Interim results for the six months ended 30/06/26

Conduit Holdings Limited

29 July 2026

 

Pembroke, Bermuda - 29 July 2026

Conduit Holdings Limited

("Conduit Holdings" LSE ticker: CRE)

Interim results for the six months ended 30 June 2026

Undiscounted combined ratio of 92.6%

Return on equity1 of 7.8% for the six month period

Interim dividend of $0.18 (approximately 13 pence) per common share declared

Conduit Holdings, the ultimate parent company of Conduit Re, a Bermuda-based multi-line reinsurance business, today presents its interim results for the six months ended 30 June 2026.

Neil Eckert, Chief Executive Officer, commented: "These results represent a solid first half, demonstrating the considerable progress we have made in advancing the business. In the period, we have continued to rebalance our property portfolio towards excess of loss business, added depth to our team with new hires across key functions, including a COO and senior additions to our property team to join later this year. We have also put in place an enhanced retrocession programme that is designed to reduce underwriting volatility and provide strong earnings and balance sheet protection. While the market is softening, we feel it is right to place emphasis on margin and capital discipline as opposed to growth."

Key financials ($m)	Six months ended 30 June 2026	Six months ended 30 June 2025	Change
Gross premiums written2	789.0	803.3	(1.8)%
Reinsurance revenue	455.9	433.3	5.2%
Net reinsurance revenue	382.6	379.9	0.7%
Reinsurance service result	86.9	(15.2)	NM3
Net investment result	25.3	63.8	(60.3)%
Comprehensive income (loss)	80.3	(13.5)	NM3
Financial ratios (%)	Six months ended 30 June 2026	Six months ended 30 June 2025	Change (pps)
Return on equity1	7.8	(1.4)	9.2
Net loss ratio (discounted)	68.5	95.8	(27.3)
Reinsurance operating expense ratio	8.8	8.2	0.6
Other operating expense ratio	3.1	4.3	(1.2)
Combined ratio (discounted)	80.4	108.3	(27.9)
Combined ratio (undiscounted)	92.6	122.1	(29.5)
Total net investment return	0.9	3.9	(3.0)
Per share data ($)	Six months ended 30 June 2026	Six months ended 30 June 2025	Change
Tangible net assets per share	7.56	6.43	1.13
Dividends per common share	0.18	0.18	-
Diluted earnings (loss) per share	0.52	(0.09)	0.61

Key highlights:

•   Proactively managing our underwriting as the cycle develops; we have continued to generate strong growth in Casualty where pricing remains relatively stable, while we have reduced in areas of Property and Specialty where rates did not meet our hurdles.

•  Market conditions have softened but pricing remains broadly adequate; overall portfolio risk-adjusted rate change of (6)% for the six months ended 30 June 2026, net of claims inflation, reflects stable conditions in Casualty, balanced with softening prices in Property and Specialty.

•   Comprehensive retrocession programme in place for 2026, with a focus on reduced net exposure to peak and secondary perils; we have purchased increased limit in our core programme, as well as aggregate coverage, driving a reduction in our modelled net probable maximum loss (PML) exposure for North Atlantic windstorms at 1 July 2026.

•  Our undiscounted combined ratio was 92.6% for the six months ended 30 June 2026 and improved significantly compared with 122.1% in the prior year period primarily due to a more benign natural catastrophe environment; losses related to the Middle East conflict events were not material individually or in the aggregate.

•   Net investment result of $25.3 million for the six months ended 30 June 2026 for a return of 0.9%, as 20.4% growth in net investment income was offset to a large degree by unrealised losses on investments due to rising treasury yields.

•   Comprehensive income of $80.3 million, representing a 7.8% return on equity for the first six months of the year.

•   Share repurchases under the authorised buyback programmes totalled $38.9 million or 6.8 million shares during the six months ended 30 June 2026.

•   Tangible net assets per share of $7.56 (£5.70) as at 30 June 2026 increased 8.4% since 31 December 2025 and 23.2% since 30 June 2025, including dividends paid (30 June 2025: $6.43 or £4.68; 31 December 2025: $7.14 or £5.30).

Outlook

•   Market conditions have continued to soften in most lines of business and we will continue to manage growth and capital deployment for these competitive conditions.

