Navient Corporation · NASDAQ:NAVI

Navient — Q2 2026 Earnings Presentation

23 slides from Navient's earnings presentation, 2026

  1. Slide 1: 2Q 2026 Earnings Call Presentation

    2Q 2026 Earnings Call Presentation Confidential and proprietary information © 2026 Navient Solutions, LLC. All rights reserved. 1

  2. Slide 2: Key Messages: 2Q 2026

    Key Messages: 2Q 2026 Robust growth in high-quality refinance originations and continued momentum in in-school lending Cost reduction and disciplined capital management supporting increased growth Designated $528 million legacy assets from Private Loan portfolio as held for sale Elected fair value o

  3. Slide 3: 2Q 2026 Results – GAAP

    2Q 2026 Results – GAAP 2Q25 2Q26 Revenue (Before Provision) $156 million $150 million Provision for Loan Losses $37 million $26 million Operating Expense $100 million $82 million Net Income $14 million $25 million Average Common Stock 101 million 95 million Equivalents Diluted Earnings $0.13 $0.26 p

  4. Slide 4: 2Q 2026 Results – Core Earnings

    2Q 2026 Results – Core Earnings1 2Q25 2Q26 Revenue (Before Provision) $164 million $147 million • Net income was $27 million compared to $21 million in the year ago quarter • Core Earnings per Share of $0.29 Provision for Loan Losses $37 million $26 million compared to $0.20 in the year ago quarter

  5. Slide 5: Refinance Growth with Stable Credit Quality

    Refinance Growth with Stable Credit Quality 11th consecutive quarter of YoY originations growth, with continued strong demand generation and conversion Refi Rate Check Volumes ($b)a Originated Refi Volume ($m) Weighted Avg. FICOb +63% +66% a Rate Check represents a potential customer who completes a

  6. Slide 6: On Track to Capture Growing Graduate Demand

    On Track to Capture Growing Graduate Demand In-School Originated Volume ($m) $80 $70 +40% $60 $80 • Graduate market expected to grow $50 ~3x in 2026 $40 • Origination volume increased 40% from year-ago quarter $30 $57 • Momentum continues with year-over- $20 year growth rates accelerating as we move

  7. Slide 7: Consumer Lending – 2Q 2026 Core Earnings Results

    Consumer Lending – 2Q 2026 Core Earnings Results • Originated $815 million of Private Education Loans compared to $500 million in the year-ago quarter, an increase of 63% 2Q25 2Q26 • Net income was $27 million compared to net income of $26 million Revenue (Before Provision) $98 million $95 million •

  8. Slide 8: 2Q 2026 Allowance for Loan Losses

    2Q 2026 Allowance for Loan Losses ($ in millions) $646 $18 $8 • Our total provision expense was $646 $26 million in 2Q26 $591 $591 $(81) • This consists of: - $14 million of which related to new originations - $4 million of other provision related to the private loan portfolio • $19 million release

  9. Slide 9: Federal Education Loans – 2Q 2026 Core Earnings Results

    Federal Education Loans – 2Q 2026 Core Earnings Results 2Q25 2Q26 Revenue (Before Provision) $65 million $56 million • Net income was $26 million compared to $30 million Provision for Loan Losses $8 million $8 million • Net interest income decreased by $7 million primarily due to the paydown of Oper

  10. Slide 10: Total Expense – Core Earnings Results

    Total Expense – Core Earnings Results1 ($ in millions) Annual Total Expenses Year-over-Year Total Expenses $900 $825 $100 • We are focused on efficiency across $100 $800 $719 $85 all segments of the business $700 $80 • Total expenses for the quarter were $600 $85 million compared to $100 million $50

  11. Slide 11: 2Q 2026 Capital Allocation

    2Q 2026 Capital Allocation 10% 8.9% 0.1% 0.0% 0.0% 9.0% 9% -0.1% 0.0% 8% • Adjusted Tangible Equity 1 ratio of 7% 9.0% 6% • We distributed $17 million in 2Q26 to shareholders through dividends and 5% share repurchases 4% • We issued $1.3 billion of ABS during the quarter 3% • We ended 2Q26 with 80%

