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EX-99.1

2 ryan-20260331xex991.htm

EX-99.1

RYAN-2026.03.31-EX 99.1

1

RYAN SPECIALTY REPORTS FIRST QUARTER 2026 RESULTS

- Total Revenue grew 15.2% year-over-year to $795.2 million -

- Organic Revenue Growth Rate* of 11.8% year-over-year -

- Net Income of $40.6 million, or $0.13 per diluted share -

- Adjusted EBITDAC* grew 15.7% year-over-year to $232.0 million -

- Adjusted Net Income increased 21.2% year-over-year to $130.7 million -

- Adjusted Diluted Earnings Per Share grew 20.5% or $0.47 per diluted share -

- Returned approximately $64.8 million to shareholders, including $40.0 million of share repurchases, and

$24.8 million of dividends and distributions  -

April 30, 2026 | CHICAGO, IL — Ryan Specialty Holdings, Inc. (NYSE: RYAN) (“Ryan Specialty” or the “Company”), a

leading international specialty insurance firm, today announced results for the first quarter ended March 31, 2026.

First Quarter 2026 Highlights

•Revenue grew 15.2% year-over-year to $795.2 million, compared to $690.2 million in the prior-year period

•Organic Revenue Growth Rate* was 11.8% for the quarter, compared to 12.9% in the prior-year period

•Net Income increased year-over-year to $40.6 million, compared to a loss of $(4.4) million in the prior-year

period. Diluted Earnings Per Share was $0.13

•Adjusted EBITDAC* increased 15.7% to $232.0 million, compared to $200.5 million in the prior-year period

•Adjusted EBITDAC Margin* of 29.2%, compared to 29.1% in the prior-year period

•Adjusted Net Income* increased 21.2% to $130.7 million, compared to $107.8 million in the prior-year period

•Adjusted Diluted Earnings Per Share* increased 20.5% to $0.47, compared to $0.39 in the prior-year period

•Returned approximately $64.8 million to shareholders through $40.0 million of Class A common stock

repurchases, representing 1.0 million shares, and $24.8 million of dividends and distributions

“It was a strong start to 2026 for Ryan Specialty in the face of continued and increasing industry headwinds,” said

Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty. “We grew total revenue 15%, driven by organic

growth of 11.8% and contributions from M&A. We grew Adjusted EBITDAC by 15.7% and Adjusted Diluted EPS by

20.5%. Our performance this quarter speaks to the dedication of our team, their ability to succeed in challenging

times, and the diversified enterprise we have purposefully built over the years. Through one of the most efficient

and effective insurance distribution platforms in the word, we are delivering innovative solutions for our clients -

brokers, agents, and carriers, that are difficult to replicate elsewhere. While we expect the environment to remain

considerably challenging in the near term, we are confident that our continued investment in the platform, paired

with our ability to innovate alongside our clients and capital trading partners, will further strengthen our position as

a leader in specialty insurance.”

“I am proud of our team's tireless execution during the quarter as we continue to win business and increase market

share in a very competitive environment,” added Timothy W. Turner, Chief Executive Officer of Ryan Specialty.

“Along with our strong performance, we are continuing to invest broadly in our technology, AI, and data capabilities

to ensure we are providing our clients with the expertise and advocacy they expect to solve their most complex

2

insurance needs. We remain focused on controlling what we can control given the challenging environment. We are

enhancing our competitive advantage and continuing to build and expand a platform that is designed to endure

across market cycles.”

Summary of First Quarter 2026 Results

Three Months Ended

March 31,

Change

(in thousands, except percentages and per share data)

2026

2025

$

%

GAAP financial measures

Total revenue

$795,229

$690,166

$105,063

15.2%

Net commissions and fees

782,903

676,128

106,775

15.8

Compensation and benefits

495,176

430,289

64,887

15.1

General and administrative

108,761

106,060

2,701

2.5

Total operating expenses

700,633

589,931

110,702

18.8

Operating income

94,596

100,235

(5,639)

(5.6)

Net income (loss)

40,597

(4,389)

44,986

NM

Net income (loss) attributable to Ryan Specialty Holdings, Inc.

17,646

(27,642)

45,288

NM

Compensation and benefits expense ratio (1)

62.3 %

62.3 %

General and administrative expense ratio (2)

13.7 %

15.4 %

Net income (loss) margin (3)

5.1 %

(0.6 %)

Earnings (loss) per share (4)

$0.14

$(0.22)

Diluted earnings (loss) per share (4)

$0.13

$(0.22)

Non-GAAP financial measures*

Organic revenue growth rate

11.8 %

12.9 %

Adjusted compensation and benefits expense

$461,832

$397,428

$64,404

16.2 %

Adjusted compensation and benefits expense ratio

58.1 %

57.6 %

Adjusted general and administrative expense

$101,365

$92,237

$9,128

9.9 %

Adjusted general and administrative expense ratio

12.7 %

13.4 %

Adjusted EBI

ryan-20260212FALSE000184925300018492532026-02-102026-02-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 10, 2026

RYAN SPECIALTY HOLDINGS, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-40645

86-2526344

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

155 North Wacker Drive, Suite 4000

Chicago, Illinois

60606

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 312 784-6001 (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o

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

o

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

o

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

o

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 Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.001 par value

RYAN

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 o 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. o

Item 2.02 Results of Operations and Financial Condition. On February 12, 2026, Ryan Specialty Holdings, Inc. (the “Company”) issued a press release announcing its results of operations for the fourth quarter ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. The information furnished herewith pursuant to Item 2.02 of this Current Report, including Exhibit 99.1, shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this current report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 2.05 Costs Associated with Exit or Disposal Activities. On February 10, 2026, the board of directors of the Company (the "Board") approved a three-year restructuring program (the “Empower Program”), which will commence in the first quarter of 2026. The Empower Program is designed to streamline the Company's brokerage, binding, and underwriting operations, optimize scale, accelerate data and technology strategies, and enhance efficiencies across all of the Company's specialties. The Empower Program is expected to generate approximately $80 million of annual savings in 2029. The Empower Program includes (i) Business Platform Optimization and (ii) Compensation and Benefits. These actions are expected to be completed by the end of 2028. The Company currently estimates that the Empower Program will result in cumulative pre-tax charges to its GAAP financial results of approximately $160 million which are expected to be recorded as exit and disposal activities and are broken down as follows:

Program Activity

Charges

Business Platform Optimization

$115

million

Compensation and Benefits

45

million

Total

$160

million

The Company currently estimates that approximately 95% of the cumulative pre-tax charges relating to the Empower Program will result in future cash expenditures. Empower Program charges will be recognized as the costs are incurred over time in accordance with GAAP. The Company will treat charges related to the Empower Program as special items impacting comparability of results in its earnings disclosures. The amounts and timing of all estimates are subject to change until finalized. The actual amounts and timing may vary materially based on various factors. See “Cautionary Note Regarding Forward-Looking Statements” below.

Item 7.01 Regulation FD Disclosure. The Company is announcing today that its Board has approved a share repurchase program that authorizes the Company to repurchase up to $30