Ryan Specialty Holdings, Inc.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 30 October 2025: press release. The quarter’s numbers.

Key takeaways

Total revenue up 24.8%: Total revenue was $754.6 million, up 24.8% from $604.7 million in the third quarter of 2024. Source
Adjusted EBITDAC up 23.8%: Adjusted EBITDAC was $235.5 million, up 23.8% from $190.3 million in the prior-year quarter. Source
Underwriting Management grew fastest: Underwriting Management net commissions and fees were $273,128 thousand, up 65.6%, or 37.0% of the total. Source
Loss mitigation fees rose sharply: Loss mitigation and other fees were $36,828 thousand, up 197.2% from $12,392 thousand, and 5.0% of net commissions and fees. Source
Compensation ratio fell: Compensation and benefits expense ratio was 58.4%, against 65.0%. Management attributed higher compensation to headcount and revenue growth. Source
G&A rose on technology spending: General and administrative expense rose 32.6% to $117,589 thousand, with professional services and IT charges for technology and data work cited. Source
Heavy investment in talent: Chairman Patrick Ryan said the company made substantial strategic investments in the quarter to add broking and underwriting talent, and continued technology investment. Source
Cash down, debt about $3.4 billion: Cash and cash equivalents were $153.5 million at September 30, 2025, and outstanding debt principal was $3.4 billion. Source

“It was a strong quarter for Ryan Specialty, demonstrating the strength and resilience of our firm throughout a challenging insurance and macro environment,”
Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty

Guidance

Area	Period	Figure	Against last quarter
Adjusted EBITDAC margin Source	full year 2025	flat to modestly down versus the prior year

What changed from last quarter

New: Full year 2025 guidance is now presented as descriptive ranges (double digits; flat to modestly down) in place of the prior numeric ranges. Source

Revenue and earnings results

Total revenue up 24.8%: Total revenue was $754.6 million, up 24.8% from $604.7 million in the third quarter of 2024. Source
Organic growth drove the increase: Management attributed the revenue increase mainly to organic growth of 15.0%, from new client wins and expanded relationships, plus specialty and E&S market expansion and acquisitions. Source
Net income more than doubled: Net income rose 118.6% to $62.6 million. Diluted EPS was $0.20, against $0.09 a year earlier. Source
Adjusted EBITDAC up 23.8%: Adjusted EBITDAC was $235.5 million, up 23.8% from $190.3 million in the prior-year quarter. Source
Nine-month organic growth slowed: Nine-month total revenue was $2,299,913 thousand, up 24.2%. Nine-month organic growth was 11.4%, against 13.3% a year earlier. Source

Specialty and segment growth

Underwriting Management grew fastest: Underwriting Management net commissions and fees were $273,128 thousand, up 65.6%, or 37.0% of the total. Source
Growth across casualty lines: Management said growth came across most casualty lines, with modest growth in property lines across all three specialties. Source
All specialties grew net commissions: Net commissions and fees grew in every specialty, mainly from organic growth, according to the company. Source

“The runway ahead of us is significant, and we remain focused on delivering industry-leading organic growth and long-term value for our shareholders.”
Timothy W. Turner, Chief Executive Officer of Ryan Specialty

Products, fees and revenue mix

Loss mitigation fees rose sharply: Loss mitigation and other fees were $36,828 thousand, up 197.2% from $12,392 thousand, and 5.0% of net commissions and fees. Source
Contingent commissions in organic bridge: Current-period contingent commissions in the organic growth reconciliation were $24,310 thousand, against $14,842 thousand a year earlier. Source
Policy fees remain largest share: Net commissions and policy fees were $672,942 thousand, 91.0% of net commissions and fees, up 21.2%. Source

Costs and expenses

Compensation ratio fell: Compensation and benefits expense ratio was 58.4%, against 65.0%. Management attributed higher compensation to headcount and revenue growth. Source
G&A rose on technology spending: General and administrative expense rose 32.6% to $117,589 thousand, with professional services and IT charges for technology and data work cited. Source
Amortization and interest higher: Amortization was $70,188 thousand, against $39,182 thousand a year earlier, and is shown as a separate expense line. Source
Acquisition-related expense higher: Acquisition-related expense was $19,345 thousand for the quarter, against $16,345 thousand a year earlier. Source

“We are well positioned to strengthen our position as an international leader in the specialty lines industry for years to come.”
Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty

Margins and tax

Margins slightly lower: Adjusted EBITDAC margin was 31.2%, against 31.5%. Adjusted net income margin was 17.5%, against 18.8%. Net income margin was 8.3%, against 4.7%. Source
Revenue growth lifted EBITDAC: Management said the Adjusted EBITDAC increase was driven mainly by revenue growth, partly offset by higher Adjusted compensation and benefits expense. Source
Tax benefit smaller: Income tax was a $2,797 thousand benefit in the quarter, against $8,962 thousand a year earlier. Nine-month tax expense was $65,659 thousand. Source

Talent and investment spending

Heavy investment in talent: Chairman Patrick Ryan said the company made substantial strategic investments in the quarter to add broking and underwriting talent, and continued technology investment. Source
Hiring spend expected to persist: Management said the increased hiring of broking and underwriting talent is expected to last at least the near term and to affect Adjusted EBITDAC margin. Source
Culture cited for attracting talent: CEO Timothy Turner said the company's culture continues to attract talented professionals. Source

Cash, debt and capital

Cash down, debt about $3.4 billion: Cash and cash equivalents were $153.5 million at September 30, 2025, and outstanding debt principal was $3.4 billion. Source
Operating cash flow higher: Nine-month cash flows from operating activities were $380,421 thousand, against $255,228 thousand. Capital expenditures were $50,678 thousand, against $29,705 thousand. Source
Acquisition spending lower than prior year: Business combinations used $636,925 thousand in the nine months, against $1,256,732 thousand. An equity investment in VSIC used $16,561 thousand. Source
Capital return to holders: Capital return to stockholders and LLC unit holders was $22.1 million of regular dividends and distributions in the quarter. Source

Market conditions and acquisitions

Market described as challenging: Management described the insurance and macro environment as challenging and transitioning, and said the company is navigating it with confidence. Source
Specialty and E&S markets expanding: Management cited continued expansion of the specialty and E&S markets as a source of revenue growth, along with acquisitions completed in the trailing twelve months. Source
Acquisitions added 9.7 points: Net commissions and fees from acquisitions in their first twelve months were $55,650 thousand, reported as 9.7% of prior-period base. Source