•  We continue to gradually rebalance the portfolio towards excess of loss business through select new business opportunities and a reduction in lower-margin quota share treaties, particularly in the Property segment, where excess of loss business is expected to be approximately 40% of gross premiums written in 2026.

•   Rising market yields during the six months ended 30 June 2026 expected to support increasing investment income during 2026.

Underwriting update

Premiums

Gross premiums written for the six months ended 30 June4:

	2026	2025	Change	Change
Segment	$m	$m	$m	%
Property	454.8	501.2	(46.4)	(9.3)%
Casualty	217.0	179.1	37.9	21.2%
Specialty	117.2	123.0	(5.8)	(4.7)%
Total	789.0	803.3	(14.3)	(1.8)%

During the first six months of 2026, gross premiums written were $789.0 million compared to $803.3 million during the first six months of 2025, a decrease of 1.8%. We identified select opportunities to deepen our alignment with preferred partners in targeted Casualty classes, driving 21.2% growth in the segment. Property segment premiums declined 9.3% over the prior year period, primarily due to the non-renewal of certain quota share treaties and a more conservative view on premium estimates given current market conditions. Specialty gross premiums written reflect increasing competition and a disciplined approach to new and renewal business, driving a 4.7% decrease in the segment.

Pricing

Following significant pricing increases over the past several years, pricing levels softened during the first six months of 2026 with some expansion in terms and conditions. Strong industry returns and record global reinsurance capital levels have contributed to softening rates, primarily in Property and Specialty lines. In Casualty, pricing remains more stable, although some moderate increases in competition have been observed.

Conduit Re's overall risk-adjusted rate change for the six months ended 30 June 2026 was (6)%. Risk-adjusted rate change reflects management's assessment of rate changes of our renewal business net of the impact of claims inflation, exposure changes and changes in any other terms and conditions. The risk-adjusted rate change by segment was:

Property	Casualty	Specialty
(10)%	(1)%	(7)%

Net reinsurance revenue

For the six months ended 30 June 2026:

	Property	Casualty	Specialty	Total
	$m	$m	$m	$m
Reinsurance revenue	241.4	143.0	71.5	455.9
Ceded reinsurance expenses	(67.3)	(0.7)	(5.3)	(73.3)
Net reinsurance revenue	174.1	142.3	66.2	382.6

For the six months ended 30 June 2025:

	Property	Casualty	Specialty	Total
	$m	$m	$m	$m
Reinsurance revenue	241.3	116.4	75.6	433.3
Ceded reinsurance expenses	(47.7)	(0.6)	(5.1)	(53.4)
Net reinsurance revenue	193.6	115.8	70.5	379.9

Reinsurance revenue for the six months ended 30 June 2026 was $455.9 million compared to $433.3 million for the same period in 2025. The increase in reinsurance revenue relative to the prior period was due to renewals and select growth opportunities, changes in business mix, plus the earn-out of premiums from prior underwriting years.

Ceded reinsurance expenses for the six months ended 30 June 2026 were $73.3 million compared to $53.4 million for the same period in 2025. The increase in cost relative to the prior period reflects additional limits and more robust cover purchased with the aim of reducing earnings volatility.

Net reinsurance service expenses

For the six months ended 30 June 2026:

	Property	Casualty	Specialty	Total
	$m	$m	$m	$m
Reinsurance losses and loss related amounts	(94.8)	(110.1)	(59.3)	(264.2)
Reinsurance operating expenses	(21.2)	(7.9)	(4.6)	(33.7)
Ceded reinsurance recoveries	0.1	0.1	2.0	2.2
Net reinsurance service expenses	(115.9)	(117.9)	(61.9)	(295.7)

For the six months ended 30 June 2025:

	Property	Casualty	Specialty	Total
	$m	$m	$m	$m
Reinsurance losses and loss related amounts	(214.2)	(88.8)	(80.0)	(383.0)
Reinsurance operating expenses	(20.0)	(7.2)	(4.0)	(31.2)
Ceded reinsurance recoveries	1.4	-	17.7	19.1
Net reinsurance service expenses	(232.8)	(96.0)	(66.3)	(395.1)

Net reinsurance losses and loss related amounts

Our discounted net loss ratio for the six months ended 30 June 2026 was 68.5% compared with 95.8% for the same period in 2025, while our undiscounted net loss ratios were 80.7% and 109.6% respectively.

