# EDGAR Filing Document

**Accession Number:** 0001997350
**File Stem:** 0001193125-25-190324
**Filing Date:** 2025-8
**Character Count:** 39680
**Document Hash:** be19c4862edd93b9a1956814ce603fab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-190324.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001193125-25-190324

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250828

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Accelerant Holdings
- **CENTRAL INDEX KEY:** 0001997350
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 981753044
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42765
- **FILM NUMBER:** 251267483

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 309 UGLAND HOUSE
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1044
- **BUSINESS PHONE:** (302) 658-7581

**MAIL ADDRESS:**
- **STREET 1:** 1209 ORANGE STREET
- **STREET 2:** C/O THE CORPORATION TRUST COMPANY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of report (Date of earliest event reported): August 28, 2025

## ACCELERANT HOLDINGS

#### (Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **001-42765** | **98-1753044** |
| **(State or Other Jurisdiction of<br>Incorporation or Organization)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer<br>Identification Number)** |

---

#### Accelerant Holdings

#### c/o Accelerant Re (Cayman) Ltd.

#### Unit 106, Windward 3, Regatta Office Park,

#### West Bay Road, Grand Cayman , KY1-1108

#### +1 (345) 743-4611

#### (Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)

#### Not Applicable

#### (Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading<br>Symbol** | **Name of Each Exchange<br>on Which Registered** |
| Class A common shares, $0.0000011951862 par value per share | ARX | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition** |

---

On August 28, 2025, Accelerant Holdings (the "Company," "we," or "our") issued a press release relating to our earnings for the second quarter ended June 30, 2025 (the "Earnings Release"). We have attached a copy of the Earnings Release as Exhibit 99.1.

The information furnished under Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference to such filing.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits** |

---

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | [Earnings release issued by the Company on August 28, 2025](d171946dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

#### Signature
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: August 28, 2025 | **ACCELERANT HOLDINGS** | **ACCELERANT HOLDINGS** |
|  | By: | /s/ Nancy Hasley |
|  |  | Nancy Hasley |
|  |  | *Group General Counsel* |

---

## Exhibit 99.1

**Exhibit 99.1** 

**Accelerant Announces Second Quarter 2025 Results** 

ATLANTA (August 28, 2025) – Accelerant Holdings ("Accelerant") (NYSE: ARX), a leading technology company operating a data-driven risk exchange platform for the specialty insurance market, today announced financial results for the second quarter ended June 30, 2025.<sup>1</sup>

"Accelerant's first quarter reporting as a public company was one of the strongest in our history — more Members wrote more business for more risk capital partners than ever before," said Jeff Radke, Co-Founder and CEO. "We believe our initial public offering validated the durability of our platform and equipped us with resources to extend industry-leading growth as we build the world's preeminent two-sided specialty insurance risk exchange. Over the last 12 months, Accelerant generated $3.8 billion of Exchange Written Premium, including $1.1 billion in the second quarter alone — a 42% year-over-year increase."

"Our growth algorithm is straightforward: add more high-quality Members, expand specialty products for more small and mid-sized businesses, and attract more capital from risk partners," Radke continued. "If we continue to do that, we believe the rest will take care of itself. Our goal is clear: to be the rails on which specialty insurance runs."

**Second Quarter 2025 Key Results** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| ***(in millions, unless indicated)*** | **2025** | **2024** | **2025** | **2024** |
|  Number of Members | 248 | 186 | 248 | 186 |
|  Number of MGA Operations Members | 47 | 44 | 47 | 44 |
|  Net revenue retention | 151% | 135% | 151% | 135% |
|  Exchange written premium | $1072.3 | $756.8 | $2057.5 | $1340.6 |
|  Accelerant direct written premium | 73% | 90% | 77% | 90% |
|  Third-party direct written premium | 27% | 10% | 23% | 10% |
|  Accelerant-retained exchange premium | 6% | 11% | 6% | 11% |
|  Exchange written premium growth rate | 42% | 83% | 53% | 78% |
|  Total revenues | $219.1 | $130.1 | $397.1 | $258.2 |
|  Income (loss) before income taxes | $22.3 | $(4.3) | $37.8 | $7.7 |
|  Net income (loss) | $13.1 | $(9.2) | $20.9 | $(7.1) |
|  Non-GAAP financial measures <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted EBITDA <sup>(1)</sup> | $63.5 | $13.0 | $106.3 | $40.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted EBITDA margin <sup>(1)</sup> | 29% | 10% | 27% | 16% |

