Oportun Financial Corporation · NASDAQ:OPRT
Oportun Financial — Q3 2025 Earnings Presentation
45 slides from Oportun Financial's earnings presentation, November 2025
Slide 1: Investor Presentation
Investor Presentation November 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: Company Overview
Company Overview
Slide 4: Overview of Oportun Financial (Nasdaq: OPRT)
Company Overview Overview of Oportun Financial (Nasdaq: OPRT) We provide intelligent borrowing and savings capabilities to help our members build a better financial future • Oportun offers products that holistically address two of the most Select FY25 Guidance fundamental challenges to financial hea
Slide 5: Mission and Target Market
Company Overview Borrowing, savings and budgeting for hardworking individuals Unsecured Secured Mission Empowering members to build a better future Personal Loans Personal Loans Savings Comprehensive Unique Servicing Strong Customer Proprietary Award Winning Physical and Digital and Collections Valu
Slide 6: Addressing the biggest challenges facing U.S. consumers
Company Overview Addressing the biggest challenges facing U.S. consumers of U.S. households struggle with 70% spending, saving, borrowing and planning(2) 59% would struggle to come up with 75% $1,000 in an emergency(3) 51% had bank-related account fees in the past year(4) of Americans do not feel th
Slide 7: Responsibly structured credit products
Company Overview Responsibly structured credit products Member Solution Unsecured Personal Loans Secured Personal Loans Simple-to-understand, affordable, Personal installment loan product Use Case unsecured, fully-amortizing installment secured by an automobile, allowing loans with fixed payments me
Slide 8: Compelling customer value proposition compared to the alternatives
Company Overview Compelling customer value proposition compared to the alternatives Cost of borrowing $1,500(6) Positive social impact Approx. $2,000 savings $3,562 $3,490 $3,141 $2,439 $1,310 $1,027 $2,495 1.3M $498 Credit histories Online-only Online Single-Pay Payday Rent to Own Installment Weigh
Slide 9: Credit Risk Platform Enables Highly Granular Decision Making and Competitive Advantage
Company Overview Credit Risk Platform Enables Highly Granular Decision Making and Competitive Advantage 100% centralized, automated underwriting with no overrides or exceptions Billions of data points analyzed using A.I. (machine learning) to develop credit and fraud models 1,000+ end nodes 3 indepe
Slide 10: Multi-channel loan fulfillment and servicing
Company Overview Multi-channel loan fulfillment and servicing 56% of 3Q25 applicants used more than one channel to apply; 77% utilized Mobile / Digital channel for at least part of their applications, even if they initiated in Retail or with a Contact Center Loan Fulfillment Channels* Payment Channe
Slide 11: Savings remains a 2025 priority
Company Overview Savings remains a 2025 priority Problem #1 Savings App of 2025 59% according to Bankrate 9 Best Money-Saving of U.S. consumers would struggle to come up with $1,000 in the event of an emergency(3) Apps of 2025 Solution Excellent Personal Finance Apps A.I.-driven saving according to
Slide 12: Strategic Priorities
Strategic Priorities
Slide 13: Consistent strategic focus delivering measurable results
Strategic Priorities Consistent strategic focus delivering measurable results Improving Credit Strengthening Identifying Outcomes Business Economics High-Quality • Increased proportion of returning • 20% Q3 Adjusted ROE; 15%+ Originations member originations from 64% in attained over last four quart
Slide 14: Disciplined credit stance reflects member stability
Strategic Priorities Disciplined credit stance reflects member stability Strong employment and residential stability, with 95% of loan volumes disbursed to U.S. bank accounts, and 83% of payments volumes received either via ACH or debit Income Verified 100% Of applicants, ~$50K median gross income L
Slide 15: Improvement in net lifetime loss rate increases
Strategic Priorities Improvement in net lifetime loss rate increases now up to 700+ bps after month 12 on book(11) Up to 700+ bps lower front book losses 12+ months post-disbursement See Appendix for Key Definitions. 15
Slide 16: Back Book has decreased to 2% of portfolio
