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- **Revenue Growth**: Q3 2025 revenue up 90% YoY to $55M, driven by underwriting services. Managed premium reached $1.2B, up 140% YoY.
- **Margin Expansion**: EBITDA margin improved to 55% (from 32% YoY), with free cash flow margin >50%.
- **Client Expansion**: Added two new clients in Q3/Q4 2025, bringing total to six. Pipeline tripled post-IPO, with diversification beyond Florida.
- **CEO Confidence**: CEO committed $2M to buy shares, signaling long-term optimism. 2026 guidance: managed premium ≥$1.5B, pretax income $115-125M.

**【Management Opening Remarks】**
- Exzeo Group, a leading innovator in Insurance-as-a-Service (Iaas) for property and casualty insurers, completed its IPO and added two new clients in Q3 and Q4 2025, bringing total carriers to six. These clients are expected to begin contributing revenue in Q4 2025, with modest initial impact.
- The company emphasizes its fee structure tied to managed premium, aligning growth with carrier expansion. The IPO brought $155M in net proceeds, enhancing cash position to $140M with no debt.

**【CEO Commentary】**
- CEO Paresh Patel highlighted the IPO as a validation of Exzeo's technology and business model. He announced a $2M share purchase plan, signaling confidence in future growth. The company is focused on expanding its platform through new clients and technology investment.
- The sales pipeline has tripled post-IPO, with diversification beyond Florida, including non-Florida-oriented prospects. This reflects broader industry recognition of Exzeo's value proposition.

**【CFO Financial Commentary】**
- Q3 2025 revenue surged 90% YoY to $55M, driven by underwriting services (85% of growth). Pretax income was $28M, with a 55% EBITDA margin, up from 32% in Q3 2024. Managed premium reached $1.2B (vs. $500M YoY), and ARR was $192M.
- Guidance for Q4 2025: managed premium ≥$1.32B, pretax income $22-25M. For 2026: managed premium ≥$1.5B, pretax income $115-125M. Free cash flow margin is expected to remain above 50%.

**【Q&A Highlights】**
- **Client Acquisition**: New clients joined for Exzeo's risk selection efficiency and technology. Established clients migrate at policy renewals, with Q4 2025 seeing accelerated growth in Florida.
- **Pipeline Dynamics**: Post-IPO, the pipeline tripled, with diversification across geographies and channels (reinsurance brokers, investment bankers). Non-Florida prospects are emerging.
- **Cash Flow & Margins**: New managed premium will contribute to 2026 revenue. Despite go-to-market investments, incremental margins remain high due to minimal expense growth relative to revenue.

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