Conduit (CRE) investor relations material

Executive summary

• Achieved comprehensive income of $80.3 million and a 7.8% return on equity for H1 2026, marking a significant turnaround from a loss in H1 2025.

• Interim dividend of $0.18 per share declared, totaling $28.0 million, with tangible net assets per share up 8.4% since year-end 2025 and 23.2% year-over-year to $7.56.

• Disciplined capital deployment and portfolio rebalancing toward excess of loss business, especially in Property, amid softening market conditions.

• Enhanced retrocession program implemented to manage volatility and protect capital.

• Returned $38.9 million to shareholders via share repurchases in H1 2026.

Financial highlights

• Gross premiums written were $789.0 million, down 1.8% year-over-year, with growth in Casualty offset by declines in Property and Specialty.

• Reinsurance revenue rose 5.2% to $455.9 million; net investment result was $25.3 million (0.9% return), down from $63.8 million (3.9%) in H1 2025 due to unrealized losses.

• Diluted earnings per share of $0.52, compared to a loss of $0.09 in H1 2025.

• Tangible net assets per share reached $7.56 as of June 30, 2026.

• Returned $68 million to shareholders via $38.9 million in share repurchases and $28.7 million in dividends.

Outlook and guidance

• Market conditions are expected to remain soft, with continued competition and price declines, especially in Property and Specialty.

• Portfolio rebalancing toward excess of loss business to continue, with Property excess of loss expected to reach 40% of gross premiums written in 2026.

• No specific combined ratio or capital return guidance provided; capital decisions to be revisited post-wind season.