- **Revenue Growth**: 25% total, 15% organic, 10% M&A; EBITDAC +23.8% to $236M.
- **Margin Strategy**: 2025 EBITDAC margin flat/down due to talent, tech investments; 2027 35% target deferred.
- **Talent & M&A**: Robust pipeline; 2-3 year talent ramp-up; RAC Re launch.
- **Construction Growth**: Data centers drive Q3; cautious on 4Q property.
- **AI Integration**: Centralized data use; challenges with M&A platforms.

**【Management Opening Remarks】**
- Total revenue grew 25% YoY to $755 million, driven by 15% organic growth and 10% from M&A.
- Adjusted EBITDAC rose 23.8% to $236 million, with margin at 31.2%.
- Launched RAC Re, a collateralized sidecar, and promoted Steve Keogh and Brendan Mulshine to Co-Presidents.
- Emphasized talent recruitment and investments in technology.

**【CEO Commentary】**
- Organic growth of 15% driven by strong casualty performance and new property business.
- Soft property pricing offset by E&S flow; construction growth from data center build-outs.
- Deferred 2027 35% EBITDAC margin target due to strategic investments.
- Robust M&A pipeline with focus on cultural fit and accretive deals.

**【CFO Commentary】**
- GAAP revenue $755 million, 25% YoY growth; Non-GAAP EPS $0.47, +14.6%.
- 2025 EBITDAC margin expected flat to modestly down due to talent and tech investments.
- Strong free cash flow and balance sheet flexibility for M&A.
- Interest expense guidance for 2025: $223 million, flat in 2026.

**【Q&A Highlights】**
- 15% organic growth from new business, renewals, and E&S flow.
- Construction growth driven by data centers; cautious on 4Q property headwinds.
- Margin pressure from 2-3 year talent ramp-up; 2026 investments to continue.
- AI integration challenges with M&A, but progress in centralized data use.
- Reinsurance opportunities with Nationwide; potential future partnerships.

Ryan Specialty Holdings, Inc. (RYAN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Research and Development Expenses

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Loss on Disposal of Assets

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Income (Loss) from Associates

Income (Loss) from Joint ventures

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Net Interest Expense

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Net Income

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Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Discontinued Operations

RYAN

RYAN fundamentals

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