First Take 2Q26 Earnings: Strong Results All Around

研报英文原文证据摘录

First Take 2Q26 Earnings: Strong Results All Around

Update

July 30, 2026 08:57 PM GMT

Morgan Stanley & Co. LLCMRyan Specialty Holdings Inc | North America Bob Jian Huang

Equity Analyst

First Take 2Q26 Earnings: Bob.Huang@morganstanley.comSiddhant Shah +1 212 761-6136

Research Associate

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

Strong Results All Around Daniel Lee, ACAS

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

AlphaSignals Earnings Reaction

Ryan Specialty Holdings Inc (RYAN.N, RYAN US)

Unchanged Modest upside Modest revision higher

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 Overweight

Industry View Attractive

Price target $42.00

Solid growth against muted expectations. After a recent growth slowdown, Shr price, close (Jul 29, 2026) $46.48

expectations were muted. The company beat them, led by Wholesale Brokerage and Mkt cap, curr (mm) $12,906

52-Week Range $65.45-29.28

Binding Authorities. Strength went beyond organic growth; disciplined expense

management also lifted margin. With growth guidance reiterated and margin

guidance raised, we think the worst may be behind Ryan Specialty. Looking ahead,

holding mid-single-digit growth, especially into more casualty-oriented renewals,

will be key for the stock.

What We Liked

• Organic growth: Organic growth of 6.7% beat 0.1% consensus. Total

revenues rose 7.2% (vs. 1.8% consensus), driven by strong Wholesale

Brokerage (4.5% growth vs. 5.0% decline consensus).

• Adj. EBITDAC margin: Adj. EBITDAC margin of 35.7% beat 32.0% consensus,

driven by a lower adj. comp & benefits expense ratio (54.0% vs. 56.0%) and a

lower adj. G&A expense ratio (10.3% vs.