Conduit has exposure to the Middle East conflict, and we have recorded an initial loss estimate for these events based on the latest information. As the conflict is ongoing, there remains uncertainty in estimating the associated losses. For the first six months of 2026, no event loss had a material impact on Conduit Re, individually or in the aggregate, including losses related to the Middle East conflict.

The six months ended 30 June 2025 was a highly active period for insured catastrophe events for the industry, including the California wildfires, severe convective storms and other risk events. The California wildfires were the most notable loss and we recorded an undiscounted net loss, after reinsurance and reinstatement premiums, of $118.3 million. For the year ended 31 December 2025, the California wildfires remained the most notable event, and our undiscounted net loss, after reinsurance and reinstatement premiums, was $119.1 million. As at 30 June 2026, our undiscounted net loss, after reinsurance and reinstatement premiums, was $118.6 million.

The inherent uncertainty in estimating the net liability for incurred claims gives rise to favourable or adverse development. During the six months ended 30 June 2026, the favourable development in the discounted net liability for incurred claims for prior accident years was $11.3 million (30 June 2025: $3.8 million). Our undiscounted ultimate loss estimates, net of ceded reinsurance and reinstatement premiums, for previously reported significant events remained stable.

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 additional information becomes available.

Reinsurance operating expenses and other operating expenses

For the six months ended 30 June:

	2026	2025	Change	Change
	$m	$m	$m	%
Reinsurance operating expenses	33.7	31.2	2.5	8.0%
Other operating expenses	11.9	16.4	(4.5)	(27.4)%
Total reinsurance and other operating expenses	45.6	47.6	(2.0)	(4.2)%

	2026	2025	Change
	%	%	(pps)
Reinsurance operating expense ratio	8.8	8.2	0.6
Other operating expense ratio	3.1	4.3	(1.2)
Total reinsurance and other operating expense ratio	11.9	12.5	(0.6)

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

Total reinsurance and other operating expenses were $45.6 million for the six months ended 30 June 2026 compared with $47.6 million for the prior year. The Bermuda Tax Credit Act 2025, enacted during December 2025, has resulted in substance-based tax credits of $8.3 million (2025: nil) in the statement of comprehensive income with these credits treated as a reduction in reinsurance and other operating expenses. The reinsurance operating expense ratio of 8.8% increased from 8.2% in the prior year period primarily due to increased brokerage costs of writing more excess of loss business, offset somewhat by substance-based tax credits. The other operating expense ratio of 3.1% decreased from 4.3% in the prior year period mainly due to the substance-based tax credits.

Net reinsurance finance expense

For the six months ended 30 June:

	2026	2025	Change
	$m	$m	$m
Net interest accretion	(29.4)	(26.9)	(2.5)
Net change in discount rates	16.1	(14.0)	30.1
Net reinsurance finance income (expense)	(13.3)	(40.9)	27.6

The net reinsurance finance expense was $13.3 million for the six months ended 30 June 2026 compared with $40.9 million for the same period in the prior year. The unwind of discount increased during the first six months of 2026 due to the growth in discount available to unwind, while there was also income due to the increase in yields and updating to current discount rates. The same period in 2025 saw an additional expense due to a reduction in yields and updating to current discount rates.

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 and 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 first six months of 2026 was 0.9% driven by net investment income, offset by the negative impact of rising treasury yields. In the first six months of 2025 the portfolio returned 3.9% driven by net investment income, in addition to net unrealised gains due to the reduction in treasury yields in the period.

Net investment income, excluding realised and unrealised gains and losses, was $46.7 million for the six months ended 30 June 2026 (30 June 2025: $38.8 million). Total investment return, including net investment income, net realised gains and losses, and net change in unrealised gains and losses, was a gain of $25.3 million for the six months ended 30 June 2026 (30 June 2025: $63.8 million).

