Affirm Holdings, Inc. · NASDAQ:AFRM
Affirm — Investor Day (May 2026)
130 slides from Affirm's investor day presentation, May 12, 2026
Slide 1: Affirm Investor Forum
May 12, 2026 Affirm Investor Forum
Slide 2: Cautionary note about forward-looking statements
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 Act of 1934, as amended, that involve risks and uncertaint
Slide 3: Panelist disclosure statement
Panelist disclosure statement All statements made and opinions expressed by the panelists are solely their own and do not necessarily reflect the views of Affirm or its affiliates. You should not treat any such statements or opinions as a recommendation to make a particular investment or follow a pa
Slide 4: Use of Non-GAAP financial measures
Use of Non-GAAP financial measures To supplement the Company's condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), the Company presents the following non-GAAP financial measures: tran
Slide 5: Agenda: 5 Growth Drivers
Max Levchin Building the network Libor Michalek and Michael Linford Affirm’s structural advantages Wayne Pommen #1: Merchant point of sale Vishal Kapoor Affirm’s #2: Affirm Card and digital wallets Agenda #3: Agentic commerce 5 Growth #4: Affirm Edge Drivers Pat Suh #5: International expansion Produ
Slide 6: AFFIRM | 2026
AFFIRM | 2026
Slide 7: Building the network
Max Levchin (Founder and Chief Executive Officer) Building the network AFFIRM | 2026 7
Slide 8: AFFIRM | 2026 8
AFFIRM | 2026 8
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AFFIRM | 2026 9
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Slide 11: Checkout
Checkout 01) Shipping G2) Payment Pay with debit or credit Or continue with: — at
Slide 12: AFFIRM | 2026 12
AFFIRM | 2026 12
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AFFIRM | 2026 13
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Slide 16: Affirm's structural advantages
Libor Michalek (President) and Michael Linford (Chief Operating Officer) Affirm’s structural advantages AFFIRM | 2026 16
Slide 17: Affirm has two mutually reinforcing consumer-merchant flywheels
STRUCTURAL ADVANTAGES More transactions & richer data Stronger models | Broader distribution Affirm has two mutually reinforcing Merchant- Vertically- consumer integrated risk flywheels network management Better outcomes Improved credit & higher conversion | Deeper trust & adoption AFFIRM | 2026 17
Slide 18: Affirm has five core structural advantages
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 18
Slide 19: Affirm's network is multi-faceted, with returns to scale
1 Network 2 Transaction-level 5 Enterprise commerce 3 Proprietary, full cycle data asset 4 Continuous model improvement effects underwriting infrastructure Affirm’s network is multi-faceted, with returns to scale 71M 515K all-time Capital Partners active merchants2 underwritten consumers1 Bank Merch
Slide 20: Transaction-level underwriting is a better wheel
1 Network 2 Transaction-level 5 Enterprise commerce 3 Proprietary, full cycle data asset 4 Continuous model improvement effects underwriting infrastructure Transaction-level underwriting is a better wheel Data signals Approval rate at a given delinquency rate 100% Real-time underwriting & pricing 95
Slide 21: Every interaction creates a proprietary data asset
1 Network 2 Transaction-level 5 Enterprise commerce 3 Proprietary, full cycle data asset 4 Continuous model improvement effects underwriting infrastructure Every interaction creates a proprietary data asset Affirm tracks and connects signals at every interaction; for example: Proprietary data asset
Slide 22: Which we use to train our models
