.3% 44.0% 42.8%Policy acquisition expense ratio 13.2% 9.1% 11.9% 9.1% 10.8%Expense ratio 30.0% 24.0% 28.6% 24.3% 29.5%Combined ratio 67.4% 69.9% 62.9% 68.3% 72.3%Return on equity 10.0% 16.9% 25.0% 37.3% 60.0%Policies in Force Policies in force at beginning of period 348,029 257,405 343,056 211,504 211,504 Citizens residential policies assumed 14,167 15,985 26,240 64,585 135,530 Citizens commercial residential policies assumed 44 — 130 — 444 New residential policies written 5,603 16,084 11,376 23,608 46,397 New commercial residential policies written 41 — 53 — — Policy renewal rate 87.9% 88.1% 88.3% 88.2% 85.9%Policies in force at end of period 348,439 275,178 348,439 275,178 343,056 Average premium per residential policy 3,963 3,991 3,963 3,991 3,924 Average premium per commercial residential policy 110,575 — 110,575 — 97,240 June 30, 2025(in thousands) December 31, 2024(in thousands) Total Assets $ 2,814,029 $ 1,931,927 Shareholders' Equity 868,060 433,159 Total common and preferred shares outstanding 125,243 107,598

Slide Reports Second Quarter 2025 Results

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