Slide 1: Investor Presentation
1 Investor Presentation July 2026
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 connect every insurance carrier with online shoppers through the most efficient customer acquisition marketplace
Slide 4: MediaAlpha at a glance
4 MediaAlpha at a glance Attractive market backdrop • One of the largest online customer acquisition infrastructure providers for insurance $14B P&C insurance ad 2x Digital insurance • Proprietary two-sided marketplace that enables spend (20251) advertising growth opportunity2 partners to monetize a
Slide 5: Digital penetration continues to increase
5 Digital penetration continues to increase Insurance digital ad share is estimated to be below 40% versus ~78% for the broader ad market — every point of normalization directly expands the addressable digital pool Digital penetration of Ad Spend 1 2 All industries Insurance industry 100% 80% 60% 40
Slide 6: Broadening of demand
6 Broadening of demand Majority of P&C ad spend growth was driven by a select few; the remaining cohort represents meaningful incremental demand potential P&C Advertising spend H1 2026 YoY Revenue growth with MediaAlpha $14B 300% $10B 200% Nearly 80% of ad spend Early innings of growth growth since
Slide 7: Transition from agents to DTC drives ad spend
7 Transition from agents to DTC drives ad spend Auto insurance carriers are expected to continue migrating their $35B in annual spend on agent commissions to performance-based digital channels as they evolve to more direct distribution P&C carriers are shifting budgets from agent P&C carriers still
Slide 8: Our opportunity
8 Our opportunity We expect advertising spend to continue growing and increasingly go digital Auto Insurance Digital Ad Spend Medium-Term Growth Algorithm (2025-2030E) Double Digit 5yr CAGR 2 Digital mix shift Durable secular growth Insurance digital ad share expected to close the gap to ~78% for th
Slide 9: MediaAlpha ecosystem
9 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 350+ partners1 700+ pa
Slide 10: Key pillars of our technology platform
10 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 consume
Slide 11: Target precisely and bid granularly
11 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 – Educatio
Slide 12: We drive a virtuous cycle
12 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 13: We are focused on insurance
13 We are focused on insurance Large market opportunity across our core, data-rich insurance verticals LTM Q2 2026 Revenue ($M) % of Total Sample Demand Partners Property & casualty $1,154 94% Health 48 4% Life 22 2% Non-insurance1 1 0% Total $1,225 100% Note: totals may not foot due to rounding. 1
Slide 14: P&C carrier competition has intensified
14 P&C carrier competition has intensified P&C Industry Ad Spend has grown in response Auto Insurance Combined Ratios have dropped from 2022 peak1 "So we'll advertise if our cost per sale is under our U.S. private auto combined ratio 112% 105% target acquisition cost...most of our incoming is in the
Slide 15: Financial Overview
C\MediaAlpha Financial : Overview
Slide 16: Attractive financial profile
16 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 Substantial cash flow generation with low capital intensity
Slide 17: Economic model
17 Economic model Attractive, two-sided marketplace model drives strong economics to MediaAlpha Economic model Two-sided marketplace Based on a percentage of Advertising Spend Open Private Marketplace Marketplace Revenue represents the total gross dollar value transacted for Open Marketplace; platfo
Slide 18: Open vs. private marketplaces
18 Open vs. private marketplaces We offer flexible models designed to complement and extend each partner’s capabilities at scale through open access or direct private transactions Open Marketplace Private Marketplace Supply Partners Demand Partners Partner 1 Partner A Supply Partner Demand Partner P
Slide 19: Annual financial performance
19 Annual financial performance Growth trend has resumed following a historically hard market in auto insurance Revenue Adjusted EBITDA1 $1,225M $120M $1,114M $48M $114M $86M $96M $865M $174M $1,154M $388M $1,003M $658M $27M $186M $164M 2023 2024 2025 LTM Q2 2026 2023 2024 2025 LTM Q2 2026 P&C Healt
Slide 20: Q2 financial performance
20 Q2 financial performance P&C’s record results are driving strong performance for core business, excluding Under-65 Health Revenue Contribution1 Adjusted EBITDA2 P&C Health Life Other Verticals $317M $47M $29M $3M $252M $40M $25M $18M $309M $227M Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Exc
Slide 21: Compelling cash flow generation
21 Compelling cash flow generation Consistent margins, low capital intensity, and minimal capex drive strong cash flow generation Adjusted EBITDA1 Capital Expenditures $120M $114M High cash flow conversion2 $96M Minimal capital expenditures $27M $0.7M $0.9M Low working capital needs $0.1M $0.3M 2023
Slide 22: Share repurchase overview
22 Share repurchase overview 12.7%1 $88M Returned to Shareholders | 8.6M Shares Repurchased | Avg $10.19/share 2 Remaining Repurchase Authorization 4.8%1 1.6%1 3.0%1 3.2%1 Q3’25 Q4’25 Q1’26 Q2’26 Avg $10.17/share2 Avg $12.83/share 2 Avg $9.84/share2 Avg $9.20/share2 Private Purchase Open Market Purc
Slide 23: Long-term growth drivers
23 Long-term growth drivers Capitalize on significant secular tailwinds We are well- positioned to Extend market leadership position as carrier demand broadens benefit from the ongoing shifts in online consumer Bring Gain wallet on new share with partners Demand Partners behavior and Expand our valu
Slide 24: Appendix
C\MediaAlpha Appendix
Slide 25: Key metrics definitions
25 Key metrics definitions Metric Definition We define “Contribution” as revenue less revenue share payments and online advertising costs, or, as reported in our consolidated statements of operations, revenue less cost of revenue (i.e., gross profit), as adjusted to exclude the following items from
Slide 26: Reconciliation of Contribution
26 Reconciliation of Contribution Three Months Ended June 30, Six Months Ended June 30, $000s 2026 2025 2026 2025 Revenue $316,875 $ 251,622 $626,879 $ 515,931 Less cost of revenue (271,701) (213,935) (535,006) (436,605) Gross profit 45,174 37,687 91,873 79,326 Adjusted to exclude the following (as
Slide 27: Reconciliation of Adjusted EBITDA
27 Reconciliation of Adjusted EBITDA Full Year Ended December 31, $000s 2025 2024 2023 Net income (loss) $26,761 $22,118 ($56,555) Equity-based compensation expense 30,331 34,083 53,321 Interest expense 11,243 14,351 15,315 Income tax expense (benefit) (137,822) 1,384 (463) Depreciation expense on p
Slide 28: Reconciliation of Adjusted EBITDA (cont'd)
28 Reconciliation of Adjusted EBITDA (cont’d) Three Months Ended June 30, Six Months Ended June 30, $000s 2026 2025 2026 2025 Net income (loss) $41,783 ($22,533) $55,829 ($24,867) Equity-based compensation expense 8,472 8,112 15,731 15,136 Interest expense 2,774 2,870 5,215 5,825 Income tax expense
Slide 29: Reconciliation of Adjusted EBITDA (cont'd)
29 Reconciliation of Adjusted EBITDA (cont’d) Twelve months ended June 30, $000s 2026 Net income (loss) $107,457 Equity-based compensation expense 30,926 Interest expense 10,633 Income tax expense (benefit) (118,279) Depreciation expense on property and equipment 293 Amortization of intangible asset