# EDGAR Filing Document

**Accession Number:** 0001840776
**File Stem:** 0001840776-25-000231
**Filing Date:** 2025-11
**Character Count:** 87345
**Document Hash:** 45844c0b10149c300ec48d198532c215
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001840776-25-000231.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001840776-25-000231

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20251104

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hagerty, Inc.
- **CENTRAL INDEX KEY:** 0001840776
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40244
- **FILM NUMBER:** 251446355

**BUSINESS ADDRESS:**
- **STREET 1:** 121 DRIVERS EDGE
- **CITY:** TRAVERSE CITY
- **STATE:** MI
- **ZIP:** 49684
- **BUSINESS PHONE:** 800-922-4050

**MAIL ADDRESS:**
- **STREET 1:** 121 DRIVERS EDGE
- **CITY:** TRAVERSE CITY
- **STATE:** MI
- **ZIP:** 49684

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Aldel Financial Inc.
- **DATE OF NAME CHANGE:** 20210115

?xml version='1.0' encoding='ASCII'? hgty-20251104

**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**

November 4, 2025

Date of Report (date of earliest event reported)

**HAGERTY, INC.** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40244** | **86-1213144** |
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer<br>Identification No.) |

---

**121 Drivers Edge**

**Traverse City, Michigan 49684**

(Address of principal executive offices and zip code)

**(800) 922-4050** 

Registrant's telephone number, including area code

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 (see General Instruction A.2. below):

☐ 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 Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbols** | **Name of each exchange on which registered** |
| Class A common stock, par value $0.0001 per share | HGTY | The 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. ☐

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**ITEM 2.02 &nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On November 4, 2025, Hagerty, Inc. (the "Company") announced its financial results for the fiscal quarter ended September 30, 2025 by issuing a letter to its stockholders and a press release. The Company will also be holding a conference call on November 4, 2025 to discuss its financial results for the three and nine months ended September 30, 2025. The full text of the Company's letter to its stockholders and press release are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.

**ITEM 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure**

On November 4, 2025, the Company posted to the investor relations page of its website an investor presentation expected to be used by the Company in connection with certain future presentations to investors and others. A copy of the investor presentation is attached as Exhibit 99.3 to this Current Report on Form 8-K.

The Company uses its investor relations website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the Company's investor relations website in addition to following its press releases, SEC filings and public conference calls and webcasts.

The information contained in Item 2.02 and Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits**

**(d) Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Letter to Stockholders, dated November 4, 2025](q325stockholderletterfin.htm)</u> |
| 99.2 | <u>[Press Release, dated November 4, 2025](pressreleaseq32025.htm)</u> |
| 99.3 | <u>[Investor Presentation, dated November 4, 2025](q325investordeckfinal.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | **HAGERTY, INC.**<br>/s/ Diana M. Chafey |
| Date: November 4, 2025 | Diana M. Chafey |
| | Chief Legal Officer |

---

## Exhibit 99.1

![](q325stockholderletterfin001.jpg)

Stockholder Letter Q3 2024

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![](q325stockholderletterfin002.jpg)

HAGERTY Q3 2025 \| 2 As the days shorten and temperatures drop, November offers a natural moment to take stock. For enthusiasts, it means reminiscing about this season's drives and planning for next year's adventures. For companies like ours, it's a time to assess our progress in 2025 and set the course for 2026. November also carries special weight in the insurance world, as it marks the close of the hurricane season. I'm pleased to share that—barring any late surprises— we've come through relatively unscathed this year, leading to a year-to-date combined ratio of under 90%, consistent with our average over the last decade. Nevertheless, the team was prepared to protect and serve our members' special vehicles in ways that no other company can. That's why we continued to invest in solutions for members with the launch of Guardian Safe Storage Concierge, a test program in Tampa and Miami that provides complimentary shelter for member vehicles in local parking garages. We know people have a lot of things to worry about when bad weather hits, but we also know that the classic cars they insure with us are precious to them, and this is a way for us to help keep those cars safe—and to give members one less thing to worry about during a stressful time. The response to this new program has been overwhelmingly positive. Here are a few of the comments we have received: Dear Hagerty Stockholders, Members and One Team Hagerty, Stockholder Letter ACCELERATING INTO 2026 ON THE COVER: A 1996 Porsche Carrera and a little reminder that some turns are worth taking twice. PHOTOGRAPHER: JAMES LIPMAN

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![](q325stockholderletterfin003.jpg)

HAGERTY Q3 2025 \| 3 Ori: "Love this move. Small detail with a massive impact for anyone who's ever had to scramble at the last minute. Clearly built by people who get it." Camillo: "This is one of your smartest initiatives so far—and the bar is high!" Will: "It's innovation like this that characterizes an industry leader. As your business is all about peace of mind, this is a brilliant development." We're proud to see Guardian resonate so deeply. It's nice to know that our members appreciate that we have their backs when a storm hits. Support goes both ways – we support them and in turn they support us by buying our insurance for their "fun cars," and staying with us year after year, leading to our industry leading retention of 89%. Congratulations to One Team Hagerty for creating and implementing this innovative program. Let's turn now to a few other areas of interest. Insurance Partner Growth As you know, we have been immersed in a complex nationwide rollout of our partnership with State Farm, the nation's largest P&C insurer, to power up their new Classic+ program. We expect 525,000 policies to convert over to the new program. We are up and running in 27 states currently, with the balance coming in 2026 and 2027. To support our outsized growth, we've been investing over the past several years to upgrade our technology infrastructure, ensuring that every new member receives the efficient, personal and seamless experience that has earned Hagerty both its strong Net Promoter Score (82) and a reputation as a leading Managing General Agent. There is no better way to add large numbers of new policies to Hagerty than through broader and deeper relationships with partners, and our partnership pipeline is robust and growing as we have built out the team. Most recently, we signed a partnership agreement with Safeco, a Liberty Mutual company, to take on their classic business. This is a big deal given their size and reputation. We expect to add hundreds of thousands of additional vehicles from our partnership pipeline, including Liberty Mutual, as we look to double our PIF count to 3 million by 2030. Why should investors care about these partnerships? Because they help solidify our leadership position, fueling top and bottom-line growth that enables us to invest back into our members through new products and services. The early fruits of these investments can be seen in our year-to-date revenue growth

------

![](q325stockholderletterfin004.jpg)

of 18%. Resource prioritization and a focus on efficient growth translated this revenue into net income growth of 73%. We are well positioned to build our business momentum in the years ahead, creating value for shareholders. Hagerty has only begun to tap the market's potential, insuring 2.7 million vehicles out of a total target market of 35 million collectible vehicles in the U.S. We also see significant opportunities to bring these members into the Hagerty Drivers Club (HDC), creating a compounding economic benefit. Today, HDC has upward of 920,000 members, each spending $70 annually to belong to the club for benefits that include white glove roadside, access to our exclusive media content, as well as discounts, free classified ads on Hagerty Marketplace and member pricing and VIP perks at Hagerty's unique and upscale events. Financial Progress In the third quarter, we completed a secondary offering from my late sister's estate, reintroducing Hagerty to Wall Street and reaffirming our unique and highly differentiated business model— one built around a passion for collectible vehicles and a relentless commitment to our customers. We also announced a proposed arrangement with Markel that would result in Hagerty assuming 100% of the underwriting and investment economics while paying an initial fronting fee of 2% to Markel, commencing January 1, 2026. This means we would keep full control of the premiums from our steady, high- quality insurance business, thereby increasing underwriting profits by 25% and allowing us to manage operations more effectively without affecting our policyholders. For us, the third quarter has been another strong quarter in another strong year, and the future continues to look bright as evidenced by yet another increase to our full year 2025 outlook. The Hagerty flywheel is spinning faster, and we are pulling together the ingredients necessary to create shareholder value over the coming years. We are grateful to have you with us on this journey. As always, I want to sincerely thank One Team Hagerty for their outstanding dedication—our success wouldn't be possible without your talent and hard work. Until next quarter, keep on driving. McKeel Hagerty CEO and Chairman HAGERTY Q3 2025 \| 4

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![](q325stockholderletterfin005.jpg)

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## Exhibit 99.2

![hagerty2.jpg](hagerty2.jpg)

For Immediate Release

**Hagerty Reports Third Quarter 2025 Results**

**Increases 2025 Outlook**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company raised its full year 2025 outlook for Total Revenue growth to 14-15%, Net Income growth to 58-65%, and Adjusted EBITDA growth to 37-41%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Total Revenue increased 18% year-over-year to $380.0 million, and year-to-date 2025 Total Revenue increased 18% to $1,068.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Written Premium increased 16% year-over-year to $334.0 million, and year-to-date 2025 Written Premium increased 13% to $934.4 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Marketplace revenue increased 58% year-over-year to $34.2 million, and year-to-date 2025 Marketplace revenue increased 135% to $89.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Operating Income increased 240% year-over-year to $34.3 million, and year-to-date 2025 Operating Income increased 78% to $107.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Net Income increased 143% year-over-year to $46.2 million, and year-to-date 2025 Net Income increased 73% to $120.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Adjusted EBITDA (a non-GAAP measure) increased 106% year-over-year to $49.7 million, and year-to-date 2025 Adjusted EBITDA increased 46% to $153.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Basic and Diluted Earnings Per Share was $0.18 and $0.11, respectively, and year-to-date 2025 Basic and Diluted Earnings Per Share was $0.35 and $0.29, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company signed a new partnership with Liberty Mutual, the seventh largest auto insurer in the United States

**TRAVERSE CITY, Michigan,** November 4, 2025 /PRNewswire/ – Hagerty, Inc. (NYSE: HGTY), an automotive enthusiast brand and leading specialty vehicle insurance provider, announced today financial results for the three and nine months ended September 30, 2025.

