Pembroke, Bermuda - 18 February 2026

Conduit Holdings Limited

("Conduit Holdings"; LSE ticker: CRE)

Preliminary results for the year ended 31 December 2025

Growth in gross premiums written of 6.9%

Strong net investment return of 6.7%

Return on equity of 11.1%

Conduit Holdings, the ultimate parent company of Conduit Re, a multi-line Bermuda-based reinsurance business, today presents its preliminary results for the year ended 31 December 2025.

Neil Eckert, Chief Executive Officer, commented: "After a difficult start to 2025, we are pleased to have delivered an 11.1% RoE for the year. The result reflects our loss exposure to the California wildfires, the largest absorbed loss in Conduit's history, and our post‑event retrocession purchases. Our earnings were supported by strong investment performance, with a 6.7% net return and 24.2% growth in net investment income over 2024, and benign claims activity during the second half of 2025.

We have renewed our core retrocession programme for 2026 with enhanced coverage for peak and secondary perils, such as the California wildfires, to improve our portfolio resilience and better manage earnings volatility. This has been a critical body of work, alongside the strengthening of our team.

Conduit has had a successful January renewal season. We attracted select new business while continuing to support our key partners in a more meaningful way. At the same time, underwriting discipline remains our priority. As markets softened in 2025 and into 2026, our growth rate has moderated as we have reduced or exited business that did not meet our pricing or performance standards. Against the backdrop of more competitive market conditions, we are pleased with the start to 2026.

Moving forward, we will carefully deploy our capital or return it to shareholders as appropriate. Our balance sheet remains strong and we continue to have appetite for share repurchases."

Key highlights:

•    Gross premiums written for the year ended 31 December 2025 of $1,243.0 million, a 6.9% increase over the year ended 31 December 2024, with growth driven by the Casualty segment

•    Overall portfolio risk adjusted rate change of (3)%, net of claims inflation, reflects stable conditions in Casualty, balanced with softening prices in Property and Specialty

•    Our undiscounted combined ratio of 101.5% for the year ended 31 December 2025 reflects a highly active period of natural catastrophe events and risk losses for the industry during the first half of the year, with a 15.3% contribution from the California wildfires

•    Net investment result of $119.5 million for the year ended 31 December 2025 for a return of 6.7%, including a strong increase in net investment income due to a growing investment portfolio and unrealised gains

•   Comprehensive income of $116.8 million, resulting in an 11.1% return on equity in a high catastrophe year

•    Final dividend of $0.18 (approximately 13 pence) per common share, taking the full 2025 dividend to $0.36 (approximately 26 pence) per common share

•    Share repurchases under the authorised buyback programme totalled $12.5 million during the year ended 31 December 2025, with an additional $5.4 million completed through 17 February 2026

•    Tangible net assets per share of $7.14 (£5.30) as at 31 December 2025 increased 11.9%, including dividends paid during the year (31 December 2024: $6.70 or £5.35); the small decline in tangible net assets per share in GBP is due to the change in GBP:USD exchange rates during the period

Outlook:

•    Successful January renewal season where we experienced a strong flow of new excess of loss and quota share opportunities, while we also exited or reduced treaties that did not meet our pricing requirements

•    Market conditions remain adequate in most lines of business, although continued softening could lead to moderating premium growth rates over the course of the year, particularly in Property and Specialty segments

•    In January we renewed and enhanced our core retrocession programme, with a reduced net retention for peak and secondary perils compared to the initial programme in the prior year

•    Continued growth in our managed investments is expected to support strong net investment income

•    Our balance sheet remains strong with an estimated BSCR ratio of 252% as at 31 December 2025; we continue to have flexibility to deploy or return capital depending on the opportunities we see in the market

Underwriting update

Premiums

Gross premiums written for the year ended 31 December 2025:

During the year ended 31 December 2025, gross premiums written were $1,243.0 million compared to $1,162.4 million for 2024. We delivered strong growth in Casualty, modest growth in Property and a slight decline in Specialty gross premiums written. The growth in Casualty primarily reflects increases in general third-party liability business with preferred partners. Property growth has slowed throughout the year, reflecting softening prices and more competitive conditions. Specialty experienced a slight decline as we have reduced our growth in lines experiencing more pressure on pricing and terms.

Pricing

Following multiple years of compounding rate increases, pricing levels and terms and conditions softened in most classes of business. Certain Casualty lines continued to benefit from market correction driven by reserve deterioration and loss emergence, primarily from pre-2020 years before Conduit commenced business. Market conditions across the Property and Specialty segments reflected increased competition following significant pricing increases and strong profitability for the industry over the past several years.