Coming up, as management said on 30 October 2025

Quarterly dividend declared: Board declared a regular quarterly dividend of $0.12 per share on Class A common stock, dated October 30, 2025. Source

Figures management reported

Figure	Reported
Investment income Source	Fiduciary investment income $15,025 thousand in the quarter, against $16,565 thousand a year earlier

Risks management discussed

Operational: Hiring of broking and underwriting talent is described as significantly increased and unpredictable, and is cited as a reason for the revised guidance presentation. Source
Financial: Over twelve months, US Assure contingent consideration value fell $39.8 million, reflecting higher loss ratios affecting projected profit commissions. Source

Earlier plans management reported on

Not stated: Restructuring and related expenses declined because the ACCELERATE 2025 program was completed. The program is referred to as concluded. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Consolidated Statements of Cash Flows (Unaudited)

Forward-looking statements notice

Summary of Third Quarter 2025 Results Third Quarter 2025 Review* Third Quarter 2025 Net Commissions and Fees by Specialty and Revenue by Type Quarterly Dividend Forward-Looking Statements and restructuring related compensation expenses, and (iii) other exceptional or non-recurring compensation the impact of federal and state statutory tax rates on 100% of the Company’s adjusted pre-tax income as if the Consolidated Statements of Income (Unaudited) Consolidated Balance Sheets (Unaudited) Reconciliation of Organic Revenue Growth Rate Reconciliation of Adjusted Compensation and Benefits Expense to Compensation and Benefits Expense Reconciliation of Adjusted EBITDAC to Net Income Reconciliation of Adjusted Net Income to Net Income Reconciliation of Adjusted Diluted Earnings per Share to Diluted Earnings per Share Reconciliation of Credit Adjusted EBITDAC to Net Income Nine Months EndedSeptember 30,(in thousands)20252024CASH FLOWS FROM OPERATING ACTIVITIESNet income$182,919$187,358Adjustments to reconcile net income to cash flows provided by operating activities:Income from equity method investments(15,050)(13,510)Amortization204,84197,711Depreciation9,1346,820Prepaid and deferred compensation expense33,61325,220Non-cash equity-based compensation50,98861,664Amortization of deferred debt issuance costs7,15721,838Amortization of interest rate cap premium5,2165,216Deferred income tax expense (benefit)11,472(1,959)Deferred income tax expense from common control reorganization47,978 - Loss on Tax Receivable Agreement783646Changes in operating assets and liabilities, net of acquisitions:Commissions and fees receivable - net(6,392)21,514Accrued interest liability(12,489)2,260Other current and non-current assets19,520(12,826)Other current and non-current accrued liabilities(159,269)(146,724)Total cash flows provided by operating activities$380,421$255,228CASH FLOWS FROM INVESTING ACTIVITIESBusiness combinations - net of cash acquired and cash held in a fiduciary capacity(636,925)(1,256,732)Capital expenditures(50,678)(29,705)Equity method investment in VSIC(16,561) - Asset acquisitions(3,014) - Total cash flows used in investing activities$(707,178)$(1,286,437)CASH FLOWS FROM FINANCING ACTIVITIESProceeds from Senior Secured Notes - 595,200Borrowings on Revolving Credit Facility1,114,872850,000Repayments on Revolving Credit Facility(990,857)(850,000)Debt issuance costs paid(2,889)(16,771)Proceeds from term debt - 107,625Repayment of term debt(12,750)(8,250)Receipt of contingently returnable consideration1,927 - Payment of contingent consideration(29,252) - Tax distributions to non-controlling LLC Unitholders(45,695)(65,833)Receipt of taxes related to net share settlement of equity awards35,17426,502Taxes paid related to net share settlement of equity awards(36,051)(18,516)Class A common stock dividends and Dividend Equivalents paid(46,825)(66,507)Distributions and Declared Distributions paid to non-controlling LLC Unitholders(20,428)(16,754)Payment of accrued return on Ryan Re preferred units(249)(2,047)Net change in fiduciary liabilities38,34190,700Total cash flows provided by financing activities$5,318$625,349Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity14,5075,641NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY$(306,932)$(400,219)CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY - Beginning balance1,680,8051,756,332CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY - Ending balance$1,373,873$1,356,113Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacityCash and cash equivalents$153,485$235,199Cash and cash equivalents held in a fiduciary capacity1,220,3881,120,914Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity$1,373,873$1,356,113 expenses, as applicable. The most directly comparable GAAP financial metric is Compensation and benefits expense. Company owned 100% of Ryan Specialty, LLC. The most directly comparable GAAP financial metric is Net income. Three Months EndedSeptember 30,ChangeNine Months EndedSeptember 30,Change (in thousands, except percentages and per share data)20252024$%20252024$% GAAP financial measuresTotal revenue$754,577$604,694$149,88324.8%$2,299,913$1,852,181$447,73224.2%Net commissions and fees739,552588,129151,42325.72,256,5371,806,264450,27324.9Compensation and benefits440,434393,24947,18512.01,355,9951,180,825175,17014.8General and administrative117,58988,68428,90532.6330,698247,51883,18033.6Total operating expenses643,786523,217120,56923.01,897,8351,533,687364,14823.7Operating income110,79181,47729,31436.0402,078318,49483,58426.2Net income62,60328,64333,960118.6182,919187,358(4,439)(2.4)Net income attributable to Ryan Specialty Holdings, Inc.31,08517,58913,49676.755,41980,911(25,492)(31.5)Compensation and benefits expense ratio (1)58.4 %65.0 %59.0 %63.8 %General and administrative expense ratio (2)15.6 %14.7 %14.4 %13.4 %Net income margin (3)8.3 %4.7 %8.0 %10.1 %Earnings per share (4)$0.24$0.15$0.44$0.67Diluted earnings per share (4)$0.20$0.09$0.41$0.59Non-GAAP financial measures*Organic revenue growth rate15.0 %11.8 %11.4 %13.3 %Adjusted compensation and benefits expense$417,217$343,442$73,77521.5 %$1,268,059$1,057,424$210,63519.9 %Adjusted compensation and benefits expense ratio55.3 %56.8 %55.1 %57.1 %Adjusted general and administrative expense$101,827$70,991$30,83643.4 %$287,414$199,583$87,83144.0 %Adjusted general and administrative expense ratio13.5 %11.7 %12.5 %10.8 %Adjusted EBITDAC$235,533$190,261$45,27223.8 %$744,440$595,174$149,26625.1 %Adjusted EBITDAC margin31.2 %31.5 %32.4 %32.1 %Adjusted net income$131,704$113,633$18,07115.9 %$424,225$369,604$54,62114.8 %Adjusted net income