Prog Holdings, Inc. · NYSE:PRG
Prog — Investor Day (March 2026)
118 slides from Prog's investor day presentation, Mar 10, 2026
Slide 1: 2026 Investor Day: Empowering Consumers with a Scalable Ecosystem
2026 Investor Day Empowering Consumers with a Scalable Ecosystem March 10 | New York City 2026 INVESTOR DAY 1
Slide 2: Welcome and Opening Remarks
Welcome and Opening Remarks John A. Baugh, CFA VP, Investor Relations 2026 INVESTOR DAY 2
Slide 3: Forward Looking Statements
Forward Looking Statements Statements in this presentation regarding PROG Holdings, Inc.’s (the “Company”) businesses, operations and performance that are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially
Slide 4: Today's Agenda
Today’s Agenda 8:30 AM Welcome and Opening Remarks 10:25 AM Four Technologies: Accelerating Growth John A. Baugh, CFA | VP, Investor Relations with Profit Expansion Company Overview and Vision: Driving John Trainor | President, Four Technologies Financial Empowerment through an MoneyApp: Providing a
Slide 5: Company Overview and Vision: Driving Financial Empowerment through an Ecosystem of Solutions
Company Overview and Vision: Driving Financial Empowerment through an Ecosystem of Solutions Steve Michaels President & Chief Executive Officer 2026 INVESTOR DAY 5
Slide 6: Empowered by Our Mission
Empowered by Our Mission To Create a Better Today and Unlock the Possibilities of Tomorrow through Financial Empowerment 2026 INVESTOR DAY 6
Slide 7: Key Messages
Key Messages Developing and deploying an integrated, industry-leading ecosystem 1 of solutions serving underserved individuals and families Expanding our portfolio through complementary offerings 2 that deepen customer engagement, diversify revenue, and accelerate profitable growth Investing in data
Slide 8: PROG Holdings at a Glance (NYSE: PRG)
PROG Holdings at a Glance (NYSE: PRG) KEY STATS1 (As of 12/31/2025) ~$1.4B $2.5B $2.41B $269.2M $200.4M ~3M Market Cap2 GMV Revenues Adj. EBITDA3 Free Cash Flow4 Customers Served Strong Brands Serving Underserved Consumers A Unified Financial Ecosystem to Serve – and Scale with – the Underserved Con
Slide 9: Our Transformation Journey
Our Transformation Journey Where We Have Been Where We Are Going ▪ Successfully spun-out Aaron’s in 2020 ▪ Building a unified financial ecosystem using cross-product data, decisioning, and customer insight ▪ Navigating dynamic market conditions and GMV pressure (macro / consumer headwinds) ▪ Scaling
Slide 10: Clear Profitable Growth Strategy for Value Creation
Clear Profitable Growth Strategy for Value Creation Grow the company by expanding our industry-leading Grow partnerships and DTC channels, accelerated by ecosystem cross-product opportunities Enhance our industry-leading consumer experience Expand Expand our offerings through new product innovations
Slide 11: Anchored in Our Commitment to Serving the Underserved
Anchored in Our Commitment to Serving the Underserved 40% of U.S. population does not have access to traditional financial services ▪ Low, stable incomes ▪ Limited short-term savings / lack of emergency spending funds ▪ Limited or challenged credit history ▪ Often experiencing life-stage-driven purc
Slide 12: Shared Customer DNA Across Our Ecosystem
Shared Customer DNA Across Our Ecosystem One Customer Segment, Multiple Financial Needs Shared Typical Age: 35 – 54 Attributes Typical Age: 18 – 34 Product Focus Product Focus Income-constrained furniture, appliances, fashion, beauty, lifestyle; (<$100K/yr) electronics; larger planned small ticket a
Slide 13: Aligning the Right Solutions to the Right Consumer Needs
Aligning the Right Solutions to the Right Consumer Needs Payment Stream Intermediate-term Short-term Short-term Intermediate-term Timeframe (~12 months) (~4 – 6 weeks) (~1 – 2 weeks) (~12 months) Typical Funding ~$1,100 ~$150 ~$110 ~$750 Amount Large ticket LTO leases Consumer Uses Smaller ticket pu
Slide 14: Building an Inclusive Financial Ecosystem
Building an Inclusive Financial Ecosystem BENEFITS TO PROG Lower customer acquisition costs Better consumer level Lease-to-Own Buy Now, Pay Later data for decisioning and Solution Payment Platform risk management Improved personalized, CONSUMER cross-marketing capabilities Payroll Deduction Short-te
Slide 15: Evolving from a Leasing-centric Platform to a Multi-product Ecosystem
Evolving from a Leasing-centric Platform to a Multi-product Ecosystem HISTORICAL FUTURE Most cross-sell flows have driven Increased emphasis on driving growth in Leasing product omni-directional cross-sell activity ~$45M of 2025 Leasing GMV generated through marketing to Four and MoneyApp customers