---

<sup>(1)</sup> The definitions of Adjusted EBITDA and Adjusted EBITDA margin are included within the "Use of Non-GAAP Financial Measures" section of this release. A reconciliation of Adjusted EBITDA and Adjusted EBITDA margin to the most directly comparable GAAP measures can be found on page 11.

<sup>1</sup> Accelerant Holdings is required to file its Form 10-Q within 45 days of the July 23, 2025 effectiveness of its registration statement filed with the SEC (or September 6, 2025). Accelerant intends to file its second quarter 2025 Form 10-Q at the close of business today. Prospectively, Accelerant Holdings management will report on earnings and file its Forms 10-Q as a non-accelerated filer within 45 days of each calendar quarter end period. 

------

**Conference Call Information** 

Accelerant will host a webcast and conference call to discuss the second quarter financial results on August 28, 2025, at 8:00 a.m. ET. A live webcast of the call can be accessed on Accelerant's Investor Relations website at <u>https://investor.accelerant.ai</u>. To access the call via telephone in North America, please dial 800-715-9871. For callers outside the United States, please dial +1 646-307-1963. Participants should reference the conference call ID code "6232893" after dialing in.

A webcast replay of the call will be available on Accelerant's website at <u>accelerant.ai</u> in its Investors section for one year following the call.

**About Accelerant** 

Accelerant is a data-driven risk exchange connecting underwriters of specialty insurance risk with risk capital providers. Accelerant was founded in 2018 by a group of longtime insurance industry executives and technology experts who shared a vision of rebuilding the way risk is exchanged – so that it works better, for everyone. The Accelerant risk exchange does business across 22 different countries and more than 500 specialty insurance products.

The Company generates revenue by charging fees on the Exchange Written Premium shared with risk capital partners that rely on Accelerant to source, manage, and monitor portfolios of specialty risk. There was $1.07 billion in Exchange Written Premium during the second quarter 2025. Accelerant harnesses advanced data analytics and AI to optimize risk management, align incentives across the insurance value chain, and provide transparent and efficient solutions for MGAs and Risk Capital partners globally.

**Forward-Looking Statements** 

All statements in this release and in the corresponding earnings call that are not historical are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties. You can generally identify forward-looking statements by our use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "projection," "seek," "should," "will" or "would," or the negative thereof or other variations thereon or comparable terminology. In particular, statements about the markets in which we operate, including growth of our various markets, and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, or future events or performance contained in this release and in the corresponding earnings call are forward-looking statements.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed in our Quarterly Report on Form 10-Q under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, or could affect our share price.

**Use of Non-GAAP Financial Measures** 

In assessing the performance of our business, non-GAAP financial measures are used that are derived from our consolidated financial information but are not presented in our consolidated financial statements prepared in accordance with GAAP. We consider these non-GAAP financial measures to be useful metrics for management and investors to evaluate our financial performance by excluding certain items that are related to our non-core business operations and therefore are not considered to be directly attributable to our underlying operating performance.

------

Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Net Income (Loss) should not be considered substitutes for the reported results prepared in accordance with GAAP and should not be considered in isolation or as alternatives to GAAP net income or net (loss) as indicators of our financial performance. Although we use Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Net Income (Loss) as financial measures to assess the performance of our business, such use is limited because it does not include certain material costs necessary to operate our business. Our presentation of Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Net Income (Loss) should not be construed as indications that our future results will be unaffected by unusual or non-recurring items. These non-GAAP financial measures, as determined and presented by us, may not be comparable to related or similarly titled measures reported by other companies. Set forth below are reconciliations of our most directly comparable financial measures calculated in accordance with GAAP to these non-GAAP financial measures on a consolidated basis.

