Pagaya Technologies Ltd. · NASDAQ:PGY
Pagaya Technologies — Investor Presentation (July 2026)
32 slides from Pagaya Technologies's investor presentation, Jul 30, 2026
Slide 1: Pagaya Technologies Investor Presentation
July 2026 INTRODUCTION Pagaya Technologies Investor Presentation 1 Note: As of July 30, 2026 1
Slide 2: Forward Looking Statements and Non-GAAP Information
Forward Looking Statements and Non-GAAP Information Certain comments made in this presentation may be characterized as forward looking However, non-GAAP financial measures have limitations in their usefulness to investors because under the Private Securities Litigation Reform Act of 1995. Forward lo
Slide 3: Company Overview
01 Company Overview 3 3
Slide 4: Delivering more financial opportunity
MISSION Delivering more financial opportunity to more people, more often 4 4
Slide 5: Prudent Growth + Operating Leverage = Unique Profit Engine
Prudent Growth + Operating Leverage = Unique Profit Engine GUIDANCE FY'26 GROWTH PROFIT ENGINE FLYWHEEL GAAP Net Income (midrange) Growth led by partners & Operating leverage Assets + capital at scale, realization of product strategy drives growth to the bottom line self- reinforcing $168M Profit Gu
Slide 6: What makes Pagaya different
What makes Pagaya different Differentiated, enterprise-led growth strategy Network effects create expanding data advantage Constantly growing “top of the funnel” by Unique insights into the U.S. borrower with partnering and expanding with new and >$4T of applications seen since inception existing le
Slide 7: Consumers can’t get the credit they deserve
The Problem Pagaya’s Unique Positioning Consumers can’t get the credit they deserve Go-to-Market Advantage 42% ~$115K 35+ lending partners & a network of 170+ institutional investors of U.S. consumers are Average income of our denied the credit they seek under borrowers(2) legacy credit scoring mode
Slide 8: Pagaya Network Connects Lenders with Institutional Capital, Better Serving Customers
Pagaya Network Connects Lenders with Institutional Capital, Better Serving Customers Lending Partners Investing Partners PGY’s tech drives new customers for Banks PGY delivers diverse assets at scale in an and other Lending Partners automated manner ● Origination growth without incremental capital ●
Slide 9: Helping Banks Reduce Deployed Capital and Add More Customers
How our Product Works Helping Banks Reduce Deployed Capital and Add More Customers With Pagaya, the end borrower gets an offer from the bank they trust Borrower Outside of Credit Box Personal Personal Loan Personal OR Loan Loan Fits Pagaya Lender Product Experience (1st Look) API PLUG IN OR Pre-Iden
Slide 10: How We Fund Our Network Volume
How We Fund Our Network Volume Unlike traditional funding models, we raise funding before assets are created – minimizing liquidity risk Upfront funding model mitigates liquidity risk Pagaya’s upfront funding model • Pagaya raises cash from investors first, which sits in a trust waiting to be deploy
Slide 11: Our Differentiated Value Proposition
Our Differentiated Value Proposition Pagaya earns $4.00 - $5.00 in FRLPC1 for every $100 of loans issued FRLPC1 driven primarily by fees paid by our lending partners for helping them add more borrowers Lending Partners Funding Partners Pay fees to Pagaya to use our product to originate more loans an
Slide 12: Illustrative unit economics: FRLPC economics
Illustrative unit economics: FRLPC1 economics Metric Definition Illustrative Application Volume Total applications seen from lending partners $1,000,000 Conversion Rate % of loan offers accepted by the borrower 1% The notional value of all assets Network Volume (“NV”) $10,000 created using our techn
Slide 13: Constantly expanding data moat
The Competitive Differentiator Constantly expanding data moat Pagaya leverages its network of 30+ partners to pair seasoned borrower data with the latest production, giving selection insights and real-time adaptability across all stages of the credit cycle Historical Production Real-Time Tens of Bil
Slide 14: Our flagship product provides a “win-win-win” for lending partners, their customers and funding partners
Our flagship product provides a “win-win-win” for lending partners, their customers and funding partners Lending Partners Lending Partner Customers Funding Partners Grow originations and customers with Access to more financial opportunities Efficiently deploy capital at scale in no incremental cost
Slide 15: 2Q’26 Results: Strong execution driving profitable growth
2Q’26 Results: Strong execution driving profitable growth 2Q’26 Total Revenues 2Q’26 FRLPC1 • Record growth in Auto with annualized network volume accelerating to $4.8B, up significantly YoY $387M $147M • 6th consecutive quarter of GAAP Net Income 19% ~$1.5B 16% ~$588M profitability, more than doubl
Slide 16: Growth Strategy
02 Growth Strategy 16 16
Slide 17: Differentiated, enterprise-led growth strategy