The breakdown of the managed investment portfolio was as follows:

	As at 30 June 2026	As at 30 June 2025	As at 31 Dec 2025
Fixed maturity securities	88.5%	90.5%	88.3%
Cash and cash equivalents	11.5%	9.5%	11.7%
Total	100.0%	100.0%	100.0%

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

	As at 30 June 2026	As at 30 June 2025	As at 31 Dec 2025
Duration	2.7 years	2.8 years	2.8 years
Credit Quality	AA	AA	AA
Book yield	4.2%	4.2%	4.2%
Market yield	4.5%	4.5%	4.2%

Capital & dividends

Total capital and tangible capital available to Conduit was $1.12 billion at 30 June 2026 (30 June 2025: $1.01 billion; 31 December 2025: $1.10 billion).

Tangible net assets per share as at 30 June 2026 was $7.56 or £5.70 (30 June 2025: $6.43 or £4.68; 31 December 2025: $7.14 or £5.30). Including dividends, tangible net assets per share increased 8.4% since 31 December 2025 and 23.2% since 30 June 2025.

Shares purchased under Conduit's authorised share buyback programmes amounted to $38.9 million or 6.8 million shares for the six months ended 30 June 2026 (30 June 2025: $2.5 million; 31 December 2025: $12.5 million).

No shares were purchased by Conduit's EBT during the first six months of 2026 (30 June 2025: $3.0 million; 31 December 2025: $3.0 million). These are held in trust to meet future obligations under Conduit's variable incentive schemes.

On 28 July 2026 Conduit's Board of Directors declared an interim dividend of $0.18 (approximately 13 pence) per Common Share, resulting in an aggregate payment of $28.0 million. The dividend will be paid in pounds sterling on 10 September 2026 to shareholders of record on 14 August 2026 (the Record Date) using the GBP:USD spot exchange rate at 12pm UK time on the Record Date.

Financial information

The unaudited condensed interim consolidated financial statements for the six months ended 30 June 2026 are published on Conduit Re's website at www.conduitreinsurance.com.

Presentation for analysts and investors 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, 29 July 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 live webcast, please register in advance here:

https://sparklive.lseg.com/ConduitHoldingsLtd/events/3652741e-af6a-47cf-813c-f4589840f40a/conduit-holdings-limited-interim-results-2026

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

https://registrations.events/direct/LON9811664

A recording of the conference call will be made available on the Investors section of Conduit's website at www.conduitreinsurance.com.

Investor Presentation via Investor Meet Company at 4:00 pm UK time

Conduit's management will provide a separate presentation aimed at retail investors, relating to its interim results for 2026, via the Investor Meet Company platform on Wednesday, 29 July 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 meeting. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 09:00 am UK time the day before the meeting or at any time during the live presentation.

Investors can register for Investor Meet Company for free and 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

[phone]

[e-mail]

Investor relations and other enquiries:

[e-mail]

Panmure Liberum (Joint Corporate Broker)

[phone]

Berenberg (Joint Corporate Broker)

[phone]

Peel Hunt (Joint Corporate Broker)

[phone]

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; (ii) business and management strategies; and (iii) 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, including in relation to potential losses; changes in the political environment of countries in which we underwrite business, as well as acts of terrorism, political unrest or hostilities or other unforecasted and unpredictable events caused by humans; 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 condensed interim 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 condensed interim consolidated financial statements or in accordance with IAS 34.

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

Gross premiums written (KPI):

For the majority of excess of loss contracts, premiums written are recorded based on the minimum and deposit or flat premium, as defined in the contract. Premiums written for proportional contracts on a risks attaching basis are written over the term of the contract in line with the underlying exposures. Subsequent adjustments, based on reports of actual premium by the ceding company, or revisions in estimates, are recorded in the period in which they are determined. GPW amounts are payable by the cedant before any deductions, which may include taxes, brokerage and commission. Reinstatement premiums are excluded.

	Six months ended 30 June 2026 $m	Six months ended 30 June 2025 $m	Twelve months ended 31 Dec 2025 $m
Gross premiums written	789.0	803.3	1,243.0

Net loss ratio - discounted and undiscounted:

Ratio of net losses and loss related amounts expressed as a percentage of net reinsurance revenue in a period. This can be calculated using discounted or undiscounted net losses and loss related amounts.

