Kingsway Financial Services : May 17, 2026 Investor Presentation
KFS
Published on 05/17/2026 at 09:59 pm EDT
NYSE: KFS
May 18, 2026
Building through Search
The Last 12 Months at Kingsway 2026 Outlook
The Equity Story Capital Markets Update
Theory to Action: KBS Deployment Operator Spotlight: Miles Mamon Operator Spotlight: Davide Zanchi Q&A
Fireside Chat
About Us
Kingsway Financial Services Inc. ("Kingsway") (NYSE: KFS) is the only publicly-traded US company employing the Search Fund model to acquire and build great businesses.
Kingsway owns and operates a collection of high-quality B2B and B2C services
companies that are asset-light, growing, profitable, and that have recurring revenues.
Kingsway seeks to compound long-term shareholder value on a per share basis via its decentralized management model, its talented team of operators, and its tax-advantaged corporate structure.
Kingsway Investor Days: Three-Year Narrative Arc
From "Vision" to "System" to "Proof".
Vision System Proof
2024 2025 Today
A repeatable model to compound intrinsic value per share.
An operating system to turn good acquisitions into great businesses.
Tangible evidence Kingsway's vision is becoming a reality.
The Last 12 Months at Kingsway
2025 Scorecard
Kingsway delivered on the targets we set out last year.
ACQUISITIONS
What We Said
Target 3-5 high-quality acquisitions per year
What We Did
Completed 6 acquisitions in 2025 including Bud's Plumbing, ViewPoint, Roundhouse, AAA, The HR Team, and Southside Plumbing
EBITDA GROWTH
Run-rate adjusted EBITDA of $18-$19M
Achieved Portfolio LTM EBITDA of
$22-$23M as of March 31, 2026
Kingsway Acquired Six High-Quality B2B and B2C Services Businesses
Each acquisition met or exceeded our target underwriting IRR hurdle rate of 30%+.
KSX is Majority of Revenue and EBITDA for First Time
Kingsway's public search fund model is now the primary driver of shareholder value creation.
Why this matters
Validates the strategic pivot from legacy insurance holding company to operator-led public search platform
Removes investor confusion about Kingsway's strategy and business model
KSX's high-growth profile now drives the consolidated equity story
Underpins rationale for retiring the 'Financial Services' name
2026 Outlook
Strong Start to 2026
Operating performance is ahead of internal expectations, while continuing to execute disciplined M&A.
Kingsway delivered a strong first quarter of 2026, with profits at both KSX and Extended Warranty coming in ahead of budget.
KSX achieved record quarterly revenue and record quarterly adjusted EBITDA in Q1 2026 - in a
seasonally light quarter for many KSX businesses.
Reiterated expectations for double-digit organic growth in revenue and profit at both KSX and Extended Warranty in 2026. Reiterated target of 3-5 acquisitions in 2026.
On January 7, announced acquisition of Ledgers by Ravix Group.
On May 11, announced sale of Trinity Warranty Solutions via management buy-out.
Reiterating 2026 Financial Targets
Delivering the two key pillars of value creation for Kingsway shareholders: organic and inorganic growth.
ORGANIC GROWTH
Double Digit Revenue and EBITDA
INORGANIC GROWTH
Target 3-5 High-Quality Acquisitions
KINGSWAY FLYWHEEL
Per-Share Value Accretion
Double-Digit Organic Growth
Kingsway is budgeting double-digit organic revenue and profit growth from both KSX and Extended Warranty.
Kingsway Search Xcelerator
Extended Warranty
KSX Investments Paying Off Strong Cash Sales, Moderating Claims Growth
Recurring revenues, capital-light, and with demand tailwinds
Investments made in 2025 now poised to accelerate growth
Sales momentum from H2 2025 carrying into 2026
Warranty claims growth is moderating in both frequency and severity
Target 3-5 Acquisitions
KSX now running parallel M&A programs of (1) de novo platforms and (2) tuck-in acquisitions.
