Slide 1: Second Quarter 2026 Earnings Call
Second Quarter 2026 Earnings Call August 3, 2026 © Ethos Life | Confidential
Slide 2: Important Notice and Disclaimers
Important Notice and Disclaimers Forward-Looking Statements This presentation and accompanying oral presentation includes express and implied forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on Ethos Technologies Inc.’s ("Ethos" o
Slide 3: Our mission is to protect families by democratizing access to life insurance
Our mission is to protect families by democratizing access to life insurance and empowering agents at scale. © Ethos Life | Confidential 3
Slide 4: Financial Results
Financial Results Q2 2026 $190M 113% 107,847 $62M Total Revenue Y/Y Revenue Growth Policy Activations Contribution Profit $35M 19% $36M 132% Adj. EBITDA Adj. EBITDA Margin CFOA Rule of 40 Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the mo
Slide 5: Annual Revenue
Annual Revenue * * Forecasting fourth consecutive year of 50%+ growth Revenue growth forecasted to accelerate Y/Y in FY26 Revenue growth balanced between both segments * Represents the midpoint of current 2026 revenue guidance range. © Ethos Life 5
Slide 6: Platform Captures Key Points of Value Chain With No Balance Sheet Risk
Platform Captures Key Points of Value Chain With No Balance Sheet Risk Insurance Value Chain Benefits of Our Model Distributor The Ethos Platform is: Ethos.com direct & selling agents Asset and Capital Light Underwriter Regulatory Light (not a carrier) Proprietary policy underwriting algorithm Extens
Slide 7: Our three-sided technology platform has strong value propositions
700K+ Consumer Policies Activated1 Our three-sided technology platform has strong value propositions Ethos Platform for all constituents Application Underwriting Engine Engine With compounding network Admin Data Infra effects as our platform Marketing Agent OS scales Technology nt 2 ge e s Payments &
Slide 8: Diverse Go-To-Market Channels
Diverse Go-to-Market Channels Direct-to-Consumer Third-Party Channel Direct-to-Consumer 61% of Q2 2026 Revenue 39% of Q2 2026 Revenue Affiliate Meta Organic Linear TV Search Others Data-Driven Underwriting Engine Third-Party Channel 700K+ Policies Across a Portfolio of Proprietary Products Term Life I
Slide 9: Addressing a Large and Reoccuring Market Opportunity
Addressing a Large and Reoccuring Market Opportunity U.S. individual life + annuity TAM Enduring demand for life insurance… Represents 2025 total new premiums ~10 million Americans purchasing new policies annually over the last decade …fueled by key milestones1 $140B+ Existing Products + New Product
Slide 10: The Market is Fragmented and Legacy
The Market is Fragmented and Legacy U.S. Life Insurance Market Share1 The Legacy Problem Northwestern Mutual 9% Prudential 8% Top 20 life insurance carriers are all 100+ years old Pacific Life 8% NY Life 6% Half are Mutual Companies Other 55% MassMutual 5% Legacy tech & 4-8 week selling State Farm Li
Slide 11: Getting Life Insurance Can Take Weeks, and Many Don’t Qualify
Getting Life Insurance Can Take Weeks, and Many Don’t Qualify Before Ethos Approval Process Decide to purchase life Give Results go insurance fluids to carrier Decision Search for Schedule lab provided to an agent work agent Agent discusses Decide Agent gets info decision with on an & guesses the cus
Slide 12: Value to Consumers
Value to Consumers Ethos Reduces Friction and Democratizes Access Traditional Experience 4-8 weeks average 95% of applicants receive underwriting process decisions instantly1 Low approvals High approval rates, a policy for almost everyone 14 industry average NPS 70 NPS with industry-competitive pric
Slide 13: Value to Agents
Value to Agents Ethos Empowers Agents to Multiply Earnings by Accelerating Their Velocity The Old Way1 6 week 3 week 10 min. 1 day Commission Commission sale Wait sale Wait 9 week 3 day cash cycle cash cycle Antiquated tech with All-in-one digital OS with multiple logins, CRMs, range of products and
Slide 14: Value to Carriers
Value to Carriers Ethos Delivers Incremental Growth in a Risk-Conscious Manner #1 Source of New Premiums for 3 Carriers in 2025* Enabling carriers to break * through stagnant market share 2x Ethos carriers grow 2x Data-driven approach to faster than non-Ethos effectively control carriers in similar p
Slide 15: Network Effects
Network Effects Better Pricing Higher Efficiency & Unit Economics & Incentives More Consumers DATA ECONOMIES isk Br MOAT OF SCALE oa rR de tte rR Be ea ch PLATFORM ENGAGEMENT More More More Carriers Agents Agents More Products © Ethos Life 15
Slide 16: Leading Instant Underwriter
Leading Instant Underwriter Prescription Records Med Claims Billing Labs History Predictive Financial DMV Records Life Insurance History Data Collection Up to 250K data points per app Proprietary Underwriting Engine Algorithmic Underwriting Up to 40K rules per app 250K Data Convert to Proprietary Po
Slide 17: Our Growth Objectives
Our Growth Objectives Add Insurance Products Enhance our Platform Expand Our Product Portfolio Grow our Ecosystem Increase Share of Maximize Consumer Value Our Agents’ Sales Attract More Consumers Enhance Agent Productivity Recruit More Agents © Ethos Life 17
Slide 18: Track Record of Innovation
FY 2026 Track Record of Innovation Annuities Simplified Issue Whole Life Universe of Potential Future Expansion (Banner Life) Guaranteed Issue Whole Life Variable Participating Wealth Mgmt. Supplemental FY 2025 (Banner Life) Universal Life Whole Life Health Cancer Insurance Cancer Insurance (Aflac) (A
Slide 19: Financial Highlights
Financial Highlights © Ethos Life
Slide 20: Quarterly Revenue
Quarterly Revenue Q2'26 Total 113% Revenue Growth Y/Y Q2'26 Direct 61% Revenue % of Total Q2'26 Third-Party 39% Revenue % of Total Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for des
Slide 21: Quarterly Revenue by Channel
Quarterly Revenue by Channel Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for descriptions of certain of our key operational metrics. © Ethos Life 21
Slide 22: Activated Policies & Average Revenue per Unit
Activated Policies & Average Revenue per Unit Product Mix Shift Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for descriptions of certain of our key operational metrics. © Ethos Life 2
Slide 23: Contribution Profit & Adjusted EBITDA
Contribution Profit & Adjusted EBITDA Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for © Ethos Life 23 descriptions of certain of our key operational metrics.
Slide 24: Guidance
Guidance Q3'26 Total Revenue $160 million to $164 million, 73% Y/Y growth at the midpoint Q3'26 Adj. EBITDA1 $23 million to $25 million FY'26 Total Revenue $727 million to $731 million, 88% Y/Y growth at the midpoint FY'26 Adj. EBITDA1 $119 million to $123 million 1 Adjusted EBITDA is a non-GAAP mea
Slide 25: Appendix
Appendix © Ethos Life
Slide 26: Non-GAAP Financial Measures and Performance Metrics Glossary
Non-GAAP Financial Measures and Performance Metrics Glossary Contribution Profit: A non-GAAP measure defined as gross profit less sales and marketing expense, which includes agent payments and underwriting costs for non-activated policies, plus stock-based compensation [and related taxes] related to em
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations © Ethos Life 27
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations © Ethos Life
Slide 29: Income Statement
Income Statement © Ethos Life 29
Slide 30: Balance Sheet and Statement of Cash Flows
Balance Sheet and Statement of Cash Flows © Ethos Life 30