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Flexible Spinal Implants Market Size Will Attain USD 9.21 Billion by 2032 Growing at 9% CAGR - Exclusive Report by Zion Market Research

Flexible Spinal Implants Market Size Will Attain USD 9.21 Billion by 2032 Growing at 9% CAGR - Exclusive Report by Zion Market Research

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According to Zion Market Research, the global flexible spinal implants market size is projected to reach USD 9.21 billion by 2032 from its value of USD 4.62 billion in 2023, at a CAGR of 9% during the forecast period.
NEW YORK, USA, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled 'Flexible Spinal Implants Market By Type (Hooks, Rods, Plates, Pedicle Screws, Cages, and Others), By Application (Lumbar, Thoracic, Artificial Discs, Cervical, and Others), By End-Users (Hospitals, Ambulatory Surgical Centers, And Specialty Spine Clinics), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2024 - 2032' in its research database.
'According to the latest research study, the global flexible spinal implants market size was valued at around USD 4.62 billion in 2023. The market is expected to grow at a CAGR of 9% and is anticipated to reach a value of USD 9.21 billion by 2032.'
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Flexible Spinal Implants Market Overview:
Flexible spinal implants, a modern alternative to traditional rigid fusion implants, are engineered to stabilize the spine while allowing for some natural movement. This design aims to mitigate issues like adjacent segment degeneration, maintain a more natural load distribution, and ultimately improve long-term patient outcomes for those with spinal disorders. Recent innovations in this field focus on using enhanced biomaterials for greater durability, developing less invasive surgical techniques for implant placement, and creating designs that more closely replicate the natural biomechanics of the spine.
Report Scope:
Report Attribute
Report Details
Market Size in 2023
USD 4.62 Billion
Market Forecast in 2032
USD 9.21 Billion
Growth Rate
CAGR of 9%
Base Year
2023
Forecast Years
2024- 2032
Key Companies Covered
Globus Medical, Medtronic, RTI Surgical Holdings, DePuy Synthes (Johnson & Johnson), Boston Scientific Corporation, Stryker Corporation, Integra LifeSciences, Orthofix US LLC, Exactech Inc., Zimmer Biomet, SeaSpine, Abbott, NuVasive Inc., B. Braun SE, Alphatec Spine Inc., and others.
Segments Covered
By Type, By Application, By End-Users, and By Region
Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
Customization Scope
Avail customized purchase options to meet your exact research needs.Directly Purchase a Copy of the Report | Quick Delivery Available - https://www.zionmarketresearch.com/buynow/su/flexible-spinal-implants-market
Key Insights from Primary Research
As per the analysis, the flexible spinal implants market share is likely to grow at a CAGR of around 9% between 2024 and 2032.
The flexible spinal implants market size was worth around $ 4.62 billion in 2023 and is estimated to hit approximately $ 9.21 billion by 2032. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
The flexible spinal implants market is projected to grow at a significant rate due to the growing number of patients with degenerative disc disease.
Based on type, the rods segment is growing at a high rate and is expected to continue dominating the global market, according to industry projections.
Based on the application, the lumbar segment is anticipated to command the largest market share.
On the end-users, the hospitals segment is expected to become the fastest-growing segment.
Based on region, North America is projected to dominate the global market during the forecast period.
Flexible Spinal Implants Market: Growth Drivers
Growing number of patients with degenerative disc disease to driving the market demand rate
The market for flexible spinal implants is experiencing significant growth, driven by a combination of demographic shifts, technological advancements, and changing patient and physician preferences. A major factor is the increasing global prevalence of spinal disorders, such as degenerative disc disease and spinal stenosis, which is largely attributed to the aging population and increasingly sedentary lifestyles. As people live longer, the demand for effective treatments for age-related spinal conditions rises. Simultaneously, ongoing innovation in spinal implant technology is a key driver. This includes the development of advanced biomaterials that offer enhanced durability and biocompatibility, as well as new implant designs that better mimic the natural motion of the spine.
The growing preference for minimally invasive surgical procedures is also fueling market expansion, as flexible implants are often a suitable choice for these less-invasive techniques, which promise smaller incisions, reduced recovery times, and improved patient outcomes. Additionally, increased funding for research and development, along with a growing awareness of spinal health among both patients and healthcare providers, further contributes to the market's positive trajectory.