margin17.5 %18.8 %18.4 %20.0 %Adjusted diluted earnings per share$0.47$0.41$0.0614.6 %$1.52$1.34$0.1813.4 % Total revenue for the third quarter of 2025 was $754.6 million, an increase of 24.8% compared to $604.7 million in Growth in Net commissions and fees in all specialties was primarily driven by strong organic growth. On October 30, 2025, the Company’s board of directors declared a regular quarterly dividend of $0.12 per share on All statements in this release and in the corresponding earnings call that are not historical are “forward-looking Three Months EndedSeptember 30,Nine Months EndedSeptember 30,(in thousands, except percentages and per share data)2025202420252024RevenueNet commissions and fees$739,552$588,129$2,256,537$1,806,264Fiduciary investment income15,02516,56543,37645,917Total revenue$754,577$604,694$2,299,913$1,852,181ExpensesCompensation and benefits440,434393,2491,355,9951,180,825General and administrative117,58988,684330,698247,518Amortization70,18839,182204,84197,711Depreciation3,6072,4679,1346,820Change in contingent consideration11,968(365)(2,833)813Total operating expenses$643,786$523,217$1,897,835$1,533,687Operating income$110,791$81,477$402,078$318,494Interest expense, net56,34449,388169,186109,916(Income) from equity method investments(4,957)(4,182)(15,050)(13,510)Other non-operating loss (income)(402)16,590(636)18,575Income before income taxes$59,806$19,681$248,578$203,513Income tax expense (benefit)(2,797)(8,962)65,65916,155Net income$62,603$28,643$182,919$187,358GAAP financial measuresTotal revenue$754,577$604,694$2,299,913$1,852,181Net commissions and fees739,552588,1292,256,5371,806,264Compensation and benefits440,434393,2491,355,9951,180,825General and administrative117,58988,684330,698247,518Net income62,60328,643182,919187,358Compensation and benefits expense ratio (1)58.4 %65.0 %59.0 %63.8 %General and administrative expense ratio (2)15.6 %14.7 %14.4 %13.4 %Net income margin (3)8.3 %4.7 %8.0 %10.1 %Earnings per share (4)$0.24$0.15$0.44$0.67Diluted earnings per share (4)$0.20$0.09$0.41$0.59 (in thousands, except share and per share data)September 30, 2025December 31, 2024ASSETSCURRENT ASSETSCash and cash equivalents$153,485$540,203Commissions and fees receivable - net439,796389,758Fiduciary cash and receivables3,747,0953,739,727Prepaid incentives - net10,1129,219Other current assets96,353109,951Total current assets$4,446,841$4,788,858NON-CURRENT ASSETSGoodwill3,129,8892,646,676Customer relationships1,508,8801,392,048Other intangible assets110,97883,674Prepaid incentives - net16,80917,442Equity method investments101,84570,877Property and equipment - net69,79050,209Lease right-of-use assets134,513133,256Deferred tax assets318,076448,289Other non-current assets14,23718,589Total non-current assets$5,405,017$4,861,060TOTAL ASSETS$9,851,858$9,649,918LIABILITIES AND STOCKHOLDERS’ EQUITYCURRENT LIABILITIESAccounts payable and accrued liabilities$257,493$249,200Accrued compensation360,614486,322Operating lease liabilities24,56522,107Tax Receivable Agreement liabilities25,320 - Short-term debt and current portion of long-term debt41,81451,732Fiduciary liabilities3,747,0953,739,727Total current liabilities$4,456,901$4,549,088NON-CURRENT LIABILITIESAccrued compensation75,88149,362Operating lease liabilities159,263159,231Long-term debt3,349,3803,231,128Tax Receivable Agreement liabilities447,904436,296Deferred tax liabilities37,71839,922Other non-current liabilities92,94086,606Total non-current liabilities$4,163,086$4,002,545TOTAL LIABILITIES$8,619,987$8,551,633STOCKHOLDERS’ EQUITYClass A common stock ($0.001 par value; 1,000,000,000 shares authorized, 128,703,235 and 125,411,089 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively)129125Class B common stock ($0.001 par value; 1,000,000,000 shares authorized, 135,082,847 and 136,456,313 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively)135136Class X common stock (0.001 par value; 0 shares authorized, issued, and outstanding at September 30, 2025; 10,000,000 shares authorized, 640,784 shares issued and 0 outstanding at December 31, 2024) - - Preferred stock ($0.001 par value; 500,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2025 and December 31, 2024) - - Additional paid-in capital490,284506,258Retained earnings128,849122,939Accumulated other comprehensive income (loss)11,076(1,796)Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc.$630,473$627,662Non-controlling interests601,398470,623Total stockholders’ equity$1,231,871$1,098,285TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$9,851,858$9,649,918 Three Months EndedSeptember 30,Nine Months EndedSeptember 30,(in thousands, except percentages)2025202420252024Current period Net commissions and fees revenue$739,552$588,129$2,256,537$1,806,264Less: Current period contingent commissions(24,310)(14,842)(82,164)(44,741)Less: Revenue attributable to sold businesses(65) - (354) - Net commissions and fees revenue excluding contingent commissions$715,177$573,287$2,174,019$1,761,523Prior period Net commissions and fees revenue$588,129$487,345$1,806,264$1,507,878Less: Prior year contingent commissions(14,842)(4,487)(44,741)(30,624)Less: Revenue attributable to sold businesses(427) - (1,548) - Prior period Net commissions and fees revenue excluding contingent commissions$572,860$482,858$1,759,975$1,477,254Change in Net commissions and fees revenue excluding contingent commissions$142,317$90,429$414,044$284,269Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent commissions(55,650)(33,416)(212,249)(87,690)Impact of change in foreign exchange rates(923)(196)(1,324)(521)Organic revenue growth (Non-GAAP)$85,744$56,817$200,471$196,058Net commissions and fees revenue growth rate (GAAP)25.7 %20.7 %24.9 %19.8 %Less: Impact of contingent commissions (1)(0.9)(2.0)(1.4)(0.6)Net commissions and fees revenue excluding contingent commissions growth rate (2)24.8 %18.7 %23.5 %19.2 %Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent commissions (3)(9.7)(6.9)(12.0)(5.9)Impact of change in foreign exchange rates (4)(0.1)0.0(0.1)0.0Organic Revenue Growth Rate (Non-GAAP)15.0 %11.8 %11.4 %13.3 % Three Months EndedSeptember 30,Nine Months EndedSeptember 30,(in thousands, except percentages)2025202420252024Total revenue$754,577$604,694$2,299,913$1,852,181Compensation and benefits expense$440,434$393,249$1,355,995$1,180,825Acquisition-related expense(3,583)(3,785)(8,546)(5,171)Acquisition related long-term incentive compensation(7,463)(15,775)(25,115)(17,039)Restructuring and related expense - (5,693) - (35,676)Amortization and expense related to discontinued prepaid incentives(981)(1,095)(3,287)(3,851)Equity-based compensation (1)(7,432)(17,385)(36,854)(39,656)Initial public