"We delivered high rates of growth through the third quarter of 2025 with year-to-date revenue gains of 18%. Margins continued to expand as we scale up our business while maintaining tight cost discipline, resulting in year-to-date net income growth of 73%, and Adjusted EBITDA gains of 46%," said McKeel Hagerty, Chief Executive Officer and Chairman of Hagerty.

"Our strong business momentum allowed us to increase our 2025 outlook for the second straight quarter as we help car enthusiasts protect, buy and sell, and enjoy their special vehicles. We now expect to deliver total revenue growth of 14-15% and net income growth of 58-65% in 2025. We believe 2026 is shaping up to be another great year of sustained growth and margin expansion, and we continue to develop our growth pipeline through 2030, including new partnerships," added Mr. Hagerty.

------

![hagerty2.jpg](hagerty2.jpg)

**THIRD QUARTER AND YTD 2025 FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Total Revenue increased 18% year-over-year to $380.0 million, and year-to-date 2025 Total Revenue increased 18% year-over-year to $1,068.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Written Premium increased 16% year-over-year to $334.0 million, and year-to-date 2025 Written Premium increased 13% year-over-year to $934.4 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Commission and fee revenue increased 18% year-over-year to $137.1 million, and year-to-date 2025 Commission and fee revenue increased 14% year-over-year to $380.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policies in Force Retention was 88.6% as of September 30, 2025 compared to 88.8% in the prior year period, and total insured vehicles increased 7% year-over-year to 2.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Loss Ratio was 42.0% including a 1.1% impact from catastrophe losses, compared to 60.0% in the prior year period which was negatively impacted by Hurricane Helene. Year-to-date 2025 Loss Ratio was 42.1% including a 3.1% impact from catastrophe losses, compared to 47.7% in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Earned Premium increased 13% year-over-year to $187.0 million, and year-to-date 2025 Earned Premium increased 12% year-over-year to $534.2 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Membership, marketplace and other revenue increased 34% year-over-year to $55.9 million, and year-to-date 2025 Membership, marketplace and other revenue increased 54% year-over-year to $153.4 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Marketplace revenue increased 58% year-over-year to $34.2 million, and year-to-date 2025 Marketplace revenue increased 135% year-over-year to $89.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The increase was primarily due to a higher level of inventory sales as well as the addition of European auctions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Membership revenue increased 8% year-over-year to $16.0 million, and year-to-date 2025 Membership revenue increased 11% year-over-year to $47.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Hagerty Drivers Club (HDC) paid members increased 6% year-over-year to approximately 921,000 compared to 868,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Operating Income increased 240% year-over-year to $34.3 million, and year-to-date 2025 Operating Income increased 78% year-over-year to $107.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Operating Income margin increased by approximately 590 bps, and year-to-date 2025 Operating Income margin increased by approximately 350 bps compared to the prior year periods

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Year-to-date 2025 General and administrative expenses increased 11.5% due to an increase in professional fees related to the secondary offering and the Markel Fronting Arrangement, as well as software-related costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Year-to-date 2025 Salary and benefits increased 18.8% due to higher accrued incentive compensation reflecting strong performance in 2025 compared to the prior year period when accruals were negatively impacted by Hurricane Helene

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Depreciation and amortization was $9.4 million compared to $9.2 million in the prior year period, and year-to-date 2025 depreciation and amortization was $27.7 million compared to $29.8 million in the prior year period

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![hagerty2.jpg](hagerty2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Net Income increased 143% year-over-year to $46.2 million, and year-to-date 2025 Net Income increased 73% year-over-year to $120.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Interest and other income (expense) was $21.0 million of expense, which included a $29.2 million expense related to a change in our tax receivable agreement liability ("TRA") liability and $2.0 million of interest expense, partially offset by $11.5 million in interest and investment income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year-to-date 2025 Interest and other income (expense) was $8.3 million of expense, which included a $32.3 million expense related to a change in our TRA liability and $5.9 million of interest expense, partially offset by $31.1 million in interest and investment income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Income tax benefit of $32.8 million, which included the release of a portion of the valuation allowance against our deferred tax assets which decreased taxes by $38.1 million in the quarter. This release was triggered in the third quarter after management concluded that sufficient sources of future taxable income will be generated to realize a portion of our deferred tax assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Adjusted EBITDA (a non-GAAP measure) increased 106% year-over-year to $49.7 million, and year-to-date 2025 Adjusted EBITDA increased 46% year-over-year to $153.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Basic and Diluted Earnings Per Share was $0.18 and $0.11, respectively, and year-to-date 2025 Basic and Diluted Earnings Per Share was $0.35 and $0.29, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter 2025 Adjusted Earnings Per Share (a non-GAAP measure) was $0.13, and year-to-date 2025 Adjusted Earnings Per Share was $0.34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company ended the quarter with $160.4 million of unrestricted cash and $178.0 million of total debt, $75.0 million of which was back leverage for Broad Arrow Capital's portfolio of loans collateralized by collector cars

The definitions and reconciliations of non-GAAP financial measures are provided under the heading Key Performance Indicators and Certain Non-GAAP Financial Measures at the end of this press release.

------

![hagerty2.jpg](hagerty2.jpg)

**2025 OUTLOOK - SUSTAINED REVENUE GROWTH AND MARGIN EXPANSION**

We believe 2025 is on track to be another year of strong profit growth for Hagerty as our team executes on our long-term plan to create value for stakeholders by delivering high rates of compounding revenue growth through investing in our long-term competitive advantages. In 2025, these investments aggregate to $20 million of elevated spend, primarily in our new technology platform, Duck Creek, which we believe will help us more efficiently grow our business over the coming years. We remain focused on growing our Insurance, Membership and Marketplace businesses, positioning us to deliver sustained, compounding profit growth over the coming years, and fund our purpose to save driving and fuel car culture for future generations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** For full year 2025, Hagerty anticipates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Written Premium growth of 13-14%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total Revenue growth of 14-15%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net Income growth of 58-65%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Adjusted EBITDA growth of 37-41%

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Prior 2025 Outlook**<sup>1</sup> **($)** | **Prior 2025 Outlook**<sup>1</sup> **($)** | **Revised 2025 Outlook ($)** | **Revised 2025 Outlook ($)** |
|<br>***in thousands*** |<br>**2024 Results** | **Low End** | **High End** | **Low End** | **High End** |
| Total Written Premium | $1044492 | $1180000 | $1191000 | $1180000 | $1191000 |
| Total Revenue | $1200038 | $1356000 | $1368000 | $1368000 | $1380000 |
| Net Income<sup>2, 4, 5</sup> | $78303 | $112000 | $120000 | $124000 | $129000 |
| Adjusted EBITDA<sup>3, 4</sup> | $124473 | $162000 | $172000 | $170000 | $176000 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Prior 2025 Outlook shared on the Company's second quarter earnings call on August 4th, 2025.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Fully diluted share count of approximately 361 million shares including Class A Common Stock, Class V Common Stock, Series A Convertible Preferred Stock, and share-based compensation awards.

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;</sup>See Non-GAAP Financial Measures below for additional information regarding this non-GAAP financial measure.

4&nbsp;&nbsp;&nbsp;&nbsp;Profit ranges incorporate $20 million of elevated technology investments in 2025, as well as approximately $10 million pre-tax impact from the Southern California wildfires.

