Oportun Financial Corporation · NASDAQ:OPRT
Oportun Financial — Q3 2025 Earnings Presentation
35 slides from Oportun Financial's earnings presentation, Nov 4, 2025
Slide 1: 3Q 2025 Earnings Presentation
portun 3Q 2025 Earnings Presentation November 4, 2025
Slide 2: Forward-looking statements
Forward-looking statements This presentation and the accompanying oral presentation contain forward-looking statements. All statements other than statements of historical fact contained in this presentation and the accompanying oral presentation, including statements as to future performance, result
Slide 3: 3Q25 earnings overview
Earnings Presentation 3Q25 earnings overview GAAP profitable for fourth consecutive quarter; reiterating expectation for FY25 GAAP profitability + $5.2M in 3Q net income, up $35M Y/Y + S14M in pre-tax income, up $54M Y/Y - $0.11 in EPS, up $0.86 Y/Y + Achieved 5.4% ROE, up 40 percentage points Y/Y S
Slide 4: Consistent strategic focus delivering measurable results
Earnings Presentation Consistent strategic focus delivering measurable results Improving Credit Outcomes + Increased proportion of returning member originations from 64% in 1H25 to 70% in 3Q25 - Decisively tightened credit during Q3 in response to 30+ Day Delinquency Rate at the higher end of intern
Slide 5: Third quarter performance vs. guidance
Earnings Presentation Third quarter performance vs. guidance Exceeded top-end of Adjusted EBITDA range by $2 million, or 6%, driven by lower operating expenses and interest expense 3Q 2025 Guidance 3Q 2025 Actual Total Revenue $237 - $242M vy $239M NCO Rate (%) 11.8% +/- 15 bps YY 11.8% Adjusted EBI
Slide 6: Third quarter 2025 highlights
Earnings Presentation Third quarter 2025 highlights GAAP Net Income (Loss) and Adjusted Net Income Trends ($M)( Total Revenue GAAP Net Income $35 $239M $5.2M Sia | $19 Adjusted EBITDA Adjusted Net Income” $15 $41M $19M $69 $62 oo _ GAAP Diluted EPS Adjusted EPS $0.11 $0.39 GAAP Net Income (Loss) Ann
Slide 7: Improvement in net lifetime loss rate increases now up to 700+ bps after month 12 on book
Earnings Presentation Improvement in net lifetime loss rate increases now up to 700+ bps after month 12 on book" 20% Q22 1Q22 3Q22 15% ~ 4Q22 Q23 1Q23 3Q23 10% 1Q24 Up to 700+ bps 5% lower front book losses 12+ months post-disbursement 0% 1 2 3 4 5 6 7 8 9 10 N 2 8B 14 5 1 #17 1 19 20 21 22 23 Oport
Slide 8: Back Book has decreased to 2% of portfolio as of 3Q25
Earnings Presentation Back Book has decreased to 2% of portfolio as of 3Q25; reiterating anticipated reduction to 1% by YE25 @ Pre-vuly 2022 Credit Tightening Quarter-End Back Book Portfolio % of Owned Principal Balance Outstanding” 3Q25 NCO Rate 11.7% Front Book 61% 7% of 3Q25 gross 21% charge-offs
Slide 9: 30+ Day Delinquency Rate and dollar net charge-offs have improved Y/Y
Earnings Presentation 30+ Day Delinquency Rate and dollar net charge-offs have improved Y/Y for seven and eight consecutive quarters, respectively 30+ Day Delinquency Rate NCO Rate | 11.9% 11.9% 9, 52% . 11.8% 44% Guns 3024 2025 3025 3024 2025 325 © p or tu n ‘| See Appendix for definition of 30+ Da
Slide 10: Disciplined credit stance reflects member stability
Earnings Presentation Disciplined credit stance reflects member stability Strong employment and residential stability, with 95% of loans disbursed to U.S. bank accounts 100% Of applicants, ~S5OK median gross income 95% Of borrowers receive in U.S. bank accounts Employment ( Stability 5.4 Years on av
Slide 11: Third quarter 2025 capital and liquidity
Earnings Presentation Third quarter 2025 capital and liquidity Reduced leverage from 7.3x to 7.1x Q/Q during Q3 and issued $538M in asset-backed notes at 5.29% weighted average yield; post-Q3, increased average warehouse line capacity and term, while lowering cost of capital Sources of Liquidity ($M