offering related expense(3,758)(6,074)(14,134)(22,008)Adjusted compensation and benefits expense (2)$417,217$343,442$1,268,059$1,057,424Compensation and benefits expense ratio58.4%65.0%59.0%63.8%Adjusted compensation and benefits expense ratio55.3%56.8%55.1%57.1% Three Months EndedSeptember 30,Nine Months EndedSeptember 30,(in thousands, except percentages)2025202420252024Total revenue$754,577$604,694$2,299,913$1,852,181Net income$62,603$28,643$182,919$187,358Interest expense, net56,34449,388169,186109,916Income tax expense (benefit)(2,797)(8,962)65,65916,155Depreciation3,6072,4679,1346,820Amortization70,18839,182204,84197,711Change in contingent consideration11,968(365)(2,833)813EBITDAC$201,913$110,353$628,906$418,773Acquisition-related expense19,34516,34551,83040,950Acquisition related long-term incentive compensation7,46315,77525,11517,039Restructuring and related expense - 10,826 - 47,832Amortization and expense related to discontinued prepaid incentives9811,0953,2873,851Other non-operating loss (income)(402)16,590(636)18,575Equity-based compensation7,43217,38536,85439,656IPO related expenses3,7586,07414,13422,008(Income) from equity method investments(4,957)(4,182)(15,050)(13,510)Adjusted EBITDAC$235,533$190,261$744,440$595,174Net income margin8.3%4.7%8.0%10.1%Adjusted EBITDAC margin31.2%31.5%32.4%32.1% Three Months EndedSeptember 30,Nine Months EndedSeptember 30,(in thousands, except percentages)2025202420252024Total revenue$754,577$604,694$2,299,913$1,852,181Net income$62,603$28,643$182,919$187,358Income tax expense (benefit)(2,797)(8,962)65,65916,155Amortization70,18839,182204,84197,711Amortization of deferred debt issuance costs (1)2,39715,4027,15721,838Change in contingent consideration11,968(365)(2,833)813Acquisition-related expense19,34516,34551,83040,950Acquisition related long-term incentive compensation7,46315,77525,11517,039Restructuring and related expense - 10,826 - 47,832Amortization and expense related to discontinued prepaid incentives9811,0953,2873,851Other non-operating loss (income)(402)16,590(636)18,575Equity-based compensation7,43217,38536,85439,656IPO related expenses3,7586,07414,13422,008(Income) from equity method investments(4,957)(4,182)(15,050)(13,510)Adjusted income before income taxes (2)$177,979$153,808$573,277$500,276Adjusted income tax expense (3)(46,275)(40,175)(149,052)(130,672)Adjusted net income$131,704$113,633$424,225$369,604Net income margin8.3%4.7%8.0%10.1%Adjusted net income margin17.5%18.8%18.4%20.0% Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Earnings per share of Class A common stock - diluted$0.20$0.09$0.41$0.59Less: Net income attributed to dilutive shares and substantively vested RSUs (1)(0.09)(0.03)(0.01)(0.29)Plus: Impact of all LLC Common Units exchanged for Class A shares (2)0.120.050.270.39Plus: Adjustments to Adjusted net income (3)0.250.310.880.67Plus: Dilutive impact of unvested equity awards (4)(0.01)(0.01)(0.03)(0.02)Adjusted diluted earnings per share$0.47$0.41$1.52$1.34(Share count in ’000)Weighted-average shares of Class A common stock outstanding - diluted273,462272,686138,090271,283Plus: Impact of all LLC Common Units exchanged for Class A shares (2) - - 135,644 - Plus: Dilutive impact of unvested equity awards (4)5,5263,4675,4074,445Adjusted diluted earnings per share diluted share count278,988276,153279,141275,728 (in thousands)Twelve Months EndedSeptember 30, 2025Total Revenue$2,963,442Net Income$225,474Interest expense, net217,718Income tax expense92,145Depreciation12,099Amortization264,975Change in contingent consideration (1)(26,505)EBITDAC$785,906Acquisition-related expense80,722Acquisition related long-term incentive compensation33,022Restructuring and related expense11,865Amortization and expense related to discontinued prepaid incentives4,596Other non-operating (income)(4,170)Equity-based compensation49,236IPO related expenses19,083(Income) from equity method investments(19,771)Adjusted EBITDAC (2)$960,489Credit adjustments (3)26,357Credit Adjusted EBITDAC$986,846 the prior-year period. This increase was primarily due to continued organic revenue growth of 15.0%, driven by new the outstanding Class A common stock. The regular quarterly dividend will be payable on November 25, 2025, to statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks Adjusted general and administrative expense: Adjusted general and administrative expense is defined as General Adjusted net income margin: Adjusted net income margin is defined as Adjusted net income as a percentage of Three Months Ended September 30,(in thousands, except percentages)2025% oftotal2024% oftotalChangeWholesale Brokerage$376,78850.9%$346,66658.9%$30,1228.7%Binding Authority89,63612.176,49713.013,13917.2Underwriting Management273,12837.0164,96628.1108,16265.6Total Net commissions and fees$739,552$588,129$151,42325.7% client wins and expanded relationships with existing clients, coupled with continued expansion of the specialty and stockholders of record as of the close of business on November 11, 2025. A portion of the dividend, $0.05 per share, and uncertainties. For example, all statements the Company makes relating to its estimated and projected costs, and administrative expense adjusted to reflect items such as (i) acquisition and restructuring related general and Total revenue. The most directly comparable GAAP financial metric is Net income margin. E&S markets, revenue from acquisitions completed within the trailing twelve months ended September 30, 2025, will be funded by free cash flow from Ryan Specialty, LLC and will be paid to all holders of the Company’s Class A expenditures, cash flows, growth rates and financial results, its plans, anticipated amount and timing of cost savings administrative expenses, and (ii) other exceptional or non-recurring general and administrative expenses, as RYAN SPECIALTY REPORTS THIRD QUARTER 2025 RESULTS Adjusted diluted earnings per share: Adjusted diluted earnings per share is defined as Adjusted net income divided changes in contingent commissions, and the impact of foreign exchange rates. We experienced growth across the common stock and the holders of the LLC Common Units (as defined below). relating to the restructuring plan, or its plans and objectives for future operations, growth initiatives, or strategies applicable. The most directly comparable GAAP financial metric is General and administrative expense. by diluted shares outstanding after adjusting for the effect if 100% of the outstanding LLC Common Units (“LLC majority of our casualty lines and modest growth in property lines across all three specialties. and the statements under the caption “Full Year 2025 Outlook” are forward-looking statements. Words such as

