Slide 1: Fourth Quarter 2025 Earnings Call
Fourth Quarter 2025 Earnings Call February 25, 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 Q4 2025
Financial Results Q4 2025 $110M 65% 54,714 $2,012 Total Revenue Y/Y Revenue Growth Policy Activations ARPU $47M $26M 23% 88% Contribution Profit Adj. EBITDA Adj. EBITDA Margin Rule of 40 Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the mos
Slide 5: Financial Results FY 2025
Financial Results FY 2025 $388M 52% 198,338 $1,954 Total Revenue Y/Y Revenue Growth Policy Activations ARPU $162M $89M 23% 75% Contribution Profit Adj. EBITDA Adj. EBITDA Margin Rule of 40 Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the m
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
500K+ 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 Agent OS Marketing scales Technology nt 1 ge e s g A ctiv P
Slide 8: Diverse Go-To-Market Channels
Diverse Go-to-Market Channels Direct-to-Consumer Third-Party Channel Direct-to-Consumer 63% of FY 2025 Revenue 37% of FY 2025 Revenue Affiliate Meta Organic Linear TV Search Others Data-Driven Underwriting Engine Third-Party Channel 500K+ 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 2024 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. Market Share The Legacy Problem Northwestern Mutual 9% Ethos 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 Life 5% data
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 Way 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 Premiums for 3 Carriers in 2025* Enabling carriers to break >2x * through stagnant market share Ethos carriers grow >2x Data-driven approach to faster than non-Ethos effectively control carriers in similar pro
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 Strategies
Our Growth Strategies 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
Track Record of Innovation FY 2025 Cancer Insurance (Aflac) Universe of Potential Future Expansion Indexed Univ. Life Variable Participating Annuities & Supplemental FY 2024 (North American) Universal Life Whole Life Wealth Mgmt. Health Term Life Term Life FY 2023 (Protective) (Protective) Indexed Un
Slide 19: Financial Highlights
Financial Highlights © Ethos Life
Slide 20: Annual Revenue and Profitability
Annual Revenue and Profitability Revenue $388 Contribution Profit Adjusted EBITDA ($M) ($M) ($M) +52% $162 $255 42% +60% $105 $160 $89 41% +53% $58 23% $51 23% 32% $7 4% 2023 2024 2025 2023 2024 2025 2023 2024 2025 Y/Y Growth Rate Margin Margin Note: See the appendix for a reconciliation of the non-GA
Slide 21: Quarterly Revenue
Quarterly Revenue $110 $95 +65% $94 $89 Q4'25 Total Revenue +53% +58% +34% 65% Growth Y/Y $67 +66% Q4'25 Direct Revenue % 67% of Total Q4'25 Third-Party Revenue 33% % of Total Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Total Revenue ($M) Total Revenue Growth YoY Note: See the appendix for a reconciliation of the
Slide 22: Quarterly Revenue by Channel
Quarterly Revenue by Channel $74 +93% $62 $56 +20% $50 +28% +26% $38 $38 $38 $36 $33 +37% $28 +134% +45% +27% +210% +134% Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Direct Revenue ($M) Third-Party Revenue ($M) Note: See the appendix for a reconciliation of the non-GAAP financial meas
Slide 23: Activated Policies & Average Revenue per Unit
Activated Policies & Average Revenue per Unit 54,714 49,219 $1,972 $2,012 48,122 $1,920 $1,906 46,283 $1,727 38,515 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Activated Policies ARPU Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentat
Slide 24: Contribution Profit & Adjusted EBITDA
Contribution Profit & Adjusted EBITDA $47 $40 $38 $37 $26 $26 $24 $21 $19 43% $15 42% 43% 40% 39% 25% 23% 23% 22% 20% Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Total Contribution Profit ($M) Contribution Margin Adj. EBITDA ($M) Adj. EBITDA Margin Note: See the appendix for a reconcil
Slide 25: Guidance
Guidance Q1’26 Total Revenue $144 million to $146 million, up 53% Y/Y at the midpoint Q1’26 Adj. EBITDA1 $30 million to $32 million FY’26 Total Revenue $510 million to $514 million, up 32% Y/Y at midpoint FY’26 Adj. EBITDA1 $99 million to $103 million 1 Adjusted EBITDA is a non-GAAP measure defined a
Slide 26: Appendix
Appendix © Ethos Life
Slide 27: Non-GAAP Financial Measures and Performance Metrics Glossary
Non-GAAP Financial Measures and Performance Metrics Glossary Contribution Profit: A 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 related to employees and overhe
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations 1 Such expenses relate to Ethos' employees. 2 Represents preliminary estimated unaudited financial results. Our actual results may differ from these preliminary estimated results upon completion of our reviews and © Ethos Life 28 financial closing processes for the three mon
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