Strategic Priorities Back Book has decreased to 2% of portfolio as of 3Q25; reiterating anticipated reduction to 1% by YE25 Pre-July 2022 Back Book Credit Tightening Quarter-End Back Book Portfolio % of Owned Principal Balance Outstanding(12) 3Q25 NCO Rate 61% 11.7% Front Book 7% of 3Q25 gross 21% c
Slide 17: 30+ Day Delinquency Rate and dollar net charge-offs have improved Y/Y
Strategic Priorities 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 (44)bps (7)bps 11.9% 11.9% 11.8% 5.2% 4.7% 4.4% 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 See Appendix for Key Definitions of 30+ Da
Slide 18: Financial Overview
Financial Overview
Slide 19: Attractive unit economic model
Financial Overview Attractive unit economic model 3Q25 Adjusted ROE of 20% was a 19 percentage point Y/Y improvement from 1% in 3Q24 3Q25 Metric Target Illustrative Unit Economics as a % of Average Daily Principal Balance Corporate Level Profitability 35% 36% Fair Value Marks:1%(14) 7.1:1 Leverage F
Slide 20: 3Q25 earnings overview
Financial Overview 3Q25 earnings overview Raising 2025 Adjusted EPS expectations by 4% at the midpoint Strong momentum continues with Q3 financial • FY25 Adjusted EPS guidance of performance $1.30-$1.40 reflects 81%-94% growth GAAP profitable for fourth • Expect to be GAAP profitable in FY25 and • A
Slide 21: Third quarter 2025 capital and liquidity
Financial Overview 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) F
Slide 22: Fourth quarter and Full Year 2025 guidance
Financial Overview Fourth quarter and Full Year 2025 guidance 4Q 2025E FY 2025E Total Revenue $241 - $246M $950 - $955M Annualized Net Charge-off Rate (%) 12.45% +/- 15 bps 12.1% +/- 10 bps Adjusted EBITDA* $31 - $37M $137 - $143M Adjusted Net Income* — $63 - $67M Adjusted EPS* — $1.30 - $1.40 Based
Slide 23: FY25 expected NCO Rate would be ~30 bps lower with flat Y/Y ADPB
Financial Overview FY25 expected NCO Rate would be ~30 bps lower with flat Y/Y ADPB 12.6% 12.45% 12.1% 11.8% 11.8% As Reported 11.5% 11.5% Flat ADPB 10.7% 10% ADPB Growth 10.4% 3Q25 Actual 4Q25 Guidance Midpoint FY25 Guidance Midpoint Y/Y As Reported -3% 2% -2% ADPB Y/Y $NCO -3% 8% -1% Note: Analysi
Slide 24: Management Team
Management Team
Slide 25: Expertise Across Products and Industries
Management Team Expertise Across Products and Industries Raul Vazquez Patrick Kirscht Kathleen Layton Paul Appleton Chief Executive Officer and Chief Credit Officer Chief Legal Officer Treasurer, Head of Capital Markets Board Member 15+ years in Corporate and and Interim Chief Financial Officer 25+
Slide 26: Appendix
Appendix
Slide 27: 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 contractually past due as of the end of the period divided by Owned Principal Balance as of such date • Adjusted EBITDA is a non-GAAP
Slide 28: Key definitions (cont'd)
Appendix 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 an
Slide 29: Key financial & operating metrics
Appendix Key financial & operating metrics Nine Months Ended September Quarter Ended 30 Change Change 3Q25 2Q25 1Q25 4Q24 3Q24 Y/Y 2025 2024 Y/Y Aggregate Originations (Millions) $511.8 $480.8 $469.4 $522.2 $480.2 6.6% $1,461.9 $1,253.1 16.7% Portfolio Yield (%) 33.0% 32.8% 33.0% 34.2% 33.2% (17)bps
Slide 30: Condensed consolidated income statement
Appendix Condensed consolidated income statement Quarter Ended Nine Months Ended September 30 Change Change ($ Millions, except per share data. Shares in Millions) 3Q25 2Q25 1Q25 4Q24 3Q24 Y/Y 2025 2024 Y/Y Interest income $222.3 $218.3 $220.2 $233.5 $230.0 (3.3)% $660.8 $692.0 (4.5)% Non-interest i
Slide 31: Condensed consolidated balance sheet
Appendix Condensed consolidated balance sheet Quarter Ended Change ($ Millions) 3Q25 2Q25 1Q25 4Q24 3Q24 Y/Y Cash and cash equivalents $104.6 $96.8 $78.5 $60.0 $71.8 45.6% Restricted cash 119.3 131.4 152.4 154.7 156.7 (23.8)% Total cash $224.0 $228.2 $231.0 $214.6 $228.5 (2.0)% Loans receivable at f
Slide 32: Adjusted EBITDA reconciliation
Appendix Adjusted EBITDA reconciliation Quarter Ended Nine Months Ended September 30, Change Change ($ Millions) 3Q25 2Q25 1Q25 4Q24 3Q24 Y/Y 2025 2024 Y/Y Net income (loss) $5.2 $6.9 $9.8 $8.7 $(30.0) NM $21.8 $(87.4) NM Adjustments: Income tax expense (benefit) 9.0 3.2 3.4 (4.8) (9.5) NM 15.7 (31.
