Oportun Financial Corporation · NASDAQ:OPRT
Oportun Financial — Q2 2025 Earnings Presentation
44 slides from Oportun Financial's earnings presentation, August 2025
Slide 1: Investor Presentation August 2025
Investor Presentation August 2025
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: Company Overview
Company Overview
Slide 4: Overview of Oportun Financial (Nasdaq: OPRT)
Company Overview Overview of Oportun Financial (Nasdaq: OPRT) We provide intelligent borrowing and savings capabilities to help our members build a better financial future • Oportun offers products that holistically address two of the most fundamental challenges to financial health and resilience: a
Slide 5: Borrowing, savings and budgeting for hardworking individuals
Company Overview Borrowing, savings and budgeting for hardworking individuals Unsecured Secured Mission Empowering members to build a better future Personal Loans Personal Loans Savings Comprehensive Unique Servicing Strong Customer Proprietary Award Winning Physical and Digital and Collections Valu
Slide 6: Addressing the biggest challenges facing U.S. consumers
Company Overview Addressing the biggest challenges facing U.S. consumers of U.S. households struggle with 70% spending, saving, borrowing and planning(2) 59% 75% would struggle to come up with $1,000 in an emergency(3) 51% had bank-related account fees in the past year(4) of Americans do not feel th
Slide 7: Responsibly structured credit products
Company Overview Responsibly structured credit products Member Solution Unsecured Personal Loans Secured Personal Loans Simple-to-understand, affordable, Personal installment loan product Use Case unsecured, fully-amortizing installment secured by an automobile, allowing loans with fixed payments me
Slide 8: Compelling customer value proposition compared to the alternatives
Company Overview Compelling customer value proposition compared to the alternatives Cost of borrowing $1,500(6) Positive social impact Approx. $2,000 savings 1.3M $498 Credit histories established(7) Expense multiples Competitor products are 7 times Online-only Payday loans are of Oportun costs more
Slide 9: Credit Risk Platform Enables Highly Granular Decision Making and Competitive Advantage
Company Overview Credit Risk Platform Enables Highly Granular Decision Making and Competitive Advantage 100% centralized, automated underwriting with no overrides or exceptions Billions of data points analyzed using A.I. (machine learning) to develop credit and fraud models 1,000+ end nodes 3 indepe
Slide 10: Multi-channel loan fulfillment and servicing
Company Overview Multi-channel loan fulfillment and servicing 44% of 2Q25 applicants used more than one channel to apply; 79% utilized Mobile / Digital channel for at least part of their applications, even if they initiated in Retail or with a Contact Center Loan Fulfillment Channels* Payment Channe
Slide 11: Savings remains a 2025 priority
Company Overview Savings remains a 2025 priority Problem #1 Savings App of 2025 59% according to Bankrate 9 Best Money-Saving of U.S. consumers would struggle to come up with $1,000 in the event of an emergency(3) Apps of 2025 Solution Excellent Personal Finance Apps A.I.-driven saving according to
Slide 12: Strategic Priorities
Strategic Priorities
Slide 13: Consistent strategic focus delivering measurable results
Strategic Priorities Consistent strategic focus delivering measurable results Improving Credit Strengthening Identifying Outcomes Business Economics High-Quality • 30+ day delinquency rate and • 15%+ Adjusted ROEs attained Originations dollar net charge-offs have over last three quarters, • Q2 refer
Slide 14: Disciplined credit stance reflects member stability
Strategic Priorities Disciplined credit stance reflects member stability Strong employment and residential stability, with 94% of loans disbursed to U.S. bank accounts Income Verified 100% Of applicants, ~$50K median gross income Loan Disbursement 94% Of borrowers receive in U.S. bank accounts Emplo
Slide 15: Improvement in net lifetime loss rate increases from 400 bps to up to 600+ bps
Strategic Priorities Improvement in net lifetime loss rate increases from 400 bps to up to 600+ bps after month 12 on book(11) Up to 600 bps lower front book losses 12+ months post-disbursement See Appendix for Key Definitions. 15