Slide 16: Accelerating Our Approach with the Acquisition of Purchasing Power
Accelerating Our Approach with the Acquisition of Purchasing Power Strategic Rationale ▪ Expands PROG’s ecosystem with a scalable payroll- deduction platform ▪ Unlocks a new, complementary consumer channel Purchase Price: $420M 2026 Adj. EBITDA1: $50M – 60M Brings Access to Double-digit % EPS Accret
Slide 17: Well Positioned to Address Accelerating Customer Trends
Well Positioned to Address Accelerating Customer Trends Inclusive, Alternative BNPL and Short-term Explosive Growth Shift to Alternative Payment Options for Credit as Everyday in Cash Advance Data, Embedded, the Underserved1 Budgeting Tools2 Products3 Mobile-first Credit4 100M+ Americans are ~6% of
Slide 18: Capitalizing on Our Sustainable Competitive Advantages
Capitalizing on Our Sustainable Competitive Advantages Unified, proprietary Multi-channel Personalized, data- data engine distribution of driven marketing powering decisioning, products across retail driving higher personalization, partners, employers, conversion and and risk accuracy and DTC repeat
Slide 19: Strategically Investing in Growth and Innovation
Strategically Investing in Growth and Innovation People Process Product Technology Development of talent Investment to Notable innovations, Investments in programs and strengthen first-to-market data, AI, mobile learning platforms decisioning solutions; strategic platform, and PROG to upskill workfo
Slide 20: Accountable Leadership Team Driving Long-term Profitable Growth
Accountable Leadership Team Driving Long-term Profitable Growth Steve Michaels Brian Garner Nate Roe Lee Wright John Trainor Sridhar Nallani President & Chief Chief Financial Chief Commercial Officer, President, President, Chief Technology Executive Officer Officer Progressive Leasing Purchasing Pow
Slide 21: Responsible and Engaged Board of Directors
Responsible and Engaged Board of Directors Skills Matrix C-suite Leadership 90% Finance Experience 80% Ray Robinson Douglas Curling Cynthia Day Curtis Doman Robert Julian Former President Managing Principal of President, CEO of Citizens Co-Founder, Former CFO of of AT&T; Chairman New Kent Capital Ba
Slide 22: Investment Thesis: Positioning for Growth and Value Creation
Investment Thesis: Positioning for Growth and Value Creation Structural cost Compounding Data-driven Deep competitive savings enabled growth through marketing moat driven by by technology multi-product capabilities breadth of modernization ecosystem accelerated by distribution and AI proprietary cha
Slide 23: PROG Leasing + Retail Partner Fireside Chat
PROG Leasing + Retail Partner Fireside Chat: Accelerating Growth through Differentiated Value Proposition Nate Roe Chief Commercial Officer, Progressive Leasing 2026 INVESTOR DAY 23
Slide 24: Key Messages
Key Messages Capitalizing on growing consumer need for lease-to- 1 own flexible payment solutions Building on our leadership position as the leasing partner 2 of choice for large, national retailers Expanding the availability and accessibility of lease-to-own 3 solutions through a growing direct-to-
Slide 25: PROG Leasing Overview
PROG Leasing Overview 2025 Revenues Attributed to KEY STATS Categories of Merchandise 4% 3% 1999 ~$1.8B $265.3M 11.4% 4% Platform 2025 2025 Adj. 2025 Adj. Launched GMV EBITDA EBITDA Margin 15% MAJOR RETAILER PARTNERS 58% 16% Furniture, Appliances, Mattresses Electronics Automobile Mobile Phones & El
Slide 26: Our Value Proposition Serving a Two-sided Marketplace
Our Value Proposition Serving a Two-sided Marketplace Value for RETAILERS Value for CONSUMERS ▪ Expand total sales value through ▪ Enable access to leading national incremental full margin sales retailers to shop where prime customers shop ▪ Provide access to below-prime customers ▪ Provide flexible
Slide 27: Product Overview: Mechanics of PROG Leasing
Product Overview: Mechanics of PROG Leasing How It Works 1 Apply: Available online, through Progressive’s mobile app, and in-store with select leading retailers 2 Instant Decision: Decisions are issued within seconds of application submission 3 Approved: Customers shop for leasable items of their ch
Slide 28: PROG Leasing Demo Video
PROG Leasing Demo Video 2026 INVESTOR DAY 28
Slide 29: Progressive Leasing's Role in PROG's Inclusive Financial Ecosystem
Progressive Leasing’s Role in PROG’s Inclusive Financial Ecosystem SPOTLIGHT Consumer Value Proposition ▪ Simple, easy-to-use lease-to-own solution to acquire essential merchandise without traditional credit ▪ Streamlined decisioning requiring only a bank account ▪ Payment flexibility through manage
