Pagaya Technologies Ltd. · NASDAQ:PGY
Pagaya Technologies — Q3 2025 Earnings Presentation
35 slides from Pagaya Technologies's earnings presentation, Nov 10, 2025
Slide 1: Pagaya Technologies Investor Presentation
November 2025 INTRODUCTION Pagaya Technologies Investor Presentation 1 1
Slide 2: Disclaimer: Forward Looking Statements and Non-GAAP Information
Disclaimer: Forward Looking Statements and Non-GAAP Information Certain comments made in this presentation may be characterized as forward looking However, non-GAAP financial measures have limitations in their usefulness to investors under the Private Securities Litigation Reform Act of 1995. Forwar
Slide 3: Company Overview
01 Company Overview 3 3
Slide 4: Delivering more financial opportunity
MISSION Delivering more financial opportunity to more people, more often 4 4
Slide 5: Pagaya by the numbers
Pagaya by the numbers 31 Lending partners 5 Markets (personal loan, 154 Funding partners >$3.2T Applications evaluated since inception >$31B Funding raised across >75 ABS auto, point-of-sale, credit transactions since 2018 card, and single-family rental) ~$90M ~$1.4B Annualized run-rate total revenu
Slide 6: What makes Pagaya different
What makes Pagaya different Differentiated, enterprise-led growth strategy Network effects create expanding data advantage Constantly growing “top of the funnel” by Unique insights into the U.S. borrower with partnering and expanding with new and >$3.2T of applications seen since inception existing
Slide 7: Consumers can’t get the credit they deserve
The Problem Consumers can’t get the credit they deserve 42% ~$112K 31 Unique API of U.S. consumers are denied the Average income of our borrowers(2) Integrations credit they seek under legacy credit Into lending scoring models(1) origination systems across multiple markets Our Solution Ensuring lend
Slide 8: Pagaya Network Connects Lenders with Institutional Capital, Better Serving Customers
Pagaya Network Connects Lenders with Institutional Capital, Better Serving Customers Lending Partners Funding Partners PGY’s tech drives new PGY delivers diverse assets at customers for Banks and other scale in an automated manner Lending Partners AI • Origination growth without incremental capital
Slide 9: Lenders add more borrowers under their brand
How our Product Works Lenders add more borrowers under their brand With Pagaya, the end borrower gets an offer from the lender they trust Step 1 Step 2 Step 3 Step 4 Personal Loan Personal Loan Personal Loan The outcome: a seamless experience for lenders & borrowers API • Lender keeps the relationsh
Slide 10: How We Fund Our Network Volume
How We Fund Our Network Volume Unlike traditional funding models, we raise funding before assets are created – minimizing liquidity risk Upfront funding model mitigates liquidity risk Pagaya’s upfront funding model • Pagaya raises cash from investors first, which sits in a trust waiting to be deploy
Slide 11: Our Differentiated Value Proposition
Our Differentiated Value Proposition Pagaya earns $4.0 - $5.0 in FRLPC1 for every $100 of loans issued FRLPC1 driven primarily by fees paid by our lending partners for helping them add more borrowers Lending Partners Funding Partners Pay fees to Pagaya to use our product to originate more loans and
Slide 12: Constantly expanding data moat
The Competitive Differentiator Constantly expanding data moat Pagaya leverages its network of 31 partners to pair seasoned borrower data with the latest production, giving selection insights and real-time adaptability across all stages of the credit cycle Historical Production Real-Time Tens of Bill
Slide 13: Our flagship product provides a “win-win-win” for lending partners, their customers and funding partners
Our flagship product provides a “win-win-win” for lending partners, their customers and funding partners Lending Partners Lending Partner Customers Funding Partners Grow originations and customers with Access to more financial opportunities Efficiently deploy capital at scale in no incremental cost
Slide 14: 3Q’25 Results: Strong execution driving profitable growth
3Q’25 Results: Strong execution driving profitable growth 3Q’25 Total Revenues 3Q’25 FRLPC1 • 3rd consecutive quarter and record GAAP Net $350M $139M Income profitability, ahead of guidance • Record Revenue, FRLPC, and Adjusted EBITDA 36% ~$1.4B 39% ~$557M • Core OpEx expenses as a % of FRLPC reache
Slide 15: Growth Strategy
02 Growth Strategy 15 15
Slide 16: Differentiated, enterprise-led growth strategy
Differentiated, enterprise-led growth strategy Strategic Growth Initiatives Adding Lending Partners To Our Network Further Scale & Monetize Existing Partnerships PL POS Auto 1 Increasing our unit economics as we scale newer partners decline monetization programs Cost Efficient: Scalable: No Incremen
Slide 17: Robust pipeline of enterprise-grade financial institutions
Robust pipeline of enterprise-grade financial institutions Strong network of 31 enterprise lenders In conversations with Targeting across 5 asset classes Top 5 80% 2-4 Partner additions annually, Auto of top 25 U.S. Banks with a focus on large by asset size Captive banks and auto captives Banks POS
Slide 18: Driving increased monetization through multiproduct relationships
Driving increased monetization through multiproduct relationships Established playbook to grow volume and fees through multiproduct relationships with lending partners • Continue to boost monetization among 3 Illustrative, sizes of circles represent # of Pagaya partners in a given group leading part
Slide 19: Developing new products to help lenders extract more customer lifetime value
Developing new products to help lenders extract more customer lifetime value Increasing Flagship Product Increasing Products in Development Customer Growth Market Share & Wallet Share Enable lenders to capture customers that Increase Growth Product roadmap designed to drive & Customer otherwise woul
Slide 20: Funding Strategy
02 Funding Strategy 20 20
Slide 21: Access to diverse sources of funding limits Pagaya’s use of capital to fund volume
Access to diverse sources of funding limits Pagaya’s use of capital to fund volume 2025 Funding Announcements Funding Highlights ~$4.0B ✓ Raised >$31B in our ABS program across >75 Funded in PAID* transactions with 154 institutional funding partners year to date ~$1.3B ✓ #1 ABS issuer of Personal Lo
Slide 22: Pagaya remains the #1 personal loan ABS issuer in the U.S.
