Slide 1: 2Q’26 Earnings Supplement
PAGAYA TECHNOLOGIES LTD. 2Q’26 Earnings Supplement July 30, 2026 1
Slide 2: Forward Looking Statements and Non-GAAP Information
Forward Looking Statements and Non-GAAP Information Certain comments made in this presentation may be characterized as forward looking under However, non-GAAP financial measures have limitations in their usefulness to investors because the Private Securities Litigation Reform Act of 1995. Forward lo
Slide 3: Contents
01 Financial Metrics 02 Contents Operating Metrics 03 Non-GAAP Reconciliations 3
Slide 4: Financial Metrics
01 Financial Metrics 4
Slide 5: 2Q’26 financial highlights
2Q’26 financial highlights ($ millions) 2Q’2025 2Q’2026 %∆ Network Volume $2,648 $3,535 33% Total revenue & other income $326 $387 19% Revenue from fees $318 $366 15% Production costs $191 $219 14% Fee revenue less production costs (FRLPC)* $126 $147 16% Core operating expenses* $49 $46 (6%) Net inc
Slide 6: Key financial metrics
Key financial metrics $ in millions; % in YoY growth Total Revenue FRLPC Adjusted EBITDA Net Income 19% 16% 43% $387 +172% $147 $45 $124 $326 $86 $126 $17 2Q'25 2Q'26 2Q'25 2Q'26 2Q'25 2Q'26 2Q'25 2Q'26 6 Note: “Fee revenue less production costs (FRLPC)” and “Adjusted EBITDA” are Non-GAAP metrics; s
Slide 7: Evolution of FRLPC
Evolution of FRLPC Components of FRLPC as a % of network volume (FRLPC %) 12.0% 12.1% 12.0% 11.4% 10.3% Targeting 7.2% 7.2% 7.1% 6.8% 4.0%-5.0% 6.2% FRLPC% in 2026 4.8% 5.0% 4.9% 4.6% 4.2% 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Fee revenue % of network volume Production costs % of network volume FRLPC % 7 No
Slide 8: Evolution of FRLPC by line item
Evolution of FRLPC by line item $ in millions 2Q’25 3Q’25 4Q’25 1Q’26 2Q’26 AI integration $292 $309 $293 $266 $341 Contract $32 $35 $34 $32 $47 Capital markets ($6) ($5) ($6) $1 $(23) Total Fee Revenue $318 $340 $321 $299 $366 Production costs ($191) ($201) ($190) ($178) ($219) Total FRLPC* $126 $1
Slide 9: Core operating expenses
Core operating expenses $ in millions Total operating expenses excluding share-based compensation expense, one-time expenses, and depreciation $60 120% $49 $50 $47 $47 $47 100% $46 $40 80% $30 60% 39% 36% 39% $20 34% 31% 40% $10 20% $0 0% 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Core Opex Core Opex as a % of F
Slide 10: Adjusted EBITDA
Adjusted EBITDA $ in millions $124 $107 $98 $94 $86 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 10 Note: “Adjusted EBITDA” is a Non-GAAP metric; see “Non-GAAP Reconciliations” for a reconciliation of non-GAAP measures to the most comparable GAAP measure.