5 &nbsp;&nbsp;&nbsp;&nbsp;Full year 2025 net income includes $5.8 million of net benefit as a result of the release of a portion of our valuation allowance of $38.1 million partially offset by a $32.3 million loss related to the change in value of the TRA liability.

------

**Conference Call Details**

Hagerty will hold a conference call to discuss the financial results on Tuesday, November 4, 2025 10:00 am Eastern Time. A webcast of the conference call, including its Investor Presentation highlighting third quarter 2025 financial results, will be available on Hagerty's investor relations website at <u>investor.hagerty.com</u>. The dial-in for the conference call is (877) 423-9813 (toll-free) or (201) 689-8573 (international). Please dial the number 10 minutes prior to the scheduled start time.

A webcast replay of the call will be available at investor.hagerty.com following the call.

**Forward-Looking Statements**

This press release contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements provided, other than statements of historical fact, are forward-looking statements, including those regarding Hagerty's future operating results and financial position, Hagerty's business strategy and plans, products, services, and technology implementations, market conditions, growth and trends, expansion plans and opportunities, and Hagerty's objectives for future operations. The words "anticipate," "believe," "envision," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," "ongoing," "contemplate," and similar expressions, and the negative of these expressions, are intended to identify forward-looking statements.

Hagerty has based these forward-looking statements largely on current expectations about future events, which may not materialize. Actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. These factors include, among other things, Hagerty's ability to: (i) compete effectively and to attract, retain and engage insurance policyholders and paid Hagerty Drivers Club ("HDC") members; (ii) Hagerty's reliance on key strategic relationships, including distribution partners and underwriting carrier partners, and our ability to enter into, implement, and realize the anticipated benefits of the proposed Fronting Arrangement with Markel; (iii) the performance and availability of reinsurance and fronting capacity, and the timing and terms of renewals; (iv) execution risks associated with technology initiatives, including implementation, and migration to the Duck Creek policy administration platform, and risks of disruptions, interruptions, outages, cybersecurity events, or other issues with Hagerty's technology systems or third-party service providers; (v) macroeconomic and industry conditions, including inflation, interest rate movements, capital market volatility, consumer sentiment, and the cyclicality of collector and enthusiast vehicle prices and transaction volumes; (vi) risks associated with Hagerty's Marketplace and Broad Arrow Capital businesses, including inventory and credit risk, financing availability and cost, and the potential for write-downs; (vii) catastrophe, weather and other losses, including increases in the frequency or severity of claims; (viii) Hagerty's ability to obtain and implement rate changes and other regulatory approvals on a timely basis, and (ix) the impact of evolving laws and regulations applicable to Hagerty's business in the United States and internationally.

The forward-looking statements herein represent the judgment of Hagerty as of the date of this release and Hagerty disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in Hagerty's other press releases, reports and other filings with the Securities and Exchange Commission. Understanding the information contained in these filings is important in order to fully understand Hagerty's reported financial results and its business outlook for future periods.

**About Hagerty, Inc. (NYSE: HGTY)**

Hagerty is an automotive enthusiast brand committed to saving driving and to fueling car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the 67 million Americans who self-describe as car enthusiasts. Hagerty also operates in Canada and the U.K. and is home to Hagerty Drivers Club, a community of over 920,000 who can't get enough of cars. For more information, please visit www.hagerty.com or connect with us on Facebook, Instagram, Twitter and LinkedIn.

More information can be found at <u>newsroom.hagerty.com</u>.

Contact: Jay Koval, <u>investor@hagerty.com</u>

Hagerty Media Contact: Andrew Heller, <u>aheller@hagerty.com</u> 

Category: Financial

Source: Hagerty

------

**Hagerty, Inc.**

**Condensed Consolidated Statements of Operations (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended September 30, | Three months ended September 30, | Three months ended September 30, | Three months ended September 30, |
| | 2025 | 2024 | $ Change | % Change |
| REVENUE: | *in thousands (except percentages and per share amounts)* | *in thousands (except percentages and per share amounts)* | *in thousands (except percentages and per share amounts)* | *in thousands (except percentages and per share amounts)* |
| &nbsp;&nbsp;&nbsp;Commission and fee revenue | $137103 | $116161 | $20942 | 18.0% |
| &nbsp;&nbsp;&nbsp;Earned premium, net | 187039 | 165686 | 21353 | 12.9% |
| &nbsp;&nbsp;&nbsp;Membership, marketplace and other revenue | 55852 | 41527 | 14325 | 34.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 379994 | 323374 | 56620 | 17.5% |
| OPERATING EXPENSES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | 68110 | 47192 | 20918 | 44.3% |
| &nbsp;&nbsp;&nbsp;Ceding commissions, net | 87411 | 77501 | 9910 | 12.8% |
| &nbsp;&nbsp;&nbsp;Losses and loss adjustment expenses | 78626 | 99430 | (20804) | (20.9)% |
| &nbsp;&nbsp;&nbsp;Sales expense | 77672 | 59141 | 18531 | 31.3% |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 24445 | 20837 | 3608 | 17.3% |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 9413 | 9184 | 229 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 345677 | 313285 | 32392 | 10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPERATING INCOME | 34317 | 10089 | 24228 | 240.1% |
| &nbsp;&nbsp;&nbsp;Loss related to warrant liabilities, net |  | (463) | 463 | N/M |
| &nbsp;&nbsp;&nbsp;Interest and other income (expense), net <sup>1</sup> | (20980) | 8359 | (29339) | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCOME BEFORE TAXES | 13337 | 17985 | (4648) | (25.8)% |
| &nbsp;&nbsp;&nbsp;Income tax benefit <sup>2</sup> | 32834 | 1022 | 31812 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCOME | 46171 | 19007 | 27164 | 142.9% |
| &nbsp;&nbsp;&nbsp;Net income attributable to non-controlling interest | (25323) | (14122) | 11201 | 79.3% |
| &nbsp;&nbsp;&nbsp;Accretion of Series A Convertible Preferred Stock | (1903) | (1875) | 28 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS | $18945 | $3010 | $15935 | 529.4% |
| Earnings per share of Class A Common Stock: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.18 | $0.03 |  |  |
| &nbsp;&nbsp;&nbsp;Diluted | $0.11 | $0.03 |  |  |
| Weighted average shares of Class A Common Stock outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 96167 | 89691 |  |  |
| &nbsp;&nbsp;&nbsp;Diluted | 347240 | 89691 |  |  |

---

N/M = Not meaningful

<sup>1</sup> Includes a $29.2 million loss related to changes in the value of the TRA liability.

<sup>2</sup> Includes $38.1 million gain related to the release of a portion of the valuation allowance.

------

**Hagerty, Inc.**

**Condensed Consolidated Statements of Operations (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
| | 2025 | 2024 | $ Change | % Change |
| REVENUE: | *in thousands (except percentages and per share amounts)* | *in thousands (except percentages and per share amounts)* | *in thousands (except percentages and per share amounts)* | *in thousands (except percentages and per share amounts)* |
| &nbsp;&nbsp;&nbsp;Commission and fee revenue | $380677 | $333817 | $46860 | 14.0% |
| &nbsp;&nbsp;&nbsp;Earned premium, net | 534179 | 474917 | 59262 | 12.5% |
| &nbsp;&nbsp;&nbsp;Membership, marketplace and other revenue | 153430 | 99573 | 53857 | 54.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 1068286 | 908307 | 159979 | 17.6% |
| OPERATING EXPENSES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and benefits | 191275 | 161001 | 30274 | 18.8% |
| &nbsp;&nbsp;&nbsp;Ceding commissions, net | 247682 | 221877 | 25805 | 11.6% |
| &nbsp;&nbsp;&nbsp;Losses and loss adjustment expenses | 224969 | 226515 | (1546) | (0.7)% |
| &nbsp;&nbsp;&nbsp;Sales expense | 199678 | 146791 | 52887 | 36.0% |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 69204 | 62072 | 7132 | 11.5% |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 27734 | 29758 | (2024) | (6.8)% |
| &nbsp;&nbsp;&nbsp;Gain related to divestiture |  | (87) | 87 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 960542 | 847927 | 112615 | 13.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPERATING INCOME | 107744 | 60380 | 47364 | 78.4% |
| &nbsp;&nbsp;&nbsp;Loss related to warrant liabilities, net |  | (8544) | 8544 | N/M |
| &nbsp;&nbsp;&nbsp;Interest and other income (expense), net <sup>1</sup> | (8262) | 27945 | (36207) | (129.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCOME BEFORE TAXES | 99482 | 79781 | 19701 | 24.7% |
| &nbsp;&nbsp;&nbsp;Income tax (expense) benefit <sup>2</sup> | 21184 | (9918) | 31102 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCOME | 120666 | 69863 | 50803 | 72.7% |
| &nbsp;&nbsp;&nbsp;Net income attributable to non-controlling interest | (80474) | (55951) | 24523 | 43.8% |
| &nbsp;&nbsp;&nbsp;Accretion of Series A Convertible Preferred Stock | (5653) | (5552) | 101 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS | $34539 | $8360 | $26179 | 313.1% |
| Earnings per share of Class A Common Stock: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.35 | $0.09 |  |  |
| &nbsp;&nbsp;&nbsp;Diluted | $0.29 | $0.09 |  |  |
| Weighted average shares of Class A Common Stock outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 92326 | 86689 |  |  |
| &nbsp;&nbsp;&nbsp;Diluted | 346672 | 87601 |  |  |

---

N/M = Not meaningful

<sup>1</sup> Includes a $32.3 million loss related to changes in the value of the TRA liability.