Browse the full 'Flexible Spinal Implants Market By Type (Hooks, Rods, Plates, Pedicle Screws, Cages, and Others), By Application (Lumbar, Thoracic, Artificial Discs, Cervical, and Others), By End-Users (Hospitals, Ambulatory Surgical Centers, And Specialty Spine Clinics), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2024 - 2032' Report at https://www.zionmarketresearch.com/report/flexible-spinal-implants-market
Flexible Spinal Implants Market: Segmentation
The flexible spinal implants market can be segmented by type, application, end-user, and region.
Based on type, the global market segments are hooks, rods, plates, pedicle screws, cages, and others. The rods segment is growing at a high rate in 2023 and is projected to dominate the global market.
Based on application, the global market segments are lumbar, thoracic, artificial discs, cervical, and others. The lumbar segment listed the highest market growth in 2023, dominated by a growing rate of lumbar disorders worldwide.
Based on end-users, the market is classified into hospitals, ambulatory surgical centers, and specialty spine clinics. Hospitals maintain the largest market share due to the availability of specialized equipment, multidisciplinary care teams, and intensive care capabilities for complex cases.
Why is North America outperforming other regions in the global flexible spinal implants market?
North America currently leads the global flexible spinal implants market due to advanced healthcare infrastructure, high healthcare spending, and early regulatory approval of innovative spine technologies. The region benefits from the concentration of major device manufacturers and spine research centers that drive continuous innovation. High rates of spinal disorder diagnosis and treatment-seeking behavior among North American patients expand the addressable market.
Strong clinical trial activity and outcomes research provide supporting evidence for new flexible implant technologies. The presence of specialized spine surgery centers and fellowship-trained surgeons facilitates the adoption of advanced techniques throughout the region. Favorable reimbursement frameworks and strong insurance coverage for minimally invasive spinal procedures further accelerate market growth in North America.
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(We tailor your report to meet your specific research requirements. Inquire with our sales team about customising your report.)
Flexible Spinal Implants Market: Competitive Landscape
The report contains qualitative and quantitative research on the global flexible spinal implants market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global flexible spinal implants market include;
Globus Medical
Medtronic
RTI Surgical Holdings
DePuy Synthes (Johnson & Johnson)
Boston Scientific Corporation
Stryker Corporation
Integra LifeSciences
Orthofix US LLC
Exactech Inc.
Zimmer Biomet
SeaSpine
Abbott
NuVasive Inc.
B. Braun SE
Alphatec Spine Inc.
Recent Industry Developments:
In May 2024, Medtronic launched an enhanced posterior dynamic stabilization system featuring improved load distribution characteristics and reduced implant profile for minimally invasive applications.
In August 2024, NuVasive introduced a next-generation artificial disc replacement technology incorporating advanced wear-resistant materials and anatomically optimized articulation surfaces.
The global flexible spinal implants market is segmented as follows:
By Type
Hooks
Rods
Plates
Pedicle Screws
Cages
Others
By Application
Lumbar
Thoracic
Artificial Discs
Cervical
Others
By End-Users
Hospitals
Ambulatory Surgical Centers
Specialty Spine Clinics
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
Southeast Asia
Rest of Southeast Asia
The Middle East & Africa
GCC
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Request Free Brochure of the Global flexible spinal implants Market @ https://www.zionmarketresearch.com/requestbrochure/flexible-spinal-implants-market
Key Questions Answered in This Report:
What are flexible spinal implants?
Which key factors will influence the flexible spinal implants market growth over 2024-2032?
What will be the value of the flexible spinal implants market during 2024-2032?
What will be the CAGR value of the flexible spinal implants market during 2024-2032?
Which region will contribute notably towards the flexible spinal implants market value?
Which are the major players leveraging the flexible spinal implants market growth?
What can be expected from the global flexible spinal implants market report?
Key Offerings:
Full in-depth analysis of the parent market
Important changes in market dynamics
Segmentation details of the market
Previous, ongoing, and projected market analysis in terms of volume and value
Assessment of niche industry developments
Market share analysis
Key strategies of major players
Emerging segments and regional markets
Testimonials to companies to fortify their foothold in the market
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About Zion Market Research:
Zion Market Research is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Zion Market Research are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds.
