Slide 1: First Quarter 2026 Earnings Call
First Quarter 2026 Earnings Call May 6, 2026 © Ethos Life | Confidential
Slide 2: Important Notice and Disclaimers
Important Notice and Disclaimers Forward-Looking Statements This presentation and accompanying oral presentation includes express and implied forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on Ethos Technologies Inc.’s ("Ethos" o
Slide 3: Our mission is to protect families by democratizing access to life insurance
Our mission is to protect families by democratizing access to life insurance and empowering agents at scale. © Ethos Life | Confidential 3
Slide 4: Financial Results Q1 2026
Financial Results Q1 2026 $193M 104% 88,373 $2,185 Total Revenue Y/Y Revenue Growth Policy Activations ARPU $59M $34M 17% 121% Contribution Profit Adj. EBITDA Adj. EBITDA Margin Rule of 40 Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the m
Slide 5: Platform Captures Key Points of Value Chain With No Balance Sheet Risk
Platform Captures Key Points of Value Chain With No Balance Sheet Risk Insurance Value Chain Benefits of Our Model Distributor The Ethos Platform is: Ethos.com direct & selling agents Asset and Capital Light Underwriter Regulatory Light (not a carrier) Proprietary policy underwriting algorithm Extens
Slide 6: Our three-sided technology platform has strong value propositions
600K+ Consumer Policies Activated1 Our three-sided technology platform has strong value propositions Ethos Platform for all constituents Application Underwriting Engine Engine With compounding network Admin Data Infra effects as our platform Agent OS Marketing scales Technology nt 2 ge e s g A ctiv P
Slide 7: Diverse Go-to-Market Channels
Diverse Go-to-Market Channels Direct-to-Consumer Third-Party Channel Direct-to-Consumer 76% of Q1 2026 Revenue 24% of Q1 2026 Revenue Affiliate Meta Organic Linear TV Search Others Data-Driven Underwriting Engine Third-Party Channel 600K+ Policies Across a Portfolio of Proprietary Products Term Life I
Slide 8: Addressing a Large and Reoccuring Market Opportunity
Addressing a Large and Reoccuring Market Opportunity U.S. individual life + annuity TAM Enduring demand for life insurance… Represents 2024 total new premiums ~10 million Americans purchasing new policies annually over the last decade …fueled by key milestones1 $140B+ Existing Products + New Product
Slide 9: The Market is Fragmented and Legacy
The Market is Fragmented and Legacy U.S. Market Share The Legacy Problem Northwestern Mutual 9% Ethos Prudential 8% Top 20 life insurance carriers are all 100+ years old Pacific Life 8% NY Life 6% Half are Mutual Companies Other 55% MassMutual 5% Legacy tech & 4-8 week selling State Farm Life 5% data
Slide 10: Getting Life Insurance Can Take Weeks, and Many Don't Qualify
Getting Life Insurance Can Take Weeks, and Many Don’t Qualify Before Ethos Approval Process Decide to purchase life Give Results go insurance fluids to carrier Decision Search for Schedule lab provided to an agent work agent Agent discusses Decide Agent gets info decision with on an & guesses the cus
Slide 11: Value to Consumers
Value to Consumers Ethos Reduces Friction and Democratizes Access Traditional Experience 4-8 weeks average 95% of applicants receive underwriting process decisions instantly1 Low approvals High approval rates, a policy for almost everyone 14 industry average NPS 70 NPS with industry-competitive pric
Slide 12: Value to Agents
Value to Agents Ethos Empowers Agents to Multiply Earnings by Accelerating Their Velocity The Old Way 6 week 3 week 10 min. 1 day Commission Commission sale Wait sale Wait 9 week 3 day cash cycle cash cycle Antiquated tech with All-in-one digital OS with multiple logins, CRMs, range of products and
Slide 13: Value to Carriers
Value to Carriers Ethos Delivers Incremental Growth in a Risk-Conscious Manner #1 Source of New Premiums for 3 Carriers in 2025* Enabling carriers to break * through stagnant market share 2x Ethos carriers grow 2x Data-driven approach to faster than non-Ethos effectively control carriers in similar p
Slide 14: Network Effects
Network Effects Better Pricing Higher Efficiency & Unit Economics & Incentives More Consumers DATA ECONOMIES isk Br MOAT OF SCALE oa rR de tte rR Be ea ch PLATFORM ENGAGEMENT More More More Carriers Agents Agents More Products © Ethos Life 14
Slide 15: Leading Instant Underwriter
Leading Instant Underwriter Prescription Records Med Claims Billing Labs History Predictive Financial DMV Records Life Insurance History Data Collection Up to 250K data points per app Proprietary Underwriting Engine Algorithmic Underwriting Up to 40K rules per app 250K Data Convert to Proprietary Po
Slide 16: Our Growth Strategies
Our Growth Strategies Add Insurance Products Enhance our Platform Expand Our Product Portfolio Grow our Ecosystem Increase Share of Maximize Consumer Value Our Agents’ Sales Attract More Consumers Enhance Agent Productivity Recruit More Agents © Ethos Life 16
Slide 17: Track Record of Innovation
Track Record of Innovation FY 2026 Simplified Issue Whole Life (Banner Life) Guaranteed Issue Whole Life Universe of Potential Future Expansion FY 2025 (Banner Life) Variable Participating Annuities & Supplemental Cancer Insurance Cancer Insurance Universal Life Whole Life Wealth Mgmt. Health (Aflac)
Slide 18: Financial Highlights
Financial Highlights © Ethos Life
Slide 19: Quarterly Revenue
Quarterly Revenue Q1'26 Total 104% Revenue Growth Y/Y Q1'26 Direct 76% Revenue % of Total Q1'26 Third-Party 24% Revenue % of Total Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for des
Slide 20: Quarterly Revenue by Channel
Quarterly Revenue by Channel Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for descriptions of certain of our key operational metrics. © Ethos Life 20
Slide 21: Activated Policies & Average Revenue per Unit
Activated Policies & Average Revenue per Unit Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for descriptions of certain of our key operational metrics. © Ethos Life 21
Slide 22: Contribution Profit & Adjusted EBITDA
Contribution Profit & Adjusted EBITDA Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for © Ethos Life 22 descriptions of certain of our key operational metrics.
Slide 23: Guidance
Guidance Q2'26 Total Revenue $114 million to $118 million, 31% Y/Y growth at the midpoint Q2'26 Adj. EBITDA1 $20 million to $22 million FY'26 Total Revenue $561 million to $565 million, 45% Y/Y growth at the midpoint FY'26 Adj. EBITDA1 $103 million to $107 million 1 Adjusted EBITDA is a non-GAAP mea
Slide 24: Appendix
Appendix © Ethos Life
Slide 25: Non-GAAP Financial Measures and Performance Metrics Glossary
Non-GAAP Financial Measures and Performance Metrics Glossary Contribution Profit: A non-GAAP measure defined as gross profit less sales and marketing expense, which includes agent payments and underwriting costs for non-activated policies, plus stock-based compensation related to employees and overhead
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations © Ethos Life 26
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations © Ethos Life
Slide 28: Income Statement
Income Statement © Ethos Life 28
Slide 29: Balance Sheet and Statement of Cash Flows
Balance Sheet and Statement of Cash Flows © Ethos Life 29