Conduit Re's overall risk-adjusted rate change for the year ended 31 December 2025, net of claims inflation, was (3)% and by segment was:

Net reinsurance revenue

For the year ended 31 December 2025:

For the year ended 31 December 20243:

Reinsurance revenue for the year ended 31 December 2025 was $897.1 million compared to $813.7 million for 2024. The increase in reinsurance revenue relative to the prior year was due to continued growth in the business plus the earn-out of premiums from prior underwriting years.

Ceded reinsurance expenses for the year ended 31 December 2025 were $119.1 million compared to $93.7 million for 2024. The increase in cost relative to the prior year reflected additional limits purchased due to the growth of the inwards portfolio exposures, as well as broader outwards protections bought during the year related to secondary perils.

Net reinsurance service expenses

For the year ended 31 December 2025:

For the year ended 31 December 20244:

Net reinsurance losses and loss related amounts

2025 was another highly active period of natural catastrophe events and risk losses for the reinsurance industry, including the California wildfires, severe convective storms in the United States and several aviation losses, among others. The most significant event was the California wildfires which impacted the Los Angeles area in January 2025. Our undiscounted net loss attributed to the wildfires, net of reinsurance and reinstatement premiums, was $119.1 million. The California wildfires contributed 15.3% to our undiscounted net loss ratio. Absent this event our undiscounted net loss ratio would have been 74.6%.

2024 was also an above average year of loss activity for the industry. Hurricanes Helene and Milton made landfall in the United States, and there was also elevated activity across smaller and mid-size natural catastrophe and large risk events, such as the Baltimore Bridge.

Our discounted net loss ratio for the year ended 31 December 2025 was 77.5% compared with 73.3% for the 2024 year, while our undiscounted net loss ratio was 89.9% and 84.4% respectively. The increase for the year ended 31 December 2025 was primarily related to the California wildfires.

Our undiscounted ultimate loss estimates, net of ceded reinsurance and reinstatement premiums, for previously reported loss events remained broadly stable. The inherent uncertainty in estimating the net liability for incurred claims gives rise to favourable or adverse development. During the year ended 31 December 2025 the favourable development in the discounted net liability for incurred claims for prior accident years was $14.1 million (31 December 2024: $4.3 million).

Our loss and reserve estimates have been derived from a combination of reports and statements from brokers and cedants, modelled loss projections, pricing loss ratio expectations and reporting patterns, all supplemented with market data and assumptions. We continue to review these estimates as more information becomes available.

Reinsurance operating expenses and other operating expenses

For the year ended 31 December 2025:

Reinsurance operating expenses includes brokerage and operating expenses deemed attributable to reinsurance contracts.

Total reinsurance and other operating expenses were $90.0 million for the year ended 31 December 2025 compared with $91.3 million for the prior year. The reinsurance operating expense ratio was in line with the prior year, while the decrease in the other operating expense ratio was mainly due to the substance-based tax credits resulting from the Bermuda Tax Credit Act 2025, enacted during December 2025. Conduit has recognised tax credits of $6.9 million (2024: nil) in the statement of comprehensive income with these credits treated as a reduction in reinsurance and other operating expenses.

Net reinsurance finance income (expense)

For the year ended 31 December 2025:

The net reinsurance finance expense was $77.2 million for the year ended 31 December 2025 compared with $30.8 million for the prior year. The unwind of discount made up most of the expense in both years, increasing in 2025 in line with growing balance sheet reserves. There was some additional expense in 2025 related to the decrease in discount rates as we re-measured to those lower rates, while 2024 benefited from an increase in discount rates in the latter part of 2024.

Investments

In line with our stated strategy, we continue to maintain a relatively conservative approach to managing our invested assets with a strong emphasis on preserving capital and liquidity. Our strategy remains maintaining a short duration, highly-rated portfolio, with due consideration of the duration of our liabilities. Our investment portfolio does not hold any derivatives, equities or alternatives.

The investment return for the year ended 31 December 2025 was 6.7% driven by net investment income from a growing portfolio, and unrealised gains due to a decrease in yields. For 2024 the portfolio returned 4.0% driven mainly due to net investment income.

Net investment income, excluding realised and unrealised gains and losses, was $80.7 million for the year ended 31 December 2025 (31 December 2024: $65.0 million), or an increase of 24.2%, driven by growth in cash and investment balances year on year. Total investment return, including net investment income, net realised gains and losses, and net change in unrealised gains and losses, was $119.5 million (31 December 2024: $66.1 million).

The breakdown of the managed investment portfolio is as follows:

Key investment portfolio statistics for our fixed maturities and managed cash were:

Capital & dividends

Total capital and tangible capital available was $1.10 billion as at 31 December 2025 (31 December 2024: $1.05 billion).

Tangible net assets per share as at 31 December 2025 was $7.14, or £5.30 (31 December 2024: $6.70 or £5.35). Including dividends, tangible net assets per share increased 11.9% during 2025.

