Slide 1: Q4-25 Earnings Presentation
HIGHLIGHTS Q4-25 EARNINGS PRESENTATION FEBRUARY 23, 2026 © 2026 ACV Auctions, Inc.
Slide 2: Forward Looking Statements
HIGHLIGHTS FORWARD LOOKING Statements in this presentation regarding future performance and future expectations, beliefs, goals, plans or prospects include forward looking statements for purposes of federal and state securities laws, including statements regarding ACV’s avenues for long STATEMENTS t
Slide 3: Highlights
HIGHLIGHTS HIGHLIGHTS George Chamoun CHIEF EXECUTIVE OFFICER
Slide 4: Q4 and full-year 2025 revenue, units and Adjusted EBITDA
HIGHLIGHTS Q4-24 Q4-25 2024 2025 $160M Revenue $184M $637M Revenue $760M YoY Revenue YoY Revenue 35% Growth 15% 32% Growth 19% Marketplace Marketplace 183K 193K 743K Units 829K Units 4 Adjusted Adjusted $6M $8M $28M EBITDA $59M EBITDA 4
Slide 5: Maximizing Long-Term Shareholder Value
HIGHLIGHTS MAXIMIZING LONG-TERM SHAREHOLDER VALUE GRO WTH I N N O V AT I O N SCALE Transforming the automotive market Leveraging technology to extend Proven business model delivering with the leading digitally native, ACV’s competitive moat and to growth at scale, with attractive data-driven platfor
Slide 6: Growth
HIGHLIGHTS GROWTH GROWTH
Slide 7: Driving Growth
GROWTH Driving Growth Record Buyers and Sellers Franchise Penetration Milestone Major Account Momentum 7
Slide 8: Customer Quote
GROWTH "Our service drive has become a little gold mine for inventory, and ACV makes the process seamless. We're engaging existing customers about cars we often know well. With ClearCar and ACV Max, we can, almost instantly, provide an accurate, data-driven value and transparently show the customer
Slide 9: Regional Growth
GROWTH Carolinas Florida South +28% +18% YoY YoY So. California Texas East +15% +17% YoY YoY 9
Slide 10: 20% Revenue Growth (Transportation)
GROWTH 20% revenue growth with ~110,000 transports 95% lane coverage with AI-optimized pricing Strong revenue margin in line with mid-term targets Off-Platform transportation services gaining further traction 10
Slide 11: Strong Revenue Growth
GROWTH Strong revenue growth of 48% YoY Expanding TAM Managing risk 11
Slide 12: Innovation
GROWTH GROWTH INNOVATION
Slide 13: Data Pipeline Processing and Analysis
INNOVATION DATA PIPELINE PROCESSING AND ANALYSIS Consistent Data Capture Real-time valuation and pricing ACV NEXT GEN ACV CORE IP Product Expansion Guidance on every vehicle 13
Slide 14: AI-Driven Condition Capture
INNOVATION AI-driven condition capture Real-time valuation and pricing Guidance on every vehicle 14
Slide 15: Commercial Enablement
INNOVATION Commercial Enablement Integrations Commercial Inspections • AutoIMS • Commercial Insp. Template • Consignor Direct • Damage Detection • Other 3rd Party Data & Decisions Platform • Pricing Guidance • Marketplace • Recon Estimates • Workflow Tool • Recon Facilities 15
Slide 16: Scale
SCALE Bill Zerella CHIEF FINANCIAL OFFICER
Slide 17: Solid Q4-25 Performance
SCALE Solid Q4-25 Performance REVENUE ($M) % YOY GROWTH ADJ. EBITDA ($M) ADJ. EBITDA MARGIN NON-GAAP NET INCOME ($M) NON-GAAP NET INCOME MARGIN $775M 35% 15% 4% 4% (1%) (1%) 5% $180 - $184 37% $184 $160 8% $(4) - $(2) 6% 36% 37% 34% $5 - $7 $(1) $(1) $8 $6 58% 56% 56% Q4-24 Q4-25 Q4-25 Q4-24 Q4-25 Q
Slide 18: Diversified Revenue Streams
SCALE Diversified Revenue Streams ‘24-’25 YoY Revenue Breakdown ($M) $184M SAAS & DATA SERVICES $160M 5% 8% YOY SAAS PRODUCTS DATA-ENABLED SOLUTIONS 5% 39% 37% 37% 23% YOY MARKETPLACE SERVICES TRANSPORTATION CAPITAL 58% 59% 55% 11% AUCTION & ASSURANCE YOY AUCTION FEES GO GREEN/GUARANTEE ASSURANCE Q4
Slide 19: Delivering Margin Improvement and Managing OpEx
SCALE Delivering Margin Improvement and Managing OpEx NON-GAAP COST OF REVENUE NON-GAAP OPERATING EXPENSE (EX. COR) % OF REVENUE % OF REVENUE 53% 51% 49% 47% Q4-24 