Altisource Portfolio Solutions S.a. · NASDAQ:ASPS
Altisource Portfolio Solutions — Q4 2025 Earnings Presentation
35 slides from Altisource Portfolio Solutions's earnings presentation, Mar 4, 2026
Slide 1: Altisource Portfolio Solutions Fourth Quarter 2025 Supplementary Information
ALTISOURCE PORTFOLIO SOLUTIONS FOURTH QUARTER 2025 SUPPLEMENTARY INFORMATION © 2026 Altisource All Rights Reserved.
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements that involve a number of risks and statements are subject include, but are not limited to, risks related to customer uncertainties. These forward-looking statements include all statements that are not concentration, impacts to default
Slide 3: Non-GAAP Measures
NON-GAAP MEASURES Adjusted operating income, pretax loss attributable to Altisource, adjusted pretax (loss) Furthermore, we believe the exclusion of more significant non-operational items enables income attributable to Altisource, adjusted net (loss) income attributable to Altisource, comparability
Slide 4: 2025 Highlights
2025 HIGHLIGHTS1 Grew Service revenue, Adjusted EBITDA2 and GAAP earnings compared to 2024 Improvements reflect disciplined execution, lower interest expense and strong sales wins across both Business Segments3 Sales wins should put us in a strong position to mitigate the impact of anticipated legac
Slide 5: Total Company Financial Performance
TO TA L C O M PA N Y F I N A N C I A L P E R F O R M A N C E Service Revenue Business Segments Adjusted EBITDA1 2025 Highlights (vs. 2024) $170.6 $161.3 • Service revenue increased by 7% to $161.3 $144.5 $150.4 $136.6 million with sales wins in both segments $107.8 contributing to the growth $119.9
Slide 6: Total Company Financial Performance
TO TA L C O M PA N Y F I N A N C I A L P E R F O R M A N C E Income (Loss) Before Income Taxes and Non-controlling Interests1 2025 GAAP Highlights (vs. 2024) $15.3 • Improved loss before income taxes and non- controlling interests to $14.1 million from ($14.1) $32.9 million in 2024. Improvement driv
Slide 7: Quarterly Financial Performance
Q U A R T E R LY F I N A N C I A L P E R F O R M A N C E Service Revenue Business Segments Adjusted EBITDA1 Q4 2025 Highlights (vs. Q4 2024) $40.9 $40.8 $39.7 $39.9 $38.4 • Q4 2025 Service revenue was $39.9 million, a 4% increase over Q4 2024 driven by growth $32.0 $30.1 in the Origination segment $
Slide 8: Servicer and Real Estate Segment
S E R V I C E R A N D R E A L E S TAT E S E G M E N T Segment Service Revenue Segment Financial Performance (vs. 2024) • Service revenue of $126.1 million increased 5%, reflecting a full year of the newer Renovation business and growth in the $112.1 $119.9 $126.1 Foreclosure Trustee, Granite, and Fi
Slide 9: Servicer and Real Estate – Sales Pipeline and Wins
S E R V I C E R A N D R E A L E S TAT E – S A L E S P I P E L I N E A N D W I N S Attractive Sales Pipeline1,2 $30.1 $29.4 $26.1 $25.3 $24.4 $19.3 Weighted Average Pipeline Estimated Revenue – End of Quarter Q4'23 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Strong Sales Cumulative Wins3 $58.4 Wins: $104.8 Estimat
Slide 10: Growing Hubzu Inventory
G R O W I N G H U B Z U I N V E N TO R Y Hubzu Inventory Growth from New Sales Wins Ending Inventory (in thousands) • Recently onboarded two new Hubzu wins: 13.5 • REO asset management and foreclosure auction agreement with a residential loan servicer • CWCOT2 first chance foreclosure auction agreem
Slide 11: Origination Segment
O R I G I N AT I O N S E G M E N T Segment Service Revenue Segment Financial Performance (vs. 2024) • Service revenue grew 16% to $35.2 million • Adjusted EBITDA1 increased 19% to $2.9 $58.0 million $35.2 • Adjusted EBITDA1 margins modestly $32.4 $28.8 $30.4 improved from 8.1% to 8.3% • Service reve