Slide 30: Progressive Leasing's Core Customer
Progressive Leasing’s Core Customer Customer by Age Key Highlights Median Annual Income ~$50K – $54K 23% 29% 18 – 34 55+ Typical FICO Range 500 – 669+ Average Age ~39 Years Old Female ~57% 49% 35 – 54 Renters ~60% Serving the Needs of an Underserved Population with a Valuable, Flexible Payment Solut
Slide 31: Well Positioned to Capitalize on Industry Growth Drivers
Well Positioned to Capitalize on Industry Growth Drivers Over 100M Americans Increasing interest Pent-up demand tied to Expanding utilization are credit underserved from national retailers replacement cycle of within emerging with a growing interest old products verticals from younger, unbanked cust
Slide 32: Clear Strategic Priorities to Drive Long-term, Profitable Growth
Clear Strategic Priorities to Drive Long-term, Profitable Growth Drive Existing Retail Partner Adoption and Win New Pipeline Elevate Consumer and Retailer Experiences Expand the DTC Model (PROG Marketplace) Execute Technology Roadmap 2026 INVESTOR DAY 32
Slide 33: Solidifying Our Leadership Position with Leading National Retailers
Solidifying Our Leadership Position with Leading National Retailers OUR VALUE PROPOSITION Solid Foundation of ▪ Unmatched compliance excellence and focus Secure, Long-term ▪ Full-stack payment option capabilities that expand approval opportunities Contracts ▪ Deep retail partner understanding throug
Slide 34: Driving Increased Momentum in Retail Partner Adoption
Driving Increased Momentum in Retail Partner Adoption ▪ Early traction on ecosystem cross-sell and EXPAND RELATIONSHIPS collaboration opportunities WITH EXISTING PARTNERS ▪ Growth enabled by tech and efficiency advancements ▪ Three recent wins demonstrating PROG’s ADD NEW LARGE, differentiated value
Slide 35: Elevating Consumer and Retailer Experiences
Elevating Consumer and Retailer Experiences Enhancing Consumer Transforming How Retailers Experiences Work with PROG Streamlined application Modernizing retailer experience experience reducing friction from end to end and reducing time to launch Smart decisioning capabilities accelerating approval f
Slide 36: Expanding DTC Model through PROG Marketplace
Expanding DTC Model through PROG Marketplace Key Priorities ▪ Enable direct engagement to select retailers through PROG app or website - Major retailers available (e.g., Amazon, Walmart, Target) - Shop anywhere, any time ▪ Leverage personalization to expand consumer engagement ▪ Increase awareness o
Slide 37: Executing Technology Roadmap
Executing Technology Roadmap Key Priorities Increase speed of retail partner integration ▪ Leverage new leasing platform to enhance performance Drive increased AI usage in decisioning and customer service ▪ Integrate products through unified decisioning approach ▪ Focus on cross-product opportunitie
Slide 38: Key Takeaways
Key Takeaways 1 2 3 4 Capitalizing on growing Building on our Expanding the Investing in advanced consumer need for leadership position availability and technology capabilities lease-to-own flexible as the leasing partner accessibility of lease-to- to deliver a modernized, payment solutions of choic
Slide 39: Retail Partner Discussion Panel
Retail Partner Discussion Panel MODERATOR PANELISTS Nate Jody Lisa Roe Putnam Walker Chief Commercial Chief Revenue President of Officer, Progressive Officer, Jewelry Services, Leasing Mattress Firm Signet Jewelers 2026 INVESTOR DAY 39
Slide 40: Purchasing Power: Scaling Growth through a New Customer Acquisition Channel
Purchasing Power: Scaling Growth through a New Customer Acquisition Channel Lee Wright President, Purchasing Power 2026 INVESTOR DAY 40
Slide 41: Key Messages
Key Messages Expanding into a large employee market through an employer- 1 based network providing underserved customers with options to purchase products and services Delivering a differentiated payment solution of payroll deduction / 2 allotment that improves repayment outcomes and strengthens ris
Slide 42: Purchasing Power Overview
Purchasing Power Overview KEY STATS 2001 100+ 360+ 7M+ ~98% Platform Relationships with Established Eligible Employees Client Revenue Launched Distribution Partners Employer Clients Nationwide Retention1 PRODUCT DESCRIPTION ▪ E-commerce retail purchasing platform allowing employees to purchase produ
Slide 43: Product Overview: Mechanics of Purchasing Power
Product Overview: Mechanics of Purchasing Power How It Works 1 Client (employer) offers Purchasing Power’s program to its employees as a voluntary benefit 2 Employee registers with Purchasing Power and browses its site or mobile app with 100K+ unique SKUs Employee / customer makes a purchase from on
