First Take 2Q26 Earnings: Strong Results

Research evidence excerpt

First Take 2Q26 Earnings: Strong Results

Update

July 28, 2026 09:39 PM GMT

Morgan Stanley & Co. LLCMSlide Insurance Holdings Inc | North America Bob Jian Huang

Equity Analyst

First Take 2Q26 Earnings: Bob.Huang@morganstanley.comDaniel Lee, ACAS +1 212 761-6136

Research Associate

Daniel.Lee4@morganstanley.com +1 212 761-0219

Strong Results Siddhant Shah

Sid.Shah@morganstanley.com +1 212 761-2603

AlphaSignals Earnings Reaction

Slide Insurance Holdings Inc (SLDE.O, SLDE US)

Unchanged Modest upside Largely unchanged

Insurance - Property & Casualty | United States of

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS America

Source: Company data, Morgan Stanley Research Stock Rating Equal-weight

Industry View Attractive

Price target $20.00

Strong growth and margin: The company delivered strong growth and Shr price, close (Jul 27, 2026) $20.85

underwriting income. Slide continues to show an effective flywheel balancing Mkt cap, curr (mm) $2,714

52-Week Range $21.79-12.53

growth and margin, consistently outperforming expectations in recent quarters.

With a better-than-expected total loss ratio and well-managed expenses, we believe

underwriting discipline will continue to show results heading into hurricane season.

While guidance remains unchanged, we think the momentum should support share

price performance. Going forward, the ability to maintain growth and underwriting

quality will be key, especially when we do have large catastrophic events.

What We Liked

• Premium Growth: Total gross written premiums grew 16.7% YoY to $508

million vs. $484 million consensus, driven by voluntary new business and

renewals of previously acquired Citizens policies.

• Underwriting: The combined ratio improved 9.8 pts YoY to 57.6% vs. 63.9%