The Baldwin Group announced its second quarter 2025 results on August 5, 2025. Total revenues for the quarter reached $378.8 million, contributing to a year-to-date total of $792.2 million. Organic revenue growth stood at 11% for Q2 2025 and 10% year-to-date.
Adjusted EBITDA for Q2 2025 rose 14% to $85.5 million, with the adjusted EBITDA margin expanding by 60 basis points year-over-year to 22.6%. Adjusted diluted earnings per share (EPS) grew 24% to $0.42. A significant milestone was the payment of $57 million in cash earnouts, fully extinguishing all earnout liabilities from the company's first five years as a public entity, which frees up substantial capital.
Segment performance showed IAS delivering 10% organic growth with a 22% sales velocity, and UCTS posting 21% organic growth driven by strong multifamily (14%), homeowners (25-35%), and Juniper Re (over 100%) growth. MIS, however, saw flat organic growth due to reduced QBE builder commissions and elevated churn in the Medicare business.
The company updated its full-year 2025 guidance, forecasting revenue between $1.5 billion and $1.52 billion, while maintaining the bottom end of its adjusted EBITDA range at $345 million. Adjusted diluted EPS is expected to be between $1.62 and $1.67, with organic growth projected in the high single digits and double-digit free cash flow growth.
This revised outlook incorporates several headwinds, including an expected $15 million to $20 million negative impact to IAS organic revenue from property rate deceleration and sluggish construction starts. Additionally, UCTS faces approximately $5 million reduction in commission and fee revenue from E&S home book pressure, and MIS expects a $7 million reduction from Medicare renewal headwinds. A procedural change in IAS revenue recognition timing will also shift approximately $10 million of H2 2025 revenue into 2026.
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