Slide 44: Purchasing Power Demo Video
Purchasing Power Demo Video 2026 INVESTOR DAY 44
Slide 45: Purchasing Power's Role in PROG's Inclusive Financial Ecosystem
Purchasing Power’s Role in PROG’s Inclusive Financial Ecosystem SPOTLIGHT Consumer Value Proposition ▪ Upfront spending power provided to consumer with transparent, fixed payments on a wide selection of brand-name products and services ▪ Convenient payroll-deducted installments that reduce financial
Slide 46: A Unique B2B Channel to Drive Increased Consumer Access
A Unique B2B Channel to Drive Increased Consumer Access Value for Employer… …Enhanced by Distribution Partner Alignment ✓ Voluntary employee benefit at no cost to employer ✓ Significant, untapped market with ✓ Improves employee loyalty benefit brokers not currently offering payment solutions ✓ Reduc
Slide 47: Near-term Industry Drivers
Near-term Industry Drivers – Growing Consumer Desire to Utilize Flexible Payment Solutions for Products and Services Heightened economic Growing consumer Expansion of voluntary- Increasing interest pressure on employees demand for predictable, benefit marketplaces, from brokers in selling increasing
Slide 48: Purchasing Power's Levers to Advance PROG's Growth Strategy
Purchasing Power’s Levers to Advance PROG’s Growth Strategy KEY INITIATIVES ▪ Capture increased share of SAM with existing employers, capitalizing Increase Penetration with on maturation of recently added client relationships Existing Eligible Consumers ▪ Expand size of retail catalog and accelerate
Slide 49: Key Takeaways
Key Takeaways 1 2 3 Expanding into a large Delivering a differentiated Capitalizing on integrated employee market through an payment solution of payroll data and access framework to employer-based network deduction / allotment that deliver organic growth while providing underserved improves repaymen
Slide 50: Q&A Session
Q&A Session Above Presenters 2026 INVESTOR DAY 50
Slide 51: Break
BREAK ~10 Minutes 2026 INVESTOR DAY 51
Slide 52: Four Technologies: Accelerating Growth with Profit Expansion
Four Technologies: Accelerating Growth with Profit Expansion John Trainor President, Four Technologies 2026 INVESTOR DAY 52
Slide 53: Key Messages
Key Messages Building a proven growth engine with increase in scale 1 (from 2021 launch to $736M+ in GMV in 2025) Operating a profitable and capital-efficient business model, 2 balancing robust growth with meaningful profit improvement with our first year of positive Adjusted EBITDA in 2025 Strength
Slide 54: Four Overview
Four Overview KEY STATS 2021 ~3M ~100K 4.8/5 $736.6M 80% ~10% Launched Monthly Active Positive App Avg. Apple Store 2025 % of GMV Take App Users1 Store Reviews2 Rating GMV from Subscribers3 Rate4 PRODUCT DESCRIPTION ▪ Direct-to-consumer BNPL payment platform connecting seamlessly with almost any ret
Slide 55: Product Economics of Four Platform
Product Economics of Four Platform CURRENT SOURCES OF REVENUE SPOTLIGHT: REPAYMENTS Four+ Subscriptions, Late Fees, Affiliate Fees, Platform Fees, & Interchange Fees % of Principal Collected Over Time 3 Equal, Additional Payments Across 6 Weeks TAKE RATE ~10% of GMV 50% 75% 100% STANDARD REPAYMENT T
Slide 56: How Consumers Find Four
How Consumers Find Four ▪ Organic search for alternative ways to manage spending ▪ Diversified paid marketing campaigns on social media platforms with low cost per install ▪ Positive viral social media posts educating potential consumers on app benefits #4 App on Apple’s App Store Top Charts, Shoppi
Slide 57: Product Overview: Mechanics of Four
Product Overview: Mechanics of Four How It Works 1 Download Four app, connect your bank account, and receive spending limit “Really helps — when you’re on 2 Shop for merchandise by engaging with retailer e-Commerce platforms and apps a fixed income and need extra cash, Four really helps. Way 3 Choos
Slide 58: Four Demo Video
Four Demo Video 2026 INVESTOR DAY 58
Slide 59: Four's Role in PROG's Inclusive Financial Ecosystem
Four’s Role in PROG’s Inclusive Financial Ecosystem SPOTLIGHT Consumer Value Proposition ▪ Low-friction entry point – non-FICO underwriting; simply connect bank account and approved within seconds ▪ Direct customer relationship – customers start in app, build loyalty with app, and grow with Four ove
Slide 60: Well Positioned to Capitalize on Industry Growth Drivers
Well Positioned to Capitalize on Industry Growth Drivers through Lean, AI-native Team and Platform Embedding of BNPL across new Expansion of AI commerce – AI-powered personalization platforms and experiences AI assistants that shop, and expanding monetization – compare, and purchase on curating reco