1 Network 2 Transaction-level 5 Enterprise commerce 3 Proprietary, full cycle data asset 4 Continuous model improvement effects underwriting infrastructure Which we use to train our models Amount of loans used to train model generation (billions of data points) 200 186 180 160 140 12 0 100 84 80 55
Slide 23: Leading to continuously improving outcomes
1 Network 2 Transaction-level 5 Enterprise commerce 3 Proprietary, full cycle data asset 4 Continuous model improvement effects underwriting infrastructure Leading to continuously improving outcomes Model approval rate vs. September 2022 model at fixed New user model approval rate vs. March 2023 mod
Slide 24: Supporting enterprise-class partners
1 Network 2 Transaction-level 3 Proprietary, full cycle 4 Continuous 5 Enterprise commerce effects underwriting data asset model improvement infrastructure Supporting enterprise-class partners Trailing 12-month loan applications 4K 14K All-time total ~2x Peak checkouts per Peak app opens per ~1B loa
Slide 25: Making Affirm the partner of choice
STRUCTURAL ADVANTAGES Making Affirm the partner of choice AFFIRM | 2026 25
Slide 26: We deliver consistent credit outcomes
STRUCTURAL ADVANTAGES We deliver consistent credit outcomes Number of months since static ABS deal closed Pricing Loss1 Realized Loss2 Projected Loss3 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
Slide 27: Validated by the capital markets
STRUCTURAL ADVANTAGES Validated by the capital markets Credit spread range for revolving ABS deals1 Year-end forward flow capacity by onboard year ($B)2 12 2021 2022 2023 2024 2025 300 10 250 8 200 6 150 4 100 2 50 0 2022 2023 2024 2025 2026 2027 2021 2022 2023 2024 2025 Calendar Year Calendar Year
Slide 28: While scaling consumer growth and trust
STRUCTURAL ADVANTAGES While scaling consumer growth and trust Transactions per active consumer Average transactions per repeat consumer ~27M 6.7 Active Transactions per active consumers consumer 96% 130% of transactions from growth in active repeat consumers Affirm Card consumers Years since first A
Slide 29: The velocity of the flywheels is accelerated with AI
STRUCTURAL ADVANTAGES More transactions & richer data Stronger models | Broader distribution The velocity of the flywheels is accelerated Merchant- Vertically- consumer integrated risk with AI and AI accelerates network the flywheels management each new connection Better outcomes Improved credit & c
Slide 30: Merchant point of sale
Wayne Pommen (Chief Revenue Officer) Merchant point of sale AFFIRM | 2026 30
Slide 31: Merchant POS remains our core growth engine
MERCHANT POS Merchant POS remains our core growth engine POS vs. D2C1 transactions FQ3’26 +157K merchants in the last 12 months D2C1 Point of Sale 116%2 average quarterly net 24% expansion rate, FQ1’23 – FQ3’26 76% Source of all customer acquisition Affirm’s POS GMV has grown +32% annually over the
Slide 32: Our structural advantages drive value for merchants
MERCHANT POS Our structural advantages drive value for merchants 1 2 3 4 5 Network effects Transaction- Proprietary, Continuous Enterprise level full lifecycle model commerce decisioning data asset improvement infrastructure 71M all-time Superior Unmatched Increasing Scale for the underwritten conve
Slide 33: Recap: Affirm's playbook to win at POS
MERCHANT POS Recap: Affirm’s playbook to win at POS Unlock new merchants Grow share of cart Accelerate distribution and verticals at existing partners through partnerships Vast, unpenetrated merchant Proven "land and expand" Reaching the long tail opportunity in North America in growth playbook to g
Slide 34: New merchants and verticals
New merchants and verticals AFFIRM | 2026 34
Slide 35: Accelerating merchant acquisition
MERCHANT POS 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 35 Affirm internal data as of March 31, 2026.
