Company: KG
Filing Date: 2025-03-10
Form Type: S-4
Source: 0001104659-25-021993
Chunk: 146

Company: Kestrel Group Ltd
Filing Date: 2025-03-10
Form: S-4
Chunk 146
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 ​ | ​ | ​ | ​     | $ |    32.4 | ​ | ​ | ​ | ​     | $ |    39.6 | ​ | ​ | ​ | ​     | $ |    44.4 | ​ | ​ |
| Total Expenses          | ​ | ​ | ​        | $ |   5.2 | ​ | ​ | ​ | ​ | ​                      | $ |   6.2 | ​ | ​ | ​ | ​ | ​     | $ |   7.2 | ​ | ​ | ​ | ​     | $ |     9.0 | ​ | ​ | ​ | ​     | $ |    11.1 | ​ | ​ | ​ | ​     | $ |    13.1 | ​ | ​ |
| EBITDA(3)               | ​ | ​ | ​        | $ |   0.1 | ​ | ​ | ​ | ​ | ​                      | $ |  10.8 | ​ | ​ | ​ | ​ | ​     | $ |  15.5 | ​ | ​ | ​ | ​     | $ |    23.4 | ​ | ​ | ​ | ​     | $ |    28.5 | ​ | ​ | ​ | ​     | $ |    31.2 | ​ | ​ |
| EBITDA Margin           | ​ | ​ | ​        | ​ |  1.3% | ​ | ​ | ​ | ​ | ​                      | ​ | 63.6% | ​ | ​ | ​ | ​ | ​     | ​ | 68.1% | ​ | ​ | ​ | ​     | ​ |   72.3% | ​ | ​ | ​ | ​     | ​ |   71.9% | ​ | ​ | ​ | ​     | ​ |   70.4% | ​ | ​ |

91

TABLE OF CONTENTS

(1)

2024E represents actual accruals for the applicable measure of financial performance of Kestrel from January 1, 2024 through November 30, 2024, plus forecasts for the applicable measure of financial performance for the month of December 2024.

(2)

11/30/24 Adjusted LTM is the applicable measure of financial performance of Kestrel for the last twelve months’ ended November 30, 2024, adjusted by Kestrel management