Better Home & Finance Holding Company · NASDAQ:BETR
Better Home & Finance — Q2 2025 Earnings Presentation
27 slides from Better Home & Finance's earnings presentation, Aug 7, 2025
Slide 1: Investor Presentation
Investor Presentation August 2025
Slide 2: Disclaimer
Disclaimer This presentation and any related oral presentation, (together “this presentation”), do not constitute an offer or invitation to subscribe for, purchase or otherwise acquire any securities or other instruments of Better Home & Finance Holding Company ("Better" or the "Company") and nothin
Slide 3: Next generation AI mortgage platform. Simpler. Faster. Better.
Next generation AI mortgage platform. Simpler. Faster. Better. 3
Slide 4: Direct-to-Consumer Tinman AI as a Platform
Powered by Tinman® AI Lightyears ahead of what technology can do in the mortgage industry. Direct-to-Consumer We are continuing to grow Tinman by diversifying its use as a platform and as a software to solve the mortgage industry’s broken tech stack. Ultimately, making the Tinman® AI as a mortgage i
Slide 5: Homeownership market is enormous
Homeownership market is enormous Cumulative market size $5T 01 Largest and most $11 Trillion $19+ Trillion Consumer Financial Network 6 Avg. Annual Spend within tangible asset class Global Housing Market1, 2 in the world $3T 02 $14 Trillion Home Services Ecosystem5 Bedrock of the 15-18% of U.S. GDP
Slide 6: However, mortgage process remains challenging and archaic for consumers
However, mortgage process remains challenging and archaic for consumers The homeownership status quo is broken Our platform delivers a Better experience Expensive Best-in-class experience Buyers pay fees to up to 10 intermediaries, 64 Net Promoter Score accounting for ~10% of home price1 4.1 out of
Slide 7: Better Mortgage offers a broad suite of home financing solutions
Better Mortgage offers a broad suite of home financing solutions Our Average Customer Home Purchase ▪ 12 days faster average closing time vs. industry Profile1 ▪ Saves customers ~$20k on average over loan $299k Average loan balance ▪ 13 days faster average closing time vs. industry Home Refinance ▪
Slide 8: The mortgage industry's only fully integrated platform, built for everyone
The mortgage industry’s only fully integrated platform, built for everyone Powered by Tinman® AI Our next generation AI mortgage platform makes homeownership Better + Purchase Refinance HELOC Real Estate Settlement Cover Locked mortgage Refinancing process Monetize home Home, auto, life Real estate
Slide 9: Scalable and integrated platform with a best-in-class customer experience
Scalable and integrated platform with a best-in-class customer experience 1 Data Advantage 4 Capital-Light Model g g Enhanced customer experience and Investors and partners buy loans via maximized conversion – up to 10k data platform. Retain on balance sheet for points per customer in loan process ~
Slide 10: Light balance sheet and low-risk funding model, attracting new mortgage investors
Light balance sheet and low-risk funding model, attracting new mortgage investors Assets matched to identified Assets acquired by Better’s funding at origination, aligning to the network of third-party investors criteria of institutional investors Streamlined, tech-enabled Strong and growing institu
Slide 11: Customer interaction at Point of Sale: Speed & Personalization
Customer interaction at Point of Sale: Speed & Personalization Automated One-Day Self Service Instant Rates Get a mortgage pre- Tinman® can deliver Disclosures Mortgage approval from your immediate rate Instant loan estimate Streamlined AI- couch in as little as 3 options and pre- delivered to borro
Slide 12: Our platform continues to expand into new, significant channels
Our platform continues to expand into new, significant channels Powered by Tinman® AI 2016 2025 2025 Release Release Release D2C Tinman® AI as a Platform Tinman® AI as a Software Revolutionary consumer experience Proven traditional retail mortgage Empower bank partners with our for home finance proc
Slide 13: Direct to Consumer
Direct to Consumer Better
Slide 14: Simpler, Faster, Better
