Oportun Financial Corporation · NASDAQ:OPRT
Oportun Financial — Q1 2026 Earnings Presentation
30 slides from Oportun Financial's earnings presentation, May 7, 2026
Slide 1: 1Q 2026 Earnings Presentation
1Q 2026 Earnings Presentation May 7, 2026
Slide 2: Forward-looking statements
Forward-looking statements This presentation and the accompanying oral presentation contain forward-looking statements. All statements other than statements of historical fact contained in this presentation and the accompanying oral presentation, including statements as to future performance, result
Slide 3: 1Q26 earnings overview
Earnings Presentation 1Q26 earnings overview Reiterating FY26 Adjusted EPS guidance range, reflecting 16% growth at Q1 results reflect the midpoint disciplined execution • Adjusted EPS guidance range of $1.50-$1.65 Continued GAAP • Achieved all guidance metrics • Adjusted EBITDA guidance range of •
Slide 4: Consistent strategic focus delivering measurable results
Earnings Presentation Consistent strategic focus delivering measurable results Improving Credit Strengthening Identifying Outcomes Business Economics High-Quality • Increased proportion of returning • Advancing risk-based pricing Originations member originations from 63% in initiative to lend to hig
Slide 5: First quarter performance vs. guidance
Earnings Presentation First quarter performance vs. guidance 1Q 2026 Guidance 1Q 2026 Actual Total Revenue $225 - $230M $229M NCO Rate (%) 12.65% +/- 15 bps 12.65% Adjusted EBITDA (1) $25 - $30M $29M (1) See Appendix for Key Definitions and non-GAAP reconciliation to the most comparable GAAP measure
Slide 6: First quarter 2026 highlights
Earnings Presentation First quarter 2026 highlights While our disciplined credit posture and lower originations at the start of the year weighed on year-over-year profitability, we are well-positioned for meaningful improvement over the remaining three quarters GAAP Net Income and Adjusted Financial
Slide 7: First quarter 2026 credit performance
Earnings Presentation First quarter 2026 credit performance Annualized NCO Rate of 12.65% anticipated to be peak 2026 level; 30+ Day DQ Rate decreased year-over-year and sequentially NCO Rate(1) 30+ Day Delinquency Rate(1) 46bps (18)bps 12.7% 12.2% 12.3% 12.2% +/-15bps 4.7% 4.9% 4.5% 1Q25 4Q25 1Q26
Slide 8: Disciplined credit stance reflects member stability
Earnings Presentation Disciplined credit stance reflects member stability Strong employment and residential stability, with 96% of loans disbursed to U.S. bank accounts Income Verified 100% Of applicants, ~$56K median gross income Loan Disbursement 96% Of borrowers receive in U.S. bank accounts Empl
Slide 9: First quarter capital and liquidity
Earnings Presentation First quarter capital and liquidity Leverage sharply reduced from 7.6x to 6.8x Y/Y; $485M February 2026 ABS transaction at 5.32% weighted average yield was fourth consecutive to achieve sub-6% funding cost and AAA rating at top of capital stack Sources of Liquidity ($M) Fixed R
Slide 10: Second quarter and full year 2026 guidance
Earnings Presentation Second quarter and full year 2026 guidance 2Q 2026E FY 2026E Total Revenue $227 - $232M $935 - $955M Annualized Net Charge-off Rate (%) 12.2% +/- 15 bps 11.9% +/- 50 bps Adjusted EBITDA (1) $34 - $39M $150 - $165M Adjusted Net Income (1) $74 - $82M Adjusted EPS (1) $1.50 - $1.6