***Adjusted EBITDA and Adjusted Net Income (Loss)***

We define Adjusted EBITDA as GAAP net income (loss) less the impact of depreciation and amortization, interest expenses, income tax expenses and the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *<u>Other expenses</u>:* Represents costs related to our non-core business operations, primarily related to our global enterprise resource planning system and integrated financial reporting systems, charges related to share-based compensation, and legal and advisory
costs in connection with corporate development activities including mergers and acquisitions, capital raising activities and entity formations that support our growing business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *<u>Net foreign currency exchange gains (losses)</u>:* The functional currency for each of our
operating subsidiaries is generally the currency of the local operating environment. Transactions in currencies other than the local operation's functional currency are remeasured into the functional currency, and the resulting foreign
exchange gains or losses are reflected in net foreign currency exchange gains (losses). Such gains and losses are generally offset by the translation of our subsidiaries who have the corresponding reinsurance-related balances within their own
functional currencies, whereby such effects are translated to other comprehensive income, yielding a much lower net impact on total comprehensive income and equity.

We define Adjusted Net Income (Loss) as GAAP net income (loss) less the impact of other expenses and the tax effect of the adjustments for other expenses.

***Adjusted EBITDA Margin***

We define Adjusted EBITDA margin, a non-GAAP financial measure, as Adjusted EBITDA divided by total revenue. Adjusted EBITDA margin is an internal performance measure used in the management of our operations.

The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial measures is set forth in the reconciliation table accompanying this release.

**Contacts:** 

---

| | |
|:---|:---|
| **Investor Relations** | **Media Relations** |
| The Blueshirt Group | Kelly Reilly |
| Scott McCabe | <u>kelly@heycommand.com</u> |
| <u>scott@blueshirtgroup.com</u> |  |

---

------

**Accelerant Holdings** 

**Consolidated Statements of Operations** 

*(in millions, except per share amounts)* 

*(unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| ***(expressed in millions of US dollars, except share data)*** | **2025** | **2024** | **2025** | **2024** |
|  **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceding commission income | $101.6 | $59.1 | $172.3 | $124.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct commission income | 34.2 | 10.1 | 62.3 | 21.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earned premiums | 70.6 | 52.2 | 133.6 | 96.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 12.8 | 8.7 | 25.0 | 16.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains on investments | 0.4 |  | 2.7 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized (losses) gains on investments | (0.5) |  | 1.2 | (0.8) |
|  **Total revenues** | **219.1** | **130.1** | **397.1** | **258.2** |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses and loss adjustment expenses | 51.3 | 43.2 | 96.5 | 71.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred acquisition costs | 18.2 | 16.1 | 35.3 | 38.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses | 86.1 | 57.8 | 159.0 | 106.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses | 2.5 | 3.0 | 5.1 | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 8.3 | 5.5 | 15.7 | 10.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 16.2 | 9.6 | 30.4 | 18.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net foreign exchange losses (gains) | 14.2 | (0.8) | 17.3 | (1.8) |
|  **Total expenses** | **196.8** | **134.4** | **359.3** | **250.5** |
|  **Income (loss) before income taxes** | **22.3** | **(4.3)** | **37.8** | **7.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | (9.2) | (4.9) | (16.9) | (14.8) |
|  **Net income (loss)** | **13.1** | **(9.2)** | **20.9** | **(7.1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment for net (income) loss attributable to non-controlling interests | (4.3) | 0.2 | (5.6) | 5.2 |
|  **Net income (loss) attributable to Accelerant** | $**8.8** | $**(9.0)** | $**15.3** | $**(1.9)** |
| **Net income (loss) attributable to Accelerant per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.05 | $(0.05) | $0.09 | $(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.04 | $(0.05) | $0.07 | $(0.01) |
| **Weighted-average common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 166185094 | 165949086 | 166185094 | 165776863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 205948671 | 165949086 | 205913393 | 165776863 |