  12. Slide 12: Forward-Looking Statements and Non-GAAP Financial Measures

    Forward-Looking Statements and Non-GAAP Financial Measures The following information is current as of June 30, 2026 (unless otherwise noted) and should be read in connection with Navient Corporation’s “Navient” Annual Report on 2025 Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K

  13. Slide 13: Differences Between GAAP and Core Earnings

    Differences Between GAAP and Core Earnings • We evaluate our business segments on a basis that differs from GAAP Quarters Ended • We refer to this different basis as Core Earnings adjustments to GAAP: Jun. 30, Jun. 30, Core Earnings 1 (Dollars in Millions) 2025 2026 • The two items we remove to resu

  14. Slide 14: Appendix

    Appendix Confidential and proprietary information © 2026 Navient Solutions, LLC. All rights reserved. 14

  15. Slide 15: Delivering Value to Shareholders

    Delivering Value to Shareholders 1 Drive a scalable, lower-cost operating model Maximize the cash flows from our loan portfolios 2 and deploy them to reduce unsecured debt over time; invest or distribute excess Shareholder Maintain a strong balance sheet through Value 3 disciplined capital allocatio

  16. Slide 16: Loan Portfolio Cash Flows Greater than Debt Outstanding

    Loan Portfolio Cash Flows Greater than Debt Outstanding • Projected loan portfolio cash flows as of June 30, 2026 - Principally securitization trust distributions • Net interest income • Total projected loan portfolio • Servicing fees undiscounted cash flows after • Return of initial equity repaymen

  17. Slide 17: Total Education Loan Portfolio – Projected Cash Flows

    Total Education Loan Portfolio – Projected Cash Flows • Total Education Loan portfolio of ($ in millions) $42 billion, undiscounted projected cash flows are: $1,500 5-Year Projected Annual Education Portfolio Cash Flows 2 - $5.2 billion through end of 2030 - $11.8 billion generated over 20 years $1,

  18. Slide 18: Consumer Lending – Overview

    Consumer Lending – Overview • Private Education Loan portfolio of $16 billion - Refinance Education Loan ($ in millions) originations since 2017 $1,000 5-Year Projected Annual Private Education Cash Flows 2 - In-school Loan originations starting in 2019 and the seasoned loan portfolio • Holding equi

  19. Slide 19: Federal Education Loans – Overview

    Federal Education Loans – Overview ($ in millions) $600 • FFELP portfolio of $27 billion 5-Year Projected Annual FFELP Cash Flows 2 - no newly originated FFELP loans since 2010 - 97-100% of principal and interest guaranteed by U.S. government $400 • Holding 50 basis points of equity capital against

  20. Slide 20: Responsibility to Our Customers and Communities

    Responsibility to Our Customers Empowering talent, encouraging and Communities development and fostering belonging We are committed to creating a workplace where employees are supported and proud Supporting education and economic opportunity to deliver meaningful outcomes Our education finance solut

  21. Slide 21: For More Information

    For More Information www.navient.com/investors www.navient.com/abs • Environmental Social Governance (ESG) information - Navient Corporate Social Responsibility report • Student loan asset-backed security (ABS) trust data - Static pool information – detailed portfolio stratifications by trust as of

  22. Slide 22: Footnotes

    Footnotes 1. Item is a Non-GAAP Financial Measure. In addition to financial results reported on a GAAP basis, Navient also provides certain performance measures which are non-GAAP financial measures. Definitions for the non-GAAP financial measures and reconciliations are provided below and in the bo

  23. Slide 23: Confidential and proprietary information © 2026 Navient Solutions, LLC. All rights reserved.

    Confidential and proprietary information © 2026 Navient Solutions, LLC. All rights reserved. 23

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