Slide Reports Fourth Quarter and Full Year 2025 Results

- Gross Premiums Written in the Fourth Quarter Grew 56.7% Year-over-Year to $618.5 Million - - Fourth Quarter Net Income More than Doubled Year-over-Year to $170.4 Million; $1.23 Diluted Earnings Per Share - - Combined Ratio Improved to 38.0% - TAMPA, Fla., Feb. 24, 2026 (GLOBE NEWSWIRE) -- Slide Insurance Holdings, Inc. (“Slide” or the “Company”) (Nasdaq: SLDE) today reported results for the fourth quarter and full year ended December 31, 2025. Fourth Quarter 2025 Highlights Gross premiums written grew 56.7% to $618.5 million, compared to $394.6 million in the prior-year period.Total policies in force at the end of the period are 493,532, the average premium per residential policy is $3,670 and the average premium per commercial residential policy is $143,213Total revenue increased 45.5% to $347.0 million, compared to $238.5 million in the prior-year period.Net income more than doubled to $170.4 million, compared to $75.1 million in the prior-year period. Diluted earnings per share for the fourth quarter of 2025 was $1.23.Loss ratio of 8.3%, compared to 26.3% in the prior-year period.Combined ratio of 38.0%, compared to 60.9% in the prior-year period as a result of a decrease in hurricane and non-hurricane weather losses. “We delivered exceptional results in the fourth quarter and for the full year 2025, providing us with significant momentum entering 2026,” said Bruce Lucas, Chairman and Chief Executive Officer of Slide. “We generated meaningful growth on both a top-line and bottom-line basis, once again demonstrating the strength of our business model and our disciplined underwriting. As we progress through 2026, we remain focused on our long-term growth strategy and further strengthening our market position. We will continue to expand into new catastrophe exposed markets while maintaining our prudent underwriting standards. Combined with our ongoing investments in our team and in consistently enhancing our tech platform, we remain well-positioned to deliver sustainable growth and create long-term value for our shareholders.” Fourth Quarter 2025 Operating Results Gross premiums written were $618.5 million, a 56.7% increase compared to $394.6 million in the prior-year period, driven by the acquisition of additional policies from Citizens, as well as relatively consistent renewal rates of existing written policies. Policies in force as of December 31, 2025 were 493,532, compared to 351,707 as of September 30, 2025 and 343,056 as of December 31, 2024. Sequentially, growth was primarily driven by the acquisition of additional policies from Citizens. Net premiums earned grew 45.4% to $326.6 million, compared to $224.6 million in the prior-year period, while total revenue of $347.0 million was a 45.5% increase compared to $238.5 million in the prior-year period. Growth was driven by the assumption of policies from Citizens and renewals of existing written policies. Losses and loss adjustment expenses (LAE) incurred, net were $27.1 million (there were no incurred losses from named storms during the period), a $32.0 million improvement compared to $59.1 million (inclusive of catastrophe losses of $32.1 million from Hurricane Debby, Helene and Milton) in the prior-year period. Loss ratio improved to 8.3%, compared to 26.3% in the prior-year period, primarily due to a decrease in catastrophe losses from hurricane and non-hurricane weather activity. Policy acquisition and other underwriting expenses were $42.3 million, compared to $29.1 million in the prior-year period. The increase was driven by greater policies in force on a year-over-year basis, as well as continued investment in enhancing the Company's technology. General and administrative expenses were $51.4 million, compared to $45.7 million in the prior-year period, due primarily to the additional staffing to support the Company’s growth in policies in force. Combined ratio improved to 38.0%, compared to 60.9% in the prior-year period, due to greater net premiums earned from increased policies in force and a lower level of catastrophe losses from hurricane and non-hurricane