Onity Group Inc. · NYSE:ONIT

Onity — Sidoti Virtual Small Cap Conference (June 2026)

27 slides from Onity's conference presentation, Jun 17, 2026

  1. Slide 1: Sidoti Virtual Small Cap Conference

    Sidoti Virtual Small Cap Conference Sean O’Neil Executive Vice President and Chief Financial Officer June 17, 2026 © 2026 Onity Group Inc. All rights reserved.

  2. Slide 2: Disclaimer

    Disclaimer FORWARD-LOOKING STATEMENTS future liquidity, net worth and other financial and other requirements of NON-GAAP FINANCIAL MEASURES This presentation contains forward-looking statements within the regulators, the Federal National Mortgage Association (Fannie Mae), This presentation contains

  3. Slide 3: Focused on accelerating profitable growth and creating value for all stakeholders

    © 2 0 2 4 Focused on accelerating profitable growth and creating value for all stakeholders O n i t y G r ❑ Deliver growth through originations, MSR recapture, and subservicing relationships o u p I n c ❑ Expand use of AI-enabled technologies to drive recapture, service excellence, . A l and reduce

  4. Slide 4: Onity is a non-bank mortgage servicer and originator

    Onity is a non-bank mortgage servicer and originator NYSE: ONIT Focused on creating positive outcomes for clients, homeowners, investors and communities Services Offered Balanced Portfolio Mix Servicing #8 Servicing Originations Industry Subservicing #7 Owned Servicing and Consumer Direct, Bulk, Sub

  5. Slide 5: Operating priorities drive strong execution of strategy

    Operating priorities drive strong execution of strategy STRATEGY OPERATING PRIORITIES Balance and Diversification Accelerate Growth Prudent Capital-Light Growth Differentiate Operating Industry-Leading Cost Structure(a) Performance Top-Tier Operating Performance and Capabilities(b) Elevate the Custo

  6. Slide 6: The US mortgage market is large, growing, and non-banks are increasing share

    The US mortgage market is large, growing, and non-banks are increasing share Total addressable market(a) for residential mortgages is large … …and projected to grow(b) Unpaid Principal • Servicing market is expected to grow 3% YoY in 2026 Balance (UPB) of Loans $14.8T and 4% YoY in 2027 to reach $15

  7. Slide 7: Solid long-term performance trends

    Solid long-term performance trends Adjusted revenue(a) GAAP net income 993 attributable to common stockholders 190 896 842 Q1 Q1 34 (64) 30 ($M) 22 8 278 (40) 199 211 220 ($M) FY'23 FY'24 FY'25 Q1'26 FY'23 FY'24 FY'25 Q1'26 Adjusted pre-tax 90 Book value per share $74 $75 income(b) 82 Q1 49 $56 $52

  8. Slide 8: Q1 2026 Update: Growth in adjusted revenue, volume, and UPB

    Q1 2026 Update: Growth in adjusted revenue, volume, and UPB; Originations profitability partially offset higher MSR runoff Solid Revenue Growth Strong Originations Increasing Servicing Scale Adjusted Revenue(a) $278M Originations Volume $14B Ending Servicing UPB $338B +26% YoY ~2X YoY +11% YoY Net I

  9. Slide 9: Balanced business is resilient in the long term

    Balanced business is resilient in the long term Originations and Servicing complement Impact of market scenarios(c) each other through an annual cycle on profitability Adjusted pre-tax income(a) Originations 200 Rates down Rates up Servicing 179 31 145 147 Originations 73 96 Forward Owned Servicing

  10. Slide 10: Robust originations volume and strong recapture performance deliver growth above industry averages

    Robust originations volume(a) and strong recapture performance deliver growth above industry averages Originations volume up ~2x ’25 vs ’23, Refinance recapture rate 1.5x exceeding industry growth of 35%(b) industry average(d) Originations UPB FY’25 43 40% 30% 30 20% 22 10% 0% Industry Industry Indu

  11. Slide 11: Strong owned MSR growth expanding recapture-ready portfolio

    Strong owned MSR growth expanding recapture-ready portfolio Diversified servicing portfolio 11 Servicing portfolio up 14% ’25 vs ’23, exceeding industry growth of 6%(a) mitigates risk 328 Total Servicing 302 % of Servicing UPB Ending UPB 288 end of Q4’25 GSE MSR ~34% 164 Fannie Owned 189 159 157 Ser

  12. Slide 12: Integrating AI into every stage of the borrower journey to maximize recapture

    Integrating AI into every stage of the borrower journey to maximize recapture Accelerating refinance-ready Increasing lead conversion Advancing platform borrower identification efficiency scalability • Integrating unstructured data • Incorporating call sentiment analytics • Broadening borrower engag

