Slide 1: Fourth Quarter 2025 Earnings Presentation
Fourth Quarter 2025 Earnings Presentation February 25, 2026
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward - Looking Statements This presentation (the “Presentation”) contains summary information about the activities of Sezzle as of the date of this Presentation. The information in this Presentation is of a general nature and does not purport to be c omplete a
Slide 3: 2025 Recap
2025 Recap 4Q25 FY2025 GMV Growth (YoY) 35.3 % 55.1% 2026 Guidance Total Revenue Growth (YoY) 32.2 % 66.1% Total Revenue Growth 25% – 30% Net Income & Net Income Margin $42.7 M 32.9% $133.1M 29.6% $170.0 M Adjusted Net Income 5 Adjusted EBITDA 1 32.4% YoY & Adjusted EBITDA Margin $58.3 M 44.9% $187.
Slide 4: 10 Years of Sezzle
10 Years of Sezzle As Awarded by: World’s Top America’s Best BNPL App for Top 5 America’s Best Companies Best for Best Mid - Cap Fintech Companies Best Companies Credit Building BNPL Apps Growth Leaders to Work for Building Credit Companies 1st Quarter of Announced 6 - for - 1 Sezzle Sezzle Expands
Slide 5: An All-in-One App
An All- in- One App +34% Expanding financial tools to grow consumer lifetime value and YoY Number of drive consumer acquisition Transactions in 4Q25 Pay - in- 4 Pay - in- 2 Pay - in- Full Pay - in- 5 Long - Term Lending Sezzle Up Premium Anywhere On - Demand +51% YoY Monthly Sessions 1 in ...and sca
Slide 6: 2026 Path Forward
2026 Path Forward A digital financial platform building an integrated shopping and financial services ecosystem Additional Products Launched Launching Soon & Features to Launch Deposit Accounts Receipt Scanning & Rewards Debit & Secured Credit Card Post - Purchase Split Program Enhanced User Communi
Slide 7: Efficient & Targeted Marketing Unlocking Engagement and Driving Subscriber Growth
Efficient & Targeted Marketing Unlocking Engagement and Driving Subscriber Growth Launch of On - Push to Demand Subscription $9.3 Marketing Strategy $8.7 $8.7 Incentivizing engagement and retention through targeted consumer rewards 918,000 $5.3 $5.3 • Subscription Benefits • Money IQ • In- app & Mer
Slide 8: AI-Driven Efficiency Across the Sezzle Ecosystem
AI- Driven Efficiency Across the Sezzle Ecosystem Building proprietary AI capabilities to improve organizational productivity, unlock cost savings, and elevate the consumer experience Engineering Product Customer Support Other Functions AI Co ding Assistants (live) AI Shopping Assistant Proprietary
Slide 9: YoY Engagement Metrics
YoY Engagement Metrics Monthly On - Demand & Subscribers (MODS 1) Quarterly Purchase Frequency (Average) 4Q25 918,000 +211k 4Q25 6.6x +1.1x YoY YoY 4Q24 707,000 4Q24 5.5x Active 2 Consumers Repeat Usage as a % of Total Orders (Cumulative) 4Q25 3,049,000 +11.9% 4Q25 96.8% +80 Bps YoY YoY 4Q24 2,725,0
Slide 10: Last Twelve Months (LTM) QoQ Engagement Metrics
Last Twelve Months (LTM) QoQ Engagement Metrics Unique Merchants 2 Shopped at Quarterly Purchase Frequency (Average) Active 1 Consumers by Consumers 6.6x 6.5x 474,000 463,000 2,971,000 3,049,000 412,000 2,860,000 346,000 2,734,000 6.1x 6.1x 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25 3Q25 4Q25
Slide 11: YoY Progression Overview
YoY Progression Overview 4Q24 4Q25 YoY Change FY2024 FY2025 YoY Change Total Revenue $98.2M $129.9M 32.2% $271.1M $450.3M 66.1% Net Income $25.4M $42.7M 68.3% $78.5M $133.1M 69.5% Adjusted Net Income 1 $26.1M $42.8M 64.2% $65.3M $128.4M 96.6% Adjusted EBITDA Margin 2 33.1% 44.9% 11.8 Pts 32.7% 41.7%
Slide 12: Gross Merchandise Volume (GMV) & Total Revenue
Gross Merchandise Volume (GMV) & Total Revenue Gross Merchandise Volume (GMV) +55.1% YoY $3,940.4 +35.3% YoY $2,540.2 $927.0 $1,047.3 $1,157.5 $855.4 $808.7 FY2024 FY2025 4Q24 1Q25 2Q25 3Q25 4Q25 GMV ($ in millions) GMV ($ in millions) Total Revenue 11.4% 13.0% 10.7% 11.5% 11.2% 10.6% 11.2% $450.3 $
Slide 13: Transaction Related Costs
Transaction Related Costs 1 As a % of GMV $169.3 $120.1 5.1% 5.1% 3.8% 4.1% 4.0% 4.7% 4.3% $43.9 $53.5 $46.3 $31.0 $38.4 FY2024 FY2025 4Q24 1Q25 2Q25 3Q25 4Q25 Transaction Related Costs ($ in millions) % of GMV Transaction Related Costs ($ in millions) % of GMV As a % of Total Revenue $169.3 45.8% $
Slide 14: Transaction Related Costs
Transaction Related Costs 1 Transaction Expense Provision for Credit Losses Net Interest Expense ✓ Better- than- expected consumer repayment behavior ✓ Holiday season credit tightening 1.9% 1.9% 1.5% 1.7% 1.6% 2.8% 3.1% 2.2% 2.0% 1.6% $32.2 0.4% 0.4% 0.4% 0.4% 0.3% $19.0 $24.4 $20.6 $23.7 $16.1 $15.
