Better Home & Finance Holding Company · NASDAQ:BETR
Better Home & Finance — Q4 2025 Earnings Presentation
29 slides from Better Home & Finance's earnings presentation, Mar 13, 2026
Slide 1: AI Mortgage Platform Investor Presentation
AI Mortgage Platform Investor Presentation March 2026 Company Metrics and Financials are as of December 31, 2025.
Slide 2: Disclaimer
Disclaimer This presentation and any related oral presentation, (together “this presentation”), do not constitute an offer or invitation to subscribe for, purchase or otherwise acquire any securities or other instruments of Better Home & Finance Holding Company ("Better" or the "Company") and nothin
Slide 3: Next generation AI mortgage platform
Next generation AI mortgage platform. Simpler. Faster. Better. 3
Slide 4: Q4 2025 Highlights & Key Developments
Q4 2025 Highlights & Key Developments
Slide 5: Q4 2025 results: volume and revenue expand driven by Tinman AI Platform
Q4 2025 results: volume and revenue expand driven by Tinman AI Platform $1,461M $646M $44M Q4 Q4 Tinman AI Q4 Total Funded Loan Platform Funded Net Revenue Volume Loan Volume YoY Growth: YoY Growth: YoY Growth: ▲ 56% ▲ 100%1 ▲ 77% ▲$594M ▲$646M ▲$19M 1) Tinman AI Platform came online in Q1’25. 5
Slide 6: Q4 launched partnerships: traction shows the power of Better's model
Q4 launched partnerships: traction shows the power of Better’s model Q4 Launched Partnerships Mortgage Pre-Approval Volume ▪ Mortgage Pre-Approval Volume is a top of funnel metric $5,900M ▪ Month-over-month growth is showing the significant demand from our partners’ customers $3,245M ▪ Conversion ca
Slide 7: Q4 launched partnerships volume is moving down-funnel from pre-approvals to closings
Q4 launched partnerships volume is moving down- funnel from pre-approvals to closings ▪ This growth in Funded Loan Q4 Launched Partnerships Funded Loan Volume Volume is encouraging but it can vary month-over- month + 94% MoM $105M Growth + 29% ▪ We often see growth in a MoM step function, unlocking
Slide 8: Seamless tech and monthly savings are unlocking a massive embedded mortgage opportunity within Credit Karma
Seamless tech and monthly savings are unlocking a massive embedded mortgage opportunity within Credit Karma A seamless customer experience never leaving the Credit Karma app 149M Members1 43M Monthly Active Users1 $398 5 60%+ Average monthly savings per Credit Karma + Better mortgage Clicks to appro
Slide 9: Our partner NEO has proven efficiency gains which are compounding growth
Our partner NEO has proven efficiency gains which are compounding growth Sales & Operating KPIs Before and After NEO Moved onto the Tinman AI Platform… Funded Loans per Mortgage Advisor Funded Loans per Underwriter 2.4 4.6 30.1 45.1 Before After Joining Before After Joining Tinman / Better Tinman /
Slide 10: Partnerships going live & line of sight for new additions
Partnerships going live & line of sight for new additions Ramping Pipeline ▪ Live and scaling; ramping volume Top 3 ▪ Pilot launched; deeper integration across their member base Personal Lending underway Fintech ▪ Live and scaling ▪ Integrating HELOC flow into existing reverse mortgage platform to e
Slide 11: The AI engine behind the next era of mortgage origination
The AI engine behind the next era of mortgage origination M O D ER NIZI NG T HE P A S T B U I L D I NG T HE F U TUR E Elevating Legacy Models Powering Next-Gen Fintechs Retail Mortgage Branches Embedded Mortgage APIs AI-augmented loan officers & rapid Any fintech can offer mortgage digital-first cus
Slide 12: We are relentlessly focused on improving three success vectors
We are relentlessly focused on improving three success vectors Distribution OPERATIONAL COSTS COST OF CAPITAL Structural distribution advantage Structural funding advantage with Structural operating cost advantage driven by our partners with millions of established bank relationships and that is mul
Slide 13: Financials
Financials Better
Slide 14: Q4 2025 funded loan volume performance
Q4 2025 funded loan volume performance Funded Refi Funded Purchase Funded HELOC Funded Loan Volume Loan Volume Loan Volume Loan Volume 56% 22% $720M $1,460M $590M 207% $537M $936M 18% $203M $175M $172M Q4'24 Q4'25 Q4'24 Q4'25 Q4'24 Q4'25 Q4'24 Q4'25 14
Slide 15: Marginal unit economics per fund: aggregate D2C
Marginal unit economics per fund: aggregate D2C Q1 2025 Q2 2025 Q3 2025 Q4 2025 Loan Units 2,196 2,974 2,939 2,946 Gross GOS Revenue $7,454 $7,999 $8,511 $9,105 Concessions ($721) ($613) ($743) ($1,207) Net Gain on Sale Revenue $6,733 $7,386 $7,768 $7,898 Net Mortgage Interest Income1 $500 $500 $500
Slide 16: Adding revenue at a positive Adj. EBITDA margin
