Sezzle Inc. · NASDAQ:SEZL
Sezzle — Investor Presentation (November 2025)
46 slides from Sezzle's investor presentation, Nov 14, 2025
Slide 1: The Responsible Way to Pay – Investor Presentation
@sezzle The Responsible Way to Pay Investor Presentation November 2025
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Statements ‘This presentation (the "Presentation’) contains summary information about the activities of Sezale as ofthe date ofthis Presentation. The information in this Presentation is of a general nature and does net purport to be complete and t
Slide 3: Sezzle at a Glance
Sezzle at a Glance
Slide 4: Prized BNPL Platform
Prized BNPL Platform Since Inception? ‘Announced 6-for-1 Stock Split & $50M Repurchase Program! $12B Gross Merchandise Volume oe & On-Demand 18M Completed sign-Ups re =a (Delisted from ASX Jan '24) 1* Quarter of Profitability Zz (initiatives Announced in Mar 22) ia Termination of Planned Merger with
Slide 5: Financial Snapshot
Financial Snapshot 3Q25 Results Performance & Guidance Guvcromhivon 68.7%) a e. Total Revenue Growth (YoY) 67.0% ee ae 70.1% 60-65% wee ee Adjusted NetIncomet $64.6 $120.0 Po re “forouesee «S180 $3.88 To nerusteetorrrtneeied 42% | | adumeseerok — $88.4u_$175.0-180.0u A Quarterly Purchase Fi eee Driv
Slide 6: The Markets We Serve
The Markets We Serve
Slide 7: The Nascent and Growing BNPL Market
The Nascent and Growing BNPL Market Buy Now, Pay Later (BNPL) represents less than 2% Sezzle represents ~1% of North America’s Total Commerce Transaction Value of North America’s Total BNPL Market In-Store Financing Products $125.0 3% —_ BNPL & POS $257B Tunencing North America 2% Total BNPL Market
Slide 8: BNPL Outpacing the Payments Market
BNPL Outpacing the Payments Market Total North America Payments Market Product Type CAGR Growth Rate from 2019 to 2024 CAGR Growth Rate from 2024 to 2030 Credit Card 1.8% (1.1%) Debit Card 1.3% (0.4%) North America Payments Market 3.6% 3.2% BNPL North America Total Market Share 2024 2030F % of North
Slide 9: U.S. Consumer Credit Market Snapshot
U.S. Consumer Credit Market Snapshot Younger generations struggle with below average credit scores 2024 U.S. FICO Distribution> 28% ae 23% 16% : 7 Poor Fair Good Very Exceptional 300-579 680-669 670-739 740-799 800-850 2024 Average FICO by Generation® Silent Baby Boomers GenerationX Millennials. Gen
Slide 10: A Dual-Sided Value Engine
A Dual-Sided Value Engine Why Consumers Use Sezzle Browser Extension Price Comparison Sezzle Balance ‘And More! Tm Me Personalized Shopping In Ape Engagement Features & Financial Tools Driving daily user interactions Daily deals, curated collections, and Sezzle offers Consumer Profile & Benefits! Wh
Slide 11: Robust & Expanding Product Ecosystem
Robust & Expanding Product Ecosystem
Slide 12: Initial Business Model / Expanding Our Ecosystem
Initial Business Model Launched in 2Q22 Expanding Our Ecosystem Launched in 2Q23 Launched in 4Q24 ° ° e ° Ashopify — G\Megenio —— WiXcon adhcomerce comment ID Z (Ceommence A) JustiFi : ! —— aan ree on r Direct & Virtual Card Anywhere On-Demand Integration Offers comprehensive suite of payment option
Slide 13: Comprehensive Suite of Payment Options