Differentiated, enterprise-led growth strategy Strategic Growth Initiatives Adding Lending Partners To Our Network Further Scale & Monetize Existing Partnerships PL POS Auto 1 Increasing our unit economics as we scale newer partners’ decline monetization programs Cost Efficient: Scalable: No Increme
Slide 18: Robust pipeline of enterprise-grade financial institutions
Robust pipeline of enterprise-grade financial institutions Strong network of 35+ enterprise lenders In conversations with Targeting across 5 asset classes Top 5 >80% 2-4 Partner additions annually, of top 25 addressable with a focus on large Auto U.S. Banks by asset banks and auto captives Captive s
Slide 19: Driving increased monetization through multiproduct relationships
Driving increased monetization through multiproduct relationships Established playbook to grow volume and fees through multiproduct relationships with lending partners 3 Illustrative, sizes of circles represent # of Pagaya partners in a given group Multiproduct • Continue to boost monetization among
Slide 20: Developing new products to help lenders extract more customer lifetime value
Developing new products to help lenders extract more customer lifetime value Increasing Flagship Product Increasing Products in Development Customer Growth Market Share & Wallet Share Enable lenders to capture customers that Increase Growth Product roadmap designed to drive & Customer otherwise woul
Slide 21: Funding Strategy
02 Funding Strategy 21 21
Slide 22: Access to diverse funding structures limits Pagaya’s dependency on a singular funding source
Access to diverse funding structures limits Pagaya’s dependency on a singular funding source Funding Highlights1 Investment Products ✓ Raised >$40B in our ABS program across >90 transactions with 170+ institutional funding partners ABS (Public or Private) Offering prefunded (newly originated) or res
Slide 23: Our ABS funding network
Our ABS funding network Growing ABS ABS Investor Base ABS Issuance Investors in Pagaya’s financing vehicles Pagaya ABS issuance across all products ($ in billions) investor base by investor type 174 $10.5 145 $8.5 120 $6.6 $6.1 $6.2 84 $4.5 52 42 Asset Manager Bank / Depository 2 6 Hedge Fund Insura
Slide 24: Financials
03 Financials 24 24
Slide 25: Driving profitability with growing unit economics
Driving profitability with growing unit economics Fee revenues Fee revenue less production costs¹ $ in millions & YoY % growth $ in millions & YoY % growth 15% 16% 36% 39% 31% 16% 12% 6% 30% 5% $340 $366 $139 $147 $318 $321 $299 $126 $131 $121 Take 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 2Q'25 3Q'25 4Q'25 1Q'
Slide 26: Growing network volumes while maintaining conversion rates at historical lows
Growing network volumes while maintaining conversion rates at historical lows $307B Applications evaluated in 2Q’26 ~1% Conversion rate of applications to issued loans in 2Q’26 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Quarterly Netwo
Slide 27: Attractive financial profile rooted in profitability & high operating margins
Attractive financial profile rooted in profitability & high operating margins Pagaya’s operating leverage drives high FRLPC to net income conversion $ in millions 16000% FRLPC Core OpEx Core OpEx as a % of FRLPC $147 $139 160% $126 $131 $121 14000% 140% 12000% 120% 10000% 100% 8000% 80% 6000% $49 $4
Slide 28: On track to grow key metrics in 2026
On track to grow key metrics in 2026 2026 Guidance Network Volume Total Revenues Adjusted EBITDA 1 GAAP Net Income +22% +13% +28% +107% YoY YoY YoY YoY $12.5B 13.5 to $155M $13.25B to $180M 12.5 $1.425B to $460M $1.525B 11.5 to $490M $10.5B 10.5 $1.3B $81M 9.5 $371M 8.5 7.5 2025A 2026E 2025A 2026E 2
Slide 29: Appendix: Non-GAAP Reconciliation
05 Appendix: Non-GAAP Reconciliation 29 29
Slide 30: Reconciliation of Non-GAAP Financial Measures: Net Income to Adjusted Net Income
PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) (in thousands) 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Net Income Attributable to Pagaya Technologies Ltd. $ 16,655 $ 22,545 $ 34,296 $ 24,694 $ 45,273 Adjusted to exclude the following: Share-based compensation 18,228 13,582 9
Slide 31: Reconciliation of Non-GAAP Financial Measures: FRLPC
PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) (in thousands, unless otherwise noted) 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Operating Income $ 56,469 $ 79,958 $ 79,715 $ 80,005 $ 105,799 Add: Technology, data and product development 18,455 18,236 19,078 15,940 17,348 Add:
Slide 32: Reconciliation of Non-GAAP Financial Measures: Core Operating Expenses
PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) (in thousands) 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Operating expenses $ 78,464 $ 69,633 $ 65,046 $ 60,378 $ 62,528 Adjusted to exclude the following: Share-based compensation 18,228 13,582 9,136 7,196 8,569 Depreciation and
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