Slide 36: Growing enterprise penetration — with much untapped opportunity
MERCHANT POS Growing enterprise penetration — with much untapped opportunity US top 250 addressable eCommerce/travel merchants Notable enterprise wins since 2023 100% $3.3B D2C 75% GMV in the last 12 175 200 190 months 207 50% +91% YoY 25% 75 50 60 43 0% FQ3'23 FQ3'24 FQ3'25 FQ3'26 Affirm integrated
Slide 37: Rapid growth in core markets — but still just scratching the surface
MERCHANT POS Rapid growth in core markets — but still just scratching the surface US eCommerce and travel sales1 (Calendar year) Affirm GMV2 $2,000B $50B $1,641B $44B $1,500B 1.7x $40B $980B $30B 7.3x $1,000B $20B $500B $10B $6B $0B $0B CY’20 CY’25 CY’20 CY’25 US Ecomm Retail Sales ($B) Travel Sales
Slide 38: Growing focus on adjacent verticals
MERCHANT POS Growing focus on adjacent verticals Affirm GMV from merchants in adjacent US Adjacent US verticals TAM verticals Home Improvement $8T 66% Charities Healthcare Auto CAGR (FY ‘22 - FY ‘26E) Groceries Government Services Professional Services Total Addressable Market (TAM) FY’19 FY’20 FY’2
Slide 39: Growing share of cart
Growing share of cart AFFIRM | 2026 39
Slide 40: Driving continuous increase in penetration
MERCHANT POS Driving continuous increase in penetration Affirm Share of Cart (SoC), US enterprise merchants1 4.0% 3.5% +1 basis point in 3.0% 2.9% 2.9% SoC in current 2.7% 2.6% merchant 2.5% 2.5% 2.4% portfolio 2.2% 2.2% 1.9% 2.0% = 2.0% 1.7% >$120M annual GMV 1. 5% 1. 0% FQ1’24 FQ2’24 FQ3’24 FQ4’24
Slide 41: Redefining a personalized, seamless checkout
MERCHANT POS Redefining a personalized, seamless checkout Affirm BoostAI Connected accounts Embedded checkout Enhance the customer offering via ML to Personalized and accelerated Bring Affirm natively into optimize conversion & return on journey for returning users merchants’ checkout experience mer
Slide 42: The result: driving expansion of merchant vintages
MERCHANT POS The result: driving expansion of merchant vintages GMV by annual merchant vintages Ongoing playbook to expand Vintages share of cart FY'25 + Excellent track record of FY’24 renewals by key merchants FY’23 FY’22 Strong long-term growth of each merchant cohort over time 116% average quart
Slide 43: Accelerating distribution
Accelerating distribution AFFIRM | 2026 43
Slide 44: Expanding set of one-to-many channels to accelerate distribution
MERCHANT POS Expanding set of one-to-many channels to accelerate distribution eCommerce platforms Payment service providers Wallets & browsers Enables SMBs to seamlessly add Embeds Affirm within merchants’ Reaching checkouts and shoppers Affirm as a payment method payment suites, driving streamlined
Slide 45: PSP partnerships are growing in importance
MERCHANT POS PSP partnerships are growing in importance Expansion underway with the world’s leading PSPs… …driving rapid GMV growth Affirm GMV via PSP partnerships2 TPV1 PSP Status (US) Live 134% $2.8T $2.5T Pilot CAGR (FQ3‘23 – FQ3’26) $2.2T Live $0.9T Live $0.3T Live $8.6T FQ3'22 FQ3'23 FQ3'24 FQ3
Slide 46: ISV partnerships drive access to SMBs and new verticals
MERCHANT POS ISV partnerships drive access to SMBs and new verticals Focus Verticals Select ISV Partners Invoicing 1 Integration Professional Services Home Improvement ISV Platform ISV Platform ISV Platform Health & Beauty Auto Events & Ticketing >50,000+ active ISV merchants1 AFFIRM | 2026 46 1 An
Slide 47: PSP partnership case study: Stripe
MERCHANT POS PSP partnership case study: Stripe Agentic commerce Early BNPL partner in Stripe’s agentic In-store launch commerce capability Integrated into Stripe Preferred partner Terminal, extending status omnichannel capability Expanded GTM cooperation and co-selling ISV expansion Optimized the A
Slide 48: PSP Fireside Chat: Stripe
PSP Fireside Chat Stripe Max Levchin Will Gaybrick Affirm, Founder and CEO Stripe, President AFFIRM | 2026 48
Slide 49: AFFIRM | 2026 49
AFFIRM | 2026 49
Slide 50: Affirm consumer ecosystem
Vishal Kapoor (Senior Vice President, Product) Affirm consumer ecosystem AFFIRM | 2026 50
Slide 51: AFFIRM | 2026
AFFIRM | 2026
Slide 52: Agenda
AFFIRM CONSUMER ECOSYSTEM Agenda 01 02 03 04 Affirm Card Digital wallets Agentic Affirm Edge commerce AFFIRM | 2026 52
Slide 53: Affirm Card
AFFIRM CARD AFFIRM | 2026 53
Slide 54: Purchasing power, total flexibility, personalized offers
AFFIRM CARD Purchasing power Total flexibility Personalized offers 54
Slide 55: Explosive growth
CARD MILESTONES Explosive growth Active More spend than cardholders non-cardholders Card spend Cardholder per user spend per user YoY Gen Z cardholder spend Cardholders AFFIRM | 2026 55 All figures as of March 31, 2026
Slide 56: Cardholders find more value in Affirm
CARD MILESTONES Cardholders find more value in Affirm New users grow faster Card Spend ($) AFFIRM | 2026 Months Since Activation 56 Information presented is based on Affirm internal estimates.
