WHITE MOUNTAINS INSURANCE GROUP LTD 8-K

What Happened
White Mountains Insurance Group, Ltd. announced its results for the three months and year ended December 31, 2025 via a press release furnished on Form 8‑K on February 6, 2026 (Exhibit 99.1). The filing highlights several operating results and discloses 14 non‑GAAP financial measures for its businesses (Kudu, Bamboo, Distinguished/ScaleCo and portfolio returns), with reconciliations to GAAP provided in the exhibit.

Key Details

• The filing furnishes a press release (Exhibit 99.1) and reconciliations for 14 non‑GAAP measures, including Kudu’s EBITDA/adjusted EBITDA/annualized metrics, Bamboo’s MGA pre‑tax/net income/EBITDA/adjusted EBITDA, and Distinguished’s ScaleCo net income/EBITDA/adjusted EBITDA. (See Exhibit 99.1 pages 20, 22, 23.)
• Kudu non‑GAAP adjustments explicitly exclude: net realized & unrealized gains (losses) on revenue/earnings participation contracts, non‑cash equity‑based compensation, and transaction expenses. Annualized adjusted EBITDA and annualized revenue adjust for partial‑year acquisitions/sales; cash revenue yield = annualized revenue ÷ total net capital drawn and invested. (Reconciliation on page 20.)
• Bamboo: the filing reconciles consolidated GAAP pre‑tax income to MGA pre‑tax income (which excludes the Bamboo captive). Reported MGA pre‑tax income: $1.0M for Oct 1–Dec 5, 2025 and $41.1M for Jan 1–Dec 5, 2025 (vs. $10.8M and $31.7M in comparable prior periods). (See Exhibit 99.1, page 22.)
• Portfolio returns excluding MediaAlpha: total consolidated portfolio return excluding MediaAlpha was 2.0% for the quarter and 8.9% for the year ended 2025; total equity portfolio return excluding MediaAlpha was 3.2% for the quarter and 13.0% for the year. (Reconciliations in the press release.)

Why It Matters
This 8‑K informs investors of White Mountains’ reported quarterly and full‑year financial results and provides detail on how management calculates and reconciles key non‑GAAP metrics used to evaluate specific operating businesses (Kudu, Bamboo, Distinguished) and portfolio performance. The non‑GAAP disclosures and reconciliations are important for investors who want to compare underlying operating performance (excluding certain items like unrealized gains, equity‑based compensation and transaction costs) and to understand annualized and yield metrics management uses for Kudu and other subsidiaries. The press release exhibit is the source for the detailed reconciliations.