	Six months ended 30 June 2026 $m	Six months ended 30 June 2025 $m	Twelve months ended 31 Dec 2025 $m
Reinsurance revenue	455.9	433.3	897.1
Ceded reinsurance expenses	(73.3)	(53.4)	(119.1)
Net reinsurance revenue	382.6	379.9	778.0
Net reinsurance losses and loss related amounts, discounted	(262.0)	(363.9)	(602.9)
Net loss ratio (discounted)	68.5%	95.8%	77.5%
Net reinsurance losses and loss related amounts, undiscounted	(308.8)	(416.4)	(699.8)
Net loss ratio (undiscounted)	80.7%	109.6%	89.9%

Reinsurance operating expense ratio:

Ratio of reinsurance operating expenses, which includes acquisition expenses charged by insurance brokers and other insurance intermediaries to Conduit, and operating expenses paid that are attributable to the fulfilment of reinsurance contracts, expressed as a percentage of net reinsurance revenue in a period.

	Six months ended 30 June 2026 $m	Six months ended 30 June 2025 $m	Twelve months ended 31 Dec 2025 $m
Reinsurance operating expenses	(33.7)	(31.2)	(65.2)
Net reinsurance revenue	382.6	379.9	778.0
Reinsurance operating expense ratio	8.8%	8.2%	8.4%

Other operating expense ratio:

Ratio of other operating expenses expressed as a percentage of net reinsurance revenue in a period.

	Six months ended 30 June 2026 $m	Six months ended 30 June 2025 $m	Twelve months ended 31 Dec 2025 $m
Other operating expenses	(11.9)	(16.4)	(24.8)
Net reinsurance revenue	382.6	379.9	778.0
Other operating expense ratio	3.1%	4.3%	3.2%

Combined ratio - discounted (KPI):

The sum of the discounted net loss ratio, reinsurance operating expense ratio and other operating expense ratio. Other operating expenses are not allocated to the segment combined ratio.

	Six months ended 30 June 2026	Six months ended 30 June 2025	Twelve months ended 31 Dec 2025
Net loss ratio (discounted)	68.5%	95.8%	77.5%
Reinsurance operating expense ratio	8.8%	8.2%	8.4%
Other operating expense ratio	3.1%	4.3%	3.2%
Combined ratio (discounted)	80.4%	108.3%	89.1%

Combined ratio - undiscounted (KPI):

The sum of the undiscounted net loss ratio, reinsurance operating expense ratio and other operating expense ratio. Other operating expenses are not allocated to the segment combined ratio.

	Six months ended 30 June 2026	Six months ended 30 June 2025	Twelve months ended 31 Dec 2025
Net loss ratio (undiscounted)	80.7%	109.6%	89.9%
Reinsurance operating expense ratio	8.8%	8.2%	8.4%
Other operating expense ratio	3.1%	4.3%	3.2%
Combined ratio (undiscounted)	92.6%	122.1%	101.5%

Total net investment return (KPI):

Conduit's principal investment objective is to preserve capital and provide adequate liquidity to support the payment of losses and other liabilities. In light of this, Conduit looks to generate an appropriate total net investment return. Conduit bases its total net investment return on the sum of non-operating cash and cash equivalents and fixed maturity securities. Total net investment return is calculated daily and expressed as a percentage. A simple net investment return can be approximated by dividing the net investment result by the average managed investments and cash.

	Six months ended 30 June 2026 $m	Six months ended 30 June 2025 $m	Twelve months ended 31 Dec 2025 $m
Net investment result	25.3	63.8	119.5
Net foreign exchange impacts	(3.9)	9.1	8.5
Net investment result including Fx impacts	21.4	72.9	128.0
Average managed investments and cash1	2,236.6	1,858.8	1,969.2
Approximate investment return	1.0%	3.9%	6.5%
Reported investment return	0.9%	3.9%	6.7%

¹Calculated as the average between the opening and closing balances

Dividend yield:

Calculated by dividing the annual dividends per Common Share by the Common Share price on the last day of the given period and expressed as a percentage.

	Six months ended 30 June 2026	Six months ended 30 June 2025	Twelve months ended 31 Dec 2025
Closing share price (pence)	472.0	375.5	392.5
Annual dividends (pence)	26.7	27.8	27.2
Dividend yield	5.7%	7.4%	6.9%

Total shareholder return (KPI):

Total shareholder return allows Conduit to compare itself against other public peer companies. Total shareholder return is calculated as the percentage change in Common Share price over a period, after adjustment for Common Share dividends.