Slide 12: Fourth quarter and Full Year 2025 guidance
Earnings Presentation Fourth quarter and Full Year 2025 guidance 4Q 2025E FY 2025E Total Revenue $241 - $246M $950 - S955M oe Net Charge-off Rate 12.45% +/- 15 bps 12.1% +/-10 bps Adjusted EBITDA () $31-$37M $137 - $143M Adjusted Net Income - $63 - S67M Adjusted EPS - $1.30 - $1.40 Based on 48.1M FD
Slide 13: FY25 expected annualized NCO rate would be ~30 bps lower with flat Y/Y ADPB
Earnings Presentation FY25 expected annualized NCO rate would be ~30 bps lower with flat Y/Y ADPB @ AsFevorted @ Fist 208 (avg, daly principal balance) ( } 10% ADPB Growth Y/Y $NCO 8% 11.5% 10.4% 3Q25 Actual -3% -3% 12.45% 126% 1.5% 4Q25 Guidance Midpoint 2% 8% r 10.7% FY25 Guidance Midpoint -2% -1%
Slide 14: Attractive unit economic model
Earnings Presentation Attractive unit economic model 3Q25 Adjusted ROE of 20% was a 19 percentage point Y/Y improvement from 1% in 3Q24 ( } 3Q25 Metric @ T298t Illustrative Unit Economics as a % of Average Daily Principal Balance Corporate Level Profitability 35% 36% 33% 300% 21% 28% oy 7-1 19% (2%
Slide 15: Oportun
Oportun
Slide 16: Key definitions
Appendix Key definitions + 30+ Day Delinquency Rate is the unpaid principal balance for our owned loans and credit cards receivable that are 30 or more calendar days contractualy past due as of the end of the period divided by Owned Principal Balance as of such date + Adjusted EBITDA is a non-GAAP f
Slide 17: Key definitions (cont'd)
Key definitions (cont’d) + Customer Acquisition Cost (or "CAC")is calculated as sales and marketing expenses, which include the costs associated with various paid marketing channels, including direct mail, digital marketing and brand marketing and the costs associated with our telesales and retail o
Slide 18: 3Q25 performance: Significant Y/Y improvement on key metrics
Appendix 3Q25 performance: Significant Y/Y improvement on key metrics Aggregate Originations ($M) Risk Adjusted Net Interest Margin see 14.1% 3Q24 3Q25 3024 3Q25 Adjusted Operating Expense ($M) Adjusted Operating Expense Ratio 96 8 13.9% 3024 3Q25 3Q24 3Q25 oO por tu IT] See Appendix for Key Definit
Slide 19: $106M of 3QYTD Adjusted EBITDA reflects $42M, 67% Y/Y growth
Appendix $106M of 3QYTD Adjusted EBITDA reflects $42M, 67% Y/Y growth Adjusted EBITDA ($M) $106 $41 $64 $31 $31 3Q24 2Q25 3Q25 YTD 2024 YTD 2025 Adjusted EBITDA Margin (%)\ Adjusted EBITDA Margin (%)) © por tu IT)" See Appendix for Key Definitions and non-GAAP reconeliation to the most comparable GA
Slide 20: 3QYTD Adjusted Net Income over 6x higher Y/Y
Appendix 3QYTD Adjusted Net Income over 6x higher Y/Y Adjusted Net Income ($M) $52 S19 $15 $78 $09 3024 2025 3025 YTD 2024 YTD 2025 1% 15.9% 196% 28% 189% Adjusted ROE (%) Adjusted ROE (%)),) oO por tu IT]__"'See Appendix for Key Definitions and non-GAAP reconciliation to the most comparable GAAP me
Slide 21: 3Q net revenue grows 68% Y/Y
Appendix 3Q net revenue grows 68% Y/Y 3Q25 Highlights Total Revenue: $239M, down S1IM Y/Y, primarily due the the S9M impact of credit card portfolio sale Net Revenue: $105M, up $42M Y/Y as reduced fair value marks and net charge- offs more than offset total revenue decline and higher interest expens
Slide 22: Key financial & operating metrics
Appendix Key financial & operating metrics Quarter Ended Nine Months Ended September Change Change 3Q25 2025 1025 4Q24 3Q24 Y/Y 2025 2024 Y/Y Aggregate Originations (Millions) $511.8 $480.8 $469.4 $522.2 $480.2 6.6% $1,4619 $1,253.1 16.7% Portfolio Yield (%) 33.0% 32.8% 33.0% 34.2% 33.2% (I7)bps 33.
