Enova International, Inc. · NYSE:ENVA
Enova International — Q4 2025 Earnings Presentation
42 slides from Enova International's earnings presentation, Jan 27, 2026
Slide 1: Investor Presentation Q4 2025
Investor Presentation Q4 2025 © Enova International, Inc.
Slide 2: Safe Harbor Statement
Safe Harbor Statement Cautionary Statement Regarding Risks and Uncertainties That May Affect Future Results This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the business, financial condition and prospects of Enova.
Slide 3: Additional Notices
Additional Notices Important Additional Information Filed with the SEC In connection with the proposed transaction with Grasshopper Bancorp, Inc. (“Grasshopper”), Enova International, Inc. (“Enova”) filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S
Slide 4: Additional Notices
Additional Notices Enova and Grasshopper Data Data about Enova provided in this presentation, including financial information, has been prepared by Enova’s management. Data about Grasshopper provided in this presentation, including financial information, has been obtained from Grasshopper’s manageme
Slide 5: Enova at a Glance
Enova at a Glance Founded in 2004, Enova is a leading financial services company providing online lending through its world-class analytics and machine learning algorithms. Enova has been listed on the New York Stock Exchange since 2014. 14M+ $67B+ $3.2B Customers Loans made 2025 served since since
Slide 6: Consistent Shareholder Returns and Value Opportunity
Consistent Shareholder Returns and Value Opportunity Strong Long-Term Shareholder Returns1 10-Year Average Annual Total Shareholder Return 50% 40% 2016-2025 40% 30% 20% 14% 9% 7% 9% 7% 10% 0% ENVA S&P 600 Small Cap S&P 600 Financial S&P 600 Cons. Russell 2000 Index Russell 2000 Index Sector Index Fi
Slide 7: Q4 2025 #WINS!
Balanced Growth and Execution Reflected in Financial Performance Q4 2025 #WINS! $2.3B 60% $3.46 $369M Total company Consolidated Net Q4 Adjusted EPS Purchase Price originations in Q4 Revenue Margin Meeting customer demand with Three percentage point year-over- 33% year-over-year growth in Entered in
Slide 8: Enova To Acquire Grasshopper Bank
Enova To Acquire COMPELLING STRATEGIC RATIONALE Grasshopper • Product and operational simplification Bank • Significant growth and diversification opportunities • Enhanced balance sheet strength and flexibility Enova announced a definitive • Increased financial inclusion agreement to acquire Grassho
Slide 9: Grasshopper Acquisition Strategic and Financial Benefits
Grasshopper Acquisition Strategic and Financial Benefits Product and operational simplification • With a unified banking framework under federal bank supervision, Enova plans to offer loan and deposit products across a greater number of States, which will simplify compliance, risk management and bac
Slide 10: Our Mission, Our Vision
Our Mission Helping hardworking people get access to fast, trustworthy credit. Our Vision Closing the world’s credit gap. © Enova International, Inc. 10
Slide 11: Enova Investment Highlights
Enova Investment Highlights Focus on Non–Prime Borrowers, a large, expanding market segment where we have deep experience Diversified Product Offerings unmatched across both underserved non-prime consumers and small businesses Approach to Unit Economics and deploying capital that has delivered indus
Slide 12: Our Products Meet the Needs of Underserved Populations
Our Products Meet the Needs of Underserved Populations Non-Prime consumers are frequently Non-Prime consumers have unexpected turned down by traditional banks and expenses and limited savings. credit unions. 37% 1 in 3 34% 4x Americans rejection rate of Americans cannot cover an 37% of US Adults of
Slide 13: Large Growth Opportunities in Non-Prime Markets
Large Growth Opportunities in Non-Prime Markets Total Unsecured Personal Loan Balances, by Risk Tier $275B1 Q4 2024 Q4 2025 U.S. Consumer Loans 12% 12% Subpri me Enova < 1% of Loan Balances 22% 22% Near Prime 18% 19% Prime 23% 23% Prime Plus $279B 2 U.S. Loans SMB 25% 24% Super Prime Enova < 1% of L
Slide 14: Highly Flexible Online-Only Business Model