Slide 57: The card opportunity
CARD MILESTONES The card opportunity Active Affirm Card Cardholders AS OF MARCH 31, 2026 LONG TERM Affirm Card annual spend AS OF MARCH 31, 2026 LONG TERM Affirm Card GMV LONG TERM AFFIRM | 2026 Projections are based on management's current assumptions and are subject to change. Actual results may v
Slide 58: Monthly visitors, new-to-Affirm visitors, merchants with offers, checkouts
CARD MILESTONES Monthly visitors Monthly new-to-Affirm visitors Merchants with offers Monthly checkouts AFFIRM | 2026 58 Figures presented as of March 31, 2026.
Slide 59: Affirm Exclusive: October 2025 to May 2026
AFFIRM EXCLUSIVE October 2025 May 2026 0% take up 70% more offers Incremental app GMV 60% card exclusives Superprime & prime card acquisition New engagement drivers AFFIRM | 2026 59 Information presented is based on Affirm internal estimates.
Slide 60: Affirm Exclusive
AFFIRM EXCLUSIVE AFFIRM | 2026 60
Slide 61: Loyalty reimagined
AFFIRM EXCLUSIVE Loyalty reimagined Exclusive offers Better purchasing power over time AFFIRM | 2026 61
Slide 62: New app. New card. Same mission.
WHAT’S NEW New app. New card. Same mission. AFFIRM | 2026 62
Slide 63: Taking Card to more places
Taking Card to more places AFFIRM | 2026 63
Slide 64: Wallets' share of global transaction value
DIGITAL WALLETS Wallets’ share of global transaction value1 eCommerce In-Store POS Transactions through Transactions through wallets by 2030 wallets by 2030 2014 22% 2014 3% 2024 53% 2024 32% 2030 65% 2030 45% AFFIRM | 2026 64 2025 Global Payments Report, “The past, present and future of consumer pa
Slide 65: Digital wallet milestones
DIGITAL WALLETS JAN 2024 SEPT 2024 JUNE 2025 SEPT 2025 Google Pay Apple Pay Google Chrome Apple Pay eComm eCommerce Autofill In-Store AFFIRM | 2026 65
Slide 66: Explosive growth across adoption, engagement, and new verticals
DIGITAL WALLETS Explosive growth across adoption, engagement, and new verticals Wallets GMV Wallets users YoY GMV TTM ending TTM ending growth Mar 31, 2026 Mar 31, 2026 Higher repeat Non-integrated transactions merchants GMV per user AFFIRM | 2026 66 Based on Affirm internal data as of March 31, 202
Slide 67: In-store, the final frontier
DIGITAL WALLETS In-store, the final frontier YoY wallets in-store GMV growth Restaurants Gas & & dining services AFFIRM | 2026 67 1 Information presented as of March 31, 2026 based on Affirm internal data.