  13. Slide 13: Capital allocation strategy focused on growth and optimizing shareholder return

    Capital allocation strategy focused on growth and optimizing shareholder return ❖ Expanding products and services Prioritize ❖ Retaining more mortgage servicing rights (MSRs), targeting Organic Growth 50/50 mix of owned and subservicing ❖ Investing in advanced technology (Gen AI, machine learning) D

  14. Slide 14: Updated 2026 outlook to reflect volatile macro environment

    Updated 2026 outlook to reflect volatile macro environment Financial objectives Full-year 2026 outlook(b) ❖ Drive revenue growth Updated adjusted ROE range to 10-15% (from 13- 15%) in light of ongoing rate volatility due to geopolitical events(c) ❖ Sustain Adjusted PTI performance(a) Total servicing

  15. Slide 15: Closing our price/book valuation gap to peers remains a high priority

    Closing our price/book valuation gap to peers remains a high priority Our price to book lags behind key peers Analysts’ expectations and our book value indicate upside Stock price after earnings release to Q1’26 book value Current analysts’ targets and Onity’s Q1’26 book value $38 ONIT share price 6

  16. Slide 16: Focused on accelerating profitable growth and creating value for all stakeholders

    © 2 0 2 4 Focused on accelerating profitable growth and creating value for all stakeholders O n i t y G r ❑ Deliver growth through originations, MSR recapture, and subservicing relationships o u p I n c ❑ Expand use of AI-enabled technologies to drive recapture, service excellence, . A l and reduce

  17. Slide 17: Thank you. Questions?

    Thank you. Questions? © 2026 Onity Group Inc. All rights reserved. 17

  18. Slide 18: Appendix

    Appendix © 2026 Onity Group Inc. All rights reserved. 18

  19. Slide 19: Note Regarding Non-GAAP Financial Measures

    Note Regarding Non-GAAP Financial Measures In the following slides, we present supplemental information (including reconciliations) relating to certain illustrative adjustments to GAAP pre-tax income (loss) and GAAP pre-tax return on equity. We believe these non-GAAP financial measures provide a use

  20. Slide 20: Notables and Adjusted Pre-tax Income (Loss) Calculation

    Notables and Adjusted Pre-tax Income (Loss) Calculation (Dollars in millions) Q1’23 Q1’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 I Reported net income (loss) (40) 30 (28) 22 22 19 127 8 A Income tax benefit (expense) (2) (2) 6 13 (1) (4) 119 (0) II Reported pre-tax income (loss) [ I – A ] (38) 32 (34)

  21. Slide 21: Notables and Adjusted Pre-tax Income (Loss) Calculation

    Notables and Adjusted Pre-tax Income (Loss) Calculation (Dollars in millions) FY’23 FY’24 FY’25 I Reported net income (loss) (64) 34 190 A Income tax benefit (expense) (6) (5) 127 II Reported pre-tax income (loss) [ I – A ] (58) 39 63 Forward MSR valuation adjustments due to (121) 17 (1) rates and a

  22. Slide 22: ROE Calculations

    ROE Calculations (Dollars in millions) Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 FY’25 I Reported net income (loss) (28) 22 22 19 127 8 190 A Preferred stock dividend (1) (1) (1) (1) (1) (1) (4) II Reported net income (loss) attributable to (29) 21 20 18 126 7 185 common stockholders [ I + A ] III Annuali

  23. Slide 23: P&L GAAP to Adjusted Bridge

    P&L GAAP to Adjusted Bridge Q1’26 Rithm, MAV & MSR FV Servicing Segment GAAP Reverse Other Inter-Segment Other Pledged Reclass Adjustments Notables Reclass Adjusted (Dollars in millions) unaudited MSR Reclass Notables Revenue 240 (31) 8 (9) 2 211 MSR Valuation Adjustments, net (81) (7) (11) (99) Ope

  24. Slide 24: End Notes

    End Notes SLIDE 3 SLIDE 7 SLIDE 10 cont. a) No assurances can be given as to the amount of shares, if any, that a) See appendix for discussion of non-GAAP measures including adjusted d) Onity’s FY’25 refinance recapture rate by balance as a multiple of Onity may repurchase in any given period revenu

  25. Slide 25: End Notes

    End Notes SLIDE 14 cont. SLIDES 20 & 21 cont. e) Effective in Oct’25, we adjusted our hedge target from 80-100% to 95- g) Contains non-routine transactions including but not limited to early 100%; we regularly evaluate the hedge coverage ratio at the intended payoff expense and fair value assumption

  26. Slide 26: Abbreviations & Definitions

    Abbreviations & Definitions • 9M: First nine months of the fiscal year • FOA: Finance of America Reverse LLC • M&A: Mergers and Acquisitions • pp(s): Percentage Points • Adj / Adjusted: Non-GAAP measure of PTI, ROE, • FRM: Fixed Rate Mortgage • MAM: Mortgage Assets Management, LLC • PTI: Pre-Tax Inc

  27. Slide 27: Customer first. Better together. We say. We do.

    Customer first. Better together. We say. We do.

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