Highly Flexible Online-Only Business Model “For the sixth year in a row, U.S. consumers are conducting their banking via mobile apps more than any other method. 54% of bank customers use apps on phones or other mobile devices as their top option for managing their bank account. The next most popular
Slide 15: Enova Uses Diversified Multichannel Marketing
USER EXPERIENCE & CONVERSION Enova measures and monitors website visitor usage metrics Enova Uses and regularly tests website design strategies to improve customer experience and conversion rates. Diversified Multichannel DIGITAL ACQUISITION Online marketing efforts include PPC, display, Marketing S
Slide 16: Machine Learning Models and Automation Across the Customer Life Cycle
Machine Learning Models and Automation Are Applied Extensively Across the Customer Life Cycle The Colossus™ Analytics Engine creates a powerful competitive advantage ACQUISITION ML models trained on 40+ million data points predict likelihood of acquiring a new customer 90% COLLECTIONS FRAUD DETECTIO
Slide 17: Proprietary Technology With Better Predictive Performance Than Traditional Credit Models
Proprietary Technology With Better Predictive Performance Than Traditional Credit Models Enova Credit Modeling: Performance vs Standard Scoring 1. ROC Curves—Receiver Operating Characteristics Curves (True Positives versus False Positives). This graph should not be considered to be an indicator of f
Slide 18: Strong Credit Performance Through Economic Downturn
Strong Credit Performance Through Economic Downturn Enova’s consistent performance, even amid recent unprecedented times, reflects our solid risk management capabilities on our world-class analytics and technology. Consumer Loans1,2,3,4 20.0% 15.0% 10.0% 5.0% —% Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
Slide 19: Improved Portfolio Risk Profile
Improved Portfolio Risk Profile Enova’s powerful combination of diversified product offerings, world-class risk management capabilities and sophisticated unit economics framework has led to a reduced risk profile while maintaining healthy margins. Total Company Metrics1,2,3 20.0% 80.0% Total Company
Slide 20: Demonstrated Ability to Diversify While Delivering Returns
Demonstrated Ability to Diversify While Delivering Returns Combined Receivables and Returns1,2 $5,500 45% $5,000 40% $4,500 35% $4,000 30% $3,500 $3,000 25% $2,500 20% $2,000 15% $1,500 10% $1,000 $500 5% $0 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Consumer Installment Loans Consumer Lin
Slide 21: Small Business
Small Business © Enova International, Inc. 21
Slide 22: Diverse Portfolio of Established Small Businesses
Diverse Portfolio of Established Small Businesses 331K+ $585K 11.4yrs Diversified Broad Unique small business Median annual revenue Weighted avg. time in Across 900+ industries National Presence clients business Portfolio Balance by Industry1 Reasons for Seeking Business Funding2 Construction Genera
Slide 23: SMB Total Addressable Market (TAM)
SMB Total Addressable Market (TAM) U.S. Small & Medium-Sized Businesses U.S. Commercial & Industrial Loan Portfolio (at FDIC-insured institutions only) +34M $279B Business loans under $250K 4 99.9% of Businesses in the U.S. are SMBs1 +331K +$3.2B 3 “78% of loan applications are less than $250K” 2 En
Slide 24: Enova Helps Small Business Owners Gain Access to Capital
Enova Helps Small Business Owners Gain Access to Capital Small Business Gross Accounts Receivable1,2 $3,329 ($ in Millions) $2,484 $2,050 $1,797 $1,017 $691 $181 $86 $80 $85 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1. Includes OnDeck originations beginning Q4 2020 after acquisition on Octob
Slide 25: Consumer
Consumer © Enova International, Inc. 25
Slide 26: Enova Is A Market-Leading U.S. Non-Prime Lender
Enova Is A Market-Leading U.S. Non-Prime Lender 11.3M+ 590 $42K 33% Diversified Broad Total Consumers Weighted Average Average Personal Homeownership Across Non-Prime National Presence Served To Date Vantage® Score Income Consumers Top Non-Prime Loan Use:1 Customer response to ”How would you describ
Slide 27: U.S. Consumer Total Addressable Market (TAM)
U.S. Consumer Total Addressable Market (TAM) U.S. Subprime Unsecured U.S. Commercial & Industrial Loan Portfolio (at FDIC-insured institutions only) +$34B 1 +$51B 1 Over 12% of U.S. Borrowers Over 18% of U.S. Borrowers Have Subprime Credit1 ~1% ~2% Have Near Prime Credit1 Estimated Estimated NetCred
