Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation February 11, 2026 Copyright 2026 Porch Group, Inc. All rights reserved
Slide 2: Disclaimers
Disclaimers Financial Targets Porch is providing guidance and targets for future periods in this presentation, based on current market conditions, assumptions, and expectations as of the date of this presentation. Actual results may vary due to a number of factors, and there is no guarantee that we
Slide 3: Agenda
Agenda Matt Ehrlichman CEO, Chairman & Founder Key Updates Shawn Tabak Chief Financial Officer Financials & Guidance Matthew Neagle Chief Operating Officer Strategic Update & KPIs Copyright 2026 Porch Group, Inc. All rights reserved 3
Slide 4: Key Updates
Key Updates Matt Ehrlichman CEO, Chairman & Founder Copyright 2026 Porch Group, Inc. All rights reserved 4
Slide 5: Q4'25: Strong Results Surpass Annual Guidance
Q4'25: Strong Results Surpass Annual Guidance Key Q4'25 Porch Shareholder Interest1 Metrics: +$65.4m full-year 2025 81% Gross 21% Adj EBITDA Margin Margin Notes: All numbers are $million unless otherwise stated. 1. Porch Shareholder Interest Revenue, Gross Profit, Gross Margin, Adjusted EBITDA, Adju
Slide 6: Q4'25: Key Business Updates
Q4'25: Key Business Updates 1 • Statutory surplus grew further in Q4; stage set to scale RWP • Q4'25 Reciprocal statutory surplus of $155.1m rose 47% and $49.4m vs. prior-year • Ample surplus to support $600m organic RWP target in 2026 2 • Conversion rate improvements in Q4 producing new customer pr
Slide 7: Better Risk Selection Drives Exceptional Reciprocal Results
Better Risk Selection Drives Exceptional Reciprocal Results Notes: The spikes in Gross Loss Ratio in Q2 ’23 and Q2 ’24 are related to weather events in Texas. As of January 1, 2025, with the creation of the Reciprocal, Porch Group does not have direct weather exposure. Further, at the Reciprocal, we
Slide 8: Reciprocal Statutory Surplus Grew ~50% Year-over-Year
Reciprocal Statutory Surplus Grew ~50% Year-over-Year $ mil. $289M Notes: All numbers are $million unless otherwise stated. (1) Non-admitted assets as reported or expected to be reported in the Reciprocal's statutory filings Copyright 2026 Porch Group, Inc. All rights reserved 8
Slide 9: Regardless of PRCH Share Price, Reciprocal Can Scale RWP
Regardless of PRCH Share Price, Reciprocal Can Scale RWP As of 12/31/25 RWP ($ mil.) Notes: All numbers are $million except PRCH stock price. Porch provides guidance and targets for future periods based on current market conditions, assumptions, and expectation as of the date of this presentation. A
Slide 10: Financials & Guidance
Financials & Guidance Shawn Tabak Chief Financial Officer Copyright 2026 Porch Group, Inc. All rights reserved 10
Slide 11: Q4'25 & Full-Year 2025 Key Financial Highlights
Q4'25 & Full-Year 2025 Key Financial Highlights 1 • Q4'25 across the board outperformance 2• Insurance Services is converting RWP to strong results 3• Reciprocal statutory surplus in a strong position to scale RWP 4• 2026 RWP target is $600m, 25% year-over-year organic growth Notes: All numbers are
Slide 12: Q4'25 Porch Shareholder Interest: Exceeded expectations
Q4'25 Porch Shareholder Interest: Exceeded expectations Revenue1: $112.3m Gross Profit1: $91.4m Adjusted EBITDA: $23.5m 81% margin 21% margin 65% 85% 86% Key:: Gross Profit ($m) Gross Margin (%) Insurance Services Software & Data Consumer Services 38% 16% 6% 21% Adjusted EBITDA Margin Notes: All num
Slide 13: Insurance Services: High Margin and Predictable
Insurance Services: High Margin and Predictable Non-CAT weather quota share reinsurance Policy fees Fees for homebuyer leads 3 2 4 Management fees Surplus note interest Insurance Services 1 Income Streams 5 $125.7m $75.7m $65.1m $29.0m Reciprocal Written Revenue Gross Profit Adjusted EBITDA Premium
Slide 14: Software & Data: Product Innovation Driving Price
Software & Data: Product Innovation Driving Price Revenue Gross Profit Adj EBITDA +3% (6)% $(0.5)m YoY YoY YoY 70% 65% 19% 16% Gross Margin Adjusted EBITDA Margin • Modest revenue growth aided by pricing; continue to see trough housing market conditions • Gross margin compressed ~580bps YoY driven b
Slide 15: Consumer Services: Ongoing Investments for 2026 Growth
Consumer Services: Ongoing Investments for 2026 Growth Revenue Gross Profit Adj EBITDA +2% +8% YoY YoY $(1.3)m YoY 81% 85% 14% 6% Gross Margin Adjusted EBITDA Margin • Modest revenue growth with trough housing activity offset by lapping of corporate relocation closure • Gross margin expanded ~450bps
Slide 16: FY 2025 Porch Shareholder Interest: Exceeded expectations
FY 2025 Porch Shareholder Interest: Exceeded expectations Revenue1: $418.9m Gross Profit1: $343.9m Adjusted EBITDA: $76.6m 82% margin 18% margin 65% 85% 86% Key:: Gross Profit ($m) Gross Margin (%) Insurance Services Software & Data Consumer Services 37% 20% 7% 18% Adjusted EBITDA Margin Notes: All
Slide 17: Strong Full-Year Cash Generation
Strong Full-Year Cash Generation $121.2m -$5.5m Q4'25 Porch Shareholder Interest Cash Used In Operations Porch Shareholder Interest Cash + Investments1 December 31, 2025 $65.4m FY 2025 Porch Shareholder Interest Cash Flow from Operations 2025 Debt Progress Highlights: • Adjusted EBITDA was offset pr
Slide 18: 2026 Guidance Ranges
2026 Guidance Ranges 2026 guidance relates to Porch Shareholder Interest and excludes Reciprocal Revenue • Range implies +13% to 17% growth versus prior-year $475m to $490m vs. 2025 $419m • Insurance Services expected to grow >20% year-over-year Gross Profit • Range implies +12% to 16% growth versus
Slide 19: Strategic Update & KPIs
Strategic Update & KPIs Matthew Neagle Chief Operating Officer Copyright 2026 Porch Group, Inc. All rights reserved 19
Slide 20: Growth in Agencies Drives Growth in Quote Volume
Growth in Agencies Drives Growth in Quote Volume Notes: Quote volumes and active agencies are based on internal data and are shown in the charts on quarterly averages Copyright 2026 Porch Group, Inc. All rights reserved 20
Slide 21: Conversion Rate Improvement Driving New Premium Growth
Conversion Rate Improvement Driving New Premium Growth November - December 2025 January 2026 Future Lowered price for good risks Porch Insurance Texas launch Further rate improvements for good risks Notes: Recent improvements in conversion rates and new business premiums were influenced by actions i
Slide 22: Insurance Services: Q4'25 KPIs + Updates
Insurance Services: Q4'25 KPIs + Updates Business Updates Q4'25 KPIs Reciprocal Written Premium (RWP) Reciprocal Written Premium (RWP) • Agency appointments + quotes up triple-digits YoY ~$17m Improvement vs. 3-Yr. • New customer RWP rose triple-digits YoY in Nov. + Dec. Historical Avg. Q4 Sequentia
Slide 23: Software & Data: Q4'25 KPIs + Updates
Software & Data: Q4'25 KPIs + Updates Business Updates Q4'25 KPIs Software Innovation • Continue to effectively price-to-value with Rynoh • ISN released AI Image Defect Detector 23.3K $3,833 Number of Companies Annualized Average Revenue Per Company Growth of the Data Business • Outperformed interna
Slide 24: Consumer Services: Q4'25 KPIs + Updates
Consumer Services: Q4'25 KPIs + Updates Business Updates Q4'25 KPIs Moving Group • A successful year on the partnership front • Rev. per move growth offsetting housing pressures 77.5K $215 Number of Monetized Average Revenue Per Services Monetized Transaction Warranty • Utilities demand remained str
Slide 25: Wrap Up
Wrap Up Matt Ehrlichman CEO, Chairman & Founder Copyright 2026 Porch Group, Inc. All rights reserved 25
Slide 26: Wrap Up: New Model Year Was a Success; Strong 2026 Set Up
Wrap Up: New Model Year 1 Was a Success; Strong 2026 Set Up 1• Q4'25 Adj EBITDA of $23.5m, Full-Year Adj EBITDA of $76.6m / 11x Increase YoY • $65.4m full-year 2025 Porch Shareholder Interest Cash Flow from Operations • A great year under our new operating model 2• Reciprocal Surplus Improvements in
Slide 27: Q4'25 Earnings Q&A
Q4'25 Earnings Q&A Copyright 2026 Porch Group, Inc. All rights reserved 27
Slide 28: Appendix
Q4'25 Earnings APPENDIX Copyright 2026 Porch Group, Inc. All rights reserved 28
Slide 29: Q4'25 Results Ahead of Expectations
Q4'25 Results Ahead of Expectations Porch Shareholder Interest Insurance Software & Consumer Corporate & Total Reciprocal Eliminations Total Services Data Services Eliminations Revenue $75.7m $22.3m $16.6m $(2.4)m $112.3m $53.2m $(41.1)m $124.3m Gross Profit $65.1m $14.4m $14.2m $(2.4)m $91.4m $43.4
Slide 30: Full-Year 2025 Results Ahead of Expectations
Full-Year 2025 Results Ahead of Expectations Porch Shareholder Interest Insurance Software & Consumer Corporate & Total Reciprocal Eliminations Total Services Data Services Eliminations Revenue $266.7m $92.9m $68.4m $(9.1)m $418.9m $200.5m $(136.9)m $482.4m Gross Profit $227.6m $67.2m $58.2m $(9.1)m
Slide 31: Porch Shareholder Interest Breakdown
Porch Shareholder Interest Breakdown Q4 '25 ($ millions) Revenue Gross Profit Margin Adj EBITDA Margin Insurance Services $75.7 $65.1 86% $29.0 38% Software & Data 22.3 14.4 65% 3.7 16% Consumer Services 16.6 14.2 85% 1.0 6% Corporate & Eliminations (2.4) (2.4) n/a (10.2) n/a Total Porch Shareholder
Slide 32: Porch Shareholder Interest Cash Flow from Operations
Porch Shareholder Interest Cash Flow from Operations Porch Reciprocal Shareholder Three Months Ended December 31, 2025 ($ millions) Consolidated Segment Eliminations Interest (1) Net cash provided by (used in) operating activities 1.2 6.7 — (5.5) Net cash provided by (used in) investing activities (
Slide 33: Non-GAAP Financial Measures
Non-GAAP Financial Measures These slides, our earnings release, and our earnings call include references to non-GAAP financial measures, such as Adjusted EBITDA (Loss), Adjusted EBITDA (Loss) Margin, Adjusted EBITDA % of RWP, certain amounts related to Porch Shareholder Interest, and Attritional Los
Slide 34: Gross Margin to Adjusted EBITDA Margin Reconciliation
Gross Margin to Adjusted EBITDA Margin Reconciliation Unaudited Three Months Ended December 31, 2025 Year Ended December 31, 2025 Insurance Services Software & Data Consumer Services Insurance Services Software & Data Consumer Services Gross Margin 86.1% 64.6% 85.2% 85.3% 72.3% 85.2% Selling and mar
Slide 35: Glossary
Glossary Term Definition We define as the revenue generated across the Software & Data segment in the period over the Average Number of Companies in the period, which is then annualized (for example, Annualized Average Revenue per for a given quarter, multiplied by 4). Company We calculate by deduct
Slide 36: Thank You
THANK YOU Email: IR@porch.com Website: IR.porchgroup.com Copyright 2026 Porch Group, Inc. All rights reserved 36