Overview

• US insurance distributor's Q1 revenue rose 35%, beating analyst expectations

• Adjusted EPS and adjusted net income for Q1 beat analyst expectations

• Company repurchased $40 mln of shares under its authorized buyback plan

Outlook

• TWFG reaffirms 2026 total revenue growth guidance of 15% to 20%, or $285 mln to $300 mln

• Company expects 2026 organic revenue growth rate of 10% to 15%

• TWFG sees 2026 adjusted EBITDA margin of 22% to 25%

Result Drivers

• ACQUISITIONS - Recent acquisitions, including Asset Protection Insurance Associates and TWFG MGA FL, LLC, contributed to revenue and premium growth

• ORGANIC GROWTH - Double-digit organic revenue growth driven by new business production, rate moderation, and expanded market access

• MARGIN EXPANSION - Higher-margin MGA operations and operating leverage from acquisitions supported margin improvement

Company press release: ID:nGNX3Bk3Ds

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the multiline insurance & brokers peer group is "buy"

• Wall Street's median 12-month price target for TWFG Inc is $29.00, about 53.3% above its May 6 closing price of $18.92

• The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 28 three months ago

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