Adding revenue at a positive Adj. EBITDA margin Total Net Revenue / Total Adj. EBITDA & YoY Revenue Growth Adj. EBITDA Margin + $19.3M $44.3M ($27.9M) + $4.0M 77% YoY +21% Growth $25.0M (112%) ($23.9M) (54%) Q4'24 YoY Incr. Net Q4'25 Q4'24 YoY Incr. Adj. Q4'25 Revenue EBITDA 16
Slide 17: Looking ahead to Q1 2026
Looking ahead to Q1 2026 $1,461M $1,400M - $1,550M $1,205M $1,210M ▪ $1,400M to $1,550M of Loan Volume in Q1’26 $936M $868M ▪ $1.0B of Monthly Loan Volume by May 2026 ▪ Adj. EBITDA Breakeven by the end of Q3 2026 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 17
Slide 18: Balance sheet & liquidity summary
Balance sheet & liquidity summary ($ in thousands) Quarter Ended December 31, Quarter Ended September 30, Assets 2025 2024 2025 Cash and cash equivalents 99,827 211,101 73,893 Restricted cash 16,788 24,416 12,551 Short-term investments 103,607 53,774 131,902 Mortgage loans held for sale, at fair val
Slide 19: Reconciliation of non-GAAP measures
Reconciliation of non-GAAP measures (Amounts in $ thousands) Quarter Ended December 31, Quarter Ended September 30, Adjusted Net Loss 2025 2024 2025 Net (loss) income $(39,919) $(59,223) $(39,125) Stock-based compensation expense 7,877 4,941 4,271 Change in fair value of warrants and equity related
Slide 20: Appendix
Appendix Better
Slide 21: Homeownership market is enormous
Homeownership market is enormous Cumulative market size $5T 01 Largest and most $11 Trillion $19+ Trillion Consumer Financial Network 6 Avg. Annual Spend within tangible asset class Global Housing Market1, 2 in the world $3T 02 $14 Trillion Home Services Ecosystem5 Bedrock of the 15-18% of U.S. GDP
Slide 22: However, mortgage process remains challenging and archaic for consumers
However, mortgage process remains challenging and archaic for consumers The homeownership status quo is broken Our AI platform delivers a Better experience Expensive Best-in-class experience Buyers pay fees to up to 10 intermediaries, 664 Net Promoter Score accounting for ~10% of home price1 4.1 out
Slide 23: Tinman is purpose-built AI that fundamentally reshapes mortgage economics
Tinman is purpose-built AI that fundamentally reshapes Tinman® AI Opportunity in the Mortgage Industry mortgage economics Tinman® AI Over $100B in originations and years of investment in our AI platform, Tinman® and Platform Betsy Software | Fulfillment | Capital Markets | Compliance | Sales Redefin
Slide 24: Powered by Tinman, our proprietary & comprehensive AI mortgage platform
Powered by Tinman®, our proprietary & comprehensive AI mortgage platform Customer Experience Tinman® Operational Excellence ▪ Tinman® AI drives better, ▪ Tinman® AI triangulates Point faster , and cheaper CRM consumer attributes, of Sale customer experience property attributes, and unique investor c
Slide 25: Betsy – the first AI voice-based loan assistant built for the mortgage industry
Betsy – the first AI voice-based loan assistant built for the mortgage industry Betsy accelerates the customer journey, reducing time to close with… ✓ Enhanced Capacity: More bandwidth for Loan Officers to initiate and manage customer relationships ✓ Faster Scalability: More cost-effective solution
Slide 26: Better Mortgage offers a broad suite of home financing solutions
Better Mortgage offers a broad suite of home financing solutions Our Average Customer Home Purchase ▪ 12 days faster average closing time vs. industry Profile1 ▪ Saves customers ~$20k on average over loan $299k Average loan balance ▪ 13 days faster average closing time vs. industry Home Refinance ▪
Slide 27: Light balance sheet and low-risk funding model, attracting new mortgage investors
Light balance sheet and low-risk funding model, attracting new mortgage investors Assets matched to identified Assets acquired by Better’s funding at origination, aligning to the network of third-party investors criteria of institutional investors Streamlined, tech-enabled Strong and growing institu
Slide 28: Scalable and integrated platform with a best-in-class customer experience
Scalable and integrated platform with a best-in-class customer experience 1 Data Advantage 4 Capital-Light Model g g Enhanced customer experience and Investors and partners buy loans via maximized conversion – up to 10k data platform. Retain on balance sheet for points per customer in loan process ~
Slide 29: Scalable and integrated platform with a best-in-class customer experience
Scalable and integrated platform with a best-in-class customer experience Path to Profitability Continue reducing legacy mortgage operations and customer acquisition costs through greater AI adoption Tinman® AI as a Platform Leverage our scalable end- to-end technology to offer our partners’ custome
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