---

------

**Accelerant Holdings** 

**Consolidated Balance Sheets** 

*(in millions, except par value)* 

*(unaudited)* 

---

| | | |
|:---|:---|:---|
| ***(expressed in millions of US dollars, except share data)*** | **June 30, 2025** | **December 31, 2024** |
|  **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments available for sale, at fair value<br> (amortized cost 2025: $77.3 and 2024: $65.0) | $77.7 | $64.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities available for sale, at fair value<br> (amortized cost 2025: $667.9 and 2024: $485.6) | 673.7 | 479.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity method investments | 10.2 | 18.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments | 46.6 | 45.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investments** | **808.2** | **607.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash | 1458.5 | 1273.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums receivable (net of allowance 2025: $3.9 and 2024: $2.4) | 937.6 | 791.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceded unearned premiums | 1922.4 | 1558.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverables on unpaid losses and LAE | 1424.6 | 1069.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other reinsurance recoverables | 491.1 | 364.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs | 51.2 | 60.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill and other intangible assets, net | 119.7 | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized technology development costs | 93.5 | 83.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 189.4 | 221.7 |
|  **Total assets** | $**7496.2** | $**6094.9** |
|  **Liabilities and shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unpaid losses and loss adjustment expenses | $1692.0 | $1294.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned premiums | 2173.0 | 1803.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables to reinsurers | 1398.6 | 1109.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred ceding commissions | 235.0 | 193.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds held under reinsurance | 978.1 | 746.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance balances payable | 130.6 | 148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt | 126.7 | 121.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and other liabilities | 280.0 | 252.0 |
|  **Total liabilities** | **7014.0** | **5667.9** |
|  **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Redeemable preference shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C convertible preference shares (issued and outstanding 2025 and 2024: 5,556,546) | **104.4** | **104.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible preference shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A (issued and outstanding 2025 and 2024: 20,955,497) | 236.7 | 236.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B (issued and outstanding 2025 and 2024: 12,569,691) | 145.1 | 145.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (par value $0.000001 per share, issued and outstanding 2025 and 2024: 166,185,094) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 130.2 | 124.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | 1.7 | (19.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (167.5) | (182.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Accelerant shareholders' equity** | **346.2** | **304.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Non-controlling interests** | **31.6** | **18.3** |
|  **Total equity** | **482.2** | **427.0** |
|  **Total liabilities and equity** | $**7496.2** | $**6094.9** |

