Affirm Holdings, Inc. · NASDAQ:AFRM

Affirm — William Blair 46th Annual Growth Stock Conference (June 2026)

43 slides from Affirm's conference presentation, Jun 4, 2026

1. Slide 1: Introduction to Affirm

   WILLIAM BLAIR 46TH ANNUAL GROWTH STOCK CONFERENCE Introduction to Affirm Michael Linford, Chief Operating Officer June 4, 2026 AFFIRM | 2026

2. Slide 2: Safe Harbor Statement/Use of Non-GAAP Financial Measures

   Safe Harbor Statement/Use of Non-GAAP Financial Measures Cautionary Note About Forward-Looking Statements This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange A

3. Slide 3: Agenda

   01 How we started 02 What we have built 03 Our structural advantages 04 Delivering financial results 05 The path to ubiquity AFFIRM | 2026 3

4. Slide 4: Our mission: Deliver honest financial products that improve lives

   Our mission: Deliver honest financial products that improve lives AFFIRM | 2026 4

5. Slide 5: “Always there when I need to purchase something!”

   “Always there when | need to purchase something!”

6. Slide 6: Affirm directly addresses this problem

   Affirm directly addresses this problem Buy now, pay over time with Affirm A flexible way to pay Simple terms No compound interest No hidden fees AFFIRM | 2026 6

7. Slide 7: By aligning our incentives with consumers'

   By aligning our incentives with consumers' Open line of revolving credit Transaction level, closed-end credit Underwriting (~$30K avg limit)1 (~$300 avg) Interest methodology Compounding Interest capped at checkout Late or junk fees Yes Never 0% APR offers Limited or none 29% of GMV in FQ3’26 Get cu

8. Slide 8: Leading to a revolution in payments

   Leading to a revolution in payments Trailing twelve month GMV 50 $46.6B 46% CAGR 40 LTM GMV ($B) 30 20 10 0 FQ3'22 FQ4'22 FQ1'23 FQ2'23 FQ3'23 FQ4'23 FQ1'24 FQ2'24 FQ3'24 FQ4'24 FQ1'25 FQ2'25 FQ3'25 FQ4'25 FQ1'26 FQ2'26 FQ3'26 AFFIRM | 2026 8 8

9. Slide 9: Agenda

   01 How we started 02 What we have built 03 Our structural advantages 04 Delivering financial results 05 The path to ubiquity AFFIRM | 2026 9

10. Slide 10: Offering a diverse range of financial products

    Offering a diverse range of financial products Illustrative ranges Product mix as a % of GMV1 0% APR Interest Monthly Pay in X Bearing Pay in X Loans 16% Merchant 0% APR ~2% 6 - 12% ~5% discount rate Monthly 13% >0 - 36% 0% 0% Interest-bearing Consumer APR 71% 3 - 60 3 - 60 30 days - Term lengths mo

11. Slide 11: Monthly installments

    Monthly installments Split a purchase into payments with Affirm’s signature point-of-sale financing solution. ● Equal, amortizing payments over 3–60 months ● Loans up to $35,000 for eligible customers ● 0-36% APR, never compounding Illustrative categories: AFFIRM | 2026 11

12. Slide 12: Pay in X

    Pay in X Make purchases more accessible with biweekly, interest- free payments. ● A typical transaction has repayments every 2 weeks over 6-8 weeks ● Purchases $35–$1,000 for eligible customers ● No hidden or late fees Illustrative categories: AFFIRM | 2026 12

13. Slide 13: Affirm Card

    Affirm Card Combines the power of pay over time with the convenience of a physical card ● A debit card with credit extension available through the Affirm app or website ● >4.4M active cardholders ● 3x more Affirm spend than non-cardholders Affirm Card since GA launch 8 5 7 Trailing twelve month GMV

14. Slide 14: Monthly visitors, new-to-Affirm visitors, merchants with offers

    Monthly visitors Monthly new - to - Affirm visitors Merchants with offers Monthly checkouts AFFIRM | 2026 14 Figures presented as of March 31, 2026.

