BWIN · The Baldwin Insurance Group, Inc.

The Baldwin Group's first quarter 2026 results reflect a significant inflection point driven primarily by inorganic growth initiatives. Total revenue surged 29% to $532.2 million, largely attributable to the January partnership with CAC Group, while organic revenue growth remained modest at 2%. Management highlighted that normalized organic growth, inclusive of new partnerships, approximated 9%, suggesting underlying momentum in the core business. Profitability metrics presented a mixed picture. GAAP net loss attributable to Baldwin was $1.9 million, a swing from the prior year's profitability, impacted by increased operating expenses which rose to $633.5 million from $357.4 million, driven largely by colleague compensation and other operating expenses associated with the acquisitions. However, adjusted profitability metrics demonstrated strength, with Adjusted EBITDA growing 21% to $137.2 million. Adjusted EBITDA margin compressed to 25.8% from 27.5% in the prior year. Management commentary emphasized that the CAC Group integration is progressing ahead of plan, with approximately 80% of targeted three-year expense synergies already actioned. The company reiterated its strategic trajectory to exit 2026 on a double-digit organic growth run rate. Liquidity remains robust with $146 million in cash and $393 million in undrawn revolving credit facility capacity, supporting continued execution of the transformation program.