<sup>2</sup> Includes $38.1 million gain related to the release of a portion of the valuation allowance.

------

**Hagerty, Inc.**

**Condensed Consolidated Balance Sheets (Unaudited)**

---

| | | |
|:---|:---|:---|
| | September 30, | December 31, |
| | 2025 | 2024 |
| **ASSETS** | *in thousands (except share amounts)* | *in thousands (except share amounts)* |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $160386 | $104784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | 172261 | 128061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 130147 | 73957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 107476 | 84763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums receivable | 230919 | 153748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions receivable | 27404 | 20430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable | 94158 | 45417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs, net | 192496 | 156466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 99073 | 90779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1214320 | 858405 |
| Investments | 543772 | 515570 |
| Notes receivable | 17807 | 11555 |
| Lease right-of-use assets | 42229 | 44485 |
| Intangible assets, net | 88452 | 90107 |
| Goodwill | 114150 | 114123 |
| Deferred tax assets | 45265 |  |
| Other long-term assets | 85960 | 75093 |
| TOTAL ASSETS | $2151955 | $1709338 |
| **LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY** |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other current liabilities | $147868 | $104496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 73118 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses payable and provision for unpaid losses and loss adjustment expenses | 276678 | 266878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ceding commissions payable | 107473 | 77389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advance premiums and due to insurers | 171616 | 108352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums | 439395 | 357539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1216148 | 915446 |
| Long-term lease liabilities | 40511 | 43178 |
| Long-term debt, net | 104386 | 104968 |
| Deferred tax liability | 24185 | 18065 |
| Tax receivable agreement liability | 37913 | 1956 |
| Other long-term liabilities | 14021 | 17556 |
| TOTAL LIABILITIES | 1437164 | 1101169 |
| Commitments and Contingencies |  |  |
| **TEMPORARY EQUITY** <sup>1</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value (20,000,000 shares authorized, 8,483,561 Series A Convertible Preferred Stock issued and outstanding as of September 30, 2025 and December 31, 2024) | 84716 | 84663 |
| **STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;Class A Common Stock, $0.0001 par value (500,000,000 shares authorized, 100,426,473 and 90,032,391 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively) | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class V Common Stock, $0.0001 par value (300,000,000 authorized, 241,552,156 and 251,033,906 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively) | 24 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 622405 | 603780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings (deficit) | (411786) | (451978) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 998 | (1514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 211651 | 150322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 418424 | 373184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 630075 | 523506 |
| TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | $2151955 | $1709338 |

---

<sup>1</sup> The Series A Convertible Preferred Stock is recorded within Temporary Equity because it has equity conversion and cash redemption features.

------

**Hagerty, Inc.**

**Condensed Consolidated Statements of Cash Flows (Unaudited)**

---

| | | |
|:---|:---|:---|
| | Nine months ended September 30, | Nine months ended September 30, |
| | 2025 | 2024 |
| **OPERATING ACTIVITIES:** | *in thousands* | *in thousands* |
| Net income | $120666 | $69863 |
| Adjustments to reconcile net income to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposals of equipment, software and other assets | 1440 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss related to warrant liabilities, net |  | 8544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense related to tax receivable agreement liability | 32275 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 27734 | 29758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for deferred taxes | (34413) | 2772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 14627 | 13018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 6590 | 5920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized (gain) loss on investments, net | (2150) | (1783) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Accretion) amortization of discount and premium, net | (3489) | (1755) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1681 | 1775 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts, premiums and commissions receivable | (124250) | (28062) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs, net | (36030) | (26998) |
| &nbsp;&nbsp;&nbsp;&nbsp;Losses payable and provision for unpaid losses and loss adjustment expenses | 9800 | 60328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ceding commissions payable | 30084 | (14734) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advance premiums and due to insurers | 62583 | 48752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums | 81855 | 68344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets and liabilities | (6876) | (6781) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | 7758 | (41042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by Operating Activities | 189885 | 189642 |
| **INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (18499) | (17278) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions, net of cash acquired, and other investments | (2125) | (23865) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of notes receivable | (49095) | (55030) |
| &nbsp;&nbsp;&nbsp;&nbsp;Collection of notes receivable | 14832 | 32099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of fixed maturity securities | (223055) | (565838) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of fixed maturity securities | 41173 | 53253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturities of fixed maturity securities | 122196 | 23766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of equity securities | (10565) | (10602) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of equity securities | 911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | 1421 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Used in Investing Activities | (122806) | (562490) |
| **FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on long-term debt | (170673) | (63202) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt, net of issuance costs | 240701 | 52718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to non-controlling interest unit holders | (30547) | (5320) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of Series A Convertible Preferred Stock dividends | (5600) | (5600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Funding of tax receivable agreement payments | (223) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Funding of employee tax obligations upon vesting of share-based payments | (3536) | (5713) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | 289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by (Used in) Financing Activities | 30411 | (27117) |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | 2312 | (882) |
| Change in cash and cash equivalents and restricted cash and cash equivalents | 99802 | (400847) |
| Beginning cash and cash equivalents and restricted cash and cash equivalents | 232845 | 724276 |
| Ending cash and cash equivalents and restricted cash and cash equivalents | $332647 | $323429 |

---

------

**Hagerty, Inc.**

**Key Performance Indicators and Certain Non-GAAP Financial Measures**

***Key Performance Indicators***

The tables below present a summary of our Key Performance Indicators, which include important operational metrics, as well as certain financial measures prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and non-GAAP financial measures. We use these Key Performance Indicators to evaluate our business, measure our performance, identify trends against planned initiatives, prepare financial projections, and make strategic decisions. We believe these Key Performance Indicators are useful in evaluating our performance when read together with our Condensed Consolidated Financial Statements prepared in accordance with GAAP.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended September 30, | Three months ended September 30, | Three months ended September 30, | Three months ended September 30, |
| | 2025 | 2024 | Change | Change |
| **Operational Metrics** | *dollars in thousands (except per share amounts)* | *dollars in thousands (except per share amounts)* | *dollars in thousands (except per share amounts)* | *dollars in thousands (except per share amounts)* |
| &nbsp;&nbsp;&nbsp;Total Written Premium | $334048 | $287609 | $46439 | 16.1% |
| &nbsp;&nbsp;&nbsp;Hagerty Re Loss Ratio | 42.0% | 60.0% | (18.0)% | N/M |
| &nbsp;&nbsp;&nbsp;Hagerty Re Combined Ratio | 89.6% | 107.7% | (18.1)% | N/M |
| &nbsp;&nbsp;&nbsp;New Business Count **—** Insurance | 114513 | 77418 | 37095 | 47.9% |
| **GAAP Financial Measures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Revenue | $379994 | $323374 | $56620 | 17.5% |
| &nbsp;&nbsp;&nbsp;Operating Income | $34317 | $10089 | $24228 | 240.1% |
| &nbsp;&nbsp;&nbsp;Net Income | $46171 | $19007 | $27164 | 142.9% |
| &nbsp;&nbsp;&nbsp;Basic Earnings Per Share | $0.18 | $0.03 | $0.15 | N/M |
| &nbsp;&nbsp;&nbsp;Diluted Earnings Per Share | $0.11 | $0.03 | $0.08 | N/M |
| **Non-GAAP Financial Measures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $49714 | $24165 | $25549 | 105.7% |
| &nbsp;&nbsp;&nbsp;Adjusted Earnings Per Share | $0.13 | $0.05 | $0.08 | 160.0% |
|  | Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
|  | 2025 | 2024 | Change | Change |
| **Operational Metrics** | *dollars in thousands (except per share amounts)* | *dollars in thousands (except per share amounts)* | *dollars in thousands (except per share amounts)* | *dollars in thousands (except per share amounts)* |
| &nbsp;&nbsp;&nbsp;Total Written Premium | $934360 | $827068 | $107292 | 13.0% |
| &nbsp;&nbsp;&nbsp;Hagerty Re Loss Ratio | 42.1% | 47.7% | (5.6)% | N/M |
| &nbsp;&nbsp;&nbsp;Hagerty Re Combined Ratio | 89.3% | 95.1% | (5.8)% | N/M |
| &nbsp;&nbsp;&nbsp;New Business Count **—** Insurance | 257694 | 225753 | 31941 | 14.1% |
| **GAAP Financial Measures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Revenue | $1068286 | $908307 | $159979 | 17.6% |
| &nbsp;&nbsp;&nbsp;Operating Income | $107744 | $60380 | $47364 | 78.4% |
| &nbsp;&nbsp;&nbsp;Net Income | $120666 | $69863 | $50803 | 72.7% |
| &nbsp;&nbsp;&nbsp;Basic Earnings Per Share | $0.35 | $0.09 | $0.26 | N/M |
| &nbsp;&nbsp;&nbsp;Diluted Earnings Per Share | $0.29 | $0.09 | $0.20 | N/M |
| **Non-GAAP Financial Measures** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $153066 | $104605 | $48461 | 46.3% |
| &nbsp;&nbsp;&nbsp;Adjusted Earnings Per Share | $0.34 | $0.22 | $0.12 | 54.5% |