15. Slide 15: Affirm is the partner of choice

    Affirm is the partner of choice AFFIRM | 2026 15

16. Slide 16: Accelerating merchant acquisition

    Accelerating merchant acquisition Active merchant count (000s) 600 400 200 0 FQ3'21 FQ4'21 FQ1'22 FQ2'22 FQ3'22 FQ4'22 FQ1'23 FQ2'23 FQ3'23 FQ4'23 FQ1'24 FQ2'24 FQ3'24 FQ4'24 FQ1'25 FQ2'25 FQ3'25 FQ4'25 FQ1'26 FQ2'26 FQ3'26 AFFIRM | 2026 16 Affirm internal data as of March 31, 2026.

17. Slide 17: Agenda

    01 How we started 02 What we have built 03 Our structural advantages 04 Delivering financial results 05 The path to ubiquity AFFIRM | 2026 17

18. Slide 18: Affirm has two mutually reinforcing flywheels

    More transactions & richer data Stronger models | Broader distribution Affirm has two mutually reinforcing Vertically - flywheels Merchant - integrated risk consumer network management Better outcomes Improved credit & higher conversion | Deeper trust & adoption AFFIRM | 2026 18

19. Slide 19: Affirm has five core structural advantages

    Affirm has five core structural advantages 01 02 03 04 05 Network Transaction - Proprietary, Continuous Enterprise effects level full lifecycle model commerce underwriting data asset improvement infrastructure 14 years of network building AFFIRM | 2026 19

20. Slide 20: Transaction-level underwriting is a better wheel

    Transaction-level underwriting is a better wheel Data signals Approval rate at a given delinquency rate 100% Real-time underwriting & pricing 95% 90% Affirm’s 85% advantage 80% vs. FICO Approval Rate Offers 75% Amount / Term / APR / Down Payment / Promotions 70% 65% 60% Merchant Consumer conversion

21. Slide 21: We deliver consistent credit outcomes

    We deliver consistent credit outcomes Number of months since static ABS deal closed Pricing Loss 1 Realized Loss 2 Projected Loss 3 2023 - X1 2024 - X1 2024 - X2 8% 8% 8% 6% 6% 6% 4% 4% 4% 2% 2% 2% 0% 0% 0% 0 6 12 18 24 30 36 0 6 12 18 24 30 36 0 6 12 18 24 30 36 2025 - X1 2025 - X2 8% 8% 6% 6% 4% 4

22. Slide 22: Agenda

    01 How we started 02 What we have built 03 Our structural advantages 04 Delivering financial results 05 The path to ubiquity AFFIRM | 2026 22

23. Slide 23: How Affirm makes money

    How Affirm makes money Affirm Revenue by Income Source 4.5 $4.0B 4.0 38% Servicing loans on behalf of third parties CAGR 3.5 Gain from selling loans to third parties 3.0 Revenue ($B) 2.5 Interest earned from consumers and amortization of discount income 2.0 1.5 1.0 Revenue earned from merchants 0.5

24. Slide 24: How Affirm funds the business

    How Affirm funds the business Funding capacity by type Highlights Warehouse Highly diversified with three funding channels and 30% ~200 unique partners across ABS, forward flow, and warehouse channels Forward Flow Locked - in term funding: averaging >2 years at closing; 46% with short asset duration

25. Slide 25: Achieving rapid growth at stable unit economics

    Achieving rapid growth at stable unit economics $3.9 billion in TTM Revenue $1.9 billion in TTM RLTC $4.5B 10.0% $2.5B 4.5% $4.0B 9.0% 4.0% 8.0% $2.0B $3.5B 3.5% 7.0% $3.0B 3.0% RLTC as % of GMV 6.0% Revenue of GMV $1.5B $2.5B 2.5% 5.0% $2.0B 2.0% 4.0% $1.0B $1.5B 1.5% 3.0% $1.0B 1.0% 2.0% $0.5B $0.