Slide 68: Agentic Commerce
Affirm 2026 Investor Forum Agentic Commerce AFFIRM | 2026 68
Slide 69: Agents transforming how we shop
AGENTIC COMMERCE Agents transforming how we shop Human involvement shifts Discovery accelerated Affordability elevated Access to credit Trust AFFIRM | 2026 69
Slide 70: Building the affordability layer
AGENTIC COMMERCE Building the affordability layer UPFUNNEL MESSAGING PURCHASING POWER AFFIRM | 2026 70
Slide 71: Scaling the affordability layer
AGENTIC COMMERCE Scaling the affordability layer Standardization Affordability Ubiquity AFFIRM | 2026 71
Slide 72: Meet Elisa
AGENTIC COMMERCE Meet Elisa Photography World traveler Mom AFFIRM | 2026 72
Slide 73: Priceline
AGENTIC COMMERCE Priceline AFFIRM | 2026 73
Slide 74: Gemini
AGENTIC COMMERCE Gemini AFFIRM | 2026 74
Slide 75: Affirm app
AGENTIC COMMERCE Affirm app AFFIRM | 2026
Slide 76: Agentic shopping assistant demo
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Slide 77: Affirm Edge
Affirm 2026 Investor Forum Affirm Edge AFFIRM | 2026 77
Slide 78: Introducing Affirm Edge
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 78 SuperBank is a fictional bank. All visuals used are for illustrative pu
Slide 79: Affirm Edge
AFFIRM EDGE AFFIRM | 2026 79
Slide 80: Estimating the Affirm Edge addressable opportunity
AFFIRM EDGE Estimating the Affirm Edge addressable opportunity U.S. debit-first Of users prefer Incremental annual consumers1 mobile banking2 spend per user1 Addressable volume opportunity1 AFFIRM | 2026 80 1 Based on Affirm internal estimates. 2 Source: ABA 2025 Preferred Banking Methods.
Slide 81: Powering the next wave of innovation for issuers
AFFIRM EDGE Powering the next wave of innovation for issuers 01 02 03 04 Retain and engage Maximize revenue Enable a powerful Minimize lift with a consumers Interchange on BNPL offering full-service solution Integrating BNPL incremental transactions Terms up to 48 months Affirm manages all strengthe
Slide 82: Affirm Edge fireside chat
Arika Selleck Phil Lehner Senior Vice President President of Consumer Affirm Edge fireside chat Product Strategy, Fiserv Lending, Old National Bank Wayne Pommen Chief Revenue Officer, Affirm AFFIRM | 2026 82
Slide 83: International expansion
Pat Suh (Senior Vice President, Revenue) International expansion AFFIRM | 2026 83
Slide 84: International is a multi-trillion dollar global opportunity
INTERNATIONAL EXPANSION 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 84 Sources: Based on 2025 U.S. Cen
Slide 85: Why we're well-positioned to expand
INTERNATIONAL EXPANSION Why we're well-positioned to expand Proven underwriting Global scale Customer value infrastructure • A single proven and proposition • Full-stack, proprietary consistent partner • Transparent, no-fee risk platform product builds trust • Best-in-class technology • Risk model t
Slide 86: We started with Canada
INTERNATIONAL EXPANSION We started with Canada Progress to date 26k+ 7x Active merchants Active merchant growth count last 12 months Launch Select merchant partners Select distribution partners FQ3'20 FQ3'21 FQ3'22 FQ3'23 FQ3'24 FQ3'25 FQ3'26 GMV AFFIRM | 2026 86 Source: Affirm internal data, throug
Slide 87: Strong UK opportunity accelerated by Shopify