	Six months ended 30 June 2026	Six months ended 30 June 2025	Twelve months ended 31 Dec 2025
Opening share price (pence)	392.5	468.5	468.5
Dividends during the period (pence)	13.4	13.9	27.2
Closing share price (pence)	472.0	375.5	392.5
Total shareholder return	23.7%	(16.9)%	(10.4)%

Net tangible assets per share (KPI):

This provides a measure of book value per share for all shares in issue less own shares held in treasury or the EBT trust. This is calculated as total shareholders' equity less intangible assets at the end of the period, divided by the total common shares in issue less own shares held.

	As at 30 June 2026	As at 30 June 2025	As at 31 Dec 2025
Total shareholders' equity ($m)	1,121.1	1,006.7	1,102.4
Common shares in issue	165,239,997	165,239,997	165,239,997
Own shares held	(16,936,265)	(8,756,236)	(10,929,055)
Number of shares (denominator)	148,303,732	156,483,761	154,310,942
NTAVS ($ per share)	$7.56	$6.43	$7.14

Return on equity (KPI):

RoE enables Conduit to compare itself against other peer companies in the (re-)insurance industry. It is also a key measure internally and is integral in the performance-related pay determinations. Conduit has adopted an amended measure of return on equity, which is the internal rate of return of the change in fully diluted book value per share. This measure of RoE, versus the previous measure of return on opening equity, is a more sophisticated, holistic and comprehensive measure of return which captures all aspects of performance and capital management actions. All prior periods have been re-presented using the amended methodology. RoE has also been presented on the prior basis for comparison.

Previous measure of RoE:

RoE was previously calculated as the comprehensive income (loss) for the period divided by the opening total shareholders' equity.

	Six months ended 30 June 2026	Six months ended 30 June 2025	Twelve months ended 31 Dec 2025
Opening total shareholders' equity ($m)	1,102.4	1,051.2	1,051.2
Comprehensive income (loss) for the period ($m)	80.3	(13.5)	116.8
Return on equity	7.3%	(1.3)%	11.1%

New measure of RoE:

RoE is calculated as the internal rate of return of the change in fully diluted book value per share (FDBVS) plus dividends for the period.

	Six months ended 30 June 2026	Six months ended 30 June 2025	Twelve months ended 31 Dec 2025
Opening FDBVS	$7.03	$6.64	$6.64
Q1 dividend	$0.18	$0.18	$0.18
Q3 dividend	n/a	n/a	$0.18
Closing FDBVS	$7.39	$6.37	$7.03
Return on equity	7.8%	(1.4)%	11.6%

FDBVS is calculated as total shareholders' equity less intangible assets at the end of the period, divided by the total common shares in issue plus dilutive shares relating to equity-based incentive awards, less own shares held.

	As at 30 June 2026	As at 30 June 2025	As at 31 Dec 2025
Total shareholders' equity ($m)	1,121.1	1,006.7	1,102.4
Common shares in issue	165,239,997	165,239,997	165,239,997
Own shares held	(16,936,265)	(8,756,236)	(10,929,055)
Dilutive shares relating to equity awards	3,431,623	1,673,518	2,518,219
Number of shares (denominator)	151,735,355	158,157,279	156,829,161
FDBVS ($ per share)	$7.39	$6.37	$7.03

Condensed interim consolidated statement of comprehensive income (loss) - (unaudited)

	Six months ended 30 June 2026	Six months ended 30 June 2025	Twelve months ended 31 Dec 2025
	$m	$m	$m
Reinsurance revenue	455.9	433.3	897.1
Reinsurance service expenses	(297.9)	(414.2)	(688.4)
Ceded reinsurance expenses	(73.3)	(53.4)	(119.1)
Ceded reinsurance recoveries	2.2	19.1	20.3
Reinsurance service result	86.9	(15.2)	109.9
Net investment income	46.7	38.8	80.7
Net realised gains (losses) on investments	0.3	(0.5)	(0.4)
Net unrealised gains (losses) on investments	(21.7)	25.5	39.2
Net investment result	25.3	63.8	119.5
Net reinsurance finance income (expense)	(13.3)	(40.9)	(77.2)
Net foreign exchange gains (losses)	(0.2)	-	(0.1)
Net reinsurance and financial result	98.7	7.7	152.1
Equity-based incentive expense	(6.0)	(4.2)	(9.3)
Other operating expenses	(11.9)	(16.4)	(24.8)
Results of operating activities	80.8	(12.9)	118.0
Financing costs	(0.5)	(0.6)	(1.2)
Total comprehensive income (loss) for the period	80.3	(13.5)	116.8
Earnings (loss) per share
Basic	$0.53	$(0.09)	$0.75
Diluted	$0.52	$(0.09)	$0.74