Slide 16: Back book has decreased to 2% of portfolio as of 2Q25
Strategic Priorities Back book (from pre-July 2022 credit tightening) has decreased to 2% of portfolio as of 2Q25; reiterating anticipated reduction to 1% by YE25 Pre-July 2022 Back Book Credit Tightening 2Q25 Annualized Net Quarter-End Back Book Portfolio % of Owned Principal Balance Outstanding(12
Slide 17: Financial Overview
Financial Overview
Slide 18: Attractive unit economic model
Financial Overview Attractive unit economic model 2Q25 Adjusted ROE of 16% was a 12 percentage point Y/Y improvement from 4% in 2Q24 2Q25 Metric Target Illustrative Unit Economics as a % of Owned Principal Balance Corporate Level Profitability Fair Value Marks: 2%(14) 7.3:1 Leverage F 6:1 Leverage 1
Slide 19: 2Q25 earnings overview
Financial Overview 2Q25 earnings overview Raising 2025 Adjusted EPS expectations by 8% at the midpoint Strong momentum continues with Q2 financial • FY25 Adjusted EPS guidance of $1.20- performance $1.40 reflects 67%-94% growth GAAP profitable for third • Expect to be GAAP profitable in FY25 consecu
Slide 20: Second quarter 2025 capital and liquidity
Financial Overview Second quarter 2025 capital and liquidity Reduced leverage from 7.6x to 7.3x Q/Q, while repaying $55M of debt during 2Q; issued $439 million in ABS notes at a 5.67% weighted average yield in June, 128 bps lower than prior January transaction Sources of Liquidity ($M) Fixed Rate De
Slide 21: Third quarter and Full Year 2025 guidance
Financial Overview Third quarter and Full Year 2025 guidance 3Q 2025E FY 2025E Total Revenue $237 - $242M $945 - $960M Annualized Net Charge-off Rate 11.8% +/- 15 bps 11.9% +/- 30 bps (%) Adjusted EBITDA* $34 - $39M $135 - $145M Adjusted Net Income* — $58 - $67M Adjusted EPS* — $1.20 - $1.40 Based o
Slide 22: Q3 expected annualized NCO rate would be ~30 bps lower with flat Y/Y ADPB
Financial Overview Q3 expected annualized NCO rate would be ~30 bps lower with flat Y/Y average daily principal balance (ADPB) As Reported Flat ADPB (avg. daily principal balance) 10% ADPB Growth Y/Y As Reported -3% -3% -3% ADPB Decline Y/Y $NCO Decline -6% -4% -4% Note: Analysis assumes charge-offs
Slide 23: Management Team
Management Team
Slide 24: Expertise Across Products and Industries
Management Team Expertise Across Products and Industries Raul Vazquez Patrick Kirscht Kathleen Layton Paul Appleton Chief Executive Officer and Chief Credit Officer Chief Legal Officer Treasurer, Head of Capital Markets Board Member 15+ years in Corporate and and Interim Chief Financial Officer 25+
Slide 25: Appendix
Appendix
Slide 26: Key definitions
Appendix Key definitions • 30+ Day Delinquency Rate is the unpaid principal balance for our owned loans and credit cards receivable 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
Slide 27: 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 28: Key financial & operating metrics
Appendix Key financial & operating metrics Quarter Ended Six Months Ended June 30 Change Change 2Q25 1Q25 4Q24 3Q24 2Q24 Y/Y 2025 2024 Y/Y Aggregate Originations (Millions) $480.8 $469.4 $522.2 $480.2 $434.8 10.6% $950.2 $773.0 22.9% Number of Loans Originated 156,734 142,843 156,503 148,022 133,310
Slide 29: Condensed consolidated income statement
Appendix Condensed consolidated income statement Quarter Ended Six Months Ended June 30 Change Change ($ Millions, except per share data. Shares in Millions) 2Q25 1Q25 4Q24 3Q24 2Q24 Y/Y 2025 2024 Y/Y Interest income $218.3 $220.2 $233.5 $230.0 $231.4 (5.7)% $438.5 $462.0 (5.1)% Non-interest income
Slide 30: Condensed consolidated balance sheet
Appendix Condensed consolidated balance sheet Quarter Ended Change ($ Millions) 2Q25 1Q25 4Q24 3Q24 2Q24 Y/Y Cash and cash equivalents $96.8 $78.5 $60.0 $71.8 $72.9 32.9% Restricted cash 131.4 152.4 154.7 156.7 163.8 (19.8)% Total cash $228.2 $231.0 $214.6 $228.5 $236.6 (3.6)% Loans receivable at fa
Slide 31: Adjusted EBITDA reconciliation
Appendix Adjusted EBITDA reconciliation Quarter Ended Six Months Ended June 30, Change Change ($ Millions) 2Q25 1Q25 4Q24 3Q24 2Q24 Y/Y 2025 2024 Y/Y Net income (loss) $6.9 $9.8 $8.7 $(30.0) $(31.0) NM $16.6 $(57.5) NM Adjustments: Income tax expense (benefit) 3.2 3.4 (4.8) (9.5) (18.1) NM 6.6 (22.2
Slide 32: Adjusted EBITDA reconciliation