INTERNATIONAL EXPANSION Strong UK opportunity accelerated by Shopify Progress to date — UK Active Merchants 10K+ ~$230B TAM1 eCommerce & travel Active merchants Launch Select UK Commitments 260K+ Users served to date Coming Soon Jun-25 Jul-25 Aug- 25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26
Slide 88: Repeatable playbook across markets
INTERNATIONAL EXPANSION Repeatable playbook across markets Land Expand Deepen Scaled distribution, with exclusivity Grow Share of Cart Consumer network Existing merchant Sign new merchants Marketplace geo expansion AFFIRM | 2026 88
Slide 89: Announced expansion plans
INTERNATIONAL EXPANSION Announced expansion plans Netherlands Germany France Australia UK launch FY’26 FY’27 and beyond AFFIRM | 2026 89 Market entry plans are based on management’s current expectations. The timing of entry into specific markets may vary based on regulatory approvals, licensing, par
Slide 90: Shopify and Affirm: better together
INTERNATIONAL EXPANSION Shopify and Affirm: better together Exclusive partner 200M+ $20B+ for Shop Pay Shop Pay consumer all-time Installments reach GMV together AFFIRM | 2026 90
Slide 91: Shopify perspective
Shopify perspective Harley Finkelstein Shopify, President AFFIRM | 2026 91
Slide 92: AFFIRM | 2026
AFFIRM | 2026
Slide 93: Product & strategy Q&A session
Product & strategy Q&A session AFFIRM | 2026 93
Slide 94: Funding and financial outlook
Rob O’Hare (Chief Financial Officer) and John Marion (President, Affirm Bank) Funding and financial outlook AFFIRM | 2026 94 94
Slide 95: We have built enterprise-class funding
FUNDING AND FINANCIAL OUTLOOK We have built enterprise-class funding Funding capacity by type Highlights Highly diversified with three funding channels and ~200 unique partners across ABS, forward flow, and 30% warehouse channels 46% Locked-in term funding: averaging >2 years at closing; with short
Slide 96: Utilizing warehouse facilities
FUNDING AND FINANCIAL OUTLOOK Utilizing warehouse facilities Funding capacity by type: warehouse Highlights ~15 lenders, primarily consisting of multinational and major U.S. banks 30% Significant unutilized capacity, with only ~30% of warehouse capacity used out of ~$8B 46% Staggered maturities acro
Slide 97: Issuing in the ABS markets
FUNDING AND FINANCIAL OUTLOOK Issuing in the ABS markets Funding capacity by type: ABS Highlights Two types of ABS: 1) on-balance sheet revolving ABS 2) off- balance sheet static ABS 30% ~150 unique investors, with ~35 new investors added in the last two years and >$7 billion in notes issued 46% Blu
Slide 98: Selling loans to forward flow buyers
FUNDING AND FINANCIAL OUTLOOK Selling loans to forward flow buyers Funding capacity by type: forward flow Highlights ~20 unique institutional loan buyers Diversified mix of insurers, pension funds, asset managers, and 30% investment banks 46% Limited redemption risk: a significant majority of our fo
Slide 99: We have a stable funding mix with future diversification from deposits
FUNDING AND FINANCIAL OUTLOOK We have a stable funding mix with future diversification from deposits Funding mix evolution 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Future Third-party on balance sheet Deposits Off
Slide 100: Affirm Bank (in organization)
John Marion (President, Affirm Bank) Affirm Bank (in organization) AFFIRM | 2026 100
Slide 101: Proposed bank products support Affirm's ecosystem