---

------

**Accelerant Holdings** 

**Consolidated Statements of Cash Flows** 

*(in millions)* 

*(unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| ***(expressed in millions of US dollars)*** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | $20.9 | $(7.1) |
| **Adjustments to reconcile net income (loss) to net cash provided by operating activities:** |  |  |
| **Non-cash revenues, expenses, gains and losses included in net income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains on investments | (2.7) | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized (gains) losses on investments | (1.2) | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings from equity method investments | (1.2) | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense | 5.4 | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 15.7 | 10.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax benefits | (10.7) | (13.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net foreign exchange losses (gains) | 17.3 | (1.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net accretion of discount on fixed maturity securities and short-term investments | (3.9) | (2.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net | 0.4 | 0.6 |
| **Changes in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums receivable | (112.7) | (128.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceded unearned premiums | (325.1) | (310.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverables on unpaid losses and LAE | (327.1) | (173.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other reinsurance recoverables | (112.7) | (49.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs | 9.8 | (14.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unpaid losses and loss adjustment expenses | 321.2 | 197.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unearned premiums | 282.9 | 313.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables to reinsurers | 253.1 | 329.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred ceding commissions | 59.5 | 36.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds held under reinsurance | 230.9 | 118.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance balances payable | (19.2) | (44.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets, accounts payable and other liabilities | 8.7 | 2.4 |
|  **Net cash provided by operating activities** | **309.3** | **267.5** |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities |  | 114.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities | 80.8 | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturities of fixed maturity securities | 28.9 | 10.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for purchases of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity securities | (262.9) | (238.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity method investments | (0.4) | (2.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in short-term investments | (10.2) | (40.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of subsidiaries, net of cash acquired | (1.4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized technology development expenditures | (17.3) | (14.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net | (0.3) | (0.8) |
|  **Net cash used in investing activities** | **(182.8)** | **(163.0)** |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit facility borrowings | 5.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of debt |  | (1.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to non-controlling interest | (4.1) | (2.0) |
|  **Net cash provided by (used in) financing activities** | **0.9** | **(3.0)** |
|  **Net increase in cash, cash equivalents and restricted cash** | **127.4** | **101.5** |
|  Effect of foreign currency rate changes on cash, cash equivalents and restricted cash | 58.1 | (5.8) |
|  Cash, cash equivalents and restricted cash at beginning of period | 1273.0 | 775.4 |
|  **Cash, cash equivalents and restricted cash at end of period** | $**1458.5** | $**871.1** |

---

------

**Accelerant Holdings** 

**Financial Information by Segment** 

*(in millions)* 

*(unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| ***(in millions)*** | **Exchange<br>Services** | **MGA<br>Operations** | **Underwriting** | **Total<br>Segments** | **Corporate<br>and Other** | **Consolidation<br>and<br>elimination<br>adjustments** | **Total** |
|  **Revenues** |  |  |  |  |  |  |  |
|  Ceding commission income | $— | $— | $29.6 | $29.6 | $— | $72.0 | $101.6 |
|  Direct commission income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated entities | 69.0 | 39.0 |  | 108.0 |  | (108.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated entities | 15.6 | 18.6 |  | 34.2 |  |  | 34.2 |
|  Net earned premiums |  |  | 70.6 | 70.6 |  |  | 70.6 |
|  Net investment income | 1.1 | 0.9 | 9.7 | 11.7 | 1.1 |  | 12.8 |
|  Net realized gains on investments |  | 0.1 | 0.3 | 0.4 |  |  | 0.4 |
|  Net unrealized losses on investments |  | (0.5) |  | (0.5) |  |  | (0.5) |
|  **Segment revenues** | **85.7** | **58.1** | **110.2** | **254.0** | **1.1** | **(36.0)** | **219.1** |
|  Losses and loss adjustment expenses |  |  | 51.3 | 51.3 |  |  | 51.3 |
|  Amortization of deferred acquisition costs |  |  | 27.9 | 27.9 |  | (9.7) | 18.2 |
|  General and administrative expenses | 30.0 | 33.8 | 14.8 | 78.6 | 16.4 | (8.9) | 86.1 |
|  **Adjusted EBITDA** | $**55.7** | $**24.3** | $**16.2** | $**96.2** | $**(15.3)** | $**(17.4)** | $**63.5** |
|  Interest expenses |  |  |  |  |  |  | (2.5) |
|  Depreciation and amortization |  |  |  |  |  |  | (8.3) |
|  Other expenses |  |  |  |  |  |  | (16.2) |
|  Net foreign exchange losses |  |  |  |  |  |  | (14.2) |
|  **Income before income taxes** |  |  |  |  |  |  | $**22.3** |

