Upstart Holdings, Inc. · NASDAQ:UPST

Upstart — Q2 2026 Earnings Presentation

35 slides from Upstart's earnings presentation, Aug 4, 2026

1. Slide 1: Q2 2026 Earnings

   Q2 2026 Earnings August 4, 2026

2. Slide 2: Forward looking statements

   Forward looking statements This presentation contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to, information or predictions concerning our

3. Slide 3: Results

   Results 3

4. Slide 4: Q2'26 execution: profitable growth

   Q2’26 execution: profitable growth Originations Total Revenue Net Income Adjusted EBITDA $4.2B $365M $17M $77M +50% YoY +42% YoY 5% margin 21% margin Note: All figures are approximate. 4

5. Slide 5: Originations: step-up driven by Core personal loans and secured products

   Step-up in Originations driven by Core personal loans and secured products Originations, Dollars ($M) Q2’26 Originations: - $4.2B +50% YoY Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 YoY Growth: +154% +80% +52% +61% +50% # loans: 372,599 428,056 455,788 425,356 558,014 5

6. Slide 6: Total revenue: strong growth driven by originations

   Total revenue: strong growth driven by originations Fees: platform & referral, servicing, loan sales Net interest income & fair value adjustments Total Revenue ($M) Q2’26 Revenue: - $365M +42% YoY Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 YoY Growth: +102% +71% +35% +44% +42% Note: Totals may not sum due

7. Slide 7: All-time high Contribution Profit

   All-time high Contribution Profit Contribution Profit ($M) Q2’26 Contribution Profit: - $193M +37% YoY Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 YoY Growth: +85% +44% +15% +34% +37% Contribution Margin: 58% 57% 53% 50% 55% 7

8. Slide 8: Return to GAAP profitability

   Return to GAAP profitability Net Income ($M) Q2’26 Net Income: - $17M Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Net Income Margin: 2% 11% 6% -2% 5% 8

9. Slide 9: Adjusted EBITDA rebounded, with margins at full-year target

   Adjusted EBITDA rebounded, with margins at full-year target Adjusted EBITDA ($M) Q2’26 Adjusted EBITDA: - $77M Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Adj. EBITDA Margin: 21% 26% 22% 13% 21% 9

10. Slide 10: Outlook

    Outlook 10

11. Slide 11: Outlook reaffirmed

    Outlook reaffirmed FY 2026 Total Revenue $1.4 billion Revenue from fees $1.3 billion Adjusted EBITDA (Margin % of Total Revenue) $294 million (21%) 3-Year Target 2025Note: - 2028 Totalfigures Guidance Revenue Compound Annual Growth Rate are approximate. 35% 2028 Adjusted EBITDA Margin (% of Total Reve

12. Slide 12: Macro-driven default risk has ticked up since the start of Q2

    Macro-driven default risk has ticked up since the start of Q2 Most recent UMI was 1.50, up 9% relative to the April 3, 2026 UMI Upstart Macro Index (UMI) August 3, 2026 UMI: 1.50 # Jan 1, 2018 Jan 1, 2020 Jan 1, 2022 Jan 1, 2024 Jan 1, 2026 Note: UMI estimates the impact of the macroeconomy on actua

13. Slide 13: Product results

    Product results 13

14. Slide 14: Unsecured Originations: sequential growth driven by Core re-acceleration

    Unsecured Originations: sequential growth driven by Core re-acceleration Breakout by borrower segment Core (FICO <720) Super prime (720+) Small dollar + Cash Line Unsecured Originations ($M) Q2’26 Unsecured Originations: - $3.6B +38% YoY and +20% QoQ Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 YoY Growth: +

15. Slide 15: Secured Originations: Auto and Home continued to scale

    Secured Originations: Auto and Home continued to scale Auto Home Q2’26 Secured Originations: $589M Secured Originations ($M) +218% YoY and +45% QoQ - Auto YoY Growth Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 ~4X # Auto loans: 5,058 6,705 9,918 12,202 20,023 Home YoY Growth # Home loans: 1,118 1,262 2,086

16. Slide 16: Focus on margin powered profitability

    Focus on margin powered profitability Unsecured Contribution Margin Secured Contribution Margin Q2’26 Unsecured Contribution Margin: Contribution Margin (%) - 62% While Secured products progressed rapidly towards profitability. # Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 16

17. Slide 17: Technology and product highlights

    Technology and product highlights 17

18. Slide 18: Our AI underwriting model is 2.74X as good as a traditional credit model

    Our AI underwriting model is 2.74X as good as a traditional credit model Eight years of steady gains—a compounding edge with significant runway ahead Traditional credit model inaccuracy gap = 95.40% Personal loan Q2’18: 92.30% underwriting: Q2’26: 87.38% 87.38% of the accuracy opportunity - remaining