Comprehensive Suite of Payment Options Offering a full suite of payment options, allowing consumers to choose based on their schedule and needs Pay-in-Full Pay-in-5 (beta) @sezzle Complete your order —— Example: $100 Purchase —— 25% 25% 25% 25% $25 $25 $25 $25 Time of Week Week Week purchase 2 4 6 @
Slide 14: Helping Consumers Build Credit History through Sezzle Up
Helping Consumers Build Credit History through Sezzle Up Start Your Journey to Better Credit equirax ipetion wok @sezzle | Investor Presentation The first BNPL platform in North America to offer credit reporting optionality through short-term installments in the U.S. & Canada *. TransUnion” EQUIFAX
Slide 15: Monthly On-Demand & Subscribers (MODS)
Monthly On-Demand & Subscribers (MODS) Engagement Fueling Growth On-Demand Premium (subscription) Anywhere (subscription) Pay Later anywhere Visa is Access to 350+ premium Pay Later anywhere Visa is accepted, with a one-time service merchants through Affiliate & accepted including all fee? at the po
Slide 16: Subscription Outperformance
Subscription Outperformance Driving Profitable Growth push to Subscription Performance in 3Q25 : Subscription : i : 1 fe) More Orders from Subscribers vs. H Non-Subscribers on Average if Launch of ; ! On-Demand | Frequency! 748,000 o 4 @ : @ | 3 6 Top 10% Anywhere Subscribers 90-days 1 1 x 707,000 3
Slide 17: Features Drive Consumer Acquisition, Retention, and Engagement
Features Drive Consumer Acquisition, Retention, and Engagement Features launched in 2025 Monthly Sessions! Earn Tab: Sezzle Arcade, Coupons & Discount, Gas & Dining Discounts, Sezzle Quest, Money IQ Sezzle Balance Wishlist Products Tab i fl. A i we Ss —_ aid Browser Extension Price Comparison Pay-in
Slide 18: Expanding Reach & Consumer Impact through Innovation
Expanding Reach & Consumer Impact through Innovation Initial 2021 2022-2023 2024 Business Model |W) WebBank 7 @sezzle {|| Direct Integration Credit Reporting Subscription Bank Sponsorship Pay-in-4 Sezzle Up Premium On Demand Anywhere @sezzle | Investor Presentation 2025 and Beyond -— > __ Launching
Slide 19: Propelling Growth through a Bank Partner
Propelling Growth through a Bank Partner WebBank Partnership ( @ sezzle IW] WebBank "A STEEL PARTNERS COMPANY Launch of unified fees - Streamlined regulatory * WebBank is a Utah-chartered h industrial bank approac * Entered 5-year strategic partnership program on August 26", 2024; launched September
Slide 20: Growing Profitably Through Strong Execution
Growing Profitably Through Strong Execution
Slide 21: Initiatives Exceeding Expectations
Initiatives Exceeding Expectations ($ in millions) ($75.2) 2021 * Expansion into new markets * Rising OpEx Net Income (Loss) 2022 * Reduction in work force Winding down global operations * Launched Sezzle Premium $7.1 <_< 2023 + Impact of 2022 profitability initiatives + Introduction of Subscription
Slide 22: Robust & Proprietary In-House Underwriting Strategy
Robust & Proprietary In-House Underwriting Strategy ke Sezzle Proprietary & Foy 3°¢ party ML Models Fraud be Sezzle Proprietary Model fey Underwriting 34 party ML Models Fraud Existing Consumers Sezzle Proprietary Model (4"* generation) Underwriting | Sezzle Model is more predictive than FICO for Sp