Pagaya remains the #1 personal loan ABS issuer in the U.S. Growing ABS ABS Investor Base ABS Issuance Investors in Pagaya’s financing vehicles Pagaya ABS issuance across all products (in $billions) investor base by investor type $7.4 $6.6 $6.1 $6.2 154 145 135 132 $4.5 125 116120 98 89 84 77 6767 52
Slide 23: Financials
03 Financials 23 23
Slide 24: Driving profitability with growing unit economics
Driving profitability with growing unit economics Total revenues Fee revenue less production costs¹ $ in millions & YoY % growth $ in millions & YoY % growth 36% 39% 30% 18% 30% 28% 55% 26% 21% 38% $326 $350 $126 $139 $279 $290 $117 $116 $257 $100 Take 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 3Q'24 4Q'24 1Q'25
Slide 25: Expanding FRLPC % providing stronger unit economics and greater revenue visibility
Expanding FRLPC % providing stronger unit economics and greater revenue visibility Fee Revenue Less Production Costs (“FRLPC”)* represent net fees earned from lending and funding partners Target Range for FRLPC as % of Network Volume (1) 3.0% to 4.0% FRLPC % of Network Volume 3.5% to 4.5% 4.0% to 5.
Slide 26: Illustrative unit economics: FRLPC economics
Illustrative unit economics: FRLPC1 economics Metric Definition Illustrative Application Volume Total applications seen from lending partners $1,000,000 Conversion Rate % of loan offers accepted by the borrower 1% The notional value of all assets Network Volume (“NV”) $10,000 created using our techn
Slide 27: Growing network volumes while maintaining conversion rates at historical lows
Growing network volumes while maintaining conversion rates at historical lows $266B Applications evaluated in 3Q’25 ~1% Conversion rate of applications to issued loans in 3Q’25 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 Quarterly Network Volume Quarterl
Slide 28: Increasing fees as we deliver more value to our partners
Increasing fees as we deliver more value to our partners Fee revenue less production costs (“FRLPC(1)”) by product Fee revenue less production costs as a % of network volume (FRLPC %) – breakdown by product $139M $126M $117M $116M $97M $100M $92M $76M 109 $73M 84 102 $65M 89 58 67 71 $50M 44 48 37 2
Slide 29: Attractive financial profile rooted in profitability & high operating margins
Attractive financial profile rooted in profitability & high operating margins Pagaya’s operating leverage drives high FRLPC* to net income conversion $ in millions 16000% FRLPC Core OpEx Core OpEx as a % of FRLPC $139 160% $126 14000% $117 $116 140% 12000% $100 120% 10000% 100% 8000% 80% $53 $57 600
Slide 30: On track to achieve GAAP profitability in 2025
On track to achieve GAAP profitability in 2025 2025 Guidance Network Volume Total Revenues Adjusted EBITDA GAAP Net Income +10% +27% +80% +$523M 11 YoY YoY YoY YoY $10.5B to $10.75B $72M to $82M 10.5 10 $1.3B to $372M to $9.7B $1.325B $382M 9.5 $1.03B 9 $210M 8.5 8 ($446M) 7.5 2024A 2025E 2024A 2025
Slide 31: Pagaya’s differentiated business model
Pagaya’s differentiated business model Differentiated, enterprise-led growth strategy Network effects creating massive data advantage Constantly growing “top of the funnel” by Unique insights into the U.S. borrower with partnering and expanding with new and >$3.2T of applications seen since inceptio
Slide 32: Appendix: Non-GAAP Reconciliation
05 Appendix: Non-GAAP Reconciliation 32 32
Slide 33: Net Income (Loss) Attributable to Pagaya Technologies Ltd.
PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) (in thousands) 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 Net Income (Loss) Attributable to Pagaya Technologies Ltd. $ (67,476) $ (237,922) $ 7,893 $ 16,655 $ 22,545 Adjusted to exclude the following: Share-based compensation 12,3
Slide 34: Fee Revenue Less Production Costs reconciliation
PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) (in thousands, unless otherwise noted) 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 Operating Income $ 22,384 $ 31,739 $ 47,685 $ 56,469 $ 79,958 Add: Technology, data and product development 16,655 18,601 19,444 18,455 18,236 Add:
Slide 35: Core Operating Expenses reconciliation
PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) (in thousands) 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 Operating expenses $ 85,885 $ 89,451 $ 75,221 $ 78,464 $ 69,633 Adjusted to exclude the following: Share-based compensation 12,333 15,645 13,172 18,228 13,582 Depreciation