Slide 1: Investor Presentation
1 Investor Presentation August 2025
Slide 2: Disclaimer
2 Disclaimer Forward-looking statements and other information This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future event
Slide 3: Our mission
3 Our mission Our mission To be the most efficient, transparent, and measurable customer acquisition platform connecting insurance carriers with online shoppers
Slide 4: MediaAlpha at a glance
4 MediaAlpha at a glance Attractive market backdrop • One of the largest online customer acquisition platforms for insurance (property & casualty, health, life) $14B 27% Digital insurance ad Digital insurance ad • Proprietary two-sided marketplace that enables spend (2026E1) spend growth (2024E1) pa
Slide 5: Significant market opportunity
5 Significant market opportunity Digital insurance advertising spend is expected to grow as customers increasingly shop online Digital insurance advertising spend1 Growth is outpacing the broader digital ad industry1,2 $14B 27% 15% 23-26E CAGR $9B 13% 2023 2026E Overall digital ad spend Digital insu
Slide 6: MediaAlpha ecosystem
6 MediaAlpha ecosystem We connect Insurance Demand Partners with high-intent End Consumers in a real-time, transparent, data-driven ecosystem End Consumers Search relevancy Shopping efficiency Carriers Carriers Insurance Supply Insurance Demand Financial Partners Partners Apps 400+ partners1 700+ pa
Slide 7: Key pillars of our technology platform
7 Key pillars of our technology platform We operate a data-rich, results-driven, integrated marketplace that is highly scalable Massive Real-time Multiple Trust and scale acquisition touchpoints transparency Millions of high- Access to desired Clicks, calls, and Trust, data intent consumers consumer
Slide 8: Target precisely and bid granularly
8 Target precisely and bid granularly We allow Demand Partners to optimize across various attributes, driving higher ROI across the platform • Automated, micro-level, real-time bidding • Ability to test multiple machine-learning approaches • Auto insurance attributes include: – Accidents – Education
Slide 9: We drive a virtuous cycle
9 We drive a virtuous cycle Initial benefits for partners lead to deeper integrations and create powerful network effects More data More More integrations accurate pricing Improved engagement with More Supply Partners volume Higher ROI Greater efficiency and Demand and ROI Partners More Supply More
Slide 10: Sticky model with high partner retention
10 Sticky model with high partner retention We have developed long-standing, multi-faceted, deeply integrated partnerships Top 25 Supply Partners1 Top 25 Demand Partners1 100% 100% 96% 96% 1-Year Retention 3-Year Retention 1-Year Retention 3-Year Retention 1 As of FY 2024. Shows % of top 25 partners
Slide 11: We are focused on insurance
11 We are focused on insurance Large and growing market opportunity across our core, data-rich insurance verticals LTM Q2 2025 Transaction Value ($M) % of Total Sample Demand Partners Property & casualty $1,631 86% Health 241 13% Life 26 1% Non-insurance1 7 0% Total $1,905 100% Note: totals may not
Slide 12: P&C industry well positioned for growth
12 P&C industry well positioned for growth As carriers reach profitability they are refocusing on growth and customer acquisition • Extraordinary post-pandemic loss cost inflation Auto Insurance Combined Ratios hit a peak in 20221 drove poor auto insurance underwriting results U.S. private auto comb
Slide 13: Expanding addressable market in health
13 Expanding addressable market in health Enrollment growth continues to be strong in the Medicare Advantage market Medicare Advantage Enrollment1 (M) 41 33 22 15 2014 2019 2024 2029E 1 Source: KFF, “10 Reasons Why Medicare Advantage Enrollment is Growing and Why it Matters” (January 2024) and “Medi
Slide 14: Financial Overview
C\MediaAlpha Financial : Overview
Slide 15: Attractive financial profile