Our clients'/customers' conviction on our solutions and services has pushed us to deliver always the best. Our advanced research solutions have helped them in making appropriate decision-making and providing guidance for strategies to expand their business.
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Organic Revenue is total revenue (the most directly comparable GAAP measure) for the relevant period, excluding contingent income, non-policy fee income, other income and those revenues generated from acquired businesses with over $0.5 million in annualized revenue that have not reached the twelve-month owned mark. Organic Revenue Growth is the change in Organic Revenue period-to-period, with prior period results adjusted to include revenues that were excluded in the prior period because the relevant acquired businesses had not reached the twelve-month-owned milestone but have reached the twelve-month owned milestone in the current period. We believe Organic Revenue Growth is an appropriate measure of operating performance because it eliminates the impact of acquisitions, which affects the comparability of results from period to period. Adjusted Net Income is a supplemental measure of our performance and is defined as net income (the most directly comparable GAAP measure) before amortization, non-recurring or non-operating income and expenses, including equity-based compensation, adjusted to assume a single class of stock (Class A) and assuming noncontrolling interests do not exist. We believe Adjusted Net Income is a useful measure because it adjusts for the after-tax impact of significant one-time, non-recurring items and eliminates the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. We are subject to U.S. federal income taxes, in addition to state, and local taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. Adjusted Net Income pre-IPO did not reflect adjustments for income taxes since TWFG Holding Company, LLC is a limited liability company and is classified as a partnership for U.S. federal income tax purposes. Post-IPO, the calculation incorporates the impact of federal and state statutory tax rates on 100% of our adjusted pre-tax income as if the Company owned 100% of TWFG Holding Company, LLC. Adjusted Net Income Margin is Adjusted Net Income divided by total revenues. We believe that Adjusted Net Income Margin is a useful measurement of operating profitability for the same reasons we find Adjusted Net Income useful and also because it provides a period-to-period comparison of our after-tax operating performance. Adjusted Diluted Earnings Per Share is Adjusted Net Income divided by diluted shares outstanding after adjusting for the effect of (i) the exchange of 100% of the outstanding Class B common stock of the Company (the 'Class B Common Stock') and Class C common stock of the Company (the 'Class C Common Stock') (together with the related limited liability units in TWFG Holding Company, LLC (the 'LLC Units')) into shares of Class A common stock of the Company ('Class A Common Stock') and (ii) the vesting of 100% of the unvested equity awards and exchange into shares of Class A Common Stock. This measure does not deduct earnings related to the noncontrolling interests in TWFG Holding Company, LLC for the period prior to July 19, 2024, when we did not own 100% of the business. The most directly comparable GAAP financial metric is diluted earnings per share. We believe Adjusted Diluted Earnings Per Share may be useful to an investor in evaluating our operating performance and efficiency because this measure is widely used by investors to measure a company's operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon acquisition activity and capital structure. This measure also eliminates the impact of expenses that do not relate to core business performance, among other factors. Adjusted EBITDA is a supplemental measure of our performance and is defined as EBITDA adjusted to reflect items such as equity-based compensation, interest income, other non-operating and certain nonrecurring items. EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation, and amortization. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it adjusts for significant one-time, non-recurring items and eliminates the ongoing accounting effects of certain capital spending and acquisitions, such as depreciation and amortization, that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. Our measure of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. Adjusted EBITDA Margin is Adjusted EBITDA divided by total revenue. We believe that Adjusted EBITDA Margin is a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful and also because it provides a period-to-period comparison of our operating performance. Adjusted Free Cash Flow is a supplemental measure of our performance. We define Adjusted Free Cash Flow as cash flow from operating activities (the most directly comparable GAAP measure) less cash payments for tax distributions, purchases of property and equipment and acquisition-related costs. We believe Adjusted Free Cash Flow is a useful measure of operating performance because it represents the cash flow from the business that is within our discretion to direct to activities including investments, debt repayment, and returning capital to stockholders. The reconciliation of the above non-GAAP measures to their most comparable GAAP financial measure is outlined in the reconciliation table accompanying this Written Premium represents, for any reported period, the total amount of current premium (net of cancellation) placed with insurance carriers. We utilize Total Written Premium as a key performance indicator when planning, monitoring, and evaluating our performance. We believe Total Written Premium is a useful metric because it is the underlying driver of the majority of our revenue. ContactsInvestor Contact:Gene Padgett, CAO for TWFGEmail: PR Contact:Alex Bunch, CMO for TWFGEmail: alex@ Consolidated Statements of Income (Unaudited)(Amounts in thousands, except share and per share data) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Revenues Commission income(1) $ 54,562 $ 48,662 $ 103,347 $ 91,207 Contingent income 2,033 1,258 3,696 2,334 Fee income(2) 3,329 2,689 6,340 4,921 Other income 384 402 748 693 Total revenues 60,308 53,011 114,131 99,155 Expenses Commission expense 34,151 31,962 65,965 58,405 Salaries and employee benefits 9,493 6,816 17,689 13,070 Other administrative expenses(3) 5,400 3,744 10,124 6,874 Depreciation and amortization 3,901 2,968 7,260 5,981 Total operating expenses 52,945 45,490 101,038 84,330 Operating income 7,363 7,521 13,093 14,825 Interest expense 68 872 151 1,714 Interest income 1,751 255 3,614 424 Other non-operating income, net 574 14 573 12 Income before tax 9,620 6,918 17,129 13,547 Income tax expense 620 — 1,276 — Net income 9,000 6,918 15,853 13,547 Less: net income attributable to noncontrolling interests 7,043 6,918 12,558 13,547 Net income attributable to TWFG, Inc. $ 1,957 $ — $ 3,295 $ — Weighted average shares of common stock outstanding: Basic 14,904,083 14,896,951 Diluted 56,278,869 15,083,695 Earnings per share: Basic $ 0.13 $ 0.22 Diluted $ 0.13 $ 0.22 (1) Commission income - related party of $2,784 and $1,912 for the three months ended and $5,918 and $3,021 for the six months ended June 30, 2025 and 2024, respectively(2) Fee income - related party of $893 and $561 for the three months ended and $1,727 and $915 for the six months ended June 30, 2025 and 2024, respectively(3) Other administrative expenses - related party of $779 and $382 for the three months ended and $1,549 and $783 for the six months ended June 30, 2025 and 2024, respectivelyThe following table presents the disaggregation of our revenues by offerings (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Insurance Services Agency-in-a-Box $ 39,316 $ 34,422 $ 75,312 $ 66,151 Corporate Branches 11,393 9,351 19,615 16,627 Total Insurance Services 50,709 43,773 94,927 82,778 TWFG MGA 9,233 8,830 18,428 15,625 Other 366 408 776 752 Total revenues $ 60,308 $ 53,011 $ 114,131 $ 99,155 The following table presents the disaggregation of our commission income by offerings (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Insurance Services Agency-in-a-Box $ 36,275 $ 32,259 $ 69,634 $ 62,159 Corporate Branches 11,294 9,412 19,508 16,662 Total Insurance Services 47,569 41,671 89,142 78,821 TWFG MGA 6,993 6,991 14,205 12,386 Total commission income $ 54,562 $ 48,662 $ 103,347 $ 91,207 The following table presents the disaggregation of our fee income by major sources (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Policy fees $ 1,082 $ 933 $ 2,134 $ 1,446 Branch fees 1,416 1,220 2,671 2,351 License fees 559 444 1,167 959 TPA fees 272 92 368 165 Total fee income $ 3,329 $ 2,689 $ 6,340 $ 4,921 The following table presents the