AFFIRM BANK Proposed bank products support Affirm’s ecosystem Deposits Lending High-yield savings accounts Affirm BNPL loans Digital-only consumer accounts | Competitive rates Interest-bearing loans up to 60 months | 0% APR options | No late or junk fees (no fees at all) Strengthening resiliency Aff
Slide 102: Introducing Affirm Bank's leadership team
AFFIRM BANK Introducing Affirm Bank’s leadership team The Bank leadership team is onboard and brings a combination of banking and Affirm experience Bank President Chief Operations Officer John Marion Leighanne Costello Ex-Hatch Bank, JPMorgan Chase, MVB, Comenity Ex-Hatch Bank, Firstrust, Cenlar FSB
Slide 103: Plan for operational readiness: key strategic milestones
AFFIRM BANK Plan for operational readiness: key strategic milestones Estimated deposit and origination growth Percent of Affirm loans Percent of Affirm loans funded by Bank deposits originated by Bank Target: ~40%–50% of loans originated by Bank Target: ~5% of loans funded by deposits FY'26 FY'27 FY
Slide 104: Estimated financial impact on Affirm
AFFIRM BANK Estimated financial impact on Affirm Incremental cost estimates to build the bank (Year Zero): Incremental expense to build Approximately $20 million one-time – Bank employees, technology, legal and consulting Ongoing costs and benefits Benefits to Affirm: Operating costs: – Lower fundin
Slide 105: Projected Affirm Bank financial plan
AFFIRM BANK Projected Affirm Bank financial plan Key financial metrics ($M) Year Zero (pre-opening) End of de novo period Initial capital infusion Approximately $350 million Originations as a % of Affirm GMV Less than 50% % of bank loan originations held on balance sheet Approximately 10% Return on
Slide 106: Updating our medium-term financial framework
Rob O’Hare (Chief Financial Officer) Updating our medium-term financial framework AFFIRM | 2026 106
Slide 107: Affirm has a leading network
FINANCIAL FRAMEWORK Affirm has a leading network Multiple secular Network size Financial highlights growth drivers ~515k active merchants 40% 1) Merchant point of sale & PSPs three-year revenue CAGR 2) Direct to consumer, ~27M active consumers 8% including Affirm Card & wallets LTM GAAP operating ma
Slide 108: Expanding at an exponential rate
FINANCIAL FRAMEWORK Expanding at an exponential rate IPO Last Investor Forum Today Future January 2021 November 2023 FQ3’26 Active merchants 7,900 266,300 515,200 Active consumers 4.5M 16.1M 26.8M TTM GMV $6B $21B $46B $100B+ Active cardholders None ~400K 4.4M AFFIRM | 2026 108 Based upon management
Slide 109: Sustaining high GMV growth
FINANCIAL FRAMEWORK Sustaining high GMV growth $46B in trailing 12-month GMV 36% CAGR since last Investor Forum FQ1'24 FQ2'24 FQ3'24 FQ4'24 FQ1'25 FQ2'25 FQ3'25 FQ4'25 FQ1'26 FQ2'26 FQ3'26 AFFIRM | 2026 109 Note: Affirm’s last Investor Forum was held in November 2023, with the most recently reported
Slide 110: We expect attractive GMV growth to continue
FINANCIAL FRAMEWORK We expect attractive GMV growth to continue Medium-term growth algorithm to $100B GMV >25% additional upside 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
Slide 111: Achieving rapid growth at stable unit economics
FINANCIAL FRAMEWORK Achieving rapid growth at stable unit economics $3.9 billion in TTM Revenue $1.9 billion in TTM RLTC $4. 5B 9.2% $2.5B 4.5% 40% CAGR since last Investor Forum $4. 0B 9.0% 4.0% $3.5B 8.8% $2.0B 3.5% Revenue of GMV RLTC as % of GMV $3.0B 8.6% 49% CAGR since last 3.0% $1.5B $2.5B 8.
