Oportun Financial Corporation · NASDAQ:OPRT
Oportun Financial — Q4 2025 Earnings Presentation
32 slides from Oportun Financial's earnings presentation, Feb 26, 2026
Slide 1: 4Q 2025 Earnings Presentation
4Q 2025 Earnings Presentation February 26, 2026
Slide 2: Forward-looking statements
Forward -looking statements This presentation and the accompanying oral presentation contain forward-looking statements . All statements other than statements of historical fact contained in this presentation and the accompanying oral presentation, including statements as to future performance, resu
Slide 3: 4Q25 and FY25 earnings overview
Earnings Presentation 4Q25 and FY25 earnings overview FY26 Adjusted EPS guidance range reflects 16% growth at the midpoint FY25 performance provides strong • Adjusted EPS guidance range of $1.50 - $1.65 momentum Consistently GAAP • Met or outperformed each fourth quarter • Adjusted EBITDA guidance r
Slide 4: Consistent strategic focus delivering measurable results
Earnings Presentation Consistent strategic focus delivering measurable results Improving Credit Strengthening Identifying Outcomes Business Economics High - Quality • Increased proportion of returning • FY25 Adjusted ROE of 17.5% up 10 Originations member originations from 64% in ppt; progressing to
Slide 5: Fourth quarter and full year performance vs. guidance
Earnings Presentation Fourth quarter and full year performance vs. guidance Exceeded top -end of Q4 Adjusted EBITDA range by $5 million, or 15%, driven by total revenue outperformance and prudent expense management 4Q 2025 4Q 2025 FY 2025 FY 2025 Guidance Actual Guidance Actual Total Revenue $241 -
Slide 6: Fourth Quarter and full year 2025 highlights
Earnings Presentation Fourth Quarter and full year 2025 highlights 4Q25 Financial Highlights FY25 GAAP Net Income (Loss) and Adjusted Net Income Trends ($M) (1) $104 $36 Total Revenue GAAP Net Income $248M $3.4M Adjusted EBITDA (1) Adjusted Net Income (1) $42M $13M $(79) FY 2024 FY 2025 FY 2024 FY 2
Slide 7: Fourth quarter 2025 credit performance
Earnings Presentation Fourth quarter 2025 credit performance Annualized NCO rate of 12.3% increased as anticipated, yet landed at the low end of guidance range; 30+ Day DQ rate increased modestly year -over-year 30+ Day Delinquency Rate (1) NCO Rate (1) 60bps 13bps 12.3%-12.6% (2) (1) See Appendix f
Slide 8: Disciplined credit stance reflects member stability
Earnings Presentation Disciplined credit stance reflects member stability Strong employment and residential stability, with 95% of loans disbursed to U.S. bank accounts Income Verified 100% Of applicants, ~$56K median gross income Loan Disbursement 95% Of borrowers receive in U.S. bank accounts Empl
Slide 9: Fourth quarter and full year 2025 capital and liquidity
Earnings Presentation Fourth quarter and full year 2025 capital and liquidity Reduced FY25 corporate debt outstanding by $70M (30%) while increasing unrestricted cash by $46M (76%); $485M February 2026 ABS transaction is fourth consecutive to achieve sub -6% funding cost Sources of Liquidity ($M) Fi
Slide 10: First quarter and full year 2026 guidance
Earnings Presentation First quarter and full year 2026 guidance 1Q 2026E FY 2026E Total Revenue $225 - $230M $935 - $955M Annualized Net Charge -off Rate 12.65% +/- 15 bps 11.9% +/- 50 bps (%) Adjusted EBITDA (1) $25 - $30M $150 - $165M Adjusted Net Income (1) — $74 - $82M Adjusted EPS (1) — $1.50 -
Slide 11: Attractive unit economic model