Slide 23: Short Duration Product and High Repeat Usage
Short Duration Product and High Repeat Usage Supports Strong Underwriting 62.0% 2 The short duration product results in quick portfolio turnover, 2 60.0% > @ im 3025 with repayment trends evident after 14 days 3 S H Type of Loan Std. Loan Tenor \ & H Eg s20x | Serle AR days | © S 7.2 point margin ex
Slide 24: YoY Progression Overview
YoY Progression Overview Total Revenue Net Income Adjusted Net Income! Adjusted EBITDA Margin? Total Revenue Less Transaction Related Costs® as a % of Total Revenue Non-Transaction Related OpEx* as a % of Total Revenue 3Q24 $70.0M $15.4M $16.7M 32.4% 55.0% 3Q25 $116.8M $26.7M $25.4M 33.9% 54.2% YoY
Slide 25: YoY Engagement Metrics
YoY Engagement Metrics Monthly On-Demand & Subscribers (MODS!) 3Q25 784,000 3Q24 529,000 +255k YoY Quarterly Purchase Frequency (Average) 3Q25 6.5x 3Q24 54x +1.1x YoY Active? Consumers Repeat Usage as a % of Total Orders (Cumulative) 3Q24 274,000 YoY 3Q24 6,244,000 + 9 + vos I aoncco | 147% || I ox
Slide 26: QoQ Engagement Metrics
Last Twelve Months (LTM) QoQ Engagement Metrics Quarterly Purchase Frequency (Average) Active! Consumers Unique Merchants? Shopped at by Consumers 4Q24 1925 2025 3Q25 6.5x 6.1K 6.1K - | I 2,860,000 2. a 000 2,734,000 it 4Q24 1025 2Q25 2,971,000 474,000 412,000 7 in ' a L 4Q24 1Q: 2025 +0.4x QoQ +3.9
Slide 27: Gross Merchandise Volume (GMV) & Total Revenue
Gross Merchandise Volume (GMV) & Total Revenue Gross Merchandise Volume (GMV) $2,540.2 $2,783.0 +58.7% YoY $1,807.8 $1,743.4 $1,824.3 2021 2022 2023 2024 2025 YTD 3024 4Q24 1025 2025 3025 =GMV ($ in millions) = GMV ($ in millions) Total Revenue 10.6% 15:06 112% $70.0 $98.2 $104.9 $98.7 $116.8 lS 202
Slide 28: Transaction Related Costs
Transaction Related Costs’ As a % of GMV ig 1 19, 9; 1% 1% 45% 4.3% 47% 4.4% 5.1% Za% Ae 5.1% $101.4 ae re $120.1 $123.0 i la ee ee 2021 2022 2023 2024 2025 YTD 3024 4Q24 1025 2025 3025 mmm Transaction Related Costs ($ in millions) —— % of GMV mmm Transaction Related Costs ($ in millions) —— % of GM
Slide 29: Transaction Related Costs
Transaction Related Costs’ Transaction Expense Provision for Credit Losses Net Interest Expense FY2025 guidance of 2.5%-2.75% (19% H 19% H 19% } 5 9 (05% }- (04% Hoan Hoan Hoan J $32.2 $24.4 $20.6 $161 $15.3 2 $174 $15.4 ; . 228 a one ma size | $35 $34 «$29 $35 $3.9 aes =a = ae Ee Ee 3024 4024 1025
Slide 30: Total Revenue Less Transaction Related Costs
Total Revenue Less Transaction Related Costs’ As a % of GMV AG $54.3 $73.9 $60.3 $63.3 ae ll 2021 2022 2023 2024-2025 YTD 3a24 4a24 1025 2025 3025 mmm Total Revenue Less Transaction Related Cosis ($ in millions) % of GMV mmm Total Revenue Less Transaction Related Costs ($ in millions) % of GMV As a
Slide 31: Non-Transaction Related Operating Expenses
Non-Transaction Related Operating Expenses' % of Total Revenue {27.4% | {25.6% J | 28.1% } {27.1% | $87.4 s48 $825 eee 2021 2022 2023 2024 2025 YTD 3024 424 1025 2025 3025 Corporate Strategic Projects Costs ($ in millions) Corporate Strategic Projects Costs ($ in millions) - - : $0.3M $1.7 $0.2M $0.