Slide 61: Four's Strategic Priorities to Drive Long-term, Profitable Growth
Four’s Strategic Priorities to Drive Long-term, Profitable Growth PROOF POINTS OF SUCCESS ▪ Identified what creates strong customer lifetime value Increase Repeat Usage to Drive ▪ Using targeted marketing to increase repeat purchase frequency while Customer Lifetime Value applying responsible underw
Slide 62: Key Takeaways
Key Takeaways 1 2 3 Building a proven growth Operating a profitable and Strengthening our position engine with increase in scale capital-efficient business in Buy Now, Pay Later (from 2021 launch to model, balancing robust (BNPL) with the right $736M+ in GMV in 2025) growth with meaningful profit cu
Slide 63: MoneyApp: Providing a Dynamic Liquidity Solution
MoneyApp: Providing a Dynamic Liquidity Solution with a Frictionless Consumer Experience Lee Wright President, Purchasing Power 2026 INVESTOR DAY 63
Slide 64: Key Messages
Key Messages Scaling a dynamic solution to provide short-term liquidity for 1 budget-constrained consumers Delivering one of the fastest, most frictionless consumer 2 experiences for accessing a cash advance Offering an economically competitive solution with transparent 3 and “no-tipping” pricing 20
Slide 65: MoneyApp Overview
MoneyApp Overview KEY STATS1 2022 2M+ 280K+ 1.5M+ 350K+ ~$12.7M Platform Total Transacting Advances Monthly Active 2025 Formed Sign-ups Customers Delivered Users Revenue PRODUCT DESCRIPTION ▪ Short-term liquidity solution for consumers with steady incomes and bank accounts ▪ Cost-effective alternati
Slide 66: Product Overview: Mechanics of MoneyApp
Product Overview: Mechanics of MoneyApp Illustrative Cash Advance Transaction EXPRESS 8 Seconds Validate ML Check Identity Decision Account Balance 2 – 3 Business Days Collect Customer Link Bank Account Choose Choose Delivery STANDARD Repay Advance Information and Debit Card Amount Method (+ Fee, if
Slide 67: MoneyApp Demo Video
MoneyApp Demo Video 2026 INVESTOR DAY 67
Slide 68: MoneyApp's Role in PROG's Inclusive Financial Ecosystem
MoneyApp’s Role in PROG’s Inclusive Financial Ecosystem SPOTLIGHT Consumer Value Proposition ▪ Offers flexible cash solutions to cover essential expenses (e.g., rent or medical bills) for credit-challenged consumers ▪ No interest, sign-up fees, credit check, late fees, or tipping allowed ▪ Attractiv
Slide 69: Significant Opportunity to Capture Greater Share in a Highly Fragmented Market
Significant Opportunity to Capture Greater Share in a Highly Fragmented Market BACKGROUND NEAR-TERM INDUSTRY DRIVERS A Large Portion of Americans Need Access to Short-term Cash Gaining share from other Leveraging digital data cash advance products and for cash-flow-based increasing volume capture ri
Slide 70: MoneyApp's Strategic Priorities to Drive Long-term, Profitable Growth
MoneyApp’s Strategic Priorities to Drive Long-term, Profitable Growth RECENT PROOF POINTS OF SUCCESS Growing Total Number of Active ▪ Currently expanding customer base through paid marketing with Users through Paid Marketing very low customer acquisition cost and Ecosystem Cross Promotion ▪ Opportun
Slide 71: Key Takeaways
Key Takeaways 1 2 3 Scaling a dynamic solution Delivering one of the fastest, Offering an economically to provide short-term most frictionless consumer competitive solution with liquidity for budget- experiences for accessing a transparent and “no-tipping” constrained consumers cash advance pricing
Slide 72: Enabling Next Era of Growth with Our Digital and Data Capabilities
Enabling Next Era of Growth with Our Digital and Data Capabilities Sridhar Nallani Chief Technology Officer 2026 INVESTOR DAY 72
Slide 73: Key Messages
Key Messages Building a digital and data ecosystem with the scale and stability 1 to be the leading fintech platform for the underserved Delivering best-in-class consumer and partner experiences 2 by connecting products through shared data and capabilities Sharing customer insights and learnings acr
Slide 74: Building on a Track Record of Digital Investments
Building on a Track Record of Digital Investments Where We Were Where We Are Where We Are Going ▪ Large number of custom- ▪ One unified Leasing ▪ Investing in AI enablement and built apps (“band-aids”) tech stack agentic automation ▪ 17 different tech stacks ▪ New core leasing system ▪ Accelerating
Slide 75: Creating a Digitally-enabled, Future-ready Organization through a Clear Digital Strategy
Creating a Digitally-enabled, Future-ready Organization through a Clear Digital Strategy Extending Our Enhancing Driving Speed Digital and Data Customer and Flexibility Capabilities Conversion through AI 2026 INVESTOR DAY 75