Total Revenue grew 24.8% year-over-year to $754.6 million - Full Year 2025 Guidance* Adjusted compensation and benefits expense ratio: Adjusted compensation and benefits expense ratio is defined Common Units”), together with the shares of Class B common stock, vested Class C Incentive Units, vested but “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely”
Organic Revenue Growth Rate* of 15.0% year-over-year - Total operating expenses for the third quarter of 2025 were $643.8 million, a 23.0% increase compared to $523.2 as the Adjusted compensation and benefits expense as a percentage of Total revenue. The most directly comparable unexercised Options, and unvested equity awards were exchanged into shares of Class A common stock as if 100% and variations of such words and similar expressions are intended to identify such forward-looking statements. All The Company is updating its full year 2025 guidance for Organic Revenue Growth Rate and Adjusted EBITDAC Margin million in the prior-year period. This increase was primarily due to higher Compensation and benefits expenses GAAP financial metric is Compensation and benefits expense ratio. of unvested equity awards were vested. The most directly comparable GAAP financial metric is Diluted earnings per forward-looking statements are subject to risks and uncertainties, known and unknown, that may cause actual
Net Income of $62.6 million, or $0.20 per diluted share compared to the prior-year period resulting from higher compensation due to growth in headcount and revenue, as follows: share. results to differ materially from those that the Company expected. Specific factors that could cause such a difference partially offset by a decrease in Restructuring and related expenses due to the completion of the ACCELERATE 2025 - Adjusted EBITDAC* grew 23.8% year-over-year to $235.5 million - Adjusted general and administrative expense ratio: Adjusted general and administrative expense ratio is defined as include, but are not limited to, those disclosed previously in the Company’s filings with the Securities and Exchange program, lower Equity-based compensation, and lower Acquisition related long-term incentive compensation. •We are guiding to an Organic Revenue Growth Rate of double digits for the full year 2025. the Adjusted general and administrative expense as a percentage of Total revenue. The most directly comparable Credit Adjusted EBITDAC: Credit Adjusted EBITDAC is defined as Adjusted EBITDAC as further adjusted without Commission (“SEC”). Nine Months Ended September 30,(in thousands, except percentages)2025% oftotal2024% oftotalChangeWholesale Brokerage$1,214,74153.8%$1,114,24061.7%$100,5019.0%Binding Authority286,11012.7245,76213.640,34816.4Underwriting Management755,68633.5446,26224.7309,42469.3Total Net commissions and fees$2,256,537$1,806,264$450,27324.9% - Adjusted Net Income increased 15.9% year-over-year to $131.7 million - General and administrative expense also increased compared to the prior-year period due to an increase in GAAP financial metric is General and administrative expense ratio. duplication for: acquired EBITDAC from the beginning of the applicable twelve month reference period through the professional services and IT charges associated with ongoing technology and data initiatives as well as costs directly - Adjusted Diluted Earnings Per Share grew 14.6% or $0.47 per diluted share - •We are guiding to an Adjusted EBITDAC Margin of flat to modestly down for the full year 2025, as compared acquisition close date, certain annualized run rate expected cost savings and initiatives, and certain other For more detail on the risk factors that may affect the Company’s results, see the section entitled “Risk Factors” in linked to revenue growth, recruiter fees, and higher expenses to accommodate both organic and inorganic revenue to the prior year. Adjusted EBITDAC: Adjusted EBITDAC is defined as Net income before Interest expense, net, Income tax expense, adjustments as permitted in calculating leverage ratios under our debt agreements. The Company presents Credit our most recent annual report on Form 10-K filed with the SEC, and in other documents filed with, or furnished to, growth, partially offset by lower Restructuring and related expenses due to the completion of the ACCELERATE 2025 October 30, 2025 | CHICAGO, IL - Ryan Specialty Holdings, Inc. (NYSE: RYAN) (“Ryan Specialty” or the “Company”), Depreciation, Amortization, and Change in contingent consideration, adjusted to reflect items such as (i) equitythe SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove Adjusted EBITDAC as an additional measure of liquidity and leverage. The calculation of Credit Adjusted EBITDAC program. The Company has revised the manner in which it is presenting its guidance in response to, among other factors, a a leading international specialty insurance firm, today announced results for the third quarter ended September 30, based compensation, (ii) acquisition-related expenses, and (iii) other exceptional or non-recurring items, as incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. pursuant to our debt agreements permits certain estimates and assumptions that may differ from actual results. significantly increased and unpredictable opportunity to hire broking and underwriting talent and to make other 2025. applicable. Acquisition-related expense includes one-time diligence, transaction-related, and integration costs. Given these factors, as well as other variables that may affect the Company’s operating results, you are cautioned Net income for the third quarter of 2025 increased 118.6% to $62.6 million, compared to $28.6 million in the prior- investments in its business, which the Company anticipates will persist for at least the near term and will impact Acquisition-related expense included a $4.5 million charge for the nine months ended September 30, 2024, related The summary unaudited consolidated financial data presented for the twelve months ended September 30, 2025, not to place undue reliance on these forward-looking statements, not to assume that past financial performance will year period. The increase was due to strong revenue growth, Other non-operating income compared to a loss in the Adjusted EBITDAC Margin. In addition, the revised presentation more closely aligns with common industry practices (1)For the three months ended September 30, 2025, $5.8 million of expense was reversed associated with certain Third Quarter 2025 Highlights to a deal-contingent foreign exchange forward contract associated with the Castel acquisition. The remaining was derived by adding the consolidated financial data of the Company for the twelve months ended December 31, be a reliable indicator of future performance, and not to use historical trends to anticipate results or trends in future prior-year period, partially offset by higher Total operating expenses, higher Interest expense, net, and a lower executive performance-based awards. For the three months ended September 30, 2024, Equity-based for guidance. charges in both years represent typical one-time diligence, transaction-related, and integration costs. Acquisition- 2024, to the consolidated financial data of the Company for the nine months ended September 30, 2025, and periods. The forward-looking statements included in this press release and on the related