Slide 11: Attractive unit economic model
Earnings Presentation Attractive unit economic model 1Q26 Adjusted ROE was 10.5%; expect FY26 to outpace FY25's 17.5% 1Q26 Metric Target Illustrative Unit Economics as a % of Average Daily Principal Balance Corporate Level Profitability 36% Fair Value Marks: 0.2%(2) 6.8:1 Leverage 34% F 32% 32% 6:1
Slide 12: Appendix
Appendix
Slide 13: Key definitions
Appendix Key definitions • 30+ Day Delinquency Rate is the unpaid principal balance for our owned loans that are 30 or more calendar days contractually past due as of the end of the period divided by Owned Principal Balance as of such date • Adjusted EBITDA is a non-GAAP financial measure calculated
Slide 14: Key definitions (cont’d)
Appendix Key definitions (cont’d) • Customer Acquisition Cost (or "CAC") is calculated as sales and marketing expenses, which include the costs associated with various paid marketing channels, including direct mail, digital marketing and brand marketing and the costs associated with our telesales an
Slide 15: Q1 total revenue declines 3% Y/Y
Appendix Q1 total revenue declines 3% Y/Y 1Q26 Highlights Total Revenue ($M) (3)% Total Revenue: $229M, down $7M Y/Y, in line with expectations, due to 11% originations decline under tight credit posture $236 $248 $229 1Q25 4Q25 1Q26 Net Revenue ($M) Net Revenue: $95M, down $11M $(11) Y/Y as impact
Slide 16: 1Q26 Adjusted Net Income and Adjusted EBITDA decline Y/Y
Appendix 1Q26 Adjusted Net Income and Adjusted EBITDA decline $8M and $4M Y/Y, respectively; expect Q2-Q4 profitability improvement Adjusted Net Income ($M)(1) Adjusted EBITDA ($M)(1) $(8) $(4) $42 $34 $29 $19 $13 $10 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 21.0% 13.3% 10.5% 14.2% 17.1% 12.8% Adjusted ROE (%)
Slide 17: Key financial & operating metrics
Appendix Key financial & operating metrics Quarter Ended Change 1Q26 4Q25 3Q25 2Q25 1Q25 Y/Y Aggregate Originations (Millions) $416.9 $494.9 $511.8 $480.8 $469.4 (11.2)% Portfolio Yield (%) 32.1% 33.3% 33.0% 32.8% 33.0% (87)bps 30+ Day Delinquency Rate (%) 4.5% 4.9% 4.7% 4.4% 4.7% (18)bps Annualized
Slide 18: Condensed consolidated income statement
Appendix Condensed consolidated income statement Quarter Ended Change ($ Millions, except per share data. Shares in Millions) 1Q26 4Q25 3Q25 2Q25 1Q25 Y/Y Interest income $215.7 $232.4 $222.3 $218.3 $220.2 (2.1)% Non-interest income 13.1 15.4 16.3 16.1 15.7 (16.5)% Total revenue $228.8 $247.7 $238.7
Slide 19: Condensed consolidated balance sheet
Appendix Condensed consolidated balance sheet Quarter Ended Change ($ Millions) 1Q26 4Q25 3Q25 2Q25 1Q25 Y/Y Cash and cash equivalents $130.4 $105.5 $104.6 $96.8 $78.5 66.0% Restricted cash 79.5 93.4 119.3 131.4 152.4 (47.9)% Total cash $209.9 $198.9 $224.0 $228.2 $231.0 (9.1)% Loans receivable at f
Slide 20: Adjusted EBITDA reconciliation
Appendix Adjusted EBITDA reconciliation Quarter Ended Change ($ Millions) 1Q26 4Q25 3Q25 2Q25 1Q25 Y/Y Net income (loss) $2.3 $3.4 $5.2 $6.9 $9.8 (76.0)% Adjustments: Income tax expense (benefit) 1.2 3.2 9.0 3.2 3.4 (64.2)% Interest on corporate financing 7.0 7.5 9.0 9.4 9.7 (28.4)% Depreciation and