Slide 11: Operating Metrics
02 Operating Metrics 11
Slide 12: Network Volume
Network Volume $3,535 $ in millions $2,802 $2,648 $2,684 $2,624 $2,604 $2,380 $2,419 $2,331 $2,351 $2,400 $2,112 $1,947 $1,924 $1,957 $1,850 $1,786 $1,621 $1,650 $1,522 $1,088 $673 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25
Slide 13: Our ABS funding network
Our ABS funding network Growing ABS ABS Investor Base ABS Issuance Investors in Pagaya’s financing vehicles Pagaya ABS issuance across all products ($ in billions) investor base by investor type $10.5 $8.5 174 $6.6 145 $6.1 $6.2 120 $4.5 84 52 42 Asset Manager Bank / Depository 2 6 Hedge Fund Insura
Slide 14: Applications evaluated vs. conversion rate %
Applications evaluated vs. conversion rate % Applications per quarter ($ in billions) versus conversion rate of applications into network volume (%) $307B Applications evaluated in 2Q’26 ~1% Conversion rate of applications to issued loans in 2Q’26 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'2
Slide 15: Credit performance: personal loan portfolio
Credit performance: personal loan portfolio Pagaya personal loan portfolio weighted average coupon (“WAC”) vs. 30-day+ DQs plus cumulative gross loss (“DQ”) Figures represent performance 3 months from issuance 25% 4% 20% 3% 15% WAC (%) DQ (%) 2% 10% 1% 5% 0% 0% 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q
Slide 16: Credit performance: auto loan portfolio
Credit performance: auto loan portfolio Pagaya auto loan portfolio effective weighted average coupon (“EWAC”) vs. 60-day+ DQs plus cumulative gross loss (“DQ”) Figures represent performance 6 months from issuance 25% 16% 20% 12% EWAC (%) 15% DQ (%) 8% 10% 4% 5% 0% 0% 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q
Slide 17: Investments in loans and securities – composition
Investments in loans and securities – composition Composition by vintage and security type, as of June 30, 2026 Composition by vintage year* Composition by type of security & vintage year ($ in millions, % of total) $ in millions 2023 & % of 2026 2025 2024 Total Prior Total Risk Retention: Securitiz
Slide 18: Investments in loans and securities
Investments in loans and securities Changes in investments in loans and securities Key unobservable inputs compared to March 31, 2026 compared to March 31, 2026 Three months ended Weighted Average Weighted Average ($ in millions) June 30, 2026 June 30, 2026 March 31, 2026 Balance, beginning of perio
Slide 19: Fair value impairments, net of NCI by vintage year
Investments in loans and securities - fair value and other adjustments Fair value impairments, net of NCI by Fair value impairments and other adjustments composition vintage year $ in millions 2Q’26 $ in millions 2Q’25 3Q’251 4Q’25 1Q’26 2Q’26 2023 & prior ($2) Credit-related fair value adjustments
Slide 20: Investments in loans & securities – sensitivity analysis, stress scenarios
Investments in loans & securities – sensitivity analysis, stress scenarios Our portfolio of investments in loans & securities have been adjusted to fair value as of 6/30/2026. For purposes of GAAP Net Income guidance, we have assumed the implied fair value adjustments over the life of the portfolio
Slide 21: Non-GAAP Reconciliations
03 Non-GAAP Reconciliations 21
Slide 22: Reconciliation of Non-GAAP Financial Measures: Adjusted Net Income and EBITDA
PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) Three Months Ended June 30, FOR THREE MONTHS ENDED JUNE 30, 2026 AND 2025 (in thousands, unless otherwise noted) 2026 2025 Net Income Attributable to Pagaya Technologies Ltd. $45,273 $16,655 Adjusted to exclude the fo
Slide 23: Reconciliation of Non-GAAP Financial Measures: FRLPC
PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) FOR THREE MONTHS ENDED JUNE 30, 2026 AND 2025 (in thousands, unless otherwise noted) Three Months Ended June 30, Fee revenue less production costs (FRLPC) 2026 2025 Operating Income $105,799 $56,469 Add: Technology, d
Slide 24: Reconciliation of Non-GAAP Financial Measures: Core operating expenses
PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) FOR THREE MONTHS ENDED JUNE 30, 2026 AND 2025 (in thousands, unless otherwise noted) Three Months Ended June 30, 2026 2025 Operating expenses $62,528 $78,464 Adjusted to exclude the following: Share-based compensation
Slide 25: Diluted Share Calculation
PAGAYA TECHNOLOGIES LTD. Diluted Share Calculation Diluted Shares Outstanding, Treasury Stock Method for three months ended June 30, 2026 (Shares in millions1) Basic shares outstanding 83 Plus: Share options with $6.6 weighted-average exercise price 3 Plus: Options to restricted shares with $19.3 we