weather activity. Net income grew 126.9% to $170.4 million, compared to $75.1 million in the prior-year period. Diluted earnings per share for the fourth quarter of 2025 was $1.23 and return on equity was 16.4%. Full Year 2025 Highlights Gross premiums written were $1.80 billion, a 34.6% increase compared to $1.33 billion in the prior year. Net premiums earned grew 36.2% to $1.08 billion, compared to $792.4 million in the prior year. Growth was the result of a combination of organic and inorganic growth opportunities in the Company's target coastal market. Total revenue of $1.16 billion increased 36.5%, compared to $846.8 million in the prior year. Losses and loss adjustment expenses (LAE) incurred, net were $235.5 million (there were no incurred losses from named storms during the period), a $103.8 million improvement compared to $339.3 million (inclusive of catastrophe losses of $87.9 million from Hurricane Debby, Helene and Milton) in the prior year, as a result of lower hurricane and non-hurricane related weather losses. Policy acquisition and other underwriting expenses were $139.4 million, compared to $86.0 million in the prior year, largely due to increased PIF throughout the year. General and administrative expenses were $175.8 million, compared to $137.5 million in the prior year, due primarily to support the Company's continued growth. Combined ratio improved to 52.1%, compared to 72.3% in the prior year. Net income grew 120.7% to $444.0 million, compared to $201.1 million in the prior year. Diluted earnings per share for 2025 was $3.36 and return on equity was 57.4%. Full Year Outlook The Company initiated its financial outlook for full year 2026, reflecting accelerating momentum across the company. The Company expects to generate full year gross written premiums in the range of $1.85 billion to $1.95 billion. Top-line growth is expected to be driven primarily by sustained organic expansion, including double-digit increases in policies in force and premium outside of Florida, complemented by selective growth opportunities within Florida that meet our return threshold. The Company expects to generate full year net income in the range of $455 million to $470 million. 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. Return on equity, expressed as a percentage, is a ratio of net income on an annualized basis as a percentage of average beginning and ending shareholders’ equity during the period. Webcast and Conference Call Slide will hold a conference call to discuss financial results tomorrow, February 25, 2026, at 8:30 am 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, (vii) 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 Investors ir@slideinsurance.com Media Rachel Carr Chief Marketing Officer press@slideinsurance.com Slide Insurance Holdings, Inc. Condensed Consolidated Statements of Operations (Unaudited) (Dollar amounts in thousands) For the Three Months Ended December 31, (in thousands) 2025 2024 Revenues: Gross premiums written $618,489 $394,607 Change in unearned premiums (176,186) (70,388) Gross premiums earned 442,303 324,219 Ceded premiums earned (115,729) (99,623) Net premiums earned 326,574 224,596 Net investment income 18,476 12,561 Policy fees 1,815 1,497 Other income 142 (201) Total revenue $347,007 $238,453 Expenses: Losses and loss adjustment expenses incurred, net 27,092 59,088 Policy acquisition and other underwriting expenses 42,313 29,090 General and administrative expenses 51,432 45,667 Interest expense 892 789 Depreciation expense 1,357 1,060 Amortization expense 1,901 1,960 Total expenses $124,987 $137,654 Net income before income tax expense 222,020 100,799 Income tax expense 51,633 25,706 Net income $170,387 $75,093 Weighted average shares outstanding (in thousands) Basic 123,780 56,224 Diluted 138,252 121,185 Earnings per share Basic $1.38 $1.34 Diluted $1.23 $0.62 Slide Insurance Holdings, Inc. Condensed Consolidated Statements of Operations (Dollar amounts in thousands) 2025 2024 Revenues: Gross premiums written $1,795,516 $1,333,864 Change in unearned premiums (304,301) (236,564) Gross premiums earned 1,491,215 1,097,300 Ceded