Slide 76: Building the Digital Core of the PROG Ecosystem
Extending Our Digital and Data Capabilities Building the Digital Core of the PROG Ecosystem One Platform, Four Products Extending Core Leasing Capabilities Unified Data, Decisioning, to Accelerate Speed and Quality Personalization, and Delivery ▪ Capitalizing on core capabilities developed in our Le
Slide 77: Removing Friction to Deliver Exceptional Consumer Shopping Experiences
Extending Our Digital and Data Capabilities Removing Friction to Deliver Exceptional Consumer Shopping Experiences KEY PRIORITIES OPPORTUNITY Seamlessly provide a Personalized Cart Nurturing full suite of products 1 Creating a retail experience that is seamless and personalized for consumers to cons
Slide 78: Risk and Decisioning Capabilities: Unified, Data-driven Approach
Enhancing Customer Conversion Risk and Decisioning Capabilities: Unified, Data-driven Approach to Improve Customer Conversion FUTURE STATE ✓ Single eligibility framework supporting Leasing, Four, MoneyApp, and Purchasing Power1; customers assessed once, matched to right solution ✓ Dynamic, real-time
Slide 79: Enhancing PROG Marketplace Experience to Drive Direct-to-Consumer Growth
Enhancing Customer Conversion Enhancing PROG Marketplace Experience to Drive Direct-to-Consumer Growth TO PROG MARKETPLACE FROM ▪ A digital front door connecting customers to retailers and PROGLEASING.COM payment solutions Monolithic and custom leasing ▪ Powerful foundation to drive flow that result
Slide 80: Modernizing Our Operations: Implementing Lease Modernization
Enhancing Customer Conversion Modernizing Our Operations: Implementing Lease Modernization WHAT WE’VE DONE ▪ API-first approach, built on “headless” architecture ▪ Implemented Retail self-service tools and API- driven retailer enablement for faster onboarding and integration WHAT WE ARE DOING ▪ Impl
Slide 81: Empowering Innovation through AI-first Architecture: Recent Implementations of AI
Driving Speed & Flexibility through AI Empowering Innovation through AI-first Architecture: Recent Implementations of AI CUSTOMER EXPERIENCE MARKETING OPERATIONS HUMAN RESOURCES Leveraging AI to quickly and Integrating generative AI Utilizing transactional, AI- Launched Piper+, AI- accurately catego
Slide 82: Building for the Future: What's Next for AI
Driving Speed & Flexibility through AI Building for the Future: What’s Next for AI KEY PRIORITIES Advancing AI maturity by moving from experimentation to integration Providing access to secure, scalable AI tools (e.g., Copilot and ChatGPT) to 600+ knowledge workers tailored to each business function
Slide 83: Key Takeaways
Key Takeaways 1 2 3 4 Building a digital and Delivering best-in-class Sharing customer Capitalizing on data ecosystem with consumer and partner insights and learnings modernized technology the scale and stability to experiences by across products stack to increase speed be the leading fintech connec
Slide 84: Charting a Clear Path Toward Profitable Growth and Long-term Shareholder Value Creation
Charting a Clear Path Toward Profitable Growth and Long-term Shareholder Value Creation Brian Garner Chief Financial Officer 2026 INVESTOR DAY 84
Slide 85: Key Messages
Key Messages Expanding GMV through multiple growth channels with new and 1 existing partners, employer access, affiliates and scaled DTC channels Enhancing portfolio quality and managing risk through AI-enabled 2 decisioning that protects margins and supports disciplined growth Unlocking ecosystem s
Slide 86: Building Confidence through Clear Financial Actions
Building Confidence through Clear Financial Actions …for a Clear Path Toward Growth …and Enhancing Longer-term revenue synergies Our Foundation… tied to financial ecosystem Navigating Recent GMV expansion from new Unlocking cross-product growth retail partnerships through AI-powered decisioning, Cha
Slide 87: Financial Performance Overview
Financial Performance Overview KEY METRICS KEY FACTORS (2025) ▪ Headwinds in consumer $2.5B $2.41B $269.2M $200.4M durable goods demand Consolidated Consolidated Consolidated Consolidated ▪ Retail partner disruptions GMV Revenue Adj. EBITDA1 FCF2 ▪ Elevated consumer REVENUE ($M) vs. credit stress AD
Slide 88: Long-term Growth Algorithm
Long-term Growth Algorithm – Clear Path Forward to Execute with Discipline Revenue and Disciplined Margin Strong Free Capital Shareholder Expansion Cash Flow Deployment Value Creation Drive scale, cost Build off established Invest in high ROI Compound value discipline, and track record of strong gro
Slide 89: Delivering Revenue Growth through Strategic Execution
