Executive Summary

Exzeo’s Q3 2025 revenue was $56.27M, up 95% year over year (Q3 2024: $28.79M), with Income before income taxes rising to $28.36M (vs. $5.83M YoY), driven by higher services (“Other”) and investment income, and tightly managed operating expenses .
Sequentially, revenue was broadly stable (Q2 2025: $56.85M vs. Q3 2025: $56.27M) and pretax income remained strong (Q2 2025: $28.89M; Q3 2025: $28.36M), reflecting persistent margin discipline .
Exzeo priced and closed its IPO at $21.00 per share (8,000,000 shares; NYSE: XZO), establishing capital market access and a near-term catalyst for investor attention .
Wall Street consensus estimates were unavailable (S&P Global mapping not yet active), so beats/misses cannot be assessed; Exzeo has not yet released standalone Q3 financial statements and furnished segment data via HCI’s 10-Q (Exhibit 99.1) .

What Went Well and What Went Wrong

What Went Well
- Revenue nearly doubled YoY to $56.27M, with “Other” (services) rising to $55.17M and investment income of $1.10M, highlighting scale-up of platform-enabled services .
- Pretax income surged to $28.36M (20% YoY margin expansion), supported by restrained stock-based comp ($0.73M) and low interest expense (nil), underscoring efficient cost control .
- Strategic positioning reinforced in IPO communications: “Exzeo Group is a leading innovator in technology solutions purpose-built for P&C insurance carriers” and its internal Insurance‑as‑a‑Service platform spans quoting, underwriting, policy administration and claims .
What Went Wrong
- Policy acquisition expenses increased YoY to $10.07M from $9.09M, reflecting higher volumes and scaling costs (partly offset by efficiency gains elsewhere) .
- Personnel and other operating expenses grew to $16.35M (vs. $11.73M YoY), consistent with expansion but a watchpoint for maintaining margin leverage .
- Consensus estimates were unavailable and no earnings call occurred, limiting external triangulation and narrative control for investors .

Metric	Q3 2024	Q2 2025	Q3 2025
Total Revenue ($M)	$28.79	$56.85	$56.27
Net Income from Investment Portfolio ($M)	$0.20	$0.76	$1.10
Other Revenue ($M)	$28.59	$56.09	$55.17
Total Expenses ($M)	$22.96	$27.97	$27.91
Personnel & Other Operating Expenses ($M)	$11.73	$16.45	$16.35
Other Policy Acquisition Expenses ($M)	$9.09	$10.07	$10.07
Stock-Based Compensation ($M)	$1.47	$0.71	$0.73
Depreciation & Amortization ($M)	$0.66	$0.73	$0.76
Interest Expense ($M)	$0.02	$0.00	$0.00
Income Before Income Taxes ($M)	$5.83	$28.89	$28.36
EBT Margin %	20.3% (5.83/28.79)	50.8% (28.89/56.85)	50.4% (28.36/56.27)

Segment breakdown (Revenue components):

Component	Q3 2024	Q2 2025	Q3 2025
Net Income from Investment Portfolio ($M)	$0.20	$0.76	$1.10
Other ($M)	$28.59	$56.09	$55.17

KPIs:

KPI	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Total Revenue from Non-Affiliates ($M)	-$0.34	$0.40	$2.51	$1.10

Nine-months trend:

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q4 outlook	Not provided	Not provided	Maintained (no guidance)
Margins/OpEx/Tax/OI&E	FY/Q4 outlook	Not provided	Not provided	Maintained (no guidance)
Dividends	N/A	N/A	N/A	N/A

Note: Exzeo has not furnished standalone guidance in the Q3 filing; disclosures indicated timing of future filings rather than financial outlook .

No Q3 earnings call or transcript was filed. Themes below reflect MD&A/press-release narrative across quarters.

Topic	Previous Mentions (Q1 & Q2 2025)	Current Period (Q3 2025)	Trend
Insurance-as-a-Service / Platform breadth	Platform supports quoting, underwriting, policy admin, claims; products AtlasViewer, SAMS, Harmony, ClaimColony	Reiterated platform scope and P&C focus in IPO materials	Stable, scaling narrative
Third-party services & brokerage	Dark Horse reinsurance brokerage; operational services via EIS	Continued positioning; non-affiliate revenue now positive YTD	Improving external traction
Technology/AI/data analytics	Emphasis on proprietary data analytics and automation	Emphasis reaffirmed; efficiency narrative consistent	Consistent execution
Macro/seasonality context (insurance backdrop)	Seasonality and hurricane exposure in broader group MD&A	Context unchanged; Exzeo role in operational efficiency noted	Background risk stable

“Exzeo Group is a leading innovator in technology solutions purpose-built for property and casualty (P&C) insurance carriers... Through its internally developed ‘Insurance-as-a-Service’ platform, Exzeo delivers a comprehensive suite of digital tools and services that streamline carrier and agent operations—from quoting and underwriting to policy administration, claims handling, data analytics, and financial reporting.” (press releases) .
Listing and capitalization: Common stock listed on the NYSE under “XZO” commencing November 5, 2025; IPO priced at $21.00 per share; 8,000,000 shares offered; 30-day option for 1,200,000 additional shares .

No Q3 earnings call or Q&A session was filed; no analyst questions or management clarifications are available .

Wall Street consensus estimates via S&P Global (Capital IQ) were unavailable for XZO at this time due to missing company mapping, so results cannot be compared to consensus. Values not available due to S&P Global mapping data being unavailable (GetEstimates error for XZO).
Exzeo’s standalone financial statements for Q3 were not yet released; segment data was furnished via HCI Group’s 10-Q and Exzeo’s 8-K Exhibit 99.1 .

Exzeo delivered substantial YoY growth and sustained ~50% EBT margins in Q2–Q3 2025, indicating strong operating leverage as platform services scale .
“Other” revenue (core services) drove the quarter; investment income added, while interest expense was de minimis—supporting high pretax profitability .
Non-affiliate revenue turned positive in 2025 (Q1–Q3), signaling emerging third-party traction beyond affiliated operations .
Cost growth (personnel, acquisition) is consistent with scaling; continued vigilance on expense discipline is key to sustaining margins .
IPO provides liquidity and visibility; near-term catalysts include forthcoming Exzeo standalone 10‑Q filings and potential disclosure of third‑party growth initiatives .
With no consensus estimates or call, focus on execution metrics: revenue mix, non‑affiliate revenue, and EBT margin sustainability in subsequent quarters .
Watch for guidance initiation and any commentary on external customer growth, which could re-rate expectations as the market builds a coverage base .

Exzeo 8‑K furnishing Q3 2025 segment information (with Exhibit 99.1): Results components; standalone filing timing .
HCI Group 10‑Q Q3 2025: Segment tables for Exzeo; quarterly comparisons .
HCI Group 10‑Q Q2 2025: Segment tables for Exzeo; sequential comparisons .
HCI Group 10‑Q Q1 2025: Segment tables; early‑year KPIs .
Exzeo IPO pricing and closing press releases (8‑K exhibits): IPO mechanics; positioning narrative .