disaggregation of our commission expense by offerings (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Insurance Services Agency-in-a-Box $ 28,013 $ 25,529 $ 53,967 47,557 Corporate Branches 1,568 1,256 2,674 2,118 Total Insurance Services 29,581 26,785 56,641 49,675 TWFG MGA 4,544 5,158 9,270 8,693 Other 26 19 54 37 Total commission expense $ 34,151 $ 31,962 $ 65,965 $ 58,405 Condensed Consolidated Balance Sheets (Unaudited)(Amounts in thousands, except share/unit data) June 30, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $ 159,827 $ 195,772 Restricted cash 11,174 9,551 Commissions receivable, net 25,234 27,067 Accounts receivable 9,353 7,839 Other current assets, net 2,937 1,619 Total current assets 208,525 241,848 Non-current assets Intangible assets, net 125,901 72,978 Property and equipment, net 3,263 3,499 Lease right-of-use assets, net 4,381 4,493 Other non-current assets 779 610 Total assets $ 342,849 $ 323,428 Liabilities, Redeemable Noncontrolling Interest and Equity Current liabilities Commissions payable $ 16,223 $ 13,848 Carrier liabilities 15,225 12,392 Operating lease liabilities, current 1,355 1,013 Short-term bank debt 1,942 1,912 Deferred acquisition payable, current 1,954 601 Other current liabilities 8,695 9,851 Total current liabilities 45,394 39,617 Non-current liabilities Operating lease liabilities, net of current portion 3,008 3,372 Long-term bank debt 3,028 4,007 Deferred acquisition payable, non-current 2,448 1,122 Other non-current liabilities — 24 Total liabilities 53,878 48,142 Commitments and contingencies (Note 13) Redeemable noncontrolling interests 9,761 — Stockholders' Equity Class A common stock ($0.01 par value per share - 300,000,000 authorized, 14,904,083 and 14,811,874 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively ) 149 148 Class B common stock ($0.00001 par value per share - 100,000,000 authorized, 7,277,651 shares issued and outstanding at June 30, 2025 and December 31, 2024) — — Class C common stock ($0.00001 par value per share - 100,000,000 authorized, 33,893,810 shares issued and outstanding at June 30, 2025 and December 31, 2024) — — Additional paid-in capital 59,889 58,365 Retained earnings 18,583 15,288 Accumulated other comprehensive income 52 83 Total stockholders' equity attributable to TWFG, Inc. 78,673 73,884 Noncontrolling interests 200,537 201,402 Total stockholders' equity 279,210 275,286 Total liabilities, redeemable noncontrolling interest and equity $ 342,849 $ 323,428 Non-GAAP Financial Measures A reconciliation of Organic Revenue and Organic Revenue Growth Rate to Total Revenue and Total Revenue Growth Rate, the most directly comparable GAAP measures, is as follows (in thousands): Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Total revenues $ 60,308 $ 53,011 $ 114,131 $ 99,155 Acquisition adjustments(1) (1,524 ) (1,217 ) (2,133 ) (2,684 ) Contingent income (2,033 ) (1,258 ) (3,696 ) (2,334 ) Fee income (3,329 ) (2,689 ) (6,340 ) (4,921 ) Policy fee income 1,082 933 2,134 1,446 Other income (384 ) (402 ) (748 ) (693 ) Organic Revenue $ 54,120 $ 48,378 $ 103,348 $ 89,969 Organic Revenue Growth(2) $ 5,196 $ 6,159 $ 11,366 $ 10,756 Total Revenue Growth Rate(3) 13.8 % 17.2 % 15.1 % 16.5 % Organic Revenue Growth Rate(2) 10.6 % 14.6 % 12.4 % 13.6 % (1) Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.(2) Revised Organic Revenue for the three months ended June 30, 2024 and 2023, and for the six months ended June 30, 2024 and 2023 used to calculate Organic Revenue Growth for the three months ended June 30, 2025 and 2024, was $48.9 million, $42.2 million, $92.0 million, and $79.2 million respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the three and six months ended June 30, 2025 and 2024, respectively. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.(3) Represents the period-to-period change in total revenues divided by the total revenues in the prior period. Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Total revenues $ 60,308 $ 53,011 $ 114,131 $ 99,155 Acquisition adjustments(1) (1,524 ) (1,217 ) (2,133 ) (2,684 ) Contingent income (2,033 ) (1,258 ) (3,696 ) (2,334 ) Fee income (3,329 ) (2,689 ) (6,340 ) (4,921 ) Other income (384 ) (402 ) (748 ) (693 ) Organic Revenue $ 53,038 $ 47,445 $ 101,214 $ 88,523 Organic Revenue Growth(2) $ 5,047 $ 5,747 $ 10,678 $ 10,386 Total Revenue Growth Rate(3) 13.8 % 17.2 % 15.1 % 16.5 % Organic Revenue Growth Rate(2) 10.5 % 13.8 % 11.8 % 13.3 % (1) Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.