Delivering Revenue Growth through Strategic Execution Multi-channel Ecosystem Technology Purchasing Power Partner Pipeline GMV Expansion Cross-sell Modernization Adds a New and New Vertical Reduces Increasing Unlocks Higher Payment Solution Access Expand Dependence on Revenue per Conversion and Dist
Slide 90: Evolving from a Leasing-centric Platform to a Multi-product Ecosystem
Evolving from a Leasing-centric Platform to a Multi-product Ecosystem HISTORICAL FUTURE Most cross-sell flows have driven Increased emphasis on driving growth in Leasing product omni-directional cross-sell activity ~$45M of 2025 Leasing GMV generated through marketing to Four and MoneyApp customers
Slide 91: Remaining Disciplined on Risk Management
Remaining Disciplined on Risk Management Proactively Managing Portfolio Risk through Consumer Headwinds Tightened decisioning posture to navigate Controlled, consumer headwinds, prioritizing portfolio quality over GMV growth Transparent, Expect Leasing’s provision for lease merchandise and Consisten
Slide 92: Driving Structural Cost Savings to Enable Growth and Margin Expansion
Driving Structural Cost Savings to Enable Growth and Margin Expansion Driving Maintaining strong expense discipline by aligning Disciplined SG&A growth with revenue growth Expense Sustaining a cost-conscious culture through Management needs-based hiring practices Prioritizing high-impact investments
Slide 93: High-quality Balance Sheet and Effective Liquidity Management
High-quality Balance Sheet and Effective Liquidity Management CAPITAL SUMMARY & Net Leverage Ratio FINANCIAL HIGHLIGHTS (As of 12/31/2025) Target Range 2.02x 1.83x 2.0x $600.0M $308.8M Total Debt Cash & Cash 1.49x 1.5x Equivalents1 1.08x $291.2M $350.0M Net Debt1 Available Credit $658.8M Total Avail
Slide 94: Balanced and Disciplined Capital Allocation Strategy
Balanced and Disciplined Capital Allocation Strategy Uses of Capital Future Priorities: 2026 – 2028 (2022 – 2025) De-lever Balance ▪ Drive toward long-term net debt to EBITDA range of 1.5x – 2.0x Sheet ▪ Maintain solid credit ratings 32% ▪ Reinvest portion of structural cost Funding Organic & saving
Slide 95: Revised Full Year 2026 Outlook
Revised Full Year 2026 Outlook1 2026 Outlook (In thousands, except per share amounts) Low High PROG Holdings – Total Revenues from Continuing Operations $ 2,950,000 $ 3,070,000 Key Assumptions PROG Holdings – Net Earnings ▪ Soft demand for consumer from Continuing Operations 132,000 155,000 durable
Slide 96: Introducing 2025 – 2028 Growth Targets by Segment
Introducing 2025 – 2028 Growth Targets by Segment 3-year CAGRs GMV / Revenue Adj. EBITDA Progressive Leasing MSD MSD Four 50% – 60% 100%+ Purchasing Power LDD 25% – 35% MSD: Mid Single Digits. LDD: Low Double Digits. 2026 INVESTOR DAY 96
Slide 97: Introducing PROG Holding's 2025 – 2028 Growth Targets
Introducing PROG Holding’s 2025 – 2028 Growth Targets 3-year CAGRs1 20% – 25% 5% – 8% 13% – 16% 17% – 20% Consolidated GMV Revenue Adj. EBITDA Adj. EPS 1 Based on 2025 results, pro forma for the inclusion of Purchasing Power. 2026 INVESTOR DAY 97
Slide 98: Key Takeaways
Key Takeaways 1 2 3 4 5 Expanding Enhancing Unlocking Driving margin Converting GMV through portfolio quality ecosystem expansion via cost earnings into multiple growth and managing synergies through efficiencies from strong FCF, enabling channels with risk through shared decisioning, modernization,
Slide 99: Closing Remarks: Invest with Us
Closing Remarks: Invest with Us Steve Michaels President & Chief Executive Officer 2026 INVESTOR DAY 99
Slide 100: Investment Thesis: Positioning for Growth and Value Creation
Investment Thesis: Positioning for Growth and Value Creation Structural cost savings Compounding growth Data-driven marketing Deep competitive moat enabled by technology through multi-product capabilities accelerated driven by breadth of modernization and AI ecosystem by proprietary data set distrib
Slide 101: Q&A Session
Q&A Session All Presenters 2026 INVESTOR DAY 101
Slide 102: Appendix: GAAP to Non-GAAP Reconciliation Tables
Appendix GAAP to Non-GAAP Reconciliation Tables 2 0 2 6 I N V E S T O R D A Y 102
Slide 103: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Non-GAAP net earnings from continuing operations, non-GAAP diluted earnings from continuing operations per share, and adjusted EBITDA are supplemental measures of our performance that are not calculated in accordance with generally accepted accounting principles in
Slide 104: GAAP to Non-GAAP Reconciliation Table
