Medallion Financial Corp. · NASDAQ:MFIN
Medallion Financial — Q2 2026 Earnings Presentation
27 slides from Medallion Financial's earnings presentation, Jul 29, 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION July 29, 2026 RECREATION (Nasdaq: MFIN) HOME IMPROVEMENT COMMERCIAL FINTECH A specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners.
Slide 2: Important Information
Important Information This presentation contains certain forward-looking statements, including statements with regard to the future performance of Medallion Financial Corp. (“MFIN” or the “Company”). Words such as “believes,” “expects,” “projects,” “anticipates” and “future” or similar expressions a
Slide 3: About Medallion Financial
About Medallion Financial Medallion Financial Corp Exchange: NASDAQ Ticker: MFIN Industry: Specialty Finance Primary Subsidiaries: Medallion Bank (MBNKO) / Medallion Capital As of June 30, 2026 Market Cap $238.1 M Share Price $10.21 52-week Range $7.85 - $11.00 Total Dividend Payout TTM $0.50 Latest
Slide 4: We Are A Specialty Finance Company
We Are A Specialty Finance Company • “In Niches there are Riches” - long history of niche lending excellence Strong Foundation • Significant alignment with shareholders - insider ownership of ~20+% • Coveted Utah Industrial Bank Charter • More than doubled consumer loan portfolio over past 5 years t
Slide 5: Why Now Is a Good Time to Look at MFIN
Why Now Is a Good Time to Look at MFIN Best 5-year period of performance in Company’s history Average loan portfolio growth rate of ~10% for the past 3 years Since 2022, repurchased 4.1M shares and increased dividend 75% Current P/E is significantly below other specialty finance companies Trading un
Slide 6: Company Overview
Company Overview We are a specialty finance company that originates and services loans in various consumer and commercial industries, primarily through its subsidiaries Medallion Financial Corp. Nasdaq: MFIN Medallion Bank Medallion Nasdaq: MBNKO Capital Nasdaq: MBNKO - $77.5M of publicly traded pre
Slide 7: Consumer Lending: Recreation
Consumer Lending Financing of recreational vehicles such as RVs, boats, collector cars, trailers, etc. Recreation Recreation Loan Book Size • ~3,400 dealers and FSPs ($ in millions) • $1.76B of loans at 6/30/26 $1,800 $1,760.0 • 63% of the total loan portfolio $1,671.5 $1,617.2 $1,603.1 $1,546.3 • $
Slide 8: Consumer Lending: Home Improvement
Consumer Lending Financing of home improvement projects at the point of sale for consumers (pools, roofs, windows, etc.) Home Improvement Home Improvement Loan Book Size • ~800 contractors and FSPs ($ in millions) $900 $885.6 • $885.6M of loans 6/30/26 $827.2 • 32% of the total loan portfolio $800 $
Slide 9: Commercial Lending
Commercial Lending Lending to lower middle market companies in the U.S. Commercial Lending Commercial Lending Loan Book Size ($ in millions) • Loans support organic and inorganic growth $150 • Most deals include an equity component • No real estate investments in portfolio $135 $135.1 • $126.2M of l
Slide 10: Strategic Partnerships
Strategic Partnerships Loan originations via partnerships with Fintech companies Strategic Partnerships Program Strategic Partnership Originations ($ in millions) • Utah industrial bank charter provides regulatory $300 flexibility; Utah bank regulations supersede other state $258.3 regulations $250
Slide 11: Overview of Loan Portfolio
Overview of Loan Portfolio Total Gross Loans as of June 30, 2026 Recreation ($1,760.3M) 63.0% Avg. interest rate: Total Gross Loans: Home Improvement 15.06%¹ $2.79B ($885.6M) 31.7% Avg. interest rate: 9.69%¹ Commercial Strategic Partnerships ($126.2M) 4.5% & Other ($22.7M) 0.8% Avg. interest rate: 1
Slide 12: Loan Portfolio
Loan Portfolio Loan Balance (1) ($ in millions) $2,795 $2,800 $2,618 $2,600 $2,559 $2,567 $2,485 $2,491 $2,486 $2,485 $2,386 $2,400 $2,203 $2,216 $2,228 $2,200 $2,157 $1,984 $2,000 $1,917 $1,856 $1,800 $1,735 $1,600 $1,569 $1,400 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25
Slide 13: Strong Consumer Loan Economics
Strong Consumer Loan Economics Illustrative/Sample Recreation Lending Return for a New Incremental $20,000 Loan $3,012 15.06% $3,000 Equity $17,000 Deposits $1,253 / $3,000 = 42% ($661) 3.89% ($628) $1,253 3.14% ($470) 42% Pretax 2.35% ROE Loan Interest Loan Operating Pretax Yield Costs Losses Expen