Earnings Presentation Attractive unit economic model FY 2025 Adjusted ROE of 17.5% was nearly a 10 percentage point Y/Y improvement from 7.7% in FY 2024 FY 2025 Metric Target Illustrative Unit Economics as a % of Average Daily Principal Balance Corporate Level Profitability Fair Value Marks: 1%(2) 7
Slide 12: Appendix
Appendix
Slide 13: Key definitions
Appendix Key definitions • 30+ Day Delinquency Rate is the unpaid principal balance for our owned loans and credit cards receivable that are 30 or more calendar days contractual ly past due as of the end of the period divided by Owned Principal Balance as of such date • Adjusted EBITDA is a non -GAA
Slide 14: Key definitions (cont’d)
Appendix Key definitions (cont’d) • Customer Acquisition Cost (or "CAC") is calculated as sales and marketing expenses, which include the costs associated with various paid marketing channels, inclu ding direct mail, digital marketing and brand marketing and the costs associated with our telesales a
Slide 15: FY 2025 performance: Significant Y/Y improvement on key metrics
Appendix FY 2025 performance: Significant Y/Y improvement on key metrics (1) 10% 55bps (1) (1) (10.1)% (109)bps (1) See Appendix for Key Definitions and non -GAAP reconciliation to the most comparable GAAP measure; numbers may not foot or cross due to rounding. 15
Slide 16: $148M of FY 2025 Adjusted EBITDA reflects $44M, 42% Y/Y growth
Appendix $148M of FY 2025 Adjusted EBITDA reflects $44M, 42% Y/Y growth Adjusted EBITDA ($M) (1) $1.5 $44 16.3% 17.3% 17.1% 10.4% 15.5% Adjusted EBITDA Margin (%) (1) Adjusted EBITDA Margin (%) (1) (1) See Appendix for Key Definitions and non -GAAP reconciliation to the most comparable GAAP measure;
Slide 17: FY 2025 Adjusted Net Income reflects $36M, 122% Y/Y growth
Appendix FY 2025 Adjusted Net Income reflects $36M, 122% Y/Y growth Adjusted Net Income ($M) (1) $(8.6) $36 25.2% 19.6% 13.3% 7.7% 17.5% Adjusted ROE (%) (1) Adjusted ROE (%) (1) (1) See Appendix for Key Definitions and non -GAAP reconciliation to the most comparable GAAP measure; numbers may not fo
Slide 18: FY25 net revenue grows 37%
Appendix FY25 net revenue grows 37% FY25 Highlights Total Revenue ($M) Total Revenue: $957M, down (1)% (5)% $45M Y/Y due to the absence of $34M of credit card revenue (portfolio sold in 4Q24) and credit tightening actions Net Revenue ($M) Net Revenue: $406M, up (3)% 37% $111M Y/Y, as the impact of d
Slide 19: Key financial & operating metrics
Appendix Key financial & operating metrics Quarter Ended Year Ended December 31 Change Change 4Q25 3Q25 2Q25 1Q25 4Q24 Y/Y 2025 2024 Y/Y Aggregate Originations (Millions) $494.9 $511.8 $480.8 $469.4 $522.2 (5.2)% $1,956.8 $1,775.3 10.2% Portfolio Yield (%) 33.3% 33.0% 32.8% 33.0% 34.2% (87)bps 33.1%
Slide 20: Condensed consolidated income statement
Appendix Condensed consolidated income statement Quarter Ended Year Ended December 31 Change Change ($ Millions, except per share data. Shares in Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y/Y 2025 2024 Y/Y Interest income $232.4 $222.3 $218.3 $220.2 $233.5 (0.5)% $893.2 $925.5 (3.5)% Non-interest income 15
Slide 21: Condensed consolidated balance sheet
Appendix Condensed consolidated balance sheet Quarter Ended Change ($ Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y/Y Cash and cash equivalents $105.5 $104.6 $96.8 $78.5 $60.0 76.0% Restricted cash 93.4 119.3 131.4 152.4 154.7 (39.6)% Total cash $198.9 $224.0 $228.2 $231.0 $214.6 (7.3)% Loans receivable at f
Slide 22: Adjusted EBITDA reconciliation