Condensed interim consolidated balance sheet (unaudited)

	As at 30 June 2026	As at 30 June 2025	As at 31 Dec 2025
	$m	$m	$m
Assets
Cash and cash equivalents	296.1	227.7	339.2
Accrued interest receivable	16.6	14.5	15.6
Investments	2,047.4	1,754.2	1,907.4
Ceded reinsurance contract assets	92.2	87.1	51.4
Other assets	23.8	4.8	11.1
Right-of-use lease assets	0.3	1.0	0.7
Total assets	2,476.4	2,089.3	2,325.4
Liabilities
Reinsurance contract liabilities	1,338.4	1,068.7	1,210.5
Other payables	16.5	12.7	11.7
Lease liabilities	0.4	1.2	0.8
Total liabilities	1,355.3	1,082.6	1,223.0
Shareholders' equity
Share capital	1.7	1.7	1.7
Own shares	(87.6)	(42.7)	(52.7)
Other reserves	1,072.9	1,065.8	1,070.9
Retained earnings (loss)	134.1	(18.1)	82.5
Total shareholders' equity	1,121.1	1,006.7	1,102.4
Total liabilities and shareholders' equity	2,476.4	2,089.3	2,325.4

Condensed interim statement of consolidated cash flows (unaudited)

	Six months ended 30 June 2026	Six months ended 30 June 2025	Twelve months ended 31 Dec 2025
	$m	$m	$m
Cash flows from operating activities
Comprehensive income (loss)	80.3	(13.5)	116.8
Depreciation	0.6	0.6	1.1
Net investment income	(47.4)	(39.3)	(82.1)
Net realised (gains) losses on investments	(0.3)	0.5	0.4
Net unrealised (gains) losses on investments	21.7	(25.5)	(39.2)
Net unrealised foreign exchange (gains) losses	(0.1)	0.7	0.7
Equity-based incentive expense	6.0	4.2	9.3
Change in operational assets and liabilities
- Reinsurance assets and liabilities	91.5	184.0	363.2
- Other assets and liabilities	(14.3)	(4.9)	(8.6)
Net cash flows from operating activities	138.0	106.8	361.6
Cash flows used in investing activities
Purchase of investments	(502.3)	(478.8)	(964.1)
Proceeds on sale and maturity of investments	349.2	276.9	621.4
Interest received	44.3	34.0	73.5
Net cash flows used in investing activities	(108.8)	(167.9)	(269.2)
Cash flows used in financing activities
Lease liabilities paid	(0.4)	(0.4)	(0.8)
Dividends paid	(28.7)	(29.7)	(59.4)
Purchase of own shares	(38.9)	(5.5)	(15.5)
Net cash flows used in financing activities	(68.0)	(35.6)	(75.7)
Net (decrease) increase in cash and cash equivalents	(38.8)	(96.7)	16.7
Cash and cash equivalents at the beginning of the period	339.2	313.2	313.2
Effect of exchange rate fluctuations on cash and cash equivalents	(4.3)	11.2	9.3
Cash and cash equivalents at end of period	296.1	227.7	339.2

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1 Conduit adopted an amended RoE measure during 2026. Comparative periods have been re-presented in order to be consistent with the current period presentation. Under the previous RoE measure, return on opening equity for the six months ended 30 June 2026 would have been 7.3%. Refer to the APMs section for an explanation and description of the calculation.

2 Refer to the Alternative Performance Measures (APMs) section for an explanation and description of the calculation.

3 Not meaningful.

4 The prior year comparatives have been re-presented to ensure consistency with the 2025 full year result disclosures.

 

END