Slide 32: Net Income & Adjusted Net Income
Net Income & Adjusted Net Income Net Income 34.5% 22.1% 2.8% gia $26.4 $56.2 $976 $267 ne ee oe ates 3024 4024 ©1025 «2025-3025 3Q24 sm Net Income ($ in millions) % of Total Revenue (30.3%) az” $38.1 752, 9389 2021 2022» 2023 = 2024-2025 YTD 2021 lam Net Income ($ in millions) % of Total Revenue @se
Slide 33: Net Income & Adjusted EBITDA
Net Income & Adjusted EBITDA Net Income & Adjusted Net Income! $78.5 $66.5 $90.4 $85.6 $25.4 $26.1 $36.2$35.3 $27.6 $048 $26.7 $25.4 7.1 $5.6 $15.4 $16.7 / iss i Ti —— I a 3Q24 4Q24 1Q25 2Q25 3Q25 ($75.2) ($73.1) ($38.1) ($41.2) 2021 2022 2023 2024 2025 YTD ™ Net Income ($ in millions) ™ Adjusted Ne
Slide 34: Select Balance Sheet & Cash Flow Metrics
Select Balance Sheet & Cash Flow Metrics Balance Sheet $ in Thousands (Unaudited) Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Key Assets Cash and cash equivalents! $88,893 $88,943, $104,147 Restricted cash $31,976 $31,026 $30,509 Total cash $120,869 $119,969 $134,656 Total notes receivables, net $146,628
Slide 35: Outlook
Outlook FY2025 Guidance 2024 Actual August 2025 November 2025 Guidance Guidance Total Revenue 70% Growth 60% — 65% No change i 1 Total Revenue Less Transaction Related Costs 55.7% 60% — 65% No change as a % of Total Revenue ~25% (excluding discrete Effective Income Tax Rate (16.6%)? : No change item
Slide 36: Appendices
Appendices
Slide 37: Appendix I: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix |: Reconciliation of GAAP to Non-GAAP Financial Measures Reconciliation of Operating Income to Total Revenue Less Transaction Related Costs For the three months ended (in $ thousands) September 30, 2025, June 30, 2025 March 31, 2025 December 31,2024 September 30, 2024 Operating income $ 35,
Slide 38: Appendix II: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix Il: Reconciliation of GAAP to Non-GAAP Financial Measures Reconciliation of Operating Expenses to Transaction Related Costs For the three months ended (in $ thousands) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Operating expenses $ 81,235 $ 62,616 $
Slide 39: Appendix III: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix Ill: Reconciliation of GAAP to Non-GAAP Financial Measures Reconciliation of Net Income to Adjusted Net Income! For the three months ended (in $ thousands; except per share amounts) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net income $ 26.671 $ 27
Slide 40: Appendix IV: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix IV: Reconciliation of GAAP to Non-GAAP Financial Measures Reconciliation of Operating Income to Total Revenue Less Transaction Related Costs For the nine months ended For the twelve months ended (in $ thousands) September 30, 2025 December 31,2024 December 31,2023 December 31,2022 December
Slide 41: Appendix V: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix V: Reconciliation of GAAP to Non-GAAP Financial Measures Reconciliation of Operating Expenses to Transaction Related Costs For the nine months ended For the twelve months ended (in $ thousands) ‘September 30, 2025 December 31,2024 December 31,2023 December 31,2022 __ December 31, 2021 Opera
Slide 42: Appendix VI: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix VI: Reconciliation of GAAP to Non-GAAP Financial Measures Reconciliation of Net Income to Adjusted EBITDA! For the nine months ended For the twelve months ended (in $ thousands) September 30, 2025 December 31,2024 December 31,2023 December 31,2022 December 31, 2021 Net income $ 90,439 § 78,
Slide 43: Appendix VII: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix VII: Reconciliation of GAAP to Non-GAAP Financial Measures Reconciliation of Net Income to Adjusted Net Income! For the nine months ended For the twelve months ended (in $ thousands; except per share amounts) ‘September 30, 2025 December 31,2024 December 31,2023 December 31,2022 December 31
Slide 44: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement our operating results prepared in accordance with generally accepted accounting principles in the United States ("GAAP"), we present the following non-GAAP financial measures: Total revenue less transaction related costs; transaction related costs: non-trans
Slide 45: Non-GAAP Financial Measures (Cont.)
Non-GAAP Financial Measures (Cont.) Additionally, we have included these non-GAAP measures because they are key measures used by our management fo evaluate our operating performance, guide future operating plans, and make strategic decisions, including those relating to operating expenses and the al
Slide 46: Thank You
@sezzle | Investor Presentation Thank You Lee Brading, CFA SVP, Corporate Development & Investor Relations InvestorRelati zzle.com Erin Foran Media & PR MediaRelations@sezzle.com 46