Slide 23: Condensed consolidated income statement
Appendix Condensed consolidated income statement Quarter Ended Nine Months Ended September 30 Change Change ($ Millions, except per share data, Shares in Millions) 3025 2025 1025 4024 3024 YIV 2025 2024 YIY Interest income $2223 $218.3 $220.2 $233.5 $230.0 (3.3)% $660.8 $692.0 (4.5)% Non-interest in
Slide 24: Condensed consolidated balance sheet
Appendix Condensed consolidated balance sheet Quarter Ended Change (8 Millions) 3025 2025 1025 4Q24 3024 Y/Y Cash and cash equivalents $1046 $968 $785 $60.0 $718 45.6% Restricted cash 119.3 1314 162.4 1847 1567 (23.8)% Total cash $224.0 $228.2 $231.0 $214.6 $228.5 (2.0)% Loans receivable at fair val
Slide 25: Adjusted EBITDA reconciliation
Appendix Adjusted EBITDA reconciliation Quarter Ended Nine Months Ended September 30, Change Change ($ Millions) 3Q25 2025 1025 4024 3024 Y/Y 2025 2024 Y/Y Net income (loss) $5.2 $69 $98 $87 $30.0) NM $218 $(87.4) NM Adjustments: Income tax expense (benefit) 9.0 32 34 (48) (95) NM 157 (317) NM Inter
Slide 26: Adjusted net income reconciliation
Appendix Adjusted net income reconciliation Quarter Ended Nine Months Ended September Change Change ($ Millions) 3025 2025 1025 4024 3024 Y/Y 2025 2024 Y/Y Net income (loss) $5.2 $69 $98 $87 $(30.0) NM $218 $(87.4) NM Adjustments: Income tax expense (benefit) 90 32 34 (48) (9.5) NM 157 (317) NM Stoc
Slide 27: Adjusted operating expense and adjusted operating expense ratio reconciliation
Appendix Adjusted operating expense and adjusted operating expense ratio reconciliation Quarter Ended Nine Months Ended September 30, Change Change (S Millions) 3025 2025 1025 4024 3024 Y/Y 2025 2024 Y/Y OpEx Ratio 136% 14.2% 139% 13.1% 147% 139% 15.4% Total operating expense $90.8 $94.4 $92.7 $89.5
Slide 28: Risk adjusted net interest margin reconciliation
Appendix Risk adjusted net interest margin reconciliation Quarter Ended Nine Months Ended September 30, Change Change ($ Millions) 3Q25 2025 1025 4024 3024 Y/Y 2025 2024 Y/Y Total Revenue 238.7 2343 236. 2 250.9 250.0 (4.5)% 708.9 750.8 (5.6)% Less: Interest Expense 566 59.5 574 571 557 1.6% 173.6 1
Slide 29: Basic and diluted earnings per share reconciliation
Appendix Basic and diluted earnings per share reconciliation Quarter Ended Nine Months Ended September 30 Change Change (S Millions, except per share data. Shares in Millions) 3025 2025 1025 4024 3024 YY 2025 2024 YY Net income (loss) $5.2 $69 $98 $87 $(30.0) NM $218 $(87.4) NM Net income (loss) att
Slide 30: Adjusted earnings per share reconciliation
Appendix Adjusted earnings per share reconciliation Quarter Ended Nine Months Ended September 30 Change Change (S Millions, except per share data. Shares in Millions) 3025 2025 1025 4024 3024 YY 2025 2024 YY Diluted earnings (loss) per share son $0.14 $0.21 $0.20 $(0.75) NM $0.46 $(2.21) NM Adjusted
Slide 31: Net change in fair value
Appendix Quarter Ended Change $ Millions 3025 225 3024 2024 a/@ Y/Y N et Cc h a n g e Loan Portfolio Drivers . . Discount rate 63% 7.0% 83% 87% (0.8)% (21% | n fa | r Va | U e Remaining cumulative charge-offs as a % of principal balance 12.2% 12.0% 11.9% 11.6% 0.3% 0.3% Average life in years 107 1.0
Slide 32: Net lifetime loan loss rates by vintage
Appendix Net lifetime loan loss rates by vintage Cumulative Net Principal Charge-offs 25.0 2022 20.0% 15.0% 10.0% 0.0% 2024 123 45 6 7 8 9 0 11 12 13 14 1 16 17 18 19 20 2 22 23 24 25 26 27 28 2 3 31 32 33 34 35 36 37 38 30 40 41 42 Year of Origination 2015 = 2016. = 2017, 2018. «= 2019S 2020S 2021
Slide 33: Forward-looking adjusted EBITDA reconciliation
Appendix Forward-looking adjusted EBITDA reconciliation 4G 2025 FY 2025 ($ Millions) Low High Low High Net income $73 * $12.0 * $35.3 $39.6 Adjustments: Income tax expense (benefit) 20 32 95 107 Interest on corporate financing 74 74 355 365 Depreciation and amortization 94 94 AA AA Stock-based compe
Slide 34: Forward-looking adjusted net income and adjusted earnings per share reconciliation
Appendix Forward-looking adjusted net income and adjusted earnings per share reconciliation FY 2025 (S Millions, except per share data. Shares in Millions) Low High Net Income $35.3 $39.6 Adjustments: Income tax expense (benefit) 95 107 Stock-based compensation expense 16 16 Other non-recurring char
Slide 35: Oportun
Oportun