Slide 33: Adjusted EBITDA reconciliation
Appendix Adjusted EBITDA reconciliation Year Ended December 31, Change ($ Millions) 2024 2023 Y/Y Net income (loss) $(78.7) $(180.0) Adjustments: Income tax expense (benefit) (36.5) (73.7) 50.5 % Interest on corporate financing 51.1 51.8 (1.2)% Depreciation and amortization 52.2 54.9 (4.9)% Stock-ba
Slide 34: Adjusted net income reconciliation
Appendix Adjusted net income reconciliation Nine Months Ended September Quarter Ended 30, Change Change ($ Millions) 3Q25 2Q25 1Q25 4Q24 3Q24 Y/Y 2025 2024 Y/Y Net income (loss) $5.2 $6.9 $9.8 $8.7 $(30.0) NM $21.8 $(87.4) NM Adjustments: Income tax expense (benefit) 9.0 3.2 3.4 (4.8) (9.5) NM 15.7
Slide 35: Adjusted operating expense and adjusted operating expense ratio reconciliation
Appendix Adjusted operating expense and adjusted operating expense ratio reconciliation Quarter Ended Nine Months Ended September 30, Change Change ($ Millions) 3Q25 2Q25 1Q25 4Q24 3Q24 Y/Y 2025 2024 Y/Y OpEx Ratio 13.5% 14.2% 13.9% 13.1% 14.7% 13.9% 15.4% Total operating expense $90.8 $94.4 $92.7 $
Slide 36: Risk adjusted net interest margin reconciliation
Appendix Risk adjusted net interest margin reconciliation Quarter Ended Nine Months Ended September 30, Change Change ($ Millions) 3Q25 2Q25 1Q25 4Q24 3Q24 Y/Y 2025 2024 Y/Y Total Revenue 238.7 234.3 235.9 250.9 250.0 (4.5)% 708.9 750.8 (5.6)% Less: Interest Expense 56.6 59.5 57.4 ( 57.1 55.7 1.6% 1
Slide 37: Basic and diluted earnings per share reconciliation
Appendix Basic and diluted earnings per share reconciliation Quarter Ended Nine Months Ended September 30 Change Change ($ Millions, except per share data. Shares in Millions) 3Q25 2Q25 1Q25 4Q24 3Q24 Y/Y 2025 2024 Y/Y Net income (loss) $5.2 $6.9 $9.8 $8.7 $(30.0) NM $21.8 $(87.4) NM Net income (los
Slide 38: Adjusted earnings per share reconciliation
Appendix Adjusted earnings per share reconciliation Quarter Ended Nine Months Ended September 30 Change Change ($ Millions, except per share data. Shares in Millions) 3Q25 2Q25 1Q25 4Q24 3Q24 Y/Y 2025 2024 Y/Y Diluted earnings (loss) per share $0.11 $0.14 $0.21 $0.20 $(0.75) NM $0.46 $(2.21) NM Adju
Slide 39: Adjusted earnings per share reconciliation
Appendix Adjusted earnings per share reconciliation Year Ended December 31 Change ($ Millions, except per share data. Shares in Millions) 2024 2023 Y/Y Diluted earnings (loss) per share $ (1.95) $ (4.88) 60.0 % Adjusted Net Income $29.3 $(71.3) NM Basic weighted-average common shares outstanding 40.
Slide 40: Net change in fair value
Appendix Quarter Ended Change $ Millions 3Q25 2Q25 3Q24 2Q24 Q/Q Y/Y Net change Loan Portfolio Drivers Discount rate 6.3% 7.0% 8.3% 8.7% (0.8)% (2.1)% in fair value Remaining cumulative charge-offs as a % of principal balance Average life in years 12.2% 1.07 12.0% 1.08 11.9% 1.11 11.6% 1.02 0.3% -0.
Slide 41: Net lifetime loan loss rates by vintage
Appendix Net lifetime loan loss rates by vintage Cumulative Net Principal Charge-offs Year of Origination 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dollar Weighted Average Original Term for Vintage (Months) 22.3 24.2 26.3 29.0 30.0 32.0 33.3 37.8 39.2 35.6 Net Lifetime Loan Losses as % of Or
Slide 42: Forward-looking adjusted EBITDA reconciliation
Appendix Forward-looking adjusted EBITDA reconciliation 4Q 2025 FY 2025 ($ Millions) Low High Low High Net income $7.3 * $12.0 * $35.3 $39.6 Adjustments: Income tax expense (benefit) 2.0 3.2 9.5 10.7 Interest on corporate financing 7.4 7.4 35.5 35.5 Depreciation and amortization 9.4 9.4 41.4 41.4 St
Slide 43: Forward-looking adjusted net income and adjusted earnings per share reconciliation
Appendix Forward-looking adjusted net income and adjusted earnings per share reconciliation FY 2025 ($ Millions, except per share data. Shares in Millions) Low High Net Income $35.3 $39.6 Adjustments: Income tax expense (benefit) 9.5 10.7 Stock-based compensation expense 11.6 11.6 Other non-recurrin
Slide 44: Endnotes
Appendix Endnotes 1. Bankrate’s Financial Freedom survey, July 2024 2. Financial Health Network (FHN): “Financial Health Pulse™ 2024 U.S. Trends Report” 3. Bankrate’s 2025 Annual Emergency Savings Report, February 2025 4. Financial Health Network: “The FinHealth Spend Report 2023” 5. Yahoo Finance/M
Slide 45: Investor Contact
Investor Contact Dorian Hare 650-590-4323 ir@oportun.com