GAAP to Non-GAAP Reconciliation Table PROG Holdings, Inc. Reconciliation of Net Earnings from Continuing Operations and Diluted Earnings Per Share from Continuing Operations to Non-GAAP Net Earnings from Continuing Operations and Diluted Earnings Per Share from Continuing Operations (In Thousands, E
Slide 105: GAAP to Non-GAAP Reconciliation Table
GAAP to Non-GAAP Reconciliation Table PROG Holdings, Inc. Reconciliation of Net Earnings from Continuing Operations and Diluted Earnings Per Share from Continuing Operations to Non-GAAP Net Earnings from Continuing Operations and Diluted Earnings Per Share from Continuing Operations (In Thousands, E
Slide 106: GAAP to Non-GAAP Reconciliation Table
GAAP to Non-GAAP Reconciliation Table PROG Holdings, Inc. Non-GAAP Financial Information Annual Segment EBITDA from Continuing Operations (In Thousands) Twelve Months Ended December 31, 2022 Progressive Four Other Consolidated Total Leasing Net Earnings from Continuing Operations $ 86,897 Income Tax
Slide 107: GAAP to Non-GAAP Reconciliation Table
GAAP to Non-GAAP Reconciliation Table PROG Holdings, Inc. Non-GAAP Financial Information Annual Segment EBITDA from Continuing Operations (In Thousands) Twelve Months Ended December 31, 2025 Progressive Four Other Consolidated Total Leasing Net Earnings from Continuing Operations $ 124,352 Income Ta
Slide 108: GAAP to Non-GAAP Reconciliation Table
GAAP to Non-GAAP Reconciliation Table PROG Holdings, Inc. Non-GAAP Financial Information Adjusted EBITDA % from Continuing Operations (In Thousands) Three Months Ended December 31, March 31, June 30, September 30, December 31, 2021 2022 2022 2022 2022 Consolidated Revenues from Continuing Operations
Slide 109: GAAP to Non-GAAP Reconciliation Table
GAAP to Non-GAAP Reconciliation Table PROG Holdings, Inc. Non-GAAP Financial Information Adjusted EBITDA % from Continuing Operations (In Thousands) Three Months Ended December 31, March 31, June 30, September 30, December 31, 2024 2025 2025 2025 2025 Consolidated Revenues from Continuing Operations
Slide 110: GAAP to Non-GAAP Reconciliation Table
GAAP to Non-GAAP Reconciliation Table PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Full Year 2026 Outlook for Adjusted EBITDA (In Thousands) Fiscal Year 2026 Ranges Progressive Leasing Purchasing Power Four Other Consolidated Total Estimated Net Earnings from Continuing Opera
Slide 111: GAAP to Non-GAAP Reconciliation Table
GAAP to Non-GAAP Reconciliation Table PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Full Year 2026 Outlook for Diluted Earnings Per Share to Non-GAAP Diluted Earnings Per Share Full Year 2026 Low High Projected Diluted Earnings Per Share from Continuing Operations $ 3.34 $ 3.7
Slide 112: Appendix: Speaker Bios
Appendix Speaker Bios 2026 INVESTOR DAY 112
Slide 113: Steve Michaels
Steve Michaels President & Chief Executive Officer Steve Michaels was named Chief Executive Officer of PROG Holdings, Inc. in December 2020, and President of the Company in April 2021. Mr. Michaels, who is also a member of PROG Holdings’ Board of Directors, previously served as CEO of the Company’s
Slide 114: Brian Garner
Brian Garner Chief Financial Officer Brian Garner has been Chief Financial Officer of PROG Holdings since December 2020. Previously, Mr. Garner served as Senior Vice President of Finance and Accounting, Vice President of Finance and Accounting, and Controller of the Company’s Progressive Leasing seg
Slide 115: Nate Roe
Nate Roe Chief Commercial Officer, Progressive Leasing Nate Roe was named Chief Commercial Officer of Progressive Leasing in 2024, following a decade as the Company’s Senior Vice President of Sales, where he managed Progressive Leasing’s largest retailer partnerships while overseeing new business de
Slide 116: Lee Wright
Lee Wright President, Purchasing Power Lee Wright, the President of Purchasing Power, is a seasoned executive with deep experience leading billion-dollar retail, financial services and consumer- focused businesses. He most recently served as Chief Executive Officer of The Vitamin Shoppe, the leading
Slide 117: John Trainor
John Trainor President, Four Technologies John Trainor is the President of Four Technologies, our Buy Now, Pay Later business. He has more than 25 years of experience as a business and technology leader, with significant expertise in consumer financial services and payment options, retail, connected
Slide 118: Sridhar Nallani
Sridhar Nallani Chief Technology Officer As PROG Holdings’ Chief Technology Officer, Sridhar Nallani is responsible for the development, integration, and innovation of all customer-, partner-, and employee-facing technologies for the Company and its subsidiaries. He was named to his current role in