---

------

**Accelerant Holdings** 

**Financial Information by Segment (continued)** 

*(in millions)* 

*(unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| ***(in millions)*** | **Exchange<br>Services** | **MGA<br>Operations** | **Underwriting** | **Total<br>Segments** | **Corporate<br>and Other** | **Consolidation<br>and<br>elimination<br>adjustments** | **Total** |
|  **Revenues** |  |  |  |  |  |  |  |
|  Ceding commission income | $— | $— | $19.8 | $19.8 | $— | $39.3 | $59.1 |
|  Direct commission income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated entities | 51.4 | 23.8 |  | 75.2 |  | (75.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated entities | 2.1 | 8.0 |  | 10.1 |  |  | 10.1 |
|  Net earned premiums |  |  | 52.2 | 52.2 |  |  | 52.2 |
|  Net investment income | 0.2 | 1.1 | 7.3 | 8.6 | 0.1 |  | 8.7 |
|  **Segment revenues** | **53.7** | **32.9** | **79.3** | **165.9** | **0.1** | **(35.9)** | **130.1** |
|  Losses and loss adjustment expenses |  |  | 43.2 | 43.2 |  |  | 43.2 |
|  Amortization of deferred acquisition costs |  |  | 18.1 | 18.1 |  | (2.0) | 16.1 |
|  General and administrative expenses | 13.4 | 26.7 | 23.2 | 63.3 | 10.4 | (15.9) | 57.8 |
|  **Adjusted EBITDA** | $**40.3** | $**6.2** | $**(5.2)** | $**41.3** | $**(10.3)** | $**(18.0)** | $**13.0** |
|  Interest expenses |  |  |  |  |  |  | (3.0) |
|  Depreciation and amortization |  |  |  |  |  |  | (5.5) |
|  Other expenses |  |  |  |  |  |  | (9.6) |
|  Net foreign exchange gains |  |  |  |  |  |  | 0.8 |
|  **Loss before income taxes** |  |  |  |  |  |  | $**(4.3)** |

---

------

**Accelerant Holdings** 

**Financial Information by Segment (continued)** 

*(in millions)* 

*(unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| ***(in millions)*** | **Exchange<br>Services** | **MGA<br>Operations** | **Underwriting** | **Total<br>Segments** | **Corporate<br>and Other** | **Consolidation<br>and<br>elimination<br>adjustments** | **Total** |
|  **Revenues** |  |  |  |  |  |  |  |
|  Ceding commission income | $— | $— | $48.8 | $48.8 | $— | $123.5 | $172.3 |
|  Direct commission income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated entities | 128.0 | 70.5 |  | 198.5 |  | (198.5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated entities | 26.8 | 35.5 |  | 62.3 |  |  | 62.3 |
|  Net earned premiums |  |  | 133.6 | 133.6 |  |  | 133.6 |
|  Net investment income | 1.7 | 1.8 | 19.7 | 23.2 | 1.8 |  | 25.0 |
|  Net realized gains on investments |  | 2.1 | 0.6 | 2.7 |  |  | 2.7 |
|  Net unrealized (losses) gains on investments |  | (0.5) |  | (0.5) | 1.7 |  | 1.2 |
|  **Segment revenues** | **156.5** | **109.4** | **202.7** | **468.6** | **3.5** | **(75.0)** | **397.1** |
|  Losses and loss adjustment expenses |  |  | 96.5 | 96.5 |  |  | 96.5 |
|  Amortization of deferred acquisition costs |  |  | 52.7 | 52.7 |  | (17.4) | 35.3 |
|  General and administrative expenses | 53.8 | 65.0 | 26.3 | 145.1 | 30.9 | (17.0) | 159.0 |
|  **Adjusted EBITDA** | $**102.7** | $**44.4** | $**27.2** | $**174.3** | $**(27.4)** | $**(40.6)** | $**106.3** |
|  Interest expenses |  |  |  |  |  |  | (5.1) |
|  Depreciation and amortization |  |  |  |  |  |  | (15.7) |
|  Other expenses |  |  |  |  |  |  | (30.4) |
|  Net foreign exchange losses |  |  |  |  |  |  | (17.3) |
|  **Income before income taxes** |  |  |  |  |  |  | $**37.8** |