15 Attractive financial profile Two-sided marketplace model with powerful network effects Strong long-term growth potential benefitting from secular tailwinds Efficient, highly profitable operating model Steady cash flow generation with low capital intensity
Slide 16: Economic model
16 Economic model Attractive, two-sided marketplace model drives strong economics to MediaAlpha Economic model Two-sided marketplace Based on a percentage of Transaction Value Open Private Marketplace Marketplace Transaction Value measured by partner spend (dollars transacted) on the platform High-t
Slide 17: Open vs. private marketplaces
17 Open vs. private marketplaces Partners have the flexibility to work with us in whichever way best suits their business objectives Open Marketplace Private Marketplace Supply Partners Demand Partners Partner 1 Partner A Supply Partner Demand Partner Partner 2 Partner B MediaAlpha Technology Partne
Slide 18: Annual financial performance
18 Annual financial performance Strong growth trend has resumed following a historically hard market in auto insurance Transaction Value ($M) Adjusted EBITDA1 ($M) $1,905M $117M $26M $241M $1,492M $96M $31M $270M $738M $1,631M $45M $593M $34M $1,178M $27M $251M $23M $260M $400M $278M 2022 2023 2024
Slide 19: Q2 financial performance
19 Q2 financial performance P&C’s record results are driving strong performance for MediaAlpha Transaction Value Contribution1 Adjusted EBITDA2 $40M $24.5M $481M $7M $34M $37M $18.7M $322M $8M $55M $435M $255M Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 P&C Health Life Other Verticals 1 Contribu
Slide 20: Compelling cash flow generation
20 Compelling cash flow generation Consistent margins, low capital intensity, and minimal capex drive strong cash flow generation Adjusted EBITDA1 Capital Expenditures $117M High cash flow conversion2 $96M Minimal capital expenditures $27M $23M $0.7M $0.7M Low working capital needs $0.1M $0.1M 2022
Slide 21: Long-term growth drivers
21 Long-term growth drivers We are well- Capitalize on significant secular tailwinds positioned to Extend market leadership as network effects increase benefit from the ongoing shifts in online consumer Bring Gain onshare wallet new with partners Demand Partners behavior and Gain Bring onshare of wa
Slide 22: Appendix
C\MediaAlpha Appendix
Slide 23: Key metrics definitions
23 Key metrics definitions Metric Definition We define “Transaction Value” as the total gross dollars transacted by our partners on our platform. Transaction Value is an operating metric not presented in accordance with GAAP, and is a driver of revenue based on the economic relationships we have wit
Slide 24: Reconciliation of Contribution
24 Reconciliation of Contribution Three Months Ended June 30, Six Months Ended June 30, $000s 2025 2024 2025 2024 Revenue $251,622 $178,274 $515,931 $304,923 Less cost of revenue (213,935) (146,589) (436,605) (249,558) Gross profit 37,687 31,685 79,326 55,365 Adjusted to exclude the following (as re
Slide 25: Reconciliation of Adjusted EBITDA
25 Reconciliation of Adjusted EBITDA Full Year Ended December 31, $000s 2024 2023 2022 Net income (loss) $22,118 $(56,555) $(72,446) Equity-based compensation expense 34,083 53,321 58,472 Interest expense 14,351 15,315 9,245 Income tax expense (benefit)1 1,384 (463) 102,905 Depreciation expense on p
Slide 26: Reconciliation of Adjusted EBITDA (cont'd)
26 Reconciliation of Adjusted EBITDA (cont’d) Three months ended June 30, Six Months Ended June 30, $000s 2025 2024 2025 2024 Net income (loss) $(22,533) $4,420 $(24,867) $2,929 Equity-based compensation expense 8,112 9,221 15,136 17,855 Interest expense 2,870 3,751 5,825 7,596 Income tax expense 31
Slide 27: Reconciliation of Adjusted EBITDA (cont'd)
27 Reconciliation of Adjusted EBITDA (cont’d) Twelve months ended June 30, $000s 2025 2024 Net income (loss) $(5,678) $ (19,062) Equity-based compensation expense 31,364 41,687 Interest expense 12,580 15,461 Income tax expense 1,494 (534) Depreciation expense on property and equipment 256 291 Amorti