Slide 12: Origination – Sales Pipeline and Wins
O R I G I N AT I O N – S A L E S P I P E L I N E A N D W I N S Attractive Sales Pipeline1,2 $18.0 $14.7 $14.9 $13.2 $11.9 $13.4 Weighted Average Pipeline Estimated Revenue – End of Quarter Q4'23 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Strong Sales Cumulative Wins3 Wins: $43.8 $4.7 $20.9 Estimated Annualized S
Slide 13: Corporate and Others Segment
C O R P O R AT E A N D O T H E R S S E G M E N T Corporate Financial Performance (vs. 2024) Corporate and Others Adjusted EBITDA1 Loss • 2025 Corporate Adjusted EBITDA1 loss of $29.3 million reflects a year-over-year increase in costs primarily related to non- recurring benefits in Q1 2024 and highe
Slide 14: Business Environment
BUSINESS ENVIRONMENT Delinquency and Foreclosure Environment Origination Market Environment2 • 90+ day mortgage delinquency rates, including loans in foreclosure, • Industrywide mortgage origination unit volume increased 19% in increased to 1.45% in December 2025 from 1.35% in December 2025 compared
Slide 15: Total Company Financial Guidance
2 0 2 6 TO TA L C O M PA N Y F I N A N C I A L G U I D A N C E • Market assumptions1 − Relatively flat industry-wide mortgage delinquency Service Revenue Adjusted EBITDA2 rates $185.0 $20.0 − 7% growth in origination volume $18.3 • Service revenue guidance reflects our assumptions for: $15.0 − Onboa
Slide 16: Project 45 Strategic Growth Initiatives
P R O J E C T 4 5 S T R AT E G I C G R O W T H I N I T I AT I V E S Project 45 is our company-wide objective to achieve a run-rate of $45 million in Adjusted EBITDA by Q4 2028 through the following initiatives: 1. Accelerate growth of the Company’s non-default related businesses (Origination, Renova
Slide 17: Project 45 Strategic Growth Initiatives
P R O J E C T 4 5 S T R AT E G I C G R O W T H I N I T I AT I V E S Initiative Opportunity Summary Renovation: Increase wallet share from existing client; launch renovation services with new customers 1. Grow Non-Default Granite Construction Risk Management: Improve customer experience by Businesses
Slide 18: Conclusion
C O N C LU S I O N • We believe Altisource is positioned to diversify our revenue base, ramp newly won business, maintain cost discipline and lower corporate interest expense in 2026 • Project 45 initiatives, supported by our 2025 sales wins, should help mitigate the impact from anticipated Rithm-re
Slide 19: Appendix
APPENDIX a Altisource
Slide 20: Fourth Quarter Financial Results
F O U R T H Q U A R T E R 2 0 2 5 F I N A N C I A L R E S U LT S $ millions (except per share data) Q4 2024 Q4 2025 Vs. Q4 2024 FY 2024 FY 2025 Vs. FY 2024 Service revenue $ 38.5 $ 39.9 4% $ 150.4 $ 161.3 7% Revenue 41.0 42.3 3% 160.1 171.0 7% Gross profit 12.4 11.2 (10%) 49.5 48.9 (1%) Income (loss
Slide 21: Operating Metrics
O P E R AT I N G M E T R I C S Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Default Related Services Onity1 Serviced Forward Loan Portfolio2: Service revenue3 per delinquent loan4 per quarter Non-GSE $ 241 $ 288 $ 246 $ 275 $ 262 $ 316 $ 331 $ 328 $ 308 $ 380 $ 426 $
Slide 22: Operating Metrics – Hubzu
O P E R AT I N G M E T R I C S Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Hubzu1: Service revenue (in millions)2 $ 5.9 $ 7.7 $ 7.1 $ 7.1 $ 5.8 $ 7.1 $ 7.3 $ 6.4 $ 6.0 $ 6.6 $ 6.4 $ 5.7 $ 5.6 Number of homes sold on Hubzu: Onity serviced portfolios3 579 599 567 556
Slide 23: Hubzu Inventory
H U B Z U I N V E N TO R Y Ending Inventory (in thousands) 13.5 3.8 7.3 6.9 6.2 6.3 6.2 6.3 6.1 6.5 6.2 5.9 6.0 6.0 6.0 5.8 5.7 5.9 6.0 5.7 5.6 3.6 4.4 3.6 9.6 4.2 4.1 3.5 3.4 3.6 3.5 3.4 3.6 3.6 3.7 4.1 3.8 3.9 3.5 3.3 3.3 3.7 2.0 2.0 2.2 2.4 2.5 2.6 2.7 2.7 2.4 2.4 2.2 2.3 2.3 2.4 2.4 2.4 2.4 2.4