---

N/M = Not meaningful

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | September 30, | December 31, | | |
| | 2025 | 2024 | Change | Change |
| **Operational Metrics** |  |  |  |  |
| Policies in Force | 1617231 | 1506451 | 110780 | 7.4% |
| Policies in Force Retention | 88.6% | 89.0% | (0.4)% | N/M |
| Vehicles in Force | 2739037 | 2576700 | 162337 | 6.3% |
| HDC Paid Member Count | 920725 | 875822 | 44903 | 5.1% |
| Net Promoter Score (NPS) | 82 | 82 |  | —% |

---

N/M = Not meaningful

***Non-GAAP Financial Measures***

*Adjusted EBITDA*

We define Adjusted EBITDA as consolidated Net income, excluding net interest and other income (expense), income tax expense, and depreciation and amortization, further adjusted to exclude (i) net gains and losses related to our warrant liabilities prior to the warrant exchange transaction that closed in July 2024 (the "Warrant Exchange"); (ii) share-based compensation expense; and when applicable, (iii) restructuring, impairment and related charges; (iv) gains, losses and impairments related to divestitures; and (v) certain other unusual items.

We present Adjusted EBITDA because we consider it to be an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. Management uses Adjusted EBITDA as a measure of the operating performance of our business on a consistent basis, as it removes the impact of items not directly resulting from our core operations.

By providing this non-GAAP financial measure, together with a reconciliation to Net income, which is the most comparable GAAP measure, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. However, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for Net income or other financial statement data presented in our Condensed Consolidated Financial Statements as indicators of financial performance. Our definition of Adjusted EBITDA may be different than similarly titled measures used by other companies in our industry, which could reduce the usefulness of this non-GAAP financial measure when comparing our performance to that of other companies.

------

The following table reconciles Adjusted EBITDA to the most directly comparable GAAP measure, which is Net income:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended<br>September 30, | Nine months ended<br>September 30, |
| | 2025 | 2024 | 2025 | 2024 |
|  | *in thousands* | *in thousands* | *in thousands* | *in thousands* |
| Net income | $46171 | $19007 | $120666 | $69863 |
| &nbsp;&nbsp;Interest and other (income) expense, net <sup>1, 2</sup> | 20980 | (8359) | 8262 | (27945) |
| &nbsp;&nbsp;Income tax expense (benefit) <sup>3</sup> | (32834) | (1022) | (21184) | 9918 |
| &nbsp;&nbsp;Depreciation and amortization | 9413 | 9184 | 27734 | 29758 |
| EBITDA | 43730 | 18810 | 135478 | 81594 |
| &nbsp;&nbsp;Loss related to warrant liabilities, net |  | 463 |  | 8544 |
| &nbsp;&nbsp;Share-based compensation expense | 5089 | 4092 | 14627 | 13018 |
| &nbsp;&nbsp;Gain related to divestiture |  |  |  | (87) |
| &nbsp;&nbsp;Other unusual items <sup>4</sup> | 895 | 800 | 2961 | 1536 |
| Adjusted EBITDA | $49714 | $24165 | $153066 | $104605 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Excludes interest expense related to the BAC Credit Facility, which is recorded within "Sales expense" in the Condensed Consolidated Statements of Operations.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Principally includes interest income, net investment income related to our investment portfolio, and interest expense, as well as changes in the value of the TRA liability, which totaled $29.2 million and $32.3 million during the three and nine months ended September 30, 2025, respectively, and $1.3 million during the three and nine months ended September 30, 2024.

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;</sup>Income tax expense (benefit) for the three and nine months ended September 30, 2025 includes a $38.1 million benefit related to the release of a portion of the valuation allowance against our deferred tax assets.

<sup>4&nbsp;&nbsp;&nbsp;&nbsp;</sup>For the three and nine months ended September 30, 2025, other unusual items includes certain legal settlement expenses, professional fees associated with the THG Unit Exchange and related secondary offering, and certain material severance expenses. For the three and nine months ended September 30, 2024, other unusual items includes professional fees associated with the Warrant Exchange.

The following table reconciles Adjusted EBITDA for the year ended December 31, 2025 Outlook to the most directly comparable GAAP measure, which is Net income:

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| | | |
|:---|:---|:---|
| | 2025 Low | 2025 High |
|  | *in thousands* | *in thousands* |
| Net income | $124000 | $129000 |
| &nbsp;&nbsp;&nbsp;Interest and other (income) expense, net <sup>1, 2</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit) <sup>3</sup> | (13000) | (12000) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 39000 | 39000 |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense | 20000 | 20000 |
| Adjusted EBITDA | $170000 | $176000 |

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<sup>1</sup><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Excludes interest expense related to the BAC Credit Facility, which is recorded within "Sales expense" in the Condensed Consolidated Statements of Operations.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Principally includes interest income, net investment income related to our investment portfolio, and interest expense, as well as changes in the value of the TRA liability ($32.3 million of expense incurred through the third quarter of 2025).

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;</sup>Income tax expense (benefit) includes $38.1 million benefit related to the release of a portion of the valuation allowance against our deferred tax assets.

*Adjusted EPS*

We define Adjusted Earnings Per Share ("Adjusted EPS") as consolidated Net income, excluding net gains and losses related to our warrant liabilities prior to the Warrant Exchange, divided by our outstanding and total potentially dilutive securities, which includes (i) the weighted average issued and outstanding shares of Class A Common Stock; (ii) all issued and outstanding non-controlling interest units of THG; (iii) all issued and outstanding shares of our Series A Convertible Preferred Stock on an as-converted basis; and (iv) all unissued share-based compensation awards.

The most directly comparable GAAP measure to Adjusted EPS is basic earnings per share ("Basic EPS"), which is calculated as Net income available to Class A Common Stockholders divided by the weighted average number of Class A Common Stock shares outstanding during the period.

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We present Adjusted EPS because we consider it to be an important supplemental measure of our operating performance and believe it is used by securities analysts, investors and other interested parties in evaluating the consolidated performance of other companies in our industry. We also believe that Adjusted EPS, which compares our consolidated Net income with our weighted average number of Class A Common Stock shares outstanding and potentially dilutive shares, provides useful information to investors regarding our performance on a consolidated and diluted basis.

Management uses Adjusted EPS (i) as a measure of the operating performance of our business on a consolidated and diluted basis; (ii) to evaluate the performance and effectiveness of our operational strategies; and (iii) as a preferred predictor of core operating performance, comparisons to prior periods and competitive positioning.

We caution investors that Adjusted EPS is not a recognized measure under GAAP and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, including Basic EPS, and that Adjusted EPS, as we define it, may be defined or calculated differently by other companies. In addition, Adjusted EPS has limitations as an analytical tool and should not be considered as a measure of profit or loss per share.