Appendix Adjusted EBITDA reconciliation Quarter Ended Year Ended December 31, Change Change ($ Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y/Y 2025 2024 Y/Y Net income (loss) $3.4 $5.2 $6.9 $9.8 $8.7 (61.0)% $25.2 $(78.7) NM Adjustments: Income tax expense (benefit) 3.2 9.0 3.2 3.4 (4.8) NM 18.8 (36.5) NM In
Slide 23: Adjusted net income reconciliation
Appendix Adjusted net income reconciliation Quarter Ended Year Ended December 31, Change Change ($ Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y/Y 2025 2024 Y/Y Net income (loss) $3.4 $5.2 $6.9 $9.8 $8.7 (61.0)% $25.2 $(78.7) NM Adjustments: Income tax expense (benefit) 3.2 9.0 3.2 3.4 (4.8) NM 18.8 (36.5) N
Slide 24: Adjusted operating expense and adjusted operating expense ratio reconciliation
Appendix Adjusted operating expense and adjusted operating expense ratio reconciliation Quarter Ended Year Ended December 31, Change Change ($ Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y/Y 2025 2024 Y/Y OpEx Ratio 12.0% 13.5% 14.2% 13.9% 13.1% 13.4% 14.8% Total operating expense $83.8 $90.8 $94.4 $92.7 $89
Slide 25: Risk adjusted net interest margin reconciliation
Appendix Risk adjusted net interest margin reconciliation Quarter Ended Year Ended December 31, Change Change ($ Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y/Y 2025 2024 Y/Y Total Revenue 247.7 238.7 234.3 235.9 250.9 (1.3)% 956.7 1,001.8 (4.5)% (1) Less: Interest Expense 57.9 56.6 59.5 57.4 57.1 1.5% 231.5
Slide 26: Basic and diluted earnings per share reconciliation
Appendix Basic and diluted earnings per share reconciliation Quarter Ended Year Ended December 31 Change Change ($ Millions, except per share data. Shares in Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y/Y 2025 2024 Y/Y Net income (loss) $3.4 $5.2 $6.9 $9.8 $8.7 (61.0)% $25.2 $(78.7) NM Net income (loss) att
Slide 27: Adjusted earnings per share reconciliation
Appendix Adjusted earnings per share reconciliation Quarter Ended Year Ended December 31 Change Change ($ Millions, except per share data. Shares in Millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Y/Y 2025 2024 Y/Y Diluted earnings (loss) per share $0.07 $0.11 $0.14 $0.21 $0.20 (65.0)% $0.53 $(1.95) NM Adjusted
Slide 28: Net change in fair value
Appendix Quarter Ended Change $ Millions 4Q25 3Q25 4Q24 3Q24 Q/Q Y/Y Net change Loan Portfolio Drivers Discount rate 6.3% 6.3% 7.9% 8.3% —% (1.7)% in fair value Remaining cumulative charge -offs as a % of principal balance Average life in years 12.3% 1.06 12.2% 1.07 11.7% 1.11 11.9% 1.11 —% -0.01 0.
Slide 29: Net lifetime loan loss rates by vintage
Appendix Net lifetime loan loss rates by vintage Cumulative Net Principal Charge - offs Year of Origination 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dollar Weighted Average Original Term for Vintage (Months) 22.3 24.2 26.3 29.0 30.0 32.0 33.3 37.8 39.2 35.6 Net Lifetime Loan Losses as % of
Slide 30: Forward-looking adjusted EBITDA reconciliation
Appendix Forward -looking adjusted EBITDA reconciliation 1Q 2026 FY 2026 ($ Millions) Low High Low High Net income $1.0 * $4.9 * $51.4 $59.8 Adjustments: Income tax expense (benefit) 0.3 1.5 15.4 17.9 Interest on corporate financing 7.7 7.7 28.7 28.7 Depreciation and amortization 9.0 9.0 35.4 35.4 S
Slide 31: Forward-looking adjusted net income and adjusted earnings per share reconciliation
Appendix Forward -looking adjusted net income and adjusted earnings per share reconciliation FY 2026 ($ Millions, except per share data. Shares in Millions) Low High Net Income $51.4 $59.8 Adjustments: Income tax expense (benefit) 15.4 17.9 Stock -based compensation expense 13.8 13.8 Other non -recu
Slide 32: Oportun
Oportun