Inorganic Growth Engine Strong Underwriting Discipline
Active OIR pipeline
New platform creation
Operator-led tuck ins
30%+ IRR hurdle
Mid-single-digit EBITDA multiples
Capital-light business
Strong demand tailwinds
Clear operational improvements
Governance Change to Support Next Stage of Growth
Adam Patinkin appointed Board Chairman, with Terry Kavanagh transitioning to Board Vice-Chairman
Adam J. Patinkin
Chairman of the Board
Founder and Managing Partner of David Capital Partners, LLC, a long-term oriented alternative investment firm
Kingsway Director since 2025
Playing an active role supporting Kingsway's management team to deliver the Company's strategic and financial ambitions
Terence M. Kavanagh
Vice-Chairman of the Board
Chairman of Kingsway from 2012 to 2026
Guided Kingsway through strategic shift from legacy insurance holding company to Search Fund platform
Continues tenure on the Board as Vice-Chairman, providing experience and expertise
The Equity Story
Search Has Compelling Long-Term Returns
The Search Fund model - or "Entrepreneurship Through Acquisition" (ETA) - has an attractive historical track record.
"
"
Since 1996 the Center for Entrepreneurial Studies at Stanford Graduate School of Business (GSB) has conducted a biennial study of core search funds, an entrepreneurial path undertaken by one or two individuals who form an investment vehicle with a small group of investors to search for, acquire, and lead a privately held company for the medium to long term, typically five to ten years. Through this research, Stanford seeks to provide insight into the factors that influence the outcomes of these entrepreneurship vehicles for first-time searcher-CEOs and their investors. This survey includes data from every known core search fund in the United States and Canada.
Median historical return across all Search Funds tracked by the Stanford Graduate School of Business since 1984
Stanford GSB's research on Search Funds can be found at: https://www.gsb.stanford.edu/experience/about/centers-institutes/ces/research/search-funds
Search Serves A Clear Market Purpose
Search provides an exit to small business owners looking to retire, but who don't have a logical succession plan.
Looking to Retire Post-MBA
Seller
No Succession Plan or Heir Requires Monetization Event No PE Interest
Strategic Sale A Bad Outcome
Talented and Motivated Provides a Financial Exit Provides a Succession Plan Preserves Founder's Legacy
Buyer
Search facilitates a win-win outcome for both seller and buyer.
Why Search Outperforms
"Lifestyle" Business
Motivated Operator
Founder-Led Sales
Professional Sales Team
"Pen & Paper"
Technology & Systems
Local Market
Regional Expansion
Cash Distributions
Investing For Growth
An energetic, talented, and incentivized operator often finds numerous paths to improve a "lifestyle" business.
Building through Search
Kingsway employs the traditional Search Fund model to acquire and grow a collection of high-quality services businesses. Kingsway seeks to acquire small businesses with EBITDA of $1-3M for roughly 4-6x EBITDA using a 50/50 split of equity and debt. The new operator then invests in the business to position it for growth. Kingsway provides support both during the business acquisition phase as well as post-close, including via implantation of the Kingsway Business System (KBS) for operational excellence.
The "Silver Tsunami" Of Business Owner Retirements Has Arrived
The next two decades will see record numbers of Baby Boomer business owners looking for an exit.
Nearly $4.8 trillion of net worth, representing the largest intergenerational shift of wealth in US history, will be transferred over the next 20 years
More than 2 million small businesses are expected to transition leadership over the next ten years.
Lower middle market private equity buyers are hesitant to purchase businesses in which the primary operator seeks an exit from day-to-day operating responsibilities.
Search Funds can help fill the gap - but with just a few hundred active searches at any time, the overwhelming number of small businesses for sale creates a favorable supply/demand dynamic for Search Fund buyers.
It's not a "Silver Wave"…it's a "Silver Tsunami"
Building through Search NYSE:KFS
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Disclaimer
Kingsway Financial Services Inc. published this content on May 18, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 18, 2026 at 01:58 UTC.