The following table reconciles Adjusted EPS to the most directly comparable GAAP measure, which is Basic EPS:

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| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended<br>September 30, | Nine months ended<br>September 30, |
| | 2025 | 2024 | 2025 | 2024 |
|  | *in thousands (except per share amounts)* | *in thousands (except per share amounts)* | *in thousands (except per share amounts)* | *in thousands (except per share amounts)* |
| Numerator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income available to Class A Common Stockholders <sup>1</sup> | $17696 | $2798 | $32174 | $7753 |
| &nbsp;&nbsp;&nbsp;Accretion of Series A Convertible Preferred Stock | 1903 | 1875 | 5653 | 5552 |
| &nbsp;&nbsp;&nbsp;Undistributed earnings allocated to Series A Convertible Preferred Stock | 1249 | 212 | 2365 | 607 |
| &nbsp;&nbsp;&nbsp;Net income attributable to non-controlling interest | 25323 | 14122 | 80474 | 55951 |
| Consolidated net income | 46171 | 19007 | 120666 | 69863 |
| &nbsp;&nbsp;&nbsp;Loss related to warrant liabilities, net |  | 463 |  | 8544 |
| Adjusted consolidated net income <sup>2</sup> | $46171 | $19470 | $120666 | $78407 |
| Denominator: |  |  |  |  |
| &nbsp;&nbsp;Weighted average shares of Class A Common Stock outstanding <sup>1</sup> | 96167 | 89691 | 92326 | 86689 |
| &nbsp;&nbsp;Total potentially dilutive securities outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest THG units | 245616 | 255178 | 245616 | 255178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A Convertible Preferred Stock, on an as-converted basis | 6785 | 6785 | 6785 | 6785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total unissued share-based compensation awards | 8374 | 8076 | 8374 | 8076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potentially dilutive shares outstanding | 260775 | 270039 | 260775 | 270039 |
| Dilutive shares outstanding <sup>2</sup> | 356942 | 359730 | 353101 | 356728 |
| Basic EPS <sup>1</sup> | $0.18 | $0.03 | $0.35 | $0.09 |
| Adjusted EPS <sup>2</sup> | $0.13 | $0.05 | $0.34 | $0.22 |

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<sup>1</sup><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Numerator and Denominator of the GAAP measure Basic EPS

<sup>2</sup><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Numerator and Denominator of the non-GAAP measure Adjusted EPS

## Exhibit 99.3

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Investor Presentation Q3 2025 SPEAKERS: McKeel Hagerty \| Chief Executive Officer and Chairman Patrick McClymont \| Chief Financial Officer

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HAGERTY Q3 2025 \| 2 FORWARD LOOKING STATEMENTS / NON-GAAP FINANCIAL MEASURES This presentation contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements we provide, other than statements of historical fact, are forward-looking statements, including those regarding our future operating results and financial position, our business strategy and plans, products, services, and technology implementations, market conditions, growth and trends, expansion plans and opportunities, and our objectives for future operations. The words "anticipate," "believe," "envision," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," "ongoing," "contemplate," and similar expressions, and the negatives of these expressions, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations about future events, which may not materialize. Actual results could differ materially and adversely from those anticipated or implied in our forward-looking statements. These factors include, among other things, our ability to: (i) compete effectively and to attract, retain, and engage insurance policyholders and paid Hagerty Drivers Club ("HDC") members; (ii) Hagerty's reliance on key strategic relationships, including distribution partners and underwriting carrier partners, and our ability to enter into, implement, and realize the anticipated benefits of the proposed Fronting Arrangement with Markel; (iii) the performance and availability of reinsurance and fronting capacity, and the timing and terms of renewals; (iv) execution risks associated with technology initiatives, including implementation and migration to the Duck Creek policy administration platform, and risks of disruptions, interruptions, outages, cybersecurity events, or other issues with Hagerty's technology systems or third-party service providers; (v) macroeconomic and industry conditions, including inflation, interest rate movements, capital market volatility, consumer sentiment, and the cyclicality of collector and enthusiast vehicle prices and transaction volumes; (vi) risks associated with Hagerty's Marketplace and Broad Arrow Capital businesses, including inventory and credit risk, financing availability and cost, and the potential for write-downs; (vii) catastrophe, weather and other losses, including increases in the frequency or severity of claims; (viii) Hagerty's ability to obtain and implement rate changes and other regulatory approvals on a timely basis; and (ix) the impact of evolving laws and regulations applicable to Hagerty's business in the United States and internationally. You should not rely on forward-looking statements as predictions of future events. We operate in a very competitive and rapidly changing environment and new risks emerge from time to time. The forward-looking statements in this presentation represent our views as of the date hereof. This presentation should be read in conjunction with the information included in our filings with the SEC and press releases. Understanding the information contained in these filings is important in order to fully understand our reported financial results and our business outlook for future periods. In addition, this presentation contains certain "non-GAAP financial measures". The non-GAAP measures are presented for supplemental informational purposes only. These financial measures are not recognized measures under GAAP and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Reconciliations to the most directly comparable financial measure calculated and presented in accordance with GAAP are provided in the appendix to this presentation. ON THE COVER: Taking the long way home in a 1996 Porsche Carrera. PHOTOGRAPHER: ALEX CRICK

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HAGERTY Q3 2025 \| 3 THIRD QUARTER YTD 2025 Highlights TOTAL REVENUE GROWTH OF 18% TO $1,068 MILLION 1. Commission and Fee growth of 14% 2. Written Premium growth of 13% » Added 258,000 new members during the first nine months of 2025 3. Membership, Marketplace and other revenue growth of 54% » Marketplace growth of 135%, primarily due to higher level of inventory sales and the launch of additional auctions in Europe SIGNIFICANTLY IMPROVED PROFITABILITY 1. Operating Income of $108 million compared to $60 million (+78%) » Improved operating margin by approximately 350 bps 2. Net Income1 of $121 million compared to $70 million (+73%) 3. Adjusted EBITDA2 of $153 million compared to $105 million (+46%) SIGNED NEW PARTNERSHIP WITH LIBERTY MUTUAL TO OFFER ENHANCED COLLECTIBLE CAR INSURANCE TO LIBERTY MUTUAL AND SAFECO CUSTOMERS ANNOUNCED NON-BINDING LOI FOR A NEW FRONTING ARRANGEMENT WITH MARKEL WHERE HAGERTY WOULD CONTROL 100% OF THE PREMIUM, BEGINNING IN 2026 1. We anticipate better profitability and operational control without disruption to policyholders 1 Year-to-date net income includes a $6 million net benefit as a result of the release of a portion of our valuation allowance of $38 million partially offset by a $32 million loss related to the change in value of the TRA liability. Net income in the prior year includes a $9 million loss as a result of a change in the fair value and settlement of our warrant liabilities. 2 See Appendix for additional information regarding this non-GAAP financial measure. The 2008 Koenigsegg CCX, a piece of art that looks fast even when standing still. PHOTOGRAPHER: ANDREW LINK

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2025 Priorities Investing to double Hagerty's policies in force to 3.0 million by 2030 FASTER, SMARTER, BETTER INTEGRATED: » Insurance growth with State Farm rollout and launch of Enthusiast+ » Integrated membership with authentic delivery of products and services » Marketplace global expansion in live and digital auctions to help members buy and sell the cars they love » Operational excellence by delivering great experiences more efficiently as we drive margins higher » Technology integration and speed as we transition to cloud native, scalable architecture » Cultural excellence by engaging best in class teams to service all stakeholders HAGERTY Q3 2025 \| 4 → A '65 and a '70 Ford Mustang, making memories on the open road. PHOTOGRAPHER: JAMES LIPMAN

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HAGERTY Q3 2025 \| 5 Investing in Growth and Efficiency Began the process of identifying challenges and risks of legacy IT infrastructure in 2023 Current technology stack: » Impacts operational efficiency, resulting in a high cost to serve » Prevents scalability that is needed to efficiently double our policy count to 3.0 million by 2030 New insurance IT platform should improve the member experience, enhance security, and lower marginal operating costs » Offer more self-serve functionality » Allow for more modern rating architecture with greater segmentation » Free up tech resources to develop differentiators for Hagerty NEAR-TERM REDUNDANT SYSTEMS RESULT IN HIGHER THAN NORMAL OPERATING AND SOFTWARE EXPENSES Launched Enthusiast+ in July of 2025 on Duck Creek platform An icon that continues to inspire, the 1973 BMW 3.0 CSL. PHOTOGRAPHER: DAVE BURNETT