---

------

**Accelerant Holdings** 

**Financial Information by Segment (continued)** 

*(in millions)* 

*(unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| ***(in millions)*** | **Exchange<br>Services** | **MGA<br>Operations** | **Underwriting** | **Total<br>Segments** | **Corporate<br>and Other** | **Consolidation<br>and<br>elimination<br>adjustments** | **Total** |
|  **Revenues** |  |  |  |  |  |  |  |
|  Ceding commission income | $— | $— | $49.6 | $49.6 | $— | $74.5 | $124.1 |
|  Direct commission income |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated entities | 87.9 | 44.3 |  | 132.2 |  | (132.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated entities | 7.1 | 14.6 |  | 21.7 |  |  | 21.7 |
|  Net earned premiums |  |  | 96.2 | 96.2 |  |  | 96.2 |
|  Net investment income | 0.3 | 1.8 | 14.4 | 16.5 | 0.1 |  | 16.6 |
|  Net realized gains on investments |  |  | 0.4 | 0.4 |  |  | 0.4 |
|  Net unrealized losses on investments |  |  | (0.8) | (0.8) |  |  | (0.8) |
|  **Segment revenues** | **95.3** | **60.7** | **159.8** | **315.8** | **0.1** | **(57.7)** | **258.2** |
|  Losses and loss adjustment expenses |  |  | 71.9 | 71.9 |  |  | 71.9 |
|  Amortization of deferred acquisition costs |  |  | 47.3 | 47.3 |  | (8.4) | 38.9 |
|  General and administrative expenses | 27.7 | 51.4 | 38.7 | 117.8 | 13.9 | (24.8) | 106.9 |
|  **Adjusted EBITDA** | $**67.6** | $**9.3** | $**1.9** | $**78.8** | $**(13.8)** | $**(24.5)** | $**40.5** |
|  Interest expenses |  |  |  |  |  |  | (6.0) |
|  Depreciation and amortization |  |  |  |  |  |  | (10.4) |
|  Other expenses |  |  |  |  |  |  | (18.2) |
|  Net foreign exchange gains |  |  |  |  |  |  | 1.8 |
|  **Income before income taxes** |  |  |  |  |  |  | $**7.7** |

---

------

**Accelerant Holdings** 

**Reconciliation of GAAP to Non-GAAP Financial Results** 

*(in millions)* 

*(unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| ***(in millions)*** | **2025** | **2024** | **2025** | **2024** |
|  Net income (loss) | $13.1 | $(9.2) | $20.9 | $(7.1) |
|  Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 16.2 | 9.6 | 30.4 | 18.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax effect of adjustments to net income (loss) <sup>(1)</sup> | (0.7) | (1.1) | (2.2) | (2.0) |
|  **Adjusted net income (loss)** | $**28.6** | $**(0.7)** | $**49.1** | $**9.1** |
|  Adjustments: |  |  |  |  |
|  Add back tax effect of adjustments to net income (loss) | 0.7 | 1.1 | 2.2 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | 9.2 | 4.9 | 16.9 | 14.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses | 2.5 | 3.0 | 5.1 | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 8.3 | 5.5 | 15.7 | 10.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net foreign exchange losses (gains) | 14.2 | (0.8) | 17.3 | (1.8) |
|  **Adjusted EBITDA** | $**63.5** | $**13.0** | $**106.3** | $**40.5** |
|  Total revenues | 219.1 | 130.1 | 397.1 | 258.2 |
|  **Adjusted EBITDA margin** | **29%** | **10%** | **27%** | **16%** |

---

<sup>(1)</sup> The tax effect of other expenses adjustments to net income (loss) for each period presented were calculated using the statutory tax rates for each of our legal entities where the expenses were incurred, including certain non-taxing jurisdictions. The statutory tax rates used in the calculations were adjusted in instances where our legal entities have applied full valuation allowances to their respective deferred tax assets of unutilized NOLs. As such, the tax effect for the respective years varies based on the jurisdictional mix of where the expenses were incurred in each year.