Uwm Holdings Corporation · NYSE:UWMC
Uwm — IPO Roadshow (September 2026)
18 slides from Uwm's IPO roadshow presentation, Sep 23, 2026
Slide 1: Investor Presentation September 2026
INVESTOR PRESENTATION September 2026 Free Writing Prospectus Filed pursuant to Rule 433 Dated September 23, 2026 Registration Statement No. 333- 297986
Slide 2: Forward-looking statements
This presentation contains certain forward-looking statements and information, which reflect management’s current beliefs and expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements include statements identified by such te
Slide 3: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS 3 UWM is at an inflection point—repositioning the business for long-term, through-the-cycle success ⚫ Clear 2030 roadmap: Management is focused on defined objectives that pair operational performance with balance sheet and capital structure improvements ⚫ Sustained market l
Slide 4: UWM Then and Now
UWM THEN AND NOW 4 THEN NOW Volume Growth and market share expansion were primary strategic priorities, supporting the continued scaling of the platform Focuses on extending broker-channel leadership while balancing growth with profitability, returns, and capital efficiency Leverage Leverage levels
Slide 5: UWM Continues to Drive Growth Despite the Market Headwinds
91 87 36 89 $127 $176 2022 LTM 2Q'26 36.9% 39.4% 2022 LTM 2Q'26 Source: Inside Mortgage Finance data as of 09/10/26. UWM CONTINUES TO DRIVE GROWTH DESPITE THE MARKET HEADWINDS 19.7% 28.1% 2022 LTM 2Q'26 UWM has continued to invest in growing the broker channel… …adding to an already dominant market
Slide 6: Our Vision for 2030
OUR VISION FOR 2030 1 6 2/10 3+/10 Loans Originated via the Broker Channel CONTINUE TO PARTNER WITH BROKERS TO GROW THE WHOLESALE CHANNEL 1.5x Net Non-Funding Debt-to-Equity2 LEVERAGE OPERATING TARGET 50%+ Wholesale Market Share CONTINUE TO IMPROVE MARKET SHARE $0 Preferred Equity Balance REDEEM PRE
Slide 7: UWM Is Aligning Its Balance Sheet and Capital Strategy for Long-Term Success
UWM IS ALIGNING ITS BALANCE SHEET AND CAPITAL STRATEGY FOR LONG-TERM SUCCESS IN THE CURRENT MARKET BACKDROP • Moving forward, dividends will be equal to an annual rate of $0.08 per share of Class A common stock • Dividends have historically been $0.40 per Class A share, resulting in $600mm–$700mm of
Slide 8: UWM Has Profitably Navigated the Most Challenging Operating Backdrop
Source: Inside Mortgage Finance data as of 09/10/26. 1. Adjusted EBITDA is a non-GAAP metric, please see appendix. 2. Represents 1-month CPR on 30-Yr MBS. Each year taken as the 12-month average CPR as reported by Fannie Mae and Freddie Mac for 30-Yr MBS across all coupons. 3. Represents 1H’26 1st-l
Slide 9: Rate Cycles Create Distinct Origination and Servicing Earnings Dynamics
RATE CYCLES CREATE DISTINCT ORIGINATION AND SERVICING EARNINGS DYNAMICS 9 Low-Interest Rate Environment High-Interest Rate Environment Refinance activity moderates, resulting in lower industry origination volumes 1 2 Origination Volume MSR Valuation MSR Strategy Earnings Mix Conditional Prepayment R
Slide 10: Sensitivity Assuming Constant Share & Constant Gain-on-Sale
SENSIT IVITY ASSUMING CONSTANT SHARE & CONSTANT GAIN-ON-SALE 10 Incremental Growth Levers: New Agents, Organic Market Share, Recapture Actual 20211 20231 20251 1H’26 annualized1,2 Low CPR3 Medium CPR3 High CPR3 Market CPR4 25% 5% 8% 10% 5% 15% 25% Units in Mortgage (000s of loans) 13,550 4,212 5,457
Slide 11: UWM Continues to Invest in a Scalable and Efficient Operating Model
1. Excludes non-funding interest expense and servicing costs. UWM CONTINUES TO INVEST IN A SCALABLE AND EFFICIENT OPERATING MODEL 11 $124 $56 $285 $885 $252 $1,601 LTM 1H'26 LTM Operating Expenses1 UWM's operating platform was built for scale, allowing production volumes to grow significantly before
Slide 12: Multiple Pathways Exist to Reduce Preferred Balance Over Time
MULTIPLE PATHWAYS EXIST TO REDUCE PREFERRED BALANCE OVER TIME 12 ⚫ UWM's earnings profile provides a meaningful source of internally generated capital to support future preferred redemptions ⚫ Suspension of the historical common dividend allows a greater portion of earnings to be retained and deploy
Slide 13: Appendix
APPENDIX 13
Slide 14: Overview of Key Financial Metrics
$985 $3,000 2Q26 As adjusted Total Equity ($M) Available Liquidity2 ($M) 1. Net non-funding debt and net non-funding debt to equity ratio are non-GAAP measures. Please see Appendix for reconciliation to most comparable GAAP measures. 2. Includes available cash balance and line-of-credit capacity. 3.
Slide 15: Consolidated Balance Sheet
Consolidated Balance Sheet ($ in millions) 2Q26 As adjusted1 Assets Cash and cash equivalents $498 $500 Mortgage loans at fair value 9,619 $9,619 Accounts receivable, net 532 532 Mortgage servicing rights 5,311 5,311 Loans eligible for repurchase from Ginnie Mae 1,142 1,142 Other assets 838 838 Tota
Slide 16: Consolidated Statement of Operations
Consolidated Statement of Operations ($ in thousands) 2Q26 Loan production income $527,217 Loan servicing income 220,503 Interest income 140,283 Total revenue $888,003 Change in fair value of mortgage servicing rights (122,683) Gain (loss) on other interest rate derivatives (603,191) Other gains (lo
Slide 17: Adjusted EBITDA
Adjusted EBITDA 1. Reflects the change ((increase)/decrease) in fair value of MSRs due to changes in valuation inputs or assumptions. 2. Reflects management incentive bonuses under our long-term incentive plan that are accrued when earned, net of cash payments. 3. Reflects the change (increase/(decr
Slide 18: Net Non-funding Debt and Non-funding Debt to Equity Reconciliation
Net Non-funding Debt and Non-funding Debt to Equity Reconciliation 18 ($ in millions) 2Q26 As adjusted1 Secured lines of credit $2,950 $1,325 Borrowings against investment securities 84 84 Senior notes 2,984 2,596 Finance lease liability 22 22 Cash and cash equivalents (498) (500) Net non-funding de