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Markel Fronting Arrangement Evolving the decade-long partnership, with Hagerty expecting to control 100% of the premium in 2026 CURRENT MODEL PROPOSED FRONTING STRUCTURE (1/1/26) HAGERTY Q3 2025 \| 6 → Sun out, shades on in a 1970 Ford Mustang Fastback. PHOTOGRAPHER: JAMES LIPMAN DRIVING BETTER PROFITABILITY AND OPERATIONAL CONTROL WITH NO DISRUPTION TO POLICYHOLDERS Hagerty and Markel are currently under a non-binding LOI. The Proposed Fronting Arrangement is subject to negotiation of a final binding agreement between the parties. »Hagerty earns 42% total commissions as an MGA and retains 80% of the risk via Hagerty Re »Markel retains 20%, handles filings and administrative support »Hagerty Re pays a 47% ceding commission to Markel (~42% commissions + ~5% for G&A, taxes and operating expenses) »Hagerty Re would earn 100% of the premium and retain 100% of the risk »Hagerty would secure expanded underwriting and claims authority; Markel would issue policies and provide administrative support »Hagerty Re would pay a ~2% fronting fee and fund G&A, taxes and operating expenses

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HAGERTY Q3 2025 \| 7 Approximately 350 bps improvement in GAAP operating margin $1,068M +18% +78% +73% +13% +46% $934M 88.6% $108M $153M $121M $0.35 THIRD QUARTER YTD 2025 Financial Highlights 1 Full year Loss Ratio includes approximately $10 million pre-tax impact from the Southern California wildfires. 2 Hagerty Re's Combined Ratio is the ratio of (i) Hagerty Re's losses, loss adjustment expenses, and underwriting expenses to (ii) its earned premium. 3 See Appendix for additional information regarding this non-GAAP measure. 82 42.1% Loss Ratio1 89.3% Combined Ratio2 Adjusted EBITDA3

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HAGERTY Q3 2025 \| 8 THIRD QUARTER YTD 2025 HIGHLIGHTS Commission and fee revenue (+14%) » Written premium growth 13% » Policies in Force retention of 89% Membership, Marketplace and other revenue (+54%) » Membership revenue growth of 11% » Marketplace revenue growth of 135% Earned premium in Hagerty Re (+12%) » Contractual quota share2 is ~80% in 2025 Revenue Components 1 Includes base commissions, payment plan fees and contingent underwriting commissions. 2 Currently applies to U.S. classic auto programs. Generally described as an arrangement where underwriting risk and profit is shared proportionately. Q3 YTD $323 $380 $42 $187 $116 $56 $166 $137 $908 $1,068 $475 $100 $334 $381 $153 $534 18% 14% 34% 54% 13% 12% Growth Growth 2024 2025 2024 2025 18% growth 18% growth $323 $380 $42 $187 $116 $56 $166 $137 $908 $1,068 $475 $100 $334 $381 $153 $534 18% 14% 34% 54% 13% 12% Growth Growth 2024 2025 2024 2025 18% growth 18% growth Strong double-digit gains TOTAL REVENUE Commission and fee revenue1 Membership, Marketplace and other revenue Earned premium in Hagerty Re

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HAGERTY Q3 2025 \| 9 Q3 2023 Q3 2023Q3 2024 Q3 2024Q3 2025 Q3 2025 Delivering sustained profit growth Third Quarter Earnings Analysis THIRD QUARTER NET INCOME1 THIRD QUARTER ADJUSTED EBITDA2 1 Q3 2023 Net Income includes a $1 million loss due to restructuring and a $1 million gain as a result of a change in the fair value of our warrant liabilities. Q3 2024 Net Income includes a $0.5 million net loss as a result of the settlement of our warrant liabilities and change in the fair value prior to the settlement of our warrant liabilities, and $24 million of pre-tax losses from Hurricane Helene. Q3 2025 Net Income includes a $9 million net benefit as a result of the release of a portion of our valuation allowance of $38 million, partially offset by a $29 million loss related to the change in value of the TRA liability. 2 See Appendix for additional information regarding this non-GAAP financial measure. $19 $19 $37 $46 $24 $50 $19 $19 $37 $46 $24 $50

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HAGERTY Q3 2025 \| 10 YTD Q3 2023 YTD Q3 2023YTD Q3 2024 YTD Q3 2024YTD Q3 2025 YTD Q3 2025 Delivering sustained profit growth YTD 2025 Earnings Analysis THIRD QUARTER YTD NET INCOME1 THIRD QUARTER YTD ADJUSTED EBITDA2 1 YTD Q3 2023 Net Income includes a $1 million gain as a result of a change in the fair value of our warrant liabilities and an $9 million loss due to restructuring. YTD Q3 2024 Net Income includes an $9 million net loss as a result of the settlement of our warrant liabilities and change in the fair value prior to the settlement of our warrant liabilities, and $24 million of pre-tax losses from Hurricane Helene. YTD Q3 2025 Net Income includes a $6 million net benefit as a result of the release of a portion of our valuation allowance of $38 million partially offset by a $32 million loss related to the change in value of the TRA liability. 2 See Appendix for additional information regarding this non-GAAP financial measure. $153 $105 YTD Q3 2023 YTD Q3 2024 YTD Q3 2025 $78 YTD Q3 2023 YTD Q3 2024 YTD Q3 2025 $19 $70 $121

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HAGERTY Q3 2025 \| 11 IN THOUSANDS 2024 RESULTS PRIOR 2025 OUTLOOK1 ($) REVISED 2025 OUTLOOK ($) REVISED 2025 OUTLOOK (%) LOW END HIGH END LOW END HIGH END LOW END HIGH END Total Written Premium $1,044,492 $1,180,000 $1,191,000 $1,180,000 $1,191,000 13% 14% Total Revenue $1,200,038 $1,356,000 $1,368,000 $1,368,000 $1,380,000 14% 15% Net Income 2,4,5 $78,303 $112,000 $120,000 $124,000 $129,000 58% 65% Adjusted EBITDA 3,4 $124,473 $162,000 $172,000 $170,000 $176,000 37% 41% 1 Prior 2025 Outlook shared on the Company's second quarter earnings call on August 4th, 2025. 2 Fully diluted share count of approximately 361 million shares including Class A Common Stock, Class V Common Stock, Series A Convertible Preferred Stock, and share-based compensation awards. 3 See Non-GAAP Financial Measures below for additional information regarding this non-GAAP financial measure and the reconciliation to its most comparable GAAP measure, Net Income. 4 Profit ranges incorporate $20 million of elevated technology investments in 2025, as well as approximately $10 million pre-tax impact from the Southern California wildfires. 5 Full year 2025 net income includes $6 million of net benefit as a result of the release of a portion of our valuation allowance of $38 million partially offset by a $32 million loss related to the change in value of the TRA liability. Sustained growth and margin expansion Increased 2025 Outlook → A moment of pure driving bliss in a 1997 Mazda Miata. PHOTOGRAPHER: JAMES LIPMAN

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HAGERTY Q3 2025 \| 13 WRITTEN PREMIUM GROWTH FUELED BY NEW MEMBERS Strong and Growing New Business Count\* 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 20 25E 20 24 20 23 20 22 20 21 20 20 20 19 20 18 20 17 20 16 20 15 20 14 \*New business count is expected to accelerate with State Farm Classic+ conversion

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HAGERTY Q3 2025 \| 14 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100 200 300 400 500 600 HAGERTY'S DIFFERENTIATED MODEL DELIVERS HIGH-QUALITY GROWTH Hagerty U.S. Auto - CAGR 15% Industry Top 100 - CAGR 6% Hagerty Loss Ratio - average = 39% Industry Loss Ratio - average = 68% HAGERTY U.S. AUTO PREMIUM GROWTH VS. INDUSTRY TOP 100 HAGERTY U.S. AUTO LOSS PERFORMANCE VS. INDUSTRY TOP 100 Source: Hagerty Internal Data, S&P Global Market Intelligence (2024). To ta l P er ce nt ag e G ro w th To ta l L os s Pe rf or m an ce 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 30 40 50 60 70 80 90

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HAGERTY Q3 2025 \| 15 HISTORICAL WRITTEN PREMIUM GROWTH 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200 400 600 800 1,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 —% 3% 5% 8% 10% 13% 15% 18% 20% TOTAL U.S. AUTO WRITTEN PREMIUM U.S. AUTO WRITTEN PREMIUM ANNUAL GROWTH

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HAGERTY Q3 2025 \| 16 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ~14% ~3% Pre 1981 Vehicle Count Type Total Market (cars, mm) Collectible Vehicles by Cohort Hagerty Penetration Pre 1981 Vehicles 11.1 14.0% Post 1980 Vehicles 36.7 1.9% Total 47.8 4.7% Post 1980 Vehicle Count MARKET LEADING POSITION WITH SIGNIFICANT PENETRATION OPPORTUNITY TYPE TOTAL ADDRESSABLE MARKET (M) HAGERTY TARGET MARKET1 (M) HAGERTY TCM PENETRATION Pre 1981 Vehicles 11.1 11.1 14.4% Post 1980 Vehicles 35.4 24.0 3.1% Total 46.5 35.0 6.7% HAGERTY PENETRATION AND U.S. AUTO INSURED VEHICLE COUNT COLLECTIBLE VEHICLES BY COHORT 1 Hagerty Target Market is the subset of TAM identified as more likely to be currently used as collector vehicles based on age, inherent vehicle characteristics and expert curation.