19. Slide 19: More automation can drive higher loan volumes

    More automation can drive higher loan volumes Breaking down the math - how we arrived at the Percentage of Loans Fully Automated in Q2’26 Step 1 Step 2 Step 3 91% 686K 530K ~493K of 543K funded rate offers applications (77%) ~9 of 10 applications loans fully automated accepted and approved converted

20. Slide 20: Conversion Rate increased sequentially

    Conversion Rate increased sequentially Originations, # of loans Rate inquiries not filled Q2’26 Conversion Rate: Total rate inquiries - 19.7% Metric will be phased out beginning Q1’27 # Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 20

21. Slide 21: Marketplace update

    Marketplace update 21

22. Slide 22: Repeat borrowing has been accelerating

    Repeat borrowing has been accelerating Cumulative funded products per unique borrower Pre-IPO (2014 - 2020 average) 2021 2022 2023 2024 2025 2021: 1.75 Products per Unique Borrower Funded products per borrower 2024: 1.53 Pre-IPO: Borrowers are coming 2025: 2023: 1.56 1.39 1.46 back for another loan

23. Slide 23: Upstart loans have consistently delivered attractive returns to capital partners

    Upstart loans have consistently delivered attractive returns to capital partners Each personal loan cohort is exceeding Treasuries by at least 425 basis points 2-Year Treasury Yield Expected cash flows Upside/downside range The net annualized return from investing equally in all personal loan cohort

24. Slide 24: Value of Upstart's co-investments in committed capital partnerships

    Value of Upstart’s co-investments in committed capital partnerships Upstart shares in the risk of our committed Capital co-invested ($M) Current assessed value ($M) capital partnerships, via various forms of minority co-investment. Q2’26 min/max: $0 - 2,765M Capital co-invested Cumulative outstandin

25. Slide 25: The vast majority of Upstart loans have been funded by third parties

    The vast majority of Upstart loans have been funded by third parties Balance sheet loans fell to 5.9% of total loans outstanding Loans held, at fair value ($M) Total loans outstanding ($M) Loans held, at fair value as a % of total loans outstanding - # Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Unsecured l

26. Slide 26: Financial appendix

    Financial appendix 26

27. Slide 27: Condensed Consolidated Balance Sheet

    Condensed Consolidated Balance Sheet (in thousands) Fiscal 2025 Fiscal 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Assets Cash and cash equivalents $ 599,778 $ 395,940 $ 489,784 $ 652,388 $ 472,934 $ 455,957 Restricted cash 239,750 305,520 347,121 404,624 458,400 526,320 Loans (at fair valu

28. Slide 28: Condensed Consolidated Statement of Operations

    Condensed Consolidated Statement of Operations (in thousands, except share and per share data) Fiscal 2025 Fiscal 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue: Revenue from fees, net $ 185,475 $ 240,777 $ 258,539 $ 265,220 $ 277,063 $ 348,019 Interest income, interest expense, and fa

29. Slide 29: Revenue Breakout

    Revenue Breakout (in thousands) The following table presents revenue from fees disaggregated by type of service as follows: Fiscal 2025 Fiscal 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue from fees, net: Platform and referral fees, net $ 150,975 $ 202,845 $ 216,882 $ 222,277 $ 224,61

30. Slide 30: Condensed Consolidated Statement of Cash Flows

    Condensed Consolidated Statement of Cash Flows (in thousands) Fiscal 2025 Fiscal 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Cash flows from operating activities Net income (loss) $ (2,447) $ 5,607 $ 31,805 $ 18,636 $ (6,646) $ 16,539 Adjustments to reconcile net income (loss) to net cash pr

31. Slide 31: Condensed Consolidated Statement of Cash Flows (cont.)

    Condensed Consolidated Statement of Cash Flows (cont.) (in thousands) Fiscal 2025 Fiscal 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Cash flows from investing activities Purchases and originations of loans held-for-investment (149,916) (228,024) (288,109) (366,978) (438,365) (178,850) Procee

32. Slide 32: Reconciliation of non-GAAP financial measures

    Reconciliation of non-GAAP financial measures (in thousands, except ratios) Fiscal 2025 Fiscal 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Total revenue $ 213,371 $ 257,291 $ 277,105 $ 296,090 $ 308,214 $ 364,708 Net income (loss) (2,447) 5,607 31,805 18,636 (6,646) 16,539 Net Income (Loss)

33. Slide 33: Segment Information

    Segment Information (in thousands) The following table presents financial information, including Contribution Profit, for our Unsecured Lending segment, which includes unsecured personal loans, small dollar loans, and cash lines: Fiscal 2025 Fiscal 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 202

34. Slide 34: Glossary of Terms

    Glossary of Terms ● Beginning in the second quarter of 2026, we refer to the metrics “Transaction Volume, Dollars” and “Transaction Volume, Number of Loans” as “Originations, Dollars” and “Originations, Number of Loans,” respectively, to reflect management’s internal terminology. We define Originati

35. Slide 35: Thank You

    Thank You

Upstart Holdings — Q2 2026 Earnings Presentation on 6ix