Slide 21: Adjusted net income reconciliation
Appendix Adjusted net income reconciliation Quarter Ended Change ($ Millions) 1Q26 4Q25 3Q25 2Q25 1Q25 Y/Y Net income (loss) $2.3 $3.4 $5.2 $6.9 $9.8 (76.0)% Adjustments: Income tax expense (benefit) 1.2 3.2 9.0 3.2 3.4 (64.2)% Stock-based compensation expense 3.0 2.7 2.5 2.7 2.8 4.8% Other non-recu
Slide 22: Adjusted operating expense and adjusted operating expense ratio reconciliation
Appendix Adjusted operating expense and adjusted operating expense ratio reconciliation Quarter Ended Change ($ Millions) 1Q26 4Q25 3Q25 2Q25 1Q25 Y/Y OpEx Ratio (%) 13.6% 12.0% 13.5% 14.2% 13.9% (28)bps Total operating expense $91.3 $83.8 $90.8 $94.4 $92.7 (1.4)% Less: Stock-based compensation expe
Slide 23: Risk adjusted net interest margin reconciliation
Appendix Risk adjusted net interest margin reconciliation Quarter Ended Change ($ Millions) 1Q26 4Q25 3Q25 2Q25 1Q25 Y/Y Total Revenue 228.8 247.7 238.7 234.3 235.9 (3.0)% Less: Interest Expense 48.0 57.9 56.6 59.5 57.4 (16.4)% Net Interest Margin $180.8 $189.8 $182.1 $174.8 $178.5 1.3% Net Interest
Slide 24: Basic and diluted earnings per share reconciliation
Appendix Basic and diluted earnings per share reconciliation Quarter Ended Change ($ Millions, except per share data. Shares in Millions) 1Q26 4Q25 3Q25 2Q25 1Q25 Y/Y Net income (loss) $2.3 $3.4 $5.2 $6.9 $9.8 (76.0)% Net income (loss) attributable to common stockholders $2.3 $3.4 $5.2 $6.9 $9.8 (76
Slide 25: Adjusted earnings per share reconciliation
Appendix Adjusted earnings per share reconciliation Quarter Ended Change ($ Millions, except per share data. Shares in Millions) 1Q26 4Q25 3Q25 2Q25 1Q25 Y/Y Diluted earnings (loss) per share $0.05 $0.07 $0.11 $0.14 $0.21 (76.2)% Adjusted Net Income $10.2 $13.0 $18.8 $14.7 $18.6 (45.3)% Basic weight
Slide 26: Net change in fair value
Appendix Quarter Ended Change $ Millions 1Q26 4Q25 1Q25 4Q24 Q/Q Y/Y Net change Loan Portfolio Drivers Discount rate 6.2% 6.3% 7.7% 7.9% —% (1.5)% in fair value Remaining cumulative charge-offs as a % of principal balance Average life in years 12.3% 1.06 12.3% 1.06 11.8% 1.10 11.7% 1.11 —% — 0.5% -0
Slide 27: Net lifetime loan loss rates by vintage
Appendix Net lifetime loan loss rates by vintage Cumulative Net Principal Charge-offs Year of Origination 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dollar Weighted Average Original Term for Vintage (Months) 24.2 26.3 29.0 30.0 32.0 33.3 37.8 39.2 35.6 33.7 Net Lifetime Loan Losses as % of Or
Slide 28: Forward-looking adjusted EBITDA reconciliation
Appendix Forward-looking adjusted EBITDA reconciliation 2Q 2026 FY 2026 ($ Millions) Low High Low High Net income $6.9 * $10.8 * $51.0 $59.2 Adjustments: Income tax expense (benefit) 2.1 3.2 15.3 17.8 Interest on corporate financing 6.2 6.2 23.0 23.0 Depreciation and amortization 8.8 8.8 35.2 35.2 S
Slide 29: Forward-looking adjusted net income and adjusted earnings per share reconciliation
Appendix Forward-looking adjusted net income and adjusted earnings per share reconciliation FY 2026 ($ Millions, except per share data. Shares in Millions) Low High Net Income $51.0 $59.2 Adjustments: Income tax expense (benefit) 17.3 20.1 Stock-based compensation expense 11.3 11.3 Other non-recurri
Slide 30: Oportun
Oportun