Slide 28: High Quality Consumer Products to Close the Credit Gap
High Quality Consumer Products to Close the Credit Gap ($ in Millions) Consumer Gross Accounts Receivable1,2 $1,596 $1,507 $1,263 $1,086 $1,056 $941 $869 $782 $607 $629 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1. Gross Accounts Receivables are end of period balances. 2. Data shown includes
Slide 29: Trusted Products Drive High-Rated Reviews
Trusted Products Drive High-Rated Reviews Online Reviews via TrustPilot as of January 2026 © Enova International, Inc. 29
Slide 30: Financial Performance
Financial Performance © Enova International, Inc. 30
Slide 31: History of Consistent Revenue and Profit Growth
History of Consistent Revenue and Profit Growth $3,500 Gross Revenue For All Brands1,2,3 $3,000 ($ in Millions) $2,500 $2,000 $1,500 $3,152 $2,658 $1,000 $2,118 $1,736 $500 $973 $1,175 $1,084 $1,208 $746 $844 $0 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Adjusted
Slide 32: Demonstrated Operating Leverage
Demonstrated Operating Leverage Enova Key Metrics1,2,3 $5,250 $5,000 $4,750 $4,500 $4,250 CAGR: 26% $4,000 $3,750 $3,500 $3,250 $3,000 $2,750 CAGR: 19% $2,500 $2,250 $2,000 $1,750 $1,500 $1,250 CAGR: $1,000 12% $750 $500 $250 $0 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024
Slide 33: Balance Sheet Flexibility Is a Source of Strength
Balance Sheet Flexibility Is a Source of Strength Funding Mix and Capacity1 Enova Debt Maturities2 $649 $1,400 $944 $1,559 $1,200 $659 $1,000 $1,044 $533 $606 $800 $300 $1,470 $1,195 $600 $215 $1,061 $24 $225 $488 $111 $1,031 $400 $561 $309 $453 $320 $357 $454 $596 $93 $87 $249 $200 $201 $310 $400 $
Slide 34: Appendix
Appendix © Enova International, Inc. 34
Slide 35: Proactive Global Compliance Capabilities
Enova has a compliance framework that includes: Proactive ● Focus on tone from the top to instill an ethical culture Global ● Centralized team led by experienced compliance professionals: Compliance ○ Chief Compliance Officer reports directly to Board of Directors Capabilities ○ Multiple CRCM/CAMS a
Slide 36: Key Changes to Financial Reporting Under Fair Value
Key Changes to Financial Reporting Under Fair Value Balance Sheet Income Statement (+) Day 1 (-) Realized Revenue (-) Net (+) (-) Change in Gain on Value on Existing – Change in Fair Value Charge Offs FV Assumptions Originations Receivables Net Revenue Net Revenue Margin % (+) Higher originated prin
Slide 37: Consolidated Income Statements
Consolidated Income Statements Consolidated Statements of Income 12 Mo. Ended 12 Mo. Ended 12 Mo. Ended 12 Mo. Ended 12 Mo. Ended 12 Mo. Ended (in millions) Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2020 2021 2022 2023 2024 20252 Revenue $1,084 $1,208 $1,736 $2,118 $2,658 $3,152 Cost of
Slide 38: Consolidated Balance Sheets
Consolidated Balance Sheets Consolidated Balance Sheets As of As of As of As of As of As of (in millions) Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2020 2021 2022 2023 2024 20252 Assets Cash and restricted cash $369 $226 $178 $377 $323 $408 Loans and finance receivables, net 1,242 1,965
Slide 39: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Net Income to Adjusted EBITDA 12 Mo. Ended 12 Mo. Ended 12 Mo. Ended 12 Mo. Ended 12 Mo. Ended 12 Mo. Ended (in millions) Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, (unaudited) 2020 2021 2022 2023 2024 2025 Net income $378.1 $253.7 $207.4 $175
Slide 40: Grasshopper Acquisition: Significant Shareholder Value Creation Opportunities
Grasshopper Acquisition: Significant Shareholder Value Creation Opportunities Synergy Strategy Key Activity Estimated Synergies Three Full Years1 A. Net revenue and net • Enova can offer a more interest income from new !"#$%#&$''$(%)* Year 1 Year 2 Year 3 comprehensive suite of financial incremental
Slide 41: Grasshopper Acquisition: Key Assumptions
Grasshopper Acquisition: Key Assumptions Earnings • Enova based on 2027 Consensus Research estimates; grown at 20% thereafter Estimates • Grasshopper based on internal management estimates • No reduction in Enova or Grasshopper non-interest expense modeled • Incremental $6 million pre-tax expense as
Slide 42: Thank you
Customer first. Best answer wins. Operate as an owner. Thank you. Accountable for results. Top talent and teamwork.