earnings call relate only to (1)Adjustment removes the impact of Net income attributed to dilutive awards and substantively vested RSUs to compensation included $4.6 million of expense associated with the removal of equity transfer restrictions for an Income tax benefit compared to the prior-year period. •Revenue grew 24.8% year-over-year to $754.6 million, compared to $604.7 million in the prior-year period The following tables sets forth our revenue by type of commission and fees: related long-term incentive compensation arises from long-term incentive plans associated with acquisitions. These arrive at Net income attributable to Ryan Specialty Holdings, Inc. For the three months ended September 30, 2025 subtracting the consolidated financial data of the Company for the nine months ended September 30, 2024. The events as of the date hereof. The Company does not undertake, and expressly disclaims, any duty or obligation to executive officer of the Company. See “Note 8, Equity-Based Compensation” of the unaudited quarterly financial The Company is unable to provide a comparable outlook for, or a reconciliation to, Total revenue growth rate or Net and 2024, this removes $23.4 million and $8.3 million of Net income, respectively, on 273.5 million and 272.7 plans require service requirements, and in some cases performance targets, to be met in order to be earned. summary unaudited consolidated financial data for the twelve months ended September 30, 2025, has been •Organic Revenue Growth Rate* was 15.0% for the quarter, compared to 11.8% in the prior-year period update publicly any forward-looking statement after the date of this release, whether as a result of new information, statements for additional discussion. Adjusted EBITDAC grew 23.8% to $235.5 million from $190.3 million in the prior-year period. Adjusted EBITDAC income margin because it cannot provide a meaningful or accurate calculation or estimation of certain reconciling Three Months Ended September 30,(in thousands, except percentages)2025% oftotal2024% oftotalChangeNet commissions and policy fees$672,94291.0%$555,28294.4%$117,66021.2%Supplemental and contingent commissions29,7824.020,4553.59,32745.6Loss mitigation and other fees36,8285.012,3922.124,436197.2Total Net commissions and fees$739,552$588,129$151,42325.7% million Weighted-average shares of Class A common stock outstanding - diluted, respectively. For the nine months Restructuring and related expense consists of compensation and benefits, occupancy, contractors, professional prepared for illustrative purposes only and is not necessarily representative of our results of operations for any future events, changes in assumptions, or otherwise. margin for the quarter was 31.2%, compared to 31.5% in the prior-year period. The increase in Adjusted EBITDAC items without unreasonable effort. Its inability to do so is due to the inherent difficulty in forecasting the timing of •Net Income increased 118.6% year-over-year to $62.6 million, compared to $28.6 million in the prior-year ended September 30, 2025, and 2024, this removes $1.2 million and $78.3 million of Net income, respectively on services, and license fees related to the ACCELERATE 2025 program, which concluded at the end of 2024. The future period or our financial condition at any future date. (2)Adjustments made to Compensation and benefits expense are described in the definition of Adjusted EBITDAC in was driven primarily by strong revenue growth, partially offset by higher Adjusted compensation and benefits items that have not yet occurred and quantifying certain amounts that are necessary for such reconciliation, 138.1 million and 271.3 million Weighted average shares of Class A common stock outstanding - diluted, period. Diluted Earnings Per Share was $0.20 compensation and benefits expense included severance as well as employment costs related to services rendered “Non-GAAP Financial Measures and Key Performance Indicators.” Non-GAAP Financial Measures and Key Performance Indicators expense, as well as higher Adjusted general and administrative expense. including variations in effective tax rate, expenses to be incurred for acquisition activities, and other one-time or respectively. See “Note 9, Earnings Per Share” of the unaudited quarterly consolidated financial statements. between the notification and termination dates and other termination payments. Amortization and expense is The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial •Adjusted EBITDAC* increased 23.8% to $235.5 million, compared to $190.3 million in the prior-year period (1)For the twelve months ended September 30, 2025, Change in contingent consideration included a $39.8 million exceptional items. (2)For comparability purposes, this calculation incorporates the Net income that would be distributable if all LLC In assessing the performance of the Company’s business, non-GAAP financial measures are used that are derived composed of charges related to discontinued prepaid incentive programs. For the three months ended measure is set forth in the reconciliation table accompanying this release. decrease in valuation of the US Assure contingent consideration as a result of increased loss ratios impacting Adjusted net income for the third quarter of 2025 increased 15.9% to $131.7 million, compared to $113.6 million in
Adjusted EBITDAC Margin* of 31.2%, compared to 31.5% in the prior-year period Common Units (together with shares of Class B common stock) were exchanged for shares of Class A common from the Company’s consolidated financial information, but which are not presented in the Company’s consolidated September 30, 2025, Other non-operating loss (income) consisted of $0.3 million of forfeitures of vested equity projected profit commissions and business performance. the prior-year period. Adjusted net income margin was 17.5%, compared to 18.8% in the prior-year period. Adjusted *For a definition of Organic revenue growth rate and Adjusted EBITDAC margin, see “Non-GAAP Financial Measures and Key (1)Interest expense, net includes amortization of deferred debt issuance costs. stock. For the three months ended September 30, 2025 and 2024, this includes $31.5 million and $11.1 million of Reconciliation of Adjusted General and Administrative Expense to General and Administrative Expense With respect to the Organic revenue growth rate and Adjusted EBITDAC margin outlook presented in the “Full Year •Adjusted Net Income* increased 15.9% to $131.7 million, compared to $113.6 million in the prior-year period financial statements prepared in accordance with GAAP. The Company considers these non-GAAP financial measures awards, $0.2 million of seller reimbursement of acquisition-related retention incentives, $0.2 million of sublease Performance Indicators” below. diluted earnings per share for the third quarter of 2025 increased 14.6% to $0.47, compared to $0.41 in the prior- Net income, respectively, on 273.5 million and 272.7 million Weighted-average shares of Class A common stock (2)Adjustments made to Net income are described in the definition of Adjusted EBITDAC in “Non-GAAP Financial (2)Adjustments made to Net income are described in the definition of Adjusted EBITDAC in “Non-GAAP Financial 2025 Outlook” section of this press release, the Company is unable to provide a comparable outlook for, or a to be useful metrics for