Our platform delivers a seamless, end-to-end customer experience Simpler, Faster, Better Zero 100% online A few quick Automated soft Pre-approval commissions application questions credit check letter in minutes Traditional lenders involve up to 10 intermediaries and take up to 45 days to close1 1. 1
Slide 15: Supported by Better Plus, complementary products built for homeowners
Supported by Better Plus, complementary products built for homeowners Real Estate Settlement Cover ▪ Customer-focused, low-cost, ▪ One-click title insurance with ▪ Digital marketplace of third- automation driven model transparent rates party insurance partners ▪ Offered through in-house and ▪ Hyper-
Slide 16: Powered by Tinman and enhanced by Betsy
Powered by Tinman® and enhanced by Betsy What is Tinman®? What is Betsy ? Single, centralized, end-to-end system with AI integrated, and accessing data Betsy is an AI agent programmed to make or consistently and in one singular format throughout the entire process take calls from consumers as a virt
Slide 17: Betsy accelerates the customer journey, reducing time to close
Betsy™ Demo Call: Listen at https://better.com/betsy Betsy Demo Call: Listen at https://better.com/betsy Betsy accelerates the customer journey, reducing time to close with… Enhanced Sales Labor and Customer Capacity Scalable Fulfilment Savings Communication 24/7 Service Insights from Agents Tinman®
Slide 18: Unit Economics Per Fund: Aggregate D2C
Unit Economics Per Fund: Aggregate D2C Q1 2025 Q2 2025 Loan Units 2,196 2,974 Gross GOS Revenue $7,454 $7,999 Concessions -$721 -$613 Net Gain on Sale Revenue $6,733 $7,386 Net Mortgage Interest Income* $500 $500 Total Mortgage Revenue $7,233 $7,886 Sales Labor Cost per fund $1,659 $1,532 Ops Labor
Slide 19: Tinman AI as a Platform
Tinman® Al as a Platform Better
Slide 20: Benefits of Tinman AI Platform
Benefits of Tinman® AI Platform As realized by lenders: Collapse time to close • End-to-end automation dramatically shortens closing times and IC capacity • Purchase closing as fast as 14 days, HELOC as fast as 5 days 43% Cost Reduction • Lower fulfillment costs through streamlined operations 10x Pr
Slide 21: NEO Powered by Better delivers higher margins with potential for significant scaling
NEO Powered by Better delivers higher margins with potential for significant scaling Overview NEO Funded Loan Volume ($ in M) ▪ Total TAM for NEO powered by Better is $1.2T+ of annual loan volume funded by retail and mortgage brokers1 $429 ▪ NEO powered by Better leverages Tinman® AI platform to sup
Slide 22: Tinman AI as a Software
Tinman® Al as a Software Better =
Slide 23: Tinman AI as a Software – white label solution for bank partners
Tinman® AI as a Software – white label solution for bank partners Value Proposition Target Market Traditional Mortgage Origination Workflow SaaS & White Label Transformed to One Seamless Platform Operational Efficiency Wholesale Eliminates the need for a cumbersome Operational network of different v
Slide 24: Unique value proposition with a clear right-to-win across homeownership
Unique value proposition with a clear right-to-win across homeownership We believe there are no other solutions that can provide the seamless experience and Better’s End-to-End breadth of products across the entire homeownership ecosystem Technology Platform 24
Slide 25: Looking Forward
Looking Forward Better
Slide 26: Our next steps towards adjusted EBITDA breakeven by Q3 2026
Our next steps towards adjusted EBITDA breakeven by Q3 2026 Revenue Increased Cost Divestitures Diversification Efficiency Optimization New Tinman® Cutting unnecessary Expanding Software and Divesting non-core UK developments driving sales overhead spend Platform Channels assets and operations produ
Slide 27: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures (Amounts in $ thousands) Quarter Ended June 30, Adjusted Net Loss 2025 2024 Net (loss) income $(36,270) $(41,365) Stock-based compensation expense 4,252 7,959 Change in fair value of warrants and equity related liabilities 572 102 Change in fair value of convertib
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