Slide 24: Non-GAAP Measures
NON-GAAP MEASURES Adjusted operating income, pretax loss attributable to Altisource, adjusted pretax (loss) income attributable to Altisource, adjusted net (loss) income attributable to Altisource, adjusted diluted (loss) earnings per share, EBITDA, Adjusted EBITDA and Segment Adjusted EBITDA are no
Slide 25: Non-GAAP Measures
NON-GAAP MEASURES • Adjusted diluted (loss) earnings per share is calculated by dividing net (loss) income attributable to Altisource after removing intangible asset amortization expense (net of tax), share-based compensation expense (net of tax), litigation settlement loss (net of tax), loss on sal
Slide 26: Non-GAAP Measures
NON-GAAP MEASURES Reconciliation Q4 2024 Q4 2025 FY 2024 FY 2025 ($ in millions except per share data) Income (loss) from operations $ 0.6 $ (6.6) $ 3.2 $ 0.4 Intangible asset amortization expense 1.3 1.4 5.1 5.2 Share-based compensation expense 0.8 1.3 4.7 4.3 Litigation settlement loss - 7.5 - 7.5
Slide 27: Non-GAAP Measures
NON-GAAP MEASURES Reconciliation Q4 2024 Q4 2025 FY 2024 FY 2025 ($ in millions except per share data) Net (loss) income attributable to Altisource $ (8.8) $ (7.2) $ (35.6) $ 1.6 Intangible asset amortization expense, net of tax 1.3 1.3 5.1 5.2 Share-based compensation expense, net of tax 0.7 1.2 4.
Slide 28: Non-GAAP Measures
NON-GAAP MEASURES Reconciliation Q4 2024 Q4 2025 FY 2024 FY 2025 ($ in millions except per share data) Calculation of the impact of intangible asset amortization expense, net of tax Intangible asset amortization expense $ 1.3 $ 1.4 $ 5.1 $ 5.2 Tax benefit from intangible asset amortization - (0.0) -
Slide 29: Non-GAAP Measures
NON-GAAP MEASURES Reconciliation Q4 2024 Q4 2025 FY 2024 FY 2025 ($ in millions except per share data) Calculation of the impact of loss on sale of business, net of tax Loss on sale of business $ 0.7 $ - $ 0.7 $ - Tax provision from loss on sale of business - - - - Loss on sale of business, net of t
Slide 30: Non-GAAP Measures
NON-GAAP MEASURES Reconciliation Q4 2024 Q4 2025 FY 2024 FY 2025 ($ in millions except per share data) Certain income tax related items resulting from: Foreign income tax reserves/other $ 0.2 $ 0.0 $ 1.5 $ (16.2) Certain income tax related items 0.2 0.0 1.5 (16.2) Diluted share count (in 000s) 3,591
Slide 31: Non-GAAP Measures
NON-GAAP MEASURES 2026 2026 Reconciliation Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Guidance Guidance ($ in millions except per share data) Low High Net (loss) income attributable to Altisource $ (8.8) $ (5.3) $ 16.6 $ (2.4) $ (7.2) $ 11.8 $ (53.4) $ (56.3) $ (
Slide 32: Non-GAAP Measures
NON-GAAP MEASURES Reconciliation Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 ($ in millions except per share data) Servicer and Real Estate: Income before income taxes and non-controlling interests $ 9.8 $ 10.9 $ 11.3 $ 9.0 $ 2.1 $ 13.7 $ 26.5 $ 32.1 $ 38.0 $ 33.3
Slide 33: Non-GAAP Measures
NON-GAAP MEASURES Reconciliation Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2021 FY 2022 hn FY 2023 hn FY 2024 FY 2025 ($ in millions except per share data) Corporate and Others: Loss before income taxes and non-controlling interests $ (18.2) $ (15.4) $ (11.6) $ (10.3) $ (10.2) $ (3.7) $ (66.6) $ (7
Slide 34: Investor Relations Information
I N V E S TO R R E L AT I O N S I N F O R M AT I O N Altisource Portfolio Solutions S.A. is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of ABOUT ALTISOURCE innovative services and technologies, Altisource h
Slide 35: Altisource
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