WHITE MOUNTAINS INSURANCE GROUP LTD 8-K

What Happened

• White Mountains Insurance Group, Ltd. filed an 8-K on May 6, 2026, furnishing a press release (Exhibit 99.1) announcing its results for the three months ended March 31, 2026. The release presents both GAAP results and a set of non‑GAAP measures used to evaluate operating businesses and portfolio performance.
• The filing discloses 10 non‑GAAP measures, including Kudu’s EBITDA, adjusted EBITDA and annualized adjusted EBITDA (reconciled on page 14), Distinguished’s ScaleCo net income, ScaleCo EBITDA and ScaleCo adjusted EBITDA (reconciled on page 17), and total consolidated and equity portfolio returns excluding the company’s MediaAlpha investment.

Key Details

• Press release furnished as Exhibit 99.1 to the Form 8‑K (filed May 6, 2026) for the quarter ended March 31, 2026.
• Kudu non‑GAAP measures: EBITDA adds back interest, taxes, depreciation and amortization; adjusted EBITDA further excludes net realized/unrealized gains (on Kudu’s participation contracts), non‑cash equity‑based compensation, and transaction (M&A) expenses. Annualized adjusted EBITDA and annualized revenue annualize partial‑year acquisitions/sales; cash revenue yield = annualized revenue ÷ total net capital drawn and invested.
• Distinguished ScaleCo measures: ScaleCo excludes the GrowthCo vertical (treated as start‑up investments); ScaleCo EBITDA adds back interest, taxes and D&A; ScaleCo adjusted EBITDA further excludes non‑cash equity compensation and restructuring expenses.
• Portfolio returns (three months ended March 31, 2026): total consolidated portfolio return 0.2% (1.7% in 2025); excluding MediaAlpha, consolidated return was 1.0% (2.3% in 2025). Total equity portfolio return was (0.3)% for the period; excluding MediaAlpha it was 1.6%.

Why It Matters

• The 8‑K signals White Mountains’ Q1 2026 operating update and emphasizes several non‑GAAP metrics management uses to assess Kudu and Distinguished performance and to show portfolio performance without MediaAlpha. These adjustments can meaningfully change perceived results (for example, removing MediaAlpha raised consolidated portfolio return from 0.2% to 1.0%).
• Retail investors should review the reconciliations in the exhibit (pages cited) to understand how GAAP results were adjusted, and note items such as equity‑based compensation, unrealized gains/losses on participation contracts, M&A and restructuring costs that drive differences between GAAP and non‑GAAP figures.