(2) Revised Organic Revenue for the three months ended June 30, 2024 and 2023, and for the six months ended June 30, 2024 and 2023 used to calculate Organic Revenue Growth for the three months ended June 30, 2025 and 2024, was $48.0 million, $41.7 million, $90.5 million, and $78.1 million respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the three and six months ended June 30, 2025 and 2024, respectively. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.(3) Represents the period-to-period change in total revenues divided by the total revenues in the prior period.A reconciliation of Adjusted Net Income and Adjusted Net Income Margin to Net income and Net income Margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands): Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Total revenues $ 60,308 $ 53,011 $ 114,131 $ 99,155 Net income $ 9,000 $ 6,918 $ 15,853 $ 13,547 Income tax expense 620 — 1,276 — Acquisition-related expenses 19 — 52 — Equity-based compensation 1,515 — 2,719 — Other non-recurring items(1) 10 — 10 (1,477 ) Amortization expense 3,762 2,904 6,971 5,851 Adjusted income before income taxes 14,926 9,822 26,881 17,921 Adjusted income tax expense(2) (3,407 ) — (6,135 ) — Adjusted Net Income $ 11,519 $ 9,822 $ 20,746 $ 17,921 Net Income Margin 14.9 % 13.1 % 13.9 % 13.7 % Adjusted Net Income Margin 19.1 % 18.5 % 18.2 % 18.1 % Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Total revenues $ 60,308 $ 53,011 $ 114,131 $ 99,155 Net income $ 9,000 $ 6,918 $ 15,853 $ 13,547 Income tax expense 620 — 1,276 — Acquisition-related expenses 19 — 52 — — Equity-based compensation 1,515 — 2,719 — — Other non-recurring items(1) 10 — 10 — (1,477 ) Adjusted income before income taxes 11,164 6,918 19,910 12,070 Adjusted income tax expense(2) (2,548 ) — (4,544 ) — Adjusted Net Income $ 8,616 $ 6,918 $ 15,366 $ 12,070 Net Income Margin 14.9 % 13.1 % 13.9 % 13.7 % Adjusted Net Income Margin 14.3 % 13.1 % 13.5 % 12.2 % (1) Represents a one-time adjustment reducing commission expense, which resulted from the branch conversions. In January 2024, nine of our Branches converted to Corporate Branches. Upon conversion, agents of the newly converted Corporate Branches became employees and received salaries, employee benefits, and bonuses for services rendered instead of commissions. As a result, we released a portion of the unpaid commissions related to the converted branches that we no longer are required to settle.(2) Post-IPO, we are subject to United States federal income taxes, in addition to state, local, and foreign taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. For the three and six months ended June 30, 2025, the calculation of adjusted income tax expense is based on a federal statutory rate of 21% and a blended state income tax rate of 1.82% on 100% of our adjusted income before income taxes as if we owned 100% of the TWFG Holding Company, LLC.A reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to Net income and Net income margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands): Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Total revenues $ 60,308 $ 53,011 $ 114,131 $ 99,155 Net income $ 9,000 $ 6,918 $ 15,853 $ 13,547 Interest expense 68 872 151 1,714 Interest income (1,751 ) (255 ) (3,614 ) (424 ) Depreciation and amortization 3,901 2,968 7,260 5,981 Income tax expense 620 — 1,276 — EBITDA 11,838 10,503 20,926 20,818 Acquisition-related expenses 19 — 52 — Equity-based compensation 1,515 — 2,719 — Interest income 1,751 255 3,614 424 Other non-recurring items(1) 10 — 10 (1,477 ) Adjusted EBITDA $ 15,133 $ 10,758 $ 27,321 $ 19,765 Net Income Margin 14.9 % 13.1 % 13.9 % 13.7 % Adjusted EBITDA Margin 25.1 % 20.3 % 23.9 % 19.9 % (1) Represents a one-time adjustment reducing commission expense, which resulted from the branch conversions. In January 2024, nine of our Branches converted to Corporate Branches. Upon conversion, agents of the newly converted Corporate Branches became employees and received salaries, employee benefits, and bonuses for services rendered instead of commissions. As a result, we released a portion of the unpaid commissions related to the converted branches that we no longer are required to settle.A reconciliation of Adjusted Free Cash Flow to Cash Flow from Operating Activities, the most directly comparable GAAP measure, for each of the periods indicated is as follows (in thousands): Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Cash Flow from Operating Activities $ 9,615 $ 7,400 $ 25,260 $ 17,154 Purchase of property and equipment (44 ) (39 ) (59 ) (47 ) Tax distribution to members(1) (6,728 ) (3,685 ) (8,752 ) (6,104 ) Acquisition-related expenses 19 — 52 — Adjusted Free Cash Flow $ 2,862 $ 3,676 $ 16,501 $ 11,003 (1) Tax distributions to members represents the amount distributed to the members of TWFG Holding Company, LLC in respect of their income tax liability related to the net income of TWFG Holding Company, LLC allocated to its members.A reconciliation of Adjusted Diluted Earnings Per Share to diluted earnings per share, the most directly comparable GAAP measure, is as follows: Three Months EndedJune 30, Six Months EndedJune 30, 2025 2025 Earnings per share of common stock – diluted $ 0.13 $ 0.22 Plus: Impact of all LLC Units exchanged for Class A Common Stock(1) 0.03 0.06 Plus: Adjustments to Adjusted net income(2) 0.04 0.09 Adjusted Diluted Earnings Per Share $ 0.20 $ 0.37 Weighted average common stock outstanding – diluted 56,278,869 15,083,695 Plus: Impact of all LLC Units exchanged for Class A Common Stock(1) — 41,171,461 Adjusted Diluted Earnings Per Share diluted share count 56,278,869 56,255,156 (1) For comparability purposes, this calculation incorporates the net income that would be distributable if all shares of Class B Common Stock and Class C Common Stock, together with the related LLC Units, were exchanged for shares of Class A Common Stock. For the three and six months ended June 30, 2025, this includes $7.0 million of net income on 56,278,869 weighted-average shares of common stock outstanding - diluted and $12.6 million of net income on 56,255,156 weighted-average shares of common stock outstanding - diluted, respectively. For the three and six months ended June 30, 2025, — weighted average outstanding Class B Common Stock and Class C Common Stock were considered dilutive and included in the 56,278,869 and 56,255,156 weighted-average shares of common stock outstanding - diluted within diluted earnings per share calculation, respectively.(2) Adjustments to Adjusted Net Income are described in the footnotes of the reconciliation of Adjusted Net Income to Net Income in 'Adjusted Net Income and Adjusted Net Income Margin', which represent the difference between Net Income of $9.0 million and Adjusted Net Income of $11.5 million and Net Income of $15.9 million and Adjusted Net Income of $20.7 million for the three and six months ended June 30, 2025, respectively. For the three and six months ended June 30, 2025, Adjusted Diluted Earnings Per Share include adjustments of $2.5 million to Adjusted Net Income on 56,278,869 weighted-average shares of common stock outstanding - diluted and $4.9 million to Adjusted Net Income on 56,255,156 weighted-average shares of common stock outstanding - diluted for the period presented, Performance Indicators The following presents the disaggregation of Total Written Premium by offerings, business mix and line of business (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Offerings: Insurance Services Agency-in-a-Box $ 293,846 65 % $ 256,203 65 % $ 543,321 66 % $ 475,139 66 % Corporate Branches 95,551 21 78,169 20 163,650 20 136,053 19 Total Insurance Services 389,397 86 334,372 85 706,971 86 611,192 85 TWFG MGA 60,891 14 59,263 15 114,280 14 103,709 15 Total written premium $ 450,288 100 % $ 393,635 100 % $ 821,251 100 % $ 714,901 100 % Business Mix: Insurance Services Renewal business $ 301,930 67 % $ 260,121 66 % $ 546,775 67 % $ 474,598 66 % New business 87,467 19 74,251 19 160,196 20 136,594 19 Total Insurance Services $ 389,397 86 $ 334,372 85 $ 706,971 87 $ 611,192 85 TWFG MGA Renewal business $ 47,366 11 $ 43,825 11 $ 83,741 10 $ 79,289 11 New business 13,525 3 15,438 4 30,539 3 24,420 4 Total TWFG MGA 60,891 14 59,263 15 114,280 13 103,709 15 Total written premium $ 450,288 100 % $ 393,635 100 % $ 821,251 100 % $ 714,901 100 % Written Premium Retention: Insurance Services 90 % 94 % 89 % 95 % TWFG MGA 80 85 81 84 Consolidated 89 93 88 93 Line of Business: Personal lines $ 365,409 81 % $ 322,349 82 % $ 663,699 81 % $ 577,213 81 % Commercial lines 84,879 19 71,286 18 157,552 19 137,688 19 Total written premium $ 450,288 100 % $ 393,635 100 % $ 821,251 100 % $ 714,901 100 % Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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