During 2025 the Conduit Board of Directors approved a share buyback programme of up to $50.0 million. Shares purchased under this programme amounted to $12.5 million for the year ended 31 December 2025.

Shares purchased by CHL's employee benefit trust during 2025 amounted to $3.0 million (2024: $9.4 million) and will be held in trust to meet future obligations under CHL's variable incentive schemes.

On 17 February 2026 CHL's Board of Directors declared a final dividend of $0.18 (approximately 13 pence using the exchange rate on 17 February 2026) per common share, resulting in an aggregate payment of $29.2 million. The dividend will be paid in pounds sterling on 16 April 2026 to shareholders of record on 20 March 2026 (the "Record Date") using the GBP:USD spot exchange rate at 12 pm UK time on the Record Date.

CHL previously declared and paid an interim dividend during 2025 of $0.18 (approximately 13 pence) per common share. Consequently, the full 2025 dividend was $0.36 (approximately 26 pence) per common share in line with our stated dividend policy.

Financial information

The unaudited consolidated financial statements for the year ended 31 December 2025 are published on Conduit's website at www.conduitreinsurance.com.

Conduit's 2025 Annual Report and Accounts are expected to be made available on Conduit's website by Friday 27 February 2026.

Presentation for analysts and investors on Wednesday, 18 February 2026 at 12:00 pm UK time

Conduit's management will host a virtual meeting for analysts and investors, via a webcast and conference call, on Wednesday, 18 February 2026 at 12:00 pm UK time. There will be an opportunity for questions and answers at the end of the presentation. To ask a question, please join via the conference call.

To access the webcast, please register in advance here:

https://sparklive.lseg.com/ConduitHoldingsLtd/events/2d40c207-b667-4cfa-8349-afd3fc30480a/conduit-holdings-ltd-full-year-results-2025

To access the conference call, please register to receive unique dial-in details here:

https://registrations.events/direct/LON981162546

A recording of the presentation will be made available later in the day on the Investors section of Conduit's website at www.conduitreinsurance.com.

Results and investor presentation via Investor Meet Company on Wednesday, 18 February 2026 at 4:00 pm UK time

Conduit's management will provide a separate presentation aimed at retail investors, relating to the full year 2025 financial results via the Investor Meet Company platform, on Wednesday, 18 February 2026 at 4:00 pm UK time.

The presentation is open to all existing and potential shareholders. No new material, including trading or financial information, will be disclosed during the presentation.

There will be an opportunity for questions and answers at the end of the presentation. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9:00 am UK time the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free, or if signed up, can add to meet Conduit Holdings Limited via:

https://www.investormeetcompany.com/conduit-holdings-limited/register-investor

Investors who are already registered on the Investor Meet Company platform and follow Conduit Holdings Limited will automatically be invited to the call.

Media contacts

Haggie Partners - David Haggie / Peter Rigby / Caroline Klein

+44 (0) 207 562 4444

[email protected]

Investor relations and other enquiries:

[email protected]

Panmure Liberum (Joint Corporate Broker)

+44 (0) 207 886 2500

Berenberg (Joint Corporate Broker)

+44 (0) 203 207 7800

Peel Hunt (Joint Corporate Broker)

+44 (0) 207 418 8900

About Conduit Re

Conduit Re is a Bermuda-based multi-line reinsurance business with global reach. Conduit Reinsurance Limited is licensed by the Bermuda Monetary Authority as a Class 4 insurer. A.M. Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of a- (Excellent) to Conduit Reinsurance Limited. The outlook assigned to these ratings is stable.

Conduit Holdings Limited is the ultimate parent of Conduit Reinsurance Limited and is listed on the London Stock Exchange (ticker: CRE). References to "Conduit" include Conduit Holdings Limited and all of its subsidiary companies.

Learn more about Conduit Re:

Website: https://conduitreinsurance.com/

LinkedIn: https://www.linkedin.com/company/conduit-re

Important information (disclaimers)

This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "goals", "objective", "rewards", "expectations", "signals", "projects", "anticipates", "expects", "achieve", "intends", "tends", "on track", "well placed", "continued", "estimated", "projected", "preliminary", "upcoming", "may", "will", "aims", "could" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, targets, future events or intentions or loss estimates. Forward-looking statements include statements relating to the following: (i) future capital requirements, capital expenditures, expenses, revenues, unearned premiums, pricing rate changes, terms and conditions, earnings, synergies, economic performance, indebtedness, financial condition, dividend policy, claims development, losses and loss estimates and future business prospects; and (ii) business and management strategies, the expansion and growth of Conduit's operations and any related changes to lines of business that we underwrite.

