RYAN · Ryan Specialty Holdings, Inc.

Ryan Specialty Holdings delivered strong Q1 2026 results amid industry headwinds, with total revenue increasing 15.2% year-over-year to $795.2 million, primarily fueled by 11.8% organic growth from new client wins, expanded relationships, and strength in specialty and E&S markets, plus contributions from recent acquisitions and contingent commissions. Growth was broad-based across net commissions and fees segments, led by 38.3% in Underwriting Management to $295.1 million, though Wholesale Brokerage grew more modestly at 4.7%. GAAP net income swung to $40.6 million from a prior-year loss, with diluted EPS of $0.13, while non-GAAP metrics shone brighter: Adjusted EBITDAC up 15.7% to $232.0 million at a stable 29.2% margin, and Adjusted diluted EPS up 20.5% to $0.47. Operating expenses rose 18.8% due to headcount growth, the Empower Program restructuring, and higher professional/IT costs, partially offsetting revenue gains. Management highlighted team execution, market share gains, and investments in technology/AI/data amid competitive pressures. Capital returns remained robust at $64.8 million, including 1.0 million shares repurchased for $40.0 million, with $260.0 million authorization remaining. The board declared a $0.13 quarterly dividend payable May 26 to May 12 record holders. Guidance was updated conservatively for FY2026 to mid-single-digit organic growth and Adjusted EBITDAC margin 100-150 bps below prior year, reflecting ongoing challenges. A special stock option program funded by Executive Chairman Patrick G. Ryan was announced to align employees without diluting shares.