Porch Group, Inc. · NASDAQ:PRCH
Porch — Q1 2026 Earnings Presentation
38 slides from Porch's earnings presentation, Apr 28, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation April 28, 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: Q1'26: Strong Start; 29% YoY PSI Revenue Growth
Q1'26: Strong Start; 29% YoY PSI Revenue Growth Notes: All numbers are $million unless otherwise stated. PSI refers to Porch Shareholder Interest Porch Shareholder Interest Revenue, Gross Profit, Gross Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Cash Flow from Operations (also referred to as
Slide 6: The Insurance Growth Engine
The Insurance Growth Engine RWP from New Capacity Top of Funnel Conversion Customers Notes: All numbers are $million unless otherwise stated. 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 7: RWP Momentum: Capacity ⇾ Top of Funnel ⇾ Conversion
RWP Momentum: Capacity ⇾ Top of Funnel ⇾ Conversion More Statutory Surplus, More Growth Potential $ mil. $180 $165 $150 $120 $104 $90 $60 $30 $0 +59% YoY, +$61m YoY Copyright 2026 Porch Group, Inc. All rights reserved 7
Slide 8: RWP Momentum: Capacity ⇾ Top of Funnel ⇾ Conversion
RWP Momentum: Capacity ⇾ Top of Funnel ⇾ Conversion More Producing Agency Branch Locations... Drives Higher Quote Volumes +181% YoY +69% YoY Notes: Quote volumes and agency branch locations are based on internal data and are shown in the charts on quarterly averages Copyright 2026 Porch Group, Inc.
Slide 9: RWP Momentum: Capacity ⇾ Top of Funnel ⇾ Conversion
RWP Momentum: Capacity ⇾ Top of Funnel ⇾ Conversion Greater Conversion +68% YoY Notes: Conversion rates relate to new policies. Conversion rates for new policies are based on internal data and are shown in the charts on quarterly averages Copyright 2026 Porch Group, Inc. All rights reserved 9
Slide 10: RWP Momentum: New Customer Growth
RWP Momentum: New Customer Growth RWP from New Customers Inflecting Higher +196% YoY Notes: RWP from new customers is based on internal data and is shown on a quarterly total basis Copyright 2026 Porch Group, Inc. All rights reserved 10
Slide 11: RWP Momentum: Reciprocal Policies Written
RWP Momentum: Reciprocal Policies Written Policy Growth Supports Sustainable Premium Growth 48.0K 36.1K +33% YoY Copyright 2026 Porch Group, Inc. All rights reserved 11
Slide 12: 2025 AM Best Report: Top Quartile Underwriting Performance
2025 AM Best Report: Top Quartile Underwriting Performance U.S. >$350m Direct Premiums Earned: 2025 Direct Combined Ratio 1 200% 150% 100% 61% 50% * Inclusive of fees to our Insurance Services segment, which produced 21% Adjusted EBITDA % of RWP² in 2025 Texas >$50m Direct Premiums Earned: 2025 Dire
Slide 13: Financials & Guidance
Financials & Guidance Shawn Tabak Chief Financial Officer Copyright 2026 Porch Group, Inc. All rights reserved 13
Slide 14: Q1'26 Key Financial Highlights
Q1'26 Key Financial Highlights 1 • Q1'26 across the board outperformance; annual guidance raise 2• Insurance Services +50% YoY revenue growth driven by +196% RWP growth from new customers 3• First tangible year-over-year Porch Shareholder Interest comps Notes: All numbers are $million unless otherwi
Slide 15: Q1'26 Porch Shareholder Interest: Exceeded Expectations
Q1'26 Porch Shareholder Interest: Exceeded Expectations Revenue1: $109.4m Gross Profit1: $91.2m Adjusted EBITDA: $19.7m 29% YoY growth 83% margin 18% margin $4.6 $0.0 $15.1 $13.2 $27.5 87% $16.5 $19.7 $21.9 75% ($12.4) $74.7 $63.8 85% Key:: Gross Profit ($m) Gross Margin (%) Insurance Software Consu
Slide 16: Insurance Services: Growth Driven by New Customer Additions
Insurance Services: Growth Driven by New Customer Additions • Strong +50% YoY revenue growth driven by RWP (+18% YoY) and new customer additions • Gross margin remained strong at 85% • Adj. EBITDA margin of 37%; Q1'25 included final quarter of legacy captive reinsurance terms ($16m)¹ • Adjusted EBIT
Slide 17: Software & Data: Stability in the Trough; Home Factors Focus
Software & Data: Stability in the Trough; Home Factors Focus • Software businesses charge per transaction; U.S. housing remained in trough levels in Q1'26 Notes: All numbers are $million unless otherwise stated. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please see s
Slide 18: Consumer Services: Strategic Value Through Porch Insurance
Consumer Services: Strategic Value Through Porch Insurance • Results also reflect softer U.S. housing conditions • Gross margin up ~390bps YoY, driven by mix shift to higher-quality revenue • Adjusted EBITDA improvement driven by gross profit leverage Notes: All numbers are $million unless otherwise
Slide 19: Balance Sheet Update
Balance Sheet Update $134.1m $19.8m Porch Shareholder Interest Q1'26 Porch Shareholder Interest Cash + Investments1 Cash Flow from Operations March 31, 2026 2026 Debt Progress Highlights: • ~$7.8m remaining principal balance on 2026 convertible notes • Planning to settle the 2026 convertible notes a