26. Slide 26: Operating margins have consistently improved

    Operating margins have consistently improved 24% 28% $1,119M 16% $778M 8% (5%) $381M (3%) $328M (27%) ($72M) ($87M) ($616M) (76%) ($1,201M) FY'23 FY'24 FY'25 LTM FQ3'26 FY'23 FY’24 FY’25 LTM FQ3'26 TTM GAAP Operating Income TTM Adjusted Operating Income TTM GAAP Operating Margin TTM Adjusted Operati

27. Slide 27: We expect attractive GMV growth to continue

    We expect attractive GMV growth to continue Medium-term growth algorithm to $100B GMV additional upside >25% Affirm Agentic 1- 5 p.p. growth annual growth Edge commerce >10 p.p. growth International D2C: Affirm Card and wallets >10 p.p. growth Medium - term target Merchant point of sale LTM FQ3’26 $

28. Slide 28: Agenda

    01 How we started 02 What we have built 03 Our structural advantages 04 Delivering financial results 05 The path to ubiquity AFFIRM | 2026 28

29. Slide 29: Partnered with the world’s largest wallets

    Partnered with the world’s largest wallets JAN 2024 SEPT 2024 JUNE 2025 SEPT 2025 Google Pay Apple Pay Google Chrome Apple Pay e - Commerce e - Commerce Autofill In - Store AFFIRM | 2026 29

30. Slide 30: Agents transforming how we shop

    Agents transforming how we shop Human involvement shifts Discovery accelerated Affordability elevated ⮑ Access to credit ⮑ Trust AFFIRM | 2026 30

31. Slide 31: Scaling the affordability layer

    Scaling the affordability layer Standardization Affordability Ubiquity AFFIRM | 2026 31

32. Slide 32: International is a multi-trillion dollar global opportunity

    International is a multi-trillion dollar global opportunity International expansion TAM TAM beyond US & Canada, ex - China $5T+ 72% of our top 50 merchants operate internationally Medium - term expansion TAM UK, EU, Australia $1.7T AFFIRM | 2026 32 Sources: Based on 2025 U.S. Census Bureau data and

33. Slide 33: Introducing Affirm Edge

    Introducing Affirm Edge Convenience Purchasing Offers Built into the bank power Exclusive deals app consumers Spending from Affirm’s already trust flexibility beyond merchant network account balances AFFIRM | 2026 33 SuperBank is a fictional bank. All visuals used are for illustrative purposes only.

34. Slide 34: AFFIRM | 2026 34

    AFFIRM | 2026 34

35. Slide 35: Thank you

    Thank you Investor relations: ir@affirm.com Media: press@affirm.com AFFIRM | 2026 35

36. Slide 36: Appendix

    Appendix AFFIRM | 2026 36

37. Slide 37: Definitions

    Definitions Key Operating Metrics Gross Merchandise Volume (“GMV”) — The Company defines GMV as the total dollar amount of all transactions on the Affirm platform during the applicable period, net of refunds. GMV does not represent revenue earned by the Company. However, the Company believes that GM

38. Slide 38: Definitions

    Definitions Non - GAAP Financial Measures Transaction Costs — The Company defines transaction costs as the sum of loss Adjusted Operating Income — The Company defines adjusted operating on loan purchase commitment, provision for credit losses, funding costs, and income as its GAAP operating loss, ex

39. Slide 39: Definitions

    Definitions Supplemental Performance Indicators Active Merchants — The Company defines an active merchant as a merchant Average Annualized Cost of Funds — The Company defines average annualized which has a relationship with Affirm, or a platform or wallet partner, and cost of funds as annualized fun

40. Slide 40: Quarterly Revenue & Transaction Cost Detail

    Quarterly Revenue & Transaction Cost Detail Three Months Ended ($ in 000s except GMV) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Gross Merchandise Value ($M) $3,91 $4,396 $4,389 $5,658 $4,639 $5,515 $5,617 $7,49

41. Slide 41: Quarterly Revenue & Transaction Cost Detail

    Quarterly Revenue & Transaction Cost Detail Three Months Ended ($ in 000s except GMV) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Gross Merchandise Value ($M) $6,294 $7,241 $7,598 $10,146 $8,558 $1

42. Slide 42: Income Statement Reconciliations — Fiscal Quarter

    Income Statement Reconciliations — Fiscal Quarter Three Months Ended Income Statement Reconciliations ($K) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Total Revenue $354,762 $364,134 $361,624 $399,558 $380,978 $4

43. Slide 43: Income Statement Reconciliations — Fiscal Quarter

    Income Statement Reconciliations — Fiscal Quarter Three Months Ended Income Statement Reconciliations ($K) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Total Revenue $576,157 $659,185 $698,479 $866,

Affirm Holdings — William Blair 46th Annual Growth Stock Conference (June 2026) on 6ix