Slide 112: We expect unit economics to remain stable
FINANCIAL FRAMEWORK We expect unit economics to remain stable TTM RLTC as a % of GMV Medium-term product mix and profitability targets1 4.5% 4.0% GMV mix RLTC as a % of GMV 3.5% 3.0% Interest-bearing 50–80% 4–6% 2.5% 2.0% 0% APR monthly 10–25% 2–4% 1. 5% 1. 0% Pay in X 10–25% 1–3% 0.5% 0.0% Blended
Slide 113: Operating margins have consistently improved
FINANCIAL FRAMEWORK Operating margins have consistently improved $1,119M 24% 28% $778M 16% $381M (5%) 8% $328M (3%) (27%) ($72M) ($87M) ($616M) (76%) ($1,201M) FY'23 FY'24 FY'25 LTM FQ3'26 LTM FQ3'26 FY'23 FY’24 FY’25 TTM GAAP Operating Income TTM Adjusted Operating Income GAAP operating income 16 p
Slide 114: With >70% incremental margins
FINANCIAL FRAMEWORK With >70% incremental margins TTM incremental operating income / incremental RLTC 161% 123% 128% 114% 108% 111% 114% 98% 99% 89% 81% 79% 78% 77% FQ1'25 FQ2'25 FQ3'25 FQ4'25 FQ1'26 FQ2'26 FQ3'26 Incremental Adj. Operating Margin Incremental Op erating Margin 70% Incremental AOI Ta
Slide 115: Leading to a new medium-term financial framework
FINANCIAL FRAMEWORK Leading to a new medium-term financial framework IPO 2023 Investor Forum Today Target @ LTM FQ2’21 LTM FQ1’24 LTM FQ3’26 $100B GMV Unit economics (as % of GMV) Revenue 11.2% 8.0% 8.5% 7.5–8.5% RLTC 4.2% 3.3% 4.1% 3.75–4% Operating income (as % of revenue) GAAP operating income Ne
Slide 116: Final Q&A Session
Final Q&A Session AFFIRM | 2026 116
Slide 117: Thank you
Thank you Investor relations: ir@affirm.com Media: press@affirm.com AFFIRM | 2026 117
Slide 118: Appendix
Appendix AFFIRM | 2026 118
Slide 119: 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
Slide 120: Definitions
Definitions Non-GAAP Financial Measures Transaction Costs — The Company defines transaction costs as the sum of loss Revenue Less Transaction Costs as a Percentage of GMV — The Company on loan purchase commitment, provision for credit losses, funding costs, and defines revenue less transaction costs
Slide 121: Definitions
Definitions Non-GAAP Financial Measures (cont’d) Adjusted Operating Margin — The Company defines adjusted operating margin Equity Capital Required as a Percentage of Total Platform Portfolio (“ECR as its adjusted operating income (loss), as defined above, as a percentage of its Ratio”) — The Company
Slide 122: Definitions
Definitions Non-GAAP Financial Measures (cont’d) Non-GAAP Technology and Data Analytics Expense — The Company defines Non-GAAP Other Operating Expenses — The Company defines non-GAAP non-GAAP technology and data analytics expense as GAAP technology and data operating expenses as the aggregate of non
Slide 123: Definitions
Definitions Supplemental Performance Indicators Active Merchants — The Company defines an active merchant as a merchant Allowance for Credit Losses as a Percentage of Loans Held for which has a relationship with Affirm, or a platform or wallet partner, and Investment — The Company defines allowance
Slide 124: Definitions
Definitions Supplemental Performance Indicators (cont’d) Delinquencies — The Company defines delinquency as when a payment on a Net Cash — The Company defines net cash as cash and cash equivalents plus loan becomes more than 4 days past due. The Company generally views securities available for sale,
Slide 125: Quarterly Revenue & Transaction Cost Detail
Quarterly Revenue & Transaction Cost Detail Three Months Ended ($ in 000s except GMV) March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 December 31, 2021 Gross Merchandise Value ($M) $1,231 $1,203 $1,476 $,075 $2,257 $2,484 $2,713 $4,45
Slide 126: Quarterly Revenue & Transaction Cost Detail
Quarterly Revenue & Transaction Cost Detail Three Months Ended ($ 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 $7,49
Slide 127: Quarterly Revenue & Transaction Cost Detail
Quarterly Revenue & Transaction Cost Detail Three Months Ended ($ 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 $1
Slide 128: Income Statement Reconciliations — Fiscal Quarter
Income Statement Reconciliations — Fiscal Quarter Three Months Ended Income Statement Reconciliations ($K) March 1, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 September 30, 2021 December 31, 2021 Total Revenue $138,273 $153,332 $173,978 $204,041 $230,665 $26
Slide 129: Income Statement Reconciliations — Fiscal Quarter
Income Statement Reconciliations — Fiscal Quarter Three Months Ended Income Statement Reconciliations ($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 $4
Slide 130: Income Statement Reconciliations — Fiscal Quarter
Income Statement Reconciliations — Fiscal Quarter Three Months Ended Income Statement Reconciliations ($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,