Forward-looking statements may and often do differ materially from actual results. Forward-looking statements reflect Conduit's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Conduit's business, results of operations, financial position, liquidity, prospects, growth and strategies. These risks, uncertainties and assumptions include, but are not limited to: the possibility of greater frequency or severity of claims and loss activity than Conduit's underwriting, reserving or investment practices have anticipated; the reliability of catastrophe pricing, accumulation and estimated loss models; the actual development of losses and expenses impacting estimates for claims which arose as a result of recent loss activity such as hurricanes, storms, floods and wildfires; the impact of complex causation and coverage issues associated with attribution of losses to wildfires, wind or flood damage; the impact of increased costs and inflation to settle claims in high density areas and emerging information as losses develop; unusual loss frequency or losses that are not modelled; the effectiveness of Conduit's risk management and loss limitation methods, including to manage volatility; the recovery of losses and reinstatement premiums from our own reinsurance providers; the development of Conduit's technology platforms; a decline in Conduit's ratings with A.M. Best or other rating agencies; the impact that Conduit's future operating results, capital position and ratings may have on the execution of Conduit's business plan, capital management initiatives or dividends; Conduit's ability to implement successfully its business plan and strategy during 'soft' as well as 'hard' markets; the premium rates which are available at the time of renewals within Conduit's targeted business lines and at policy inception; the pattern and development of premiums as they are earned; increased competition on the basis of pricing, capacity or coverage terms and the related demand and supply dynamics as contracts come up for renewal; the successful recruitment, retention and motivation of Conduit's key management and the potential loss of key personnel; the credit environment for issuers of fixed maturity investments in Conduit's portfolio; the impact of the ongoing conflicts in Ukraine and the Middle East, the impact of swings in market interest rates, currency exchange rates and securities prices; changes by central banks regarding the level of interest rates and the timing and extent of any such changes; the impact of inflation or deflation in relevant economies in which Conduit operates; Conduit becoming subject to income taxes in Bermuda, the United States or in the United Kingdom; and changes in insurance or tax laws or regulations in jurisdictions where Conduit conducts business.

Forward-looking statements contained in this announcement may be impacted by emerging information regarding losses from the California wildfires, the escalation or expansion of the Ukraine conflict or Middle East conflict, the volatility in global financial markets and governmental, regulatory and judicial actions, including related policy coverage issues. Forward-looking statements speak only as of the date they are made. No representation or warranty is made that any forward-looking statement will come to pass. Conduit disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by law or regulation. All subsequent written and oral forward-looking statements attributable to Conduit and/or the group or to persons acting on its behalf are expressly qualified in their entirety by the cautionary statements referred to above.

The Conduit renewal year on year indicative risk-adjusted rate change measure is an internal methodology that management uses to track trends in premium rates of a portfolio of reinsurance contracts. The change measure is specific for our portfolio and reflects management's assessment of relative changes in price, exposure and terms and conditions. It is also net of the estimated impact of claims inflation. It is not intended to be commentary on wider market conditions. The calculation involves a degree of judgement in relation to comparability of contracts and the assessment noted above, particularly in Conduit's initial years of underwriting. To enhance the methodology, management may revise the methodology and assumptions underlying the change measure, so the trends in premium rates reflected in the change measure may not be comparable over time. Consideration is only given to renewals of a comparable nature so it does not reflect every contract in the portfolio of Conduit contracts. The future profitability of the portfolio of contracts within the change measure is dependent upon many factors besides the trends in premium rates.

Additional Performance Measures (APMs)

Conduit presents certain APMs to evaluate, monitor and manage the business and to aid readers' understanding of Conduit's financial statements and methodologies used. These are common measures used across the (re)insurance industry and allow the reader of Conduit's financial reports to compare those with other companies in the (re)insurance industry. The APMs should be viewed as complementary to, rather than a substitute for, the figures prepared in accordance with IFRS. Conduit's Audit Committee has evaluated the use of these APMs and reviewed their overall presentation to ensure that they were not given undue prominence. This information has not been audited.

Management believes the APMs included in the consolidated financial statements are important for understanding Conduit's overall results of operations and may be helpful to investors and other interested parties who may benefit from having a consistent basis for comparison with other companies within the (re)insurance industry. However, these measures may not be comparable to similarly labelled measures used by companies inside or outside the (re)insurance industry. In addition, the information contained herein should not be viewed as superior to, or a substitute for, the measures determined in accordance with the accounting principles used by Conduit for its consolidated financial statements or in accordance with IFRS.

Below are explanations, and associated calculations, of the APMs presented by Conduit:

Consolidated statement of comprehensive income - unaudited

For the year ended 31 December 2025

Consolidated balance sheet - unaudited

As at 31 December 2025

Statement of consolidated cash flows - unaudited

For the year ended 31 December 2025