Slide 15: Superior Unit Economics Driven by Portfolio Velocity
Superior Unit Economics Driven by Portfolio Velocity 64.0% The short duration product results in quick portfolio turnover, with LTM 4Q25 repayment trends evident after 14 days Total Revenue Less Transaction Related Costs 62.0% Type of Loan Std. Loan Tenor as a % of Total Revenue 60.0% 6.7 point marg
Slide 16: Total Revenue Less Transaction Related Costs
1 Total Revenue Less Transaction Related Costs As a % of GMV $281.0 9.1% $151.0 6.4% 6.5% 6.0% 7.2% 7.1% $73.9 $63.3 $83.5 5.9% $54.3 $60.3 FY2024 FY2025 4Q24 1Q25 2Q25 3Q25 4Q25 Total Revenue Less Transaction Related Costs ($ in millions) Total Revenue Less Transaction Related Costs ($ in millions)
Slide 17: Non-Transaction Related Operating Expenses
1 Non - Transaction Related Operating Expenses % of Total Revenue $118.2 $82.5 27.4% 28.1% 27.1% 30.4% 25.6% 24.6% 26.3% $26.9 $26.9 $27.7 $31.6 $32.0 FY2024 FY2025 4Q24 1Q25 2Q25 3Q25 4Q25 Non-Transaction Related Operating Expenses ($ in millions) Non-Transaction Related Operating Expenses ($ in mi
Slide 18: Net Income & Adjusted Net Income
Net Income & Adjusted Net Income Net Income Adjustments Adjusted Net Income 1 34.5% 32.9% 33.7% 33.0% 25.8% 28.0% 26.6% 22.8% $0.7 $0.1 25.1% 21.8% $36.2 $42.7 $35.3 $42.8 $25.4 $27.6 $26.7 ($0.8) ($2.8) ($1.2) $26.1 $24.8 $25.4 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4
Slide 19: Net Income & Adjusted EBITDA
Net Income & Adjusted EBITDA Net Income & Adjusted Net Income 1 $133.1$128.4 $78.5 $65.3 $36.2 $35.3 $42.7 $42.8 $25.4 $26.1 $27.6 $24.8 $26.7 $25.4 FY2024 FY2025 4Q24 1Q25 2Q25 3Q25 4Q25 Net Income ($ in millions) Adjusted Net Income ($ in millions) Net Income ($ in millions) Adjusted Net Income ($
Slide 20: Select Balance Sheet & Cash Flow Metrics
Select Balance Sheet & Cash Flow Metrics Balance Sheet $ in Thousands Dec 31, 2024 Sep 30, 2025 Dec 31, 2025 Key Assets Cash and cash equivalents 1 $73,185 $104,147 $64,054 Restricted cash $25,125 $30,509 $38,547 Total cash $98,310 $134,656 $102,601 Notes Receivable, net $164,562 $184,131 $254,895 K
Slide 21: 2025 Guidance vs. Actuals
2025 Guidance vs. Actuals 2025 Guidance 2025 Actual (November 2025) Total Revenue Growth 60% – 65% 66.1% Total Revenue Less Transaction Related Costs 1 60% – 65% 62.4% as a % of Total Revenue Effective Income Tax Rate ~25% (excluding discrete items) 23% (excluding discrete tax items) Adjusted Net In
Slide 22: 2026 Guidance
2026 Guidance 2025 Guidance 2026 Guidance 2025 Actual 2026 Guidance (November 2025) (November 2025) Total Revenue Growth 60% – 65% 66.1% Not Provided 25% – 30% Adjusted Net Income 1 $120.0M $128.4M Not Provided $170.0M Adjusted Net Income Per $3.38 $3.59 $4.35 $4.70 Diluted Share 1, 2 1 Adjusted Net
Slide 23: Appendix I: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix I: Reconciliation of GAAP to Non - GAAP Financial Measures Reconciliation of Operating Income to Total Revenue Less Transaction Related Costs For the three months ended For the twelve months ended (in $ thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31
Slide 24: Appendix II: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix II: Reconciliation of GAAP to Non - GAAP Financial Measures Reconciliation of Operating Expenses to Transaction Related Costs For the three months ended For the twelve months ended (in $ thousands) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 December
Slide 25: Appendix III: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix III: Reconciliation of GAAP to Non - GAAP Financial Measures Reconciliation of Net Income to Adjusted Net Income For the three months ended For the twelve months ended (in $ thousands; except per share amounts) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2
Slide 26: Appendix IV: Restated Quarterly Consolidated Statements of Cash Flows
Appendix IV: Restated Quarterly Consolidated Statements of Cash Flows For the twelve months ended December 31, 2024 (in $ thousands) As previously reported Restatement impact As restated Discount on notes receivable $ - $ 460 $ 460 Notes receivables (89,289) 89,289 - Net Cash Provided from Operating
Slide 27: Non-GAAP Financial Measures
Non - GAAP Financial Measures To supplement our operating results prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), we present the following non - GAAP financial measures: Total revenue less transaction related costs; transaction related costs; non -
Slide 28: Non-GAAP Financial Measures (Cont.)
Non - GAAP Financial Measures (Cont.) Additionally, we have included these non - GAAP measures because they are key measures used by our management to evaluate our oper ating performance, guide future operating plans, and make strategic decisions, including those relating to operating expenses and t
Slide 29: Sezzle - The Responsible Way to Pay
®sezzle The Responsible Way to Pay