management and investors to facilitate operating performance comparisons from period to income offset by $0.4 million of TRA contractual interest and related charges. For the three months ended year period. outstanding - diluted, respectively. For the nine months ended September 30, 2025, and 2024, this includes $127.5 Measures and Key Performance Indicators.” •Adjusted Diluted Earnings Per Share* increased 14.6% to $0.47, compared to $0.41 in the prior-year period Measures and Key Performance Indicators.” Three Months EndedSeptember 30,Nine Months EndedSeptember 30,(in thousands, except percentages)2025202420252024Total revenue$754,577$604,694$2,299,913$1,852,181General and administrative expense$117,589$88,684$330,698$247,518Acquisition-related expense(15,762)(12,560)(43,284)(35,779)Restructuring and related expense - (5,133) - (12,156)Adjusted general and administrative expense (1)$101,827$70,991$287,414$199,583General and administrative expense ratio15.6%14.7%14.4%13.4%Adjusted general and administrative expense ratio13.5%11.7%12.5%10.8% reconciliation to, Total revenue growth rate or Net income margin because it cannot provide a meaningful or Conference Call Information period by excluding potential differences caused by variations in capital structures, tax positions, depreciation, September 30, 2024, Other non-operating loss (income) consisted of $16.2 million of term loan modification million and $106.4 million of Net income, respectively, on 273.7 million and 271.3 million Weighted-average shares (3)Adjustments made to Adjusted EBITDAC represent (without duplication) additional adjustments permitted under •Capital return to stockholders and LLC unit holders was $22.1 million of regular dividends and distributions (3)The Company is subject to United States federal income taxes, in addition to state, local, and foreign taxes, with accurate calculation or estimation of certain reconciling items without unreasonable effort. Its inability to do so is of Class A common stock outstanding - diluted, respectively. For the nine months ended September 30, 2025, amortization, and certain other items that the Company believes are not representative of its core business. The expense and $0.5 million of TRA contractual interest and related charges offset by $0.1 million of sublease income. *For the definition of each of the non-GAAP measures referred to above, as well as a reconciliation of such non-GAAP Non-GAAP Financial Measures (Unaudited) our debt agreements. respect to our allocable share of any net taxable income of the LLC. For the three and nine months ended Nine Months Ended September 30,(in thousands, except percentages)2025% oftotal 2024% oftotalChangeNet commissions and policy fees$2,083,98392.4%$1,706,78194.5%$377,20222.1%Supplemental and contingent commissions103,1854.658,6183.244,56776.0Loss mitigation and other fees69,3693.040,8652.328,50469.8Total Net commissions and fees$2,256,537$1,806,264$450,27324.9% 135.6 million weighted average outstanding LLC Common Units were considered dilutive and included in the 273.7 Ryan Specialty will hold a conference call to discuss the financial results at 4:45pm Eastern Time on October 30, due to the inherent difficulty in forecasting the timing of items that have not yet occurred and quantifying certain Company uses the following non-GAAP measures for business planning purposes, in measuring performance relative For the nine months ended September 30, 2025, Other non-operating loss (income) consisted of $0.6 million of measures to their most directly comparable GAAP measures, see “Non-GAAP Financial Measures and Key Performance September 30, 2025, this calculation of adjusted income tax expense is based on a federal statutory rate of 21% million Weighted-average shares of Class A common stock outstanding - diluted within Diluted EPS. See “Note 9, “It was a strong quarter for Ryan Specialty, demonstrating the strength and resilience of our firm throughout a 2025. Interested parties may access the conference call through the live webcast, which can be accessed at https:// amounts that are necessary for such reconciliation, including variations in effective tax rate, expenses to be incurred Indicators” below. (1)Calculated by subtracting Net commissions and fees revenue growth rate from net commissions and fees revenue to that of its competitors, to help investors to understand the nature of the Company’s growth, and to enable seller reimbursement of acquisition-related retention incentives, $0.4 million of sublease income, and $0.3 million of Three Months EndedSeptember 30,Nine Months EndedSeptember 30,(in thousands, except percentages and per share data)2025202420252024Non-GAAP financial measures*Organic revenue growth rate15.0 %11.8 %11.4 %13.3 %Adjusted compensation and benefits expense$417,217$343,442$1,268,059$1,057,424Adjusted compensation and benefits expense ratio55.3 %56.8 %55.1 %57.1 %Adjusted general and administrative expense$101,827$70,991$287,414$199,583Adjusted general and administrative expense ratio13.5 %11.7 %12.5 %10.8 %Adjusted EBITDAC$235,533$190,261$744,440$595,174Adjusted EBITDAC margin31.2 %31.5 %32.4 %32.1 %Adjusted net income$131,704$113,633$424,225$369,604Adjusted net income margin17.5 %18.8 %18.4 %20.0 %Adjusted diluted earnings per share$0.47$0.41$1.52$1.34 Earnings Per Share” of the unaudited quarterly consolidated financial statements. and a combined state income tax rate net of federal benefits of 5.00% on 100% of our adjusted income before challenging insurance and macro environment,” said Patrick G. Ryan, Founder and Executive Chairman of Ryan excluding contingent commissions growth rate and revenue from sold businesses. ryan-specialty-q3-2025-earnings-call.open-exchange.net/registration or by visiting the Company’s Investor Relations for acquisition activities, and other one-time or exceptional items. investors to evaluate the run-rate performance of the Company. Non-GAAP financial measures should be viewed as forfeitures of vested equity awards offset by $0.8 million of TRA contractual interest and related charges. For the income taxes as if the Company owned 100% of the LLC. For the three and nine months ended September 30, Specialty. “We grew total revenue 25%, supported by strong organic growth of 15%, and another quarter of website. Please join the live webcast at least 10 minutes prior to the scheduled start time. (3)Adjustments to Adjusted net income are described in the footnotes of the reconciliation of Adjusted net income to supplementing, and not as an alternative or substitute for, the consolidated financial statements prepared and nine months ended September 30, 2024, Other non-operating loss (income) consisted of $18.1 million of expense (2)Calculated by dividing the change in Total net commissions & fees revenue excluding contingent commissions by 2024, this calculation of adjusted income tax expense is based on a federal statutory rate of 21% and a combined excellent contributions from our recent M&A transactions. We grew Adjusted EBITDAC 23.8% and Adjusted Diluted Net income in “Adjusted Net Income and Adjusted Net Income Margin” on 273.5 million and 272.7 million Contacts: presented in accordance with GAAP. The footnotes to the reconciliation tables below should be read in conjunction related to term loan modifications and $0.8 million of TRA contractual interest and