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HAGERTY Q3 2025 \| 17 REVENUE COMPONENTS BY QUARTER $ IN MILLIONS 140 147 152 158 166 168 169 178 187 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 103 78 89 129 116 89 100 143 137 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 33 20 31 27 42 34 50 48 56 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 COMMISSION + FEE REVENUE1 EARNED PREMIUM IN HAGERTY RE MEMBERSHIP, MARKETPLACE + OTHER REVENUE 1 Includes base commissions, payment plan fees and contingent underwriting commissions.

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HAGERTY Q3 2025 \| 18 IN THOUSANDS Q3 2024 Q4 2024 - Q2 2025 Q3 2025 TTM Net income $19,007 $82,935 $46,171 $129,106 Interest and other (income) expense, net1, 2 (8,359) (20,581) 20,980 399 Income tax expense (benefit)3 (1,022) 17,111 (32,834) (15,723) Depreciation and amortization 9,184 27,468 9,413 36,881 EBITDA 18,810 106,933 43,730 150,663 Loss related to warrant liabilities, net 463 — — — Share-based compensation expense 4,092 13,877 5,089 18,966 Gain related to divestiture — — — — Other unusual items4 800 2,410 895 3,305 Adjusted EBITDA $24,165 $123,220 $49,714 $172,934 RECONCILIATION OF NON-GAAP METRICS Net Income to Adjusted EBITDA 1 Excludes interest expense related to the BAC Credit Facility, which is recorded within "Sales expense" in the Condensed Consolidated Statements of Operations. 2 Principally includes interest income, net investment income related to our investment portfolio, and interest expense, as well as changes in the value of the TRA liability, which totaled $29.2 million and $32.3 million during the three and nine months ended September 30, 2025, respectively, and $1.3 million during the three and nine months ended September 30, 2024. 3 Income tax expense (benefit) for the three and nine months ended September 30, 2025 includes a $38.1 million benefit related to the release of a portion of the valuation allowance against our deferred tax assets. 4 For the three and nine months ended September 30, 2025, other unusual items includes certain legal settlement expenses, professional fees associated with the THG Unit Exchange and related secondary offering, and certain material severance expenses. For the three and nine months ended September 30, 2024, other unusual items includes professional fees associated with the Warrant Exchange. Adjusted EBITDA We define Adjusted EBITDA as consolidated Net income, excluding net interest and other income (expense), income tax expense, and depreciation and amortization, further adjusted to exclude (i) net gains and losses related to our warrant liabilities prior to the Warrant Exchange; (ii) share-based compensation expense; and when applicable, (iii) restructuring, impairment and related charges; (iv) gains, losses and impairments related to divestitures; and (v) certain other unusual items. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. Management uses Adjusted EBITDA as a measure of the operating performance of our business on a consistent basis, as it removes the impact of items not directly resulting from our core operations. By providing this non-GAAP financial measure, together with a reconciliation to Net income, which is the most comparable GAAP measure, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. However, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for Net income or other financial statement data presented in our Condensed Consolidated Financial Statements as indicators of financial performance. Our definition of Adjusted EBITDA may be different than similarly titled measures used by other companies in our industry, which could reduce the usefulness of this non-GAAP financial measure when comparing our performance to that of other companies.

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HAGERTY Q3 2025 \| 19 IN THOUSANDS (EXCEPT PER SHARE AMOUNTS) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Numerator: Net income available to Class A Common Stockholders 1 $17,696 $2,798 $32,174 $7,753 Accretion of Series A Convertible Preferred Stock 1,903 1,875 5,653 5,552 Undistributed earnings allocated to Series A Convertible Preferred Stock 1,249 212 2,365 607 Net income attributable to non-controlling interest 25,323 14,122 80,474 55,951 Consolidated net income 46,171 19,007 120,666 69,863 Loss related to warrant liabilities, net — 463 — 8,544 Adjusted consolidated net income 2 $46,171 $19,470 $120,666 $78,407 Denominator: Weighted average shares of Class A Common Stock outstanding 1 96,167 89,691 92,326 86,689 Total potentially dilutive securities outstanding: Non-controlling interest THG units 245,616 255,178 245,616 255,178 Series A Convertible Preferred Stock, on an as-converted basis 6,785 6,785 6,785 6,785 Total unissued share-based compensation awards 8,374 8,076 8,374 8,076 Potentially dilutive shares outstanding 260,775 270,039 260,775 270,039 Fully dilutive shares outstanding 2 356,942 359,730 353,101 356,728 Basic Earnings per Share 1 $0.18 $0.03 $0.35 $0.09 Adjusted Earnings per Share 2 $0.13 $0.05 $0.34 $0.22 Basic Earnings Per Share to Adjusted Earnings Per Share RECONCILIATION OF NON-GAAP METRICS 1 Numerator and Denominator of the GAAP measure Basic EPS 2 Numerator and Denominator of the non-GAAP measure Adjusted EPS Adjusted EPS We define Adjusted Earnings Per Share ("Adjusted EPS") as consolidated Net income, excluding net gains and losses related to our warrant liabilities prior to the Warrant Exchange, divided by our outstanding and total potentially dilutive securities, which includes (i) the weighted average issued and outstanding shares of Class A Common Stock; (ii) all issued and outstanding non-controlling interest units of THG; (iii) all issued and outstanding shares of our Series A Convertible Preferred Stock on an as-converted basis; and (iv) all unissued share-based compensation awards. The most directly comparable GAAP measure to Adjusted EPS is basic earnings per share ("Basic EPS"), which is calculated as Net income available to Class A Common Stockholders divided by the weighted average number of Class A Common Stock shares outstanding during the period. We present Adjusted EPS because we consider it to be an important supplemental measure of our operating performance and believe it is used by securities analysts, investors and other interested parties in evaluating the consolidated performance of other companies in our industry. We also believe that Adjusted EPS, which compares our consolidated Net income with our outstanding and potentially dilutive shares, provides useful information to investors regarding our performance on a fully consolidated basis.

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HAGERTY Q3 2025 \| 20 IN THOUSANDS 2025 Low 2025 High Net income $124,000 $129,000 Interest and other (income) expense, net1, 2 — — Income tax expense (benefit)3 (13,000) (12,000) Depreciation and amortization 39,000 39,000 Share-based compensation expense 20,000 20,000 Adjusted EBITDA $170,000 $176,000 Net Income to Adjusted EBITDA RECONCILIATION OF NON-GAAP METRICS \| REAFFIRMED 2025 OUTLOOK 1 Excludes interest expense related to the BAC Credit Facility, which is recorded within "Sales expense" in the Condensed Consolidated Statements of Operations. 2 Principally includes interest income, net investment income related to our investment portfolio, and interest expense, as well as changes in the value of the TRA liability ($32.3 million as of Q325). 3 Income tax expense (benefit) includes $38.1 million benefit related to the release of a portion of the valuation allowance against our deferred tax assets. Adjusted EBITDA We define Adjusted EBITDA as consolidated Net income, excluding net interest and other income (expense), income tax expense, and depreciation and amortization, further adjusted to exclude (i) net gains and losses related to our warrant liabilities prior to the Warrant Exchange; (ii) share-based compensation expense; and when applicable, (iii) restructuring, impairment and related charges; (iv) gains, losses and impairments related to divestitures; and (v) certain other unusual items. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. We use Adjusted EBITDA as a measure of the operating performance of our business on a consistent basis, as it removes the impact of items not directly resulting from our core operations. By providing this non-GAAP financial measure, together with a reconciliation to Net income, which is the most comparable GAAP measure, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. However, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for Net income or other financial statement data presented in our Condensed Consolidated Financial Statements as indicators of financial performance. Our definition of Adjusted EBITDA may be different than similarly titled measures used by other companies in our industry, which could reduce the usefulness of this non-GAAP financial measure when comparing our performance to that of other companies.

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