Slide 14: Net Charge-Off (NCO) Activity
Net Charge-Off (NCO) Activity 2Q 2026 YTD 2Q 2026 ($ in millions) Charge-Off Recovery NCO NCO % ($ in millions) Charge-Off Recovery NCO NCO % Recreation $18.5 $5.2 $13.3 3.1% Recreation $41.0 $10.0 $31.0 3.7% Home Improvement 4.2 1.3 2.9 1.4% Home Improvement 8.5 2.7 5.8 1.4% Commercial 0.1 0.1 NM
Slide 15: Origination Activity
Origination Activity Loan Originations ($ in millions) FY22: $983.9 FY23: $960.0 FY24: $1,043.5 FY25: $1,505.4 2Q26 YTD: $988.5 $600.0 $500.0 $400.0 $300.0 $200.0 $100.0 $0.0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Recreation Home Improvement Commerc
Slide 16: Financial Performance: Net Interest Income
Financial Performance Net Interest Income Net Interest Income Quarterly Performance Annual Performance ($ in millions) ($ in millions) $250.0 $60.0 $57.2 $216.9 $56.4 $55.7 $202.5 $55.0 $54.1 $52.7 $53.4 $200.0 $188.1 $52.0 $51.4 $49.9 $160.4 $50.0 $48.8 $49.0 $47.9 $46.7 $150.0 $45.0 $43.6 $43.6 $4
Slide 17: Financial Performance: Net Income
Financial Performance Net Income Net Income (1) (1) Quarterly Performance Annual Performance ($ in millions) ($ in millions) $20.0 $60.0 $55.1 $15.4 $50.0 $15.0 $14.2 $14.3 $43.8 $43.0 $13.3 $13.1 $12.0 $12.2 $40.0 $11.2 $11.1 $35.9 $9.8 $10.0 $10.1 $10.0 $30.0 $8.6 $7.6 $7.8 $7.5 $7.1 $20.0 $5.0 $5
Slide 18: Driving Net Interest Income
Driving Net Interest Income Interest Income vs. Interest Expense ($ in millions) 90.0 ($ in millions) 2Q 25 2Q 26 80.0 70.0 Interest income $77.4 $84.4 60.0 Interest expense 24.1 27.1 50.0 Net Interest Income Interest income, net $53.4 $57.2 Interest Income 40.0 Net interest margin – gross 8.09% 7.9
Slide 19: Resilience of Consumer Lending Segments
Resilience of Consumer Lending Segments Medallion Bank Consumer Loan Net Charge-offs as a Percentage of Total Consumer Portfolio 10.00% Managed profitably through the Great Added Home Improvement Prime Credit Lending Segment in 2012 Recession and returned to pre-Recession Increased average FICO
Slide 20: Focus on Enhanced Operating Efficiency
Focus on Enhanced Operating Efficiency Quarterly Net Interest Income (NII) vs. Operating Costs(1) YTD ($ in FY FY FY FY FY FY ($ in millions) Q2 millions) 2020 2021 2022 2023 2024 2025 60,000 2026 55,000 NII $110.8 $127.8 $160.4 $188.1 $202.5 $216.9 $111.3 50,000 Operating 45,000 $55.7 $56.4 $72.1 $
Slide 21: Performance and Shareholder Value
Performance and Shareholder Value Book value per share has exhibited growth, reflecting a strengthening of equity base Net Income vs Book Value per Share(1) Net Income Book Value/Share ($ in millions) $18.0 $20 $16.0 $18 $14.0 $16 $14 $12.0 $12 $10.0 $10 $8.0 $8 $6.0 $6 $4.0 $4 $2.0 $2 $0.0 $0 1Q22
Slide 22: Tangible Book Value
Tangible Book Value Explanation of GAAP and Non-GAAP Financial Measures This supplement contains certain financial measures that are not prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes these non-GAAP financial measure
Slide 23: Dividend History
Dividend History Quarterly Dividend • Reinstated quarterly $0.16 dividend in 1Q 2022 $0.14 $0.14 $0.14 $0.12 $0.12 $0.12 $0.12 • Increased 75% since $0.12 $0.11 $0.11 it was reinstated $0.10 $0.10 $0.10 $0.10 $0.10 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 • Annualized dividend $0.08 yield of 5.5% $
Slide 24: Compelling Investment Opportunity
Compelling Investment Opportunity Coveted Long History of Strong Insider Strategic Capital Excellence in Industrial Bank Profitability Ownership of Allocation Niche Lending Charter and ROE ~20+% and Growth Bridge the Current Valuation Gap Medallion Financial Corp. Investor Presentation 24
Slide 25: Consolidated Balance Sheet
Consolidated Balance Sheet MEDALLION FINANCIAL CORP. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Unaudited) (Unaudited) (Dollars in thousands, except share and per share data) June 30, 2026 December 31, 2025 June 30, 2025 Assets Cash, cash equivalents, and federal funds sold $ 205,991 $ 201,564 $ 151,9
Slide 26: Consolidated Statements of Operations
Consolidated Statements of Operations MEDALLION FINANCIAL CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands, except share and per share data) 2026 2025 2026 2025 Total interest income $ 84,377 $ 77,442 $ 163,445 $ 152,
Slide 27: Contact Us
Contact Us THANK YOU! Medallion Financial Corp. InvestorRelations@medallion.com (212) 328-2176