related charges offset by $0.4 prior year net commissions and fees excluding contingent commissions and revenue from sold businesses. state income tax rate net of federal benefits of 5.12% on 100% of our adjusted income before income taxes as if Weighted-average shares of Class A common stock outstanding - diluted for the three months ended EPS by 14.6%. I am especially proud of what we’ve achieved while making substantial strategic investments during A webcast replay of the call will be available on the Company’s website at ryanspecialty.com in its Investors section with the unaudited consolidated quarterly financial statements in the Company’s Quarterly Report on form 10-Q million of sublease income. Equity-based compensation reflects non-cash equity-based expense. IPO related the Company owned 100% of the LLC. (3)Calculated by taking the mergers and acquisitions net commissions and fees revenue excluding contingent September 30, 2025 and 2024, respectively, and 273.7 million and 271.3 million Weighted-average shares of Class Investor RelationsNicholas MezickVP, Investor RelationsRyan SpecialtyIR@ryanspecialty.comPhone: (312) 784-6152Media RelationsAlice Phillips ToppingSVP, Chief Marketing & Communications OfficerRyan SpecialtyAlice.Topping@ryanspecialty.comPhone: (312) 635-5976 the quarter to capitalize on excellent opportunities to add broking and underwriting talent to our world-class team, for one year following the call. filed with the SEC. Industry peers may provide similar supplemental information but may not define similarly-named expenses include compensation-related expense primarily related to the expense for new awards issued at IPO as *For a definition and a reconciliation of Organic revenue growth rate, Adjusted compensation and benefits expense, Adjusted commissions, representing the first 12 months of net commissions and fees revenue generated from acquisitions, A common stock outstanding - diluted for the nine months ended September 30, 2025 and 2024, respectively. as well as making continued investments in technology. We are well positioned to strengthen our position as an compensation and benefits ratio, Adjusted general and administrative expense, Adjusted general and administrative expense ratio, metrics in the same way and may not make identical adjustments. well as expense related to the revaluation of existing equity awards at IPO. divided by prior period net commissions and fees revenue excluding contingent commissions and revenue from About Ryan Specialty (4)For comparability purposes and to be consistent with the treatment of the adjustments to arrive at Adjusted net Adjusted EBITDAC, Adjusted EBITDAC margin, Adjusted net income, Adjusted net income margin, and Adjusted diluted earnings per international leader in the specialty lines industry for years to come.” sold businesses. share to the most directly comparable GAAP measure, see “Non-GAAP Financial Measures and Key Performance Indicators” below. income, the dilutive effect of unvested equity awards as well as outstanding vested options and vested Class C Organic revenue growth rate: Organic revenue growth rate represents the percentage change in Net commissions Adjusted EBITDAC margin: Adjusted EBITDAC margin is defined as Adjusted EBITDAC as a percentage of Total Incentive Units is calculated using the treasury stock method as if the weighted-average unrecognized cost (4)Calculated by taking the change in foreign exchange rates divided by prior period net commissions and fees Founded in 2010, Ryan Specialty (NYSE: RYAN) is a service provider of specialty products and solutions for insurance “Our team’s relentless execution this quarter underscores the power of our platform, the depth of our expertise, and fees, as compared to the same period for the prior year, adjusted to eliminate revenue attributable to revenue. The most directly comparable GAAP financial metric is Net income margin. Liquidity and Financial Condition (1)Compensation and benefits expense ratio is defined as Compensation and benefits divided by Total revenue. associated with the awards was $0 over the period, less any unvested equity awards determined to be dilutive (1)Adjustments made to General and administrative expense are described in the definition of Adjusted EBITDAC in revenue excluding contingent commissions and revenue from sold businesses. brokers, agents, and carriers. Ryan Specialty provides distribution, underwriting, product development, and our unwavering commitment to serving our clients and trading partners,” added Timothy W. Turner, Chief acquisitions for the first twelve months of ownership, revenue attributable to sold businesses for the subsequent within the Diluted EPS calculation disclosed in “Note 9, Earnings Per Share” of the unaudited quarterly “Non-GAAP Financial Measures and Key Performance Indicators.” (2)General and administrative expense ratio is defined as General and administrative expense divided by Total revenue. administration, and risk management services by acting as a wholesale broker and a managing underwriter with Executive Officer of Ryan Specialty. “We are navigating this challenging and transitioning market with confidence, Adjusted net income: Adjusted net income is defined as tax-effected earnings before amortization and certain items As of September 30, 2025, the Company had Cash and cash equivalents of $153.5 million and outstanding debt twelve months after the sale, and other items such as contingent commissions and the impact of changes in foreign consolidated financial statements. For the three months ended September 30, 2025 and 2024, 5.5 million and 3.5 delegated authority from insurance carriers. Our mission is to provide industry-leading innovative specialty driven by our diverse product offerings, durable business model, and a culture that continues to attract talented of income and expense, gains and losses, equity-based compensation, acquisition related long-term incentive (3)Net income margin is defined as Net income divided by Total revenue. principal of $3.4 billion. exchange rates. million shares were added to the calculation, respectively. For the nine months ended September 30, 2025 and insurance solutions for insurance brokers, agents, and carriers. Learn more at ryanspecialty.com. professionals. The runway ahead of us is significant, and we remain focused on delivering industry-leading organic compensation, acquisition-related expenses, costs associated with our IPO, and certain exceptional or non-recurring 2024, 5.4 million and 4.4 million shares were added to the calculation, respectively. (4)See “Note 9, Earnings Per Share” of the unaudited quarterly consolidated financial statements. growth and long-term value for our shareholders.” Adjusted compensation and benefits expense: Adjusted compensation and benefits expense is defined as items. The Company will be subject to United States federal income taxes, in addition to state, local, and foreign Compensation and benefits expense adjusted to reflect items such as (i) equity-based compensation, (ii) acquisition taxes, with respect to its allocable share of any net taxable income of Ryan Specialty, LLC (together with its parent New Ryan Specialty, LLC and their subsidiaries, the “LLC”). For comparability purposes, this calculation incorporates

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