Appendix Adjusted EBITDA reconciliation Year Ended December 31, Change ($ Millions) 2024 2023 Y/Y Net income (loss) $(78.7) $(180.0) Adjustments: Income tax expense (benefit) (36.5) (73.7) 50.5 % Interest on corporate financing 51.1 51.8 (1.2)% Depreciation and amortization 52.2 54.9 (4.9) % Stock-b
Slide 33: Adjusted net income reconciliation
Appendix Adjusted net income reconciliation Quarter Ended Six Months Ended June 30, Change Change ($ Millions) 2Q25 1Q25 4Q24 3Q24 2Q24 Y/Y 2025 2024 Y/Y Net income (loss) $6.9 $9.8 $8.7 $(30.0) $(31.0) NM $16.6 $(57.5) NM Adjustments: Income tax expense (benefit) 3.2 3.4 (4.8) (9.5) (18.1) NM 6.6 (
Slide 34: Adjusted operating expense and adjusted operating expense ratio reconciliation
Appendix Adjusted operating expense and adjusted operating expense ratio reconciliation Quarter Ended Six Months Ended June 30, Change Change ($ Millions) 2Q25 1Q25 4Q24 3Q24 2Q24 Y/Y 2025 2024 Y/Y OpEx Ratio 14.2% 13.9% 13.1% 14.7% 16.0% 14.0% 15.7% Total operating expense $94.4 $92.7 $89.5 $102.1
Slide 35: Risk adjusted net interest margin reconciliation
Appendix Risk adjusted net interest margin reconciliation Quarter Ended Six Months Ended June 30, Change Change ($ Millions) 2Q25 1Q25 4Q24 3Q24 2Q24 Y/Y 2025 2024 Y/Y Total Revenue 234.3 235.9 250.9 250.0 250.4 (6.4)% 470.3 500.9 (6.1)% (1) Less: Interest Expense 59.5 57.4 57.1 55.7 54.2 9.8% 116.9
Slide 36: Basic and diluted earnings per share reconciliation
Appendix Basic and diluted earnings per share reconciliation Quarter Ended Six Months Ended June 30 Change Change ($ Millions, except per share data. Shares in Millions) 2Q25 1Q25 4Q24 3Q24 2Q24 Y/Y 2025 2024 Y/Y Net income (loss) $6.9 $9.8 $8.7 $(30.0) $(31.0) NM $16.6 $(57.5) NM Net income (loss)
Slide 37: Adjusted earnings per share reconciliation
Appendix Adjusted earnings per share reconciliation Quarter Ended Six Months Ended June 30 Change Change ($ Millions, except per share data. Shares in Millions) 2Q25 1Q25 4Q24 3Q24 2Q24 Y/Y 2025 2024 Y/Y Diluted earnings (loss) per share $0.14 $0.21 $0.20 $(0.75) $(0.78) NM $0.35 $(1.46) NM Adjusted
Slide 38: Adjusted earnings per share reconciliation
Appendix Adjusted earnings per share reconciliation Year Ended December 31 Change ($ Millions, except per share data. Shares in Millions) 2024 2023 Y/Y Diluted earnings (loss) per share $ (1.95) $ (4.88) 60.0 % Adjusted Net Income $29.3 $(71.3) NM Basic weighted-average common shares outstanding 40.
Slide 39: Net change in fair value
Appendix Quarter Ended Change Net change $ Millions 2Q25 1Q25 2Q24 1Q24 Q/Q Y/Y Loan Portfolio Drivers in fair value Discount rate 7.0% 7.7% 8.7% 9.1% (0.7)% (1.6)% Remaining cumulative charge-offs as a % of principal balance 12.0% 11.8% 11.6% 11.9% 0.1% 0.4% Average life in years 1.08 1.10 1.02 1.0
Slide 40: Net lifetime loan loss rates by vintage
Appendix Net lifetime loan loss rates by vintage Cumulative Net Principal Charge-offs Year of Origination 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dollar Weighted Average Original Term for Vintage (Months) 22.3 24.2 26.3 29.0 30.0 32.0 33.3 37.8 39.2 35.6 Net Lifetime Loan Losses as % of Or
Slide 41: Forward-looking adjusted EBITDA reconciliation
Appendix Forward-looking adjusted EBITDA reconciliation 3Q 2025 FY 2025 ($ Millions) Low High Low High Net income $6.8 * $10.7 * $31.8 $41.6 Adjustments: Income tax expense (benefit) 1.8 2.9 8.6 11.2 Interest on corporate financing 8.8 8.8 36.9 36.9 Depreciation and amortization 9.9 9.9 40.9 40.9 St
Slide 42: Forward-looking adjusted net income and adjusted earnings per share reconciliation
Appendix Forward-looking adjusted net income and adjusted earnings per share reconciliation FY 2025 ($ Millions, except per share data. Shares in Millions) Low High Net Income $31.8 $41.6 Adjustments: Income tax expense (benefit) 8.6 11.2 Stock-based compensation expense 12.5 12.5 Other non-recurrin
Slide 43: Endnotes
Appendix Endnotes 1. Bankrate’s Financial Freedom survey, July 2024 2. Financial Health Network (FHN): “Financial Health Pulse 2024 U.S. Trends Report” 3. Bankrate’s 2025 Annual Emergency Savings Report, February 2025 4. Financial Health Network: “The FinHealth Spend Report 2023” 5. Yahoo Finance/Ma
Slide 44: Investor Contact
Investor Contact Dorian Hare 650-590-4323 ir@oportun.com