premiums earned (411,687) (304,861) Net premiums earned 1,079,528 792,439 Net investment income 66,417 47,061 Policy fees 8,243 6,550 Other income 1,713 764 Total revenue $1,155,901 $846,814 Expenses: Losses and loss adjustment expenses incurred, net 235,462 339,293 Policy acquisition and other underwriting expenses 139,375 85,970 General and administrative expenses 175,750 137,507 Interest expense 3,631 3,754 Depreciation expense 4,850 2,447 Amortization expense 7,594 7,868 Total expenses $566,662 $576,839 Net income before income tax expense 589,239 269,975 Income tax expense 145,281 68,850 Net income $443,958 $201,125 Weighted average shares outstanding (in thousands) Basic 93,373 56,224 Diluted 131,958 121,137 Earnings per share Basic $4.75 $3.58 Diluted $3.36 $1.66 Slide Insurance Holdings, Inc. Condensed Consolidated Balance Sheets (Dollar amounts in thousands, except per share and par value amounts) 2025 2024 ASSETS Invested assets: Fixed-maturity securities, available-for-sale, at estimated fair value (amortized costs: $580,122 and $464,585, respectively and allowance for credit losses: $0 and $0 respectively) $589,720 $464,966 Other investments, net 4,000 4,548 Total invested assets $593,720 $469,514 Cash and cash equivalents 1,201,210 493,409 Restricted cash 786 631 Restricted cash - variable interest entity 480,972 295,802 Accrued interest income 7,281 5,569 Assumed premiums receivable 34,290 10,284 Premiums receivable, net of allowance for credit loss of $3,294 and $2,295, respectively 90,576 47,642 Reinsurance recoverable on paid losses, net of allowance for credit loss: $0 and $0, respectively 16,183 — Reinsurance recoverable on unpaid losses, net of allowance for credit loss: $0 and $0, respectively 146,128 341,051 Prepaid reinsurance premiums 202,748 148,288 Deferred tax assets 18,332 17,371 Deferred policy acquisition costs 93,728 65,046 Property and equipment, net 11,585 13,578 Right-of-use lease asset, operating 8,476 8,390 Intangibles, net 99 7,692 Goodwill 2,603 2,603 Prepaid expenses 8,932 4,192 Other assets 816 865 Total assets $2,918,465 $1,931,927 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities: Loss and loss adjustment expense reserves $439,715 $595,487 Unearned premiums 1,000,611 696,310 Commissions payable 9,049 8,254 Advanced recoveries on reinsurance — 4,844 Deferred revenue 90 90 Reinsurance premiums payable 160,330 70,452 Long-term debt, net 33,687 39,190 Interest rate swap liability 62 117 Income taxes payable 93,555 43,943 Advanced premiums 30,518 12,051 Premium tax liabilities 5,075 1,206 Accounts payable and accrued expenses 19,768 13,858 Lease liability, operating 9,649 9,063 Other liabilities 3,115 3,903 Total liabilities $1,805,224 $1,498,768 Shareholders’ equity: Common Stock (par value $0.01, 1,500,000,000 shares authorized, 123,889,446 and 56,224,168 issued and outstanding at December 31, 2025 and December 31, 2024, respectively) 1,239 562 Preferred stock (par value $0.01, 150,000,000 shares authorized, 0 and 51,374,125 issued and outstanding at December 31, 2025 and December 31, 2024, respectively) — 514 Additional paid-in capital 351,688 122,607 Accumulated other comprehensive income (loss), net of taxes 7,165 285 Retained earnings 753,149 309,191 Total shareholders’ equity $1,113,241 $433,159 Total liabilities and shareholders’ equity $2,918,465 $1,931,927 Slide Insurance Holdings, Inc. Supplemental Information Three Months Ended December 31, (in thousands) Year Ended December 31, (in thousands) Revenue 2025 2024 2025 2024 Gross premiums written $618,489 $394,607 $1,795,516 $1,333,864 Policy fees 1,815 1,497 8,243 6,550 Total revenue $347,007 $238,453 $1,155,901 $846,814 Net income $170,387 $75,093 $443,958 $201,125 Key Ratios Loss ratio 8.3% 26.3% 21.8% 42.8% Policy acquisition expense ratio 13.0% 13.0% 12.9% 10.8% Expense ratio 29.7% 34.6% 30.3% 29.5% Combined ratio 38.0% 60.9% 52.1% 72.3% Return on equity 16.4% 18.7% 57.4% 60.0% December 31, 2025 (in thousands) December 31, 2024 (in thousands) Total Assets $ 2,918,465 $ 1,931,927 Shareholders' Equity 1,113,241 433,159 Total common and preferred shares outstanding 123,889 56,224