Verisk Analytics Inc

Solid Q2 results; growth rebound + margin discipline (good) - Organic constant-currency (“OCC”) revenue growth: +5.8% (underpinned by both underwriting and claims). - Subscription revenue +8% OCC, representing 83% of total revenue—signals stability/recurring demand. - OCC adjusted EBITDA growth: +7.4% with healthy margins (total adjusted EBITDA margin 57.5%, -10 bps YoY, mainly tied to nonrecurring FX in prior year). - CEO highlighted sequential acceleration vs Q1; CFO reinforced performance modestly better than expectations.

Near-term headwinds + sequencing risk (bad / challenge) - Q2 growth modestly ahead despite temporary drags already described by management: - Carryover from very low weather activity in 2025. - Tough compares vs strong renewals last year. - Work stoppage in a federal government contract. - Transactional weakness signals risk for the back half: - Transactional revenues -4.2% OCC in Q2 (several drivers: softer commercial property volumes, weather-related carryover in property restoration, and international travel disruption). - CFO noted strong ILS issuance in Q2 benefits that will not repeat in Q3 (seasonality risk). - Hurricane season is starting slower (June/July limited storm activity), but overall weather remains a key swing factor.

2026 outlook reaffirmed (forecasts/expectations) - Company reaffirmed guidance for 2026 and expects performance in line with Investor Day targets. - Full-year guidance (consolidated): - Revenue: $3.19B–$3.24B - Adjusted EBITDA: $1.79B–$1.83B - Adjusted EBITDA margin: 56.0%–56.5% - Net interest expense: $190M–$200M - Effective tax rate: 23%–26% - Adjusted EPS: $7.45–$7.75 - Management expectation: gradual recovery in OCC growth rate for the remaining two quarters.