Better Home & Finance Holding Company · NASDAQ:BETR
Better Home & Finance — Q2 2026 Earnings Presentation
20 slides from Better Home & Finance's earnings presentation, Aug 10, 2026
Slide 1: AI Mortgage Platform Investor Presentation
AI Mortgage Platform Investor Presentation August 2026 Company metrics and financials are as of June 30, 2026.
Slide 2: Disclaimer
Disclaimer This presentation and any related oral presentation, (together “this presentation”), do not constitute an offer or invitation to subscribe for, purchase or otherwise acquire any securities or other instruments of Better Home & Finance Holding Company ("Better" or the "Company") and nothin
Slide 3: Q2 2026 Highlights & Key Developments
Q2 2026 Highlights & Key Developments
Slide 4: Q2 2026 results
Q2 2026 results Q2'26 Q2'26 Q2'26 Q2'26 Loan Volume Platform Loan Volume Total Net Revenues Adjusted EBITDA $1,667M $912M $54.7M ($14.0M) Includes a $6.5 million benefit from a TRID reserve release $1,667M $912M $54.7M $1,205M $428M $42.7M ($14.0M) ($22.9M) Q2'25 Q2'26 Q2'25 Q2'26 Q2'25 Q2'26 Q2'25
Slide 5: The 2026 rate environment remains elevated
The 2026 rate environment remains elevated… Freddie Mac Primary Mortgage Market Survey 6.70% 6.66% High / Latest 6.60% 6.50% 6.41% Q2 Average 6.40% 6.30% 6.20% 6.11% Q1 Average 6.10% 6.00% 5.98% Low 5.90% Jan Feb Mar Apr May Jun Jul Source: Freddie Mac Primary Mortgage Market Survey. 5
Slide 6: Driving down mortgage applications from beginning-of-year highs
…driving down mortgage applications from beginning-of-year highs MBA Mortgage Applications Market Composite Index 400 397.2 High 380 360 340.2 Q1 Average 340 320 300 278.8 Q2 Average 280 260 240 239.9 Low / Latest 220 Jan Feb Mar Apr May Jun Jul Source: MBA Weekly Applications Survey. Note: Index ba
Slide 7: Shifting production to Purchase and Home Equity, driving 15% QoQ revenue growth
… so we responded by shifting production to Purchase and Home Equity, driving 15% QoQ revenue growth on flat volume Q1 2026A Loan Volume Q2 2026A Loan Volume $1,645M Loan Volume / $47.5M Revenue / ($18.8M) Adj. EBITDA $1,667M Loan Volume / $54.7M Revenue / ($14.0M) Adj. EBITDA 12% 18% 36% 49% 33% 52
Slide 8: Q2 cost initiatives in place to save $25M
Q2 cost initiatives in place to save $25M Fixed cost base Operational efficiency Vendor rationalization Reduced spend across corporate Automation and process redesign Renegotiated and consolidated functions, facilities, and to reduced cost per loan third-party contracts across the discretionary item
Slide 9: Operational focus
Operational focus Three priorities for our next phase of execution, underpinned by simplified operations Partner-led distribution across consumer platforms, wholesale brokers and Distribution NEO. Winning on manufacturing efficiency, not acquisition spend. Aggressive HELOC investment with differenti
Slide 10: Financials & KPIs
Financials & KPIs Better
Slide 11: Q2 2026 Loan Volume performance by product
Q2 2026 Loan Volume performance by product Total Purchase Refi Home Equity Loan Volume Loan Volume Loan Volume Volume 38% $1,667M $824M $803M $1,205M 55% 46% 239% $549M 36% 69% 58% 23% $294M 64% 45% 8% $240M 54% 5% $162M 31% 29% 92% 42% 95% 71% Q2'25 Q2'26 Q2'25 Q2'26 Q2'25 Q2'26 Q2'25 Q2'26 D2C Loa
Slide 12: Tinman AI Platform now primary origination channel at 55% of Loan Volume
Tinman® AI Platform is now our primary origination channel at 55% of Loan Volume, up 36% year over year % of Loan Volume by Channel 45% 50% 56% 64% 60% 71% 55% 50% 44% 36% 40% 29% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Platform D2C 12
Slide 13: Looking ahead to Q3 2026
Looking ahead to Q3 2026 Loan Volume ~20% YoY growth to midpoint $1,461M $1,645M $1,667M $1,375M - $1,525M $1,205M $1,210M Q3 2026 Guidance: ▪ $1,375M to $1,525M of Loan Q2'25A Q3'25A Q4'25A Q1'26A Q2'26A Q3'26E Volume, midpoint of Total Net Revenues $1,450M ~22% YoY growth to midpoint $54.7M $49.0M
Slide 14: Balance sheet
Balance sheet ($ in thousands) Quarter Ended June 30, Quarter Ended June 30, Assets 2026 2025 Cash and cash equivalents 102,250 87,134 Restricted cash 9,633 10,645 Short-term investments — 134,390 Mortgage loans held for sale, at fair value 511,080 447,738 Loans held for investment, net — 420,566 Ot
Slide 15: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures (Amounts in $ thousands) Quarter Ended Quarter Ended Quarter Ended December Quarter Ended Quarter Ended June 30, September 30, 31, March 31, June 30, 2025 2025 2025 2026 2026 Net loss ($36,270) (39,125) (39,920) (70,311) (30,593) Income tax (benefit) / expense 94
Slide 16: Appendix
Appendix Better
Slide 17: Tinman is purpose-built AI that reshapes mortgage economics
Tinman is purpose-built AI that fundamentally reshapes Tinman® AI Opportunity in the Mortgage Industry mortgage economics Tinman® AI Over $110B in originations and years of investment in our AI platform, Tinman® and Platform Betsy Software | Fulfillment | Capital Markets | Compliance | Sales Redefin
Slide 18: Broad suite of home financing solutions to a qualified customer base
Better offers a broad suite of home financing solutions to a qualified customer base Our Average Customer Purchase Profile 49% of Q2’26 Loan Volume Anchors our franchise in the largest segment of the U.S. mortgage market $291k Average loan balance Refinance Home Equity 46 Age 33% of Q2’26 Loan Volum
Slide 19: Powered by Tinman, our proprietary AI mortgage platform
Powered by Tinman®, our proprietary & comprehensive AI mortgage platform Customer Experience Tinman® Operational Excellence ▪ Tinman® AI drives better, ▪ Tinman® AI triangulates Point faster , and cheaper CRM consumer attributes, of Sale customer experience property attributes, and unique investor c
Slide 20: Light balance sheet and low-risk funding model
Light balance sheet and low-risk funding model, attracting new mortgage investors Assets matched to identified Assets acquired by Better’s funding at origination, aligning to the network of third-party investors criteria of institutional investors Streamlined, tech-enabled Strong and growing institu
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