Slide 20: 2026 Guidance Ranges
2026 Guidance Ranges 2026 guidance relates to Porch Shareholder Interest and excludes Reciprocal Revenue $495m to $507m • Implies 18% to 21% YoY Growth Prior Guidance: $475m to $490m • 20% YoY midpoint, up 400 basis points versus prior guidance Gross Profit $401m to $413m • Implies gross margin of ~
Slide 21: Strategic Update & KPIs
Strategic Update & KPIs Matthew Neagle Chief Operating Officer Copyright 2026 Porch Group, Inc. All rights reserved 21
Slide 22: AI Embedded Across the Porch Platform
AI Embedded Across the Porch Platform Practical, Embedded and Additive Our Approach Current Solutions Future Potential AI embedded in systems of record Inspection Unlocking greater data insights Governance, auditability, compliance AI for defect detection & report assistance Further improve risk sel
Slide 23: Insurance Services Q1'26 KPIs: New Customer Growth Driving RWP
Insurance Services Q1'26 KPIs: New Customer Growth Driving RWP Copyright 2026 Porch Group, Inc. All rights reserved 23
Slide 24: Software & Data Q1'26 KPIs: Strategic Focus on Larger Customers
Software & Data Q1'26 KPIs: Strategic Focus on Larger Customers Notes: Software and Data number of companies of 22.4K times the $3,918 annualized revenue per company, divide by four quarters equals the quarterly segment revenue of $21.9 million. Copyright 2026 Porch Group, Inc. All rights reserved 2
Slide 25: Consumer Services Q1'26 KPIs: Higher Revenue Per Service
Consumer Services Q1'26 KPIs: Higher Revenue Per Service Notes: Consumer Services monetized services of 68.7K times $220 revenue per transaction equals the quarterly segment revenue of $15.1 million. Copyright 2026 Porch Group, Inc. All rights reserved 25
Slide 26: Wrap Up
Wrap Up Matt Ehrlichman CEO, Chairman & Founder Copyright 2026 Porch Group, Inc. All rights reserved 26
Slide 27: Durable Industry & Durable Operating Model
Durable Industry & Durable Operating Model 1 Secular Demand • Homeowners insurance is required for most homeowners; ~90%² of U.S. homes are insured on an annual basis Premium Tailwinds (Through Cycles) • Premiums resilient in recessions; lower rates = better housing • Inflation scales premiums over
Slide 28: Wrap Up: Growth Momentum in Place; Strong Start to 2026
Wrap Up: Growth Momentum in Place; Strong Start to 2026 1• Strong Q1 results set the stage for an outstanding 2026 2• Guidance increase across the board 3• RWP momentum: capacity ⇾ top of funnel ⇾ conversion, the game plan is working Notes: All numbers are $million unless otherwise stated. Porch Sha
Slide 29: Q1'26 Earnings Q&A
Q1'26 Earnings Q&A Copyright 2026 Porch Group, Inc. All rights reserved 29
Slide 30: Appendix
Q1'26 Earnings APPENDIX Copyright 2026 Porch Group, Inc. All rights reserved 30
Slide 31: Q1'26 Results Ahead of Expectations
Q1'26 Results Ahead of Expectations Porch Shareholder Interest Insurance Software & Consumer Corporate & Total Reciprocal Eliminations Total Services Data Services Eliminations Revenue $74.7m $21.9m $15.1m $(2.3)m $109.4m $51.3m $(39.6)m $121.1m Gross Profit $63.8m $16.5m $13.2m $(2.3)m $91.2m $36.3
Slide 32: Insurance Services: High Margin and Predictable
Insurance Services: High Margin and Predictable Low earnings volatility reinsurance Policy fees Fees for homebuyer leads 3 2 4 Management fees Surplus note interest Insurance Services 1 Income Streams 5 $114.5m $74.7m $63.8m $27.5m Reciprocal Written Revenue Gross Profit Adjusted EBITDA Premium 85%
Slide 33: Porch Shareholder Interest Breakdown
Porch Shareholder Interest Breakdown Q1 '26 ($ millions) Revenue Gross Profit Margin Adj EBITDA Margin Insurance Services $74.7 $63.8 85% $27.5 37% Software & Data 21.9 16.5 75% 4.6 21% Consumer Services 15.1 13.2 87% — —% Corporate & Eliminations (2.3) (2.3) n/a (12.4) n/a Total Porch Shareholder I
Slide 34: Porch Shareholder Interest Cash Flow from Operations
Porch Shareholder Interest Cash Flow from Operations Porch Reciprocal Shareholder Three Months Ended March 31, 2026 ($ millions) Consolidated Segment Eliminations Interest (1) Net cash provided by (used in) operating activities 13.0 (6.8) — 19.8 Net cash provided by (used in) investing activities (0
Slide 35: 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, and certain amounts related to Porch Shareholder Interest. On January 1, 2
Slide 36: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Notes: Adjusted EBITDA margin is a non-GAAP financial measure. Please see slide 2 for important information regarding non-GAAP measures. Copyright 2026 Porch Group, Inc. All rights reserved 36
Slide 37: 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 Average Number of Comp
Slide 38: Thank You
THANK YOU Email: IR@porch.com Website: IR.porchgroup.com Copyright 2026 Porch Group, Inc. All rights reserved 38