Slide 1: Building the #1 Destination to Shop for Financial Products
Building the #1 Destination to Shop for Financial Products April 30, 2026
Slide 2: Disclaimer
Disclaimer Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 The matters contained in the discussion above may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the P
Slide 3: Disclaimer (cont'd)
Disclaimer (cont’d) EBITDA is defined as net income excluding interest, income taxes, amortization of intangibles and depreciation. Adjusted EBITDA is defined as EBITDA excluding (1) non-cash compensation expense, (2) non-cash impairment charges, (3) gain/loss on disposal of assets, (4) gain/loss on
Slide 4: Key Investment Highlights
Key Investment Highlights 1. High margin, low capital intensity business model with scalable expense base 2. Demonstrated growth from diversified revenue with incremental margin opportunity 3. Strong balance sheet and 26% 3-year AEBITDA CAGR at midpoint of ’26 guide 4. Deploying AI to achieve our No
Slide 5: Leading Consumer Financial Marketplace
Leading Consumer Financial Marketplace For Consumers: For Partners: What We Don’t Do: • Lead with Choice – 770 • On-demand customer • Lend money network partners for acquisition, free of • Write insurance policies broadest selection of contractual commitment financial products • Provide funding to •
Slide 6: Durable Business Model Tested By Multiple Cycles
Durable Business Model Tested By Multiple Cycles Rising Interest Become Top Become #1 Destination Tech COVID-19 Insurance to Shop for Financial Financial Crisis Rates & Historic Bubble Pandemic Marketplace? Products Inflation 2000 2008-2010 2020 2021 – 2023 2023 – 2026 2026 & Beyond IPO Exit mortgag
Slide 7: Driving Outsized Growth and Rapid Delevering
Driving Outsized Growth and Rapid Delevering Strong execution, AEBITDA growth and operating leverage driving durable value creation 2026 Guidance ($ in millions) 2023 2024 2025 2026 vs 2023 2023-26 CAGR Midpoint(1) VMM $280.9 $304.3 $346.6 $386.5 $105.6 11% Less: OpEx(2) $202.4 $200.2 $213.7 $229.5
Slide 8: Diversified Platform Positioned Across Distinct Macro Drivers
Diversified Platform Positioned Across Distinct Macro Drivers VMM Mix Evolution Three Engines FY ‘26 Total VMM $347M Insurance Rate-independent growth engine. $304M $281M Benefiting from secular growth trend as carriers shift to digital from Insurance traditional media. $174M Rate-independent (50%)
Slide 9: AI Changes Search, Not How Consumers Buy Financial Products
AI Changes Search, Not How Consumers Buy Financial Products The percentage of surveyed consumers who used an AI search engine AI search adoption is highest in to inform their purchase in each sector categories with price transparency – Exclusively Mainly Partly Limited or not at all electronics, tra
Slide 10: AI-Search Provides Deeper Discovery, But Cannot Transact
AI-Search Provides Deeper Discovery, But Cannot Transact Source: ChatGPT iPhone app query, 4/14/26 Source: Google Gemini iPhone app query, 4/14/26 10
Slide 11: AI Won't Replace Financial Marketplaces. It Will Depend on Them.
AI Won’t Replace Financial Marketplaces. It Will Depend on Them. Execution in financial Supply is fragmented and Partner participation is not services remains complex requires deep integration guaranteed and regulated • Compliance frameworks, licensing, • No single provider offers full • Real costs
Slide 12: North Star Strategy
North Star Strategy Accelerate Improve Expand Financial Rebuild & the Core Consumer Product Reposition Our Iterative improvements to Experience Offerings Brand grow VMD combined with Solve more consumer pain More products, solutions and Amplify our story so more operating leverage drives points and
Slide 13: We Are Harnessing AI's Potential For Consumers
We Are Harnessing AI’s Potential For Consumers A High-Touch and AI-Driven Journey 1 2 3 4 5 6 7 Trusted Discovery Personalized AI-Powered AI-Powered Lender Smart and Simple Frictionless Loyalty, Trust and Brand Pull Engagement Financial Guidance Orchestration Decisioning Application Handoff and Advo
Slide 14: Execution Will Drive Improved Unit Economics
Execution Will Drive Improved Unit Economics Attract Consumers with a Sell More High Compelling Brand Promise Intent Leads Make it Easy to Get The Consumer Successfully What They Need Partner with Us Deliver on that brand Through insights, promise. Help the 1 5 6 integrations & consumer complete the
Slide 15: Strategic Execution to Increase Organic Revenue Mix
Strategic Execution to Increase Organic Revenue Mix Organic Mix Shift Sensitivity Analysis $1B revenue example • Every 5% increase in organic revenue p in Organic Segment Change Margin Change mix shift = $39M of additional segment Revenue % Profit ($M) profit, 4% segment margin uplift Base case $300
Slide 16: Our Investment Proposition
Our Investment Proposition High-margin, asset-light marketplace with proven operating leverage Scaling profitability with expanding margins and durable cash flow Multiple growth engines with embedded upside Insurance and Consumer driving growth today, with Home positioned for recovery Strong balance
Slide 17: Appendix Materials
Appendix Materials
Slide 18: Non-GAAP Variable Marketing Margin
Non-GAAP Variable Marketing Margin Annual Reconciliation December 31, 2023 December 31, 2024 December 31, 2025 Net income from continuing operations $ (122) $ (42) $ 151 Net income from continuing operations % of revenue (18)% (5)% 14% Adjustments to reconcile variable marketing margin: Cost of reve
Slide 19: Non-GAAP Variable Marketing Margin
Non-GAAP Variable Marketing Margin Quarterly Reconciliation Three Months Ended Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 (in millions, except percentages) Net income from co
Slide 20: Non-GAAP Adjusted EBITDA Margin
Non-GAAP Adjusted EBITDA Margin Annual Reconciliation Twelve Months Ended December 31, 2023 December 31, 2024 December 31, 2025 (in millions, except percentages) Net income from continuing operations $ (122) $ (42) $ 151 Net income from continuing operations % of revenue (18)% (5)% 14% Adjustments t
Slide 21: Non-GAAP Adjusted EBITDA Margin
Non-GAAP Adjusted EBITDA Margin Quarterly Reconciliation Three Months Ended Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 (in millions, except percentages) Net income from conti
Slide 22: Non-GAAP Operating Expenses
Non-GAAP Operating Expenses Annual Reconciliation Twelve Months Ended December 31, 2023 December 31, 2024 December 31, 2025 (in millions, except percentages) Net income from continuing operations $ (122) $ (42) $ 151 Net income from continuing operations % of revenue (18)% (5)% 14% Adjustments to re
Slide 23: Non-GAAP Operating Expenses
Non-GAAP Operating Expenses Quarterly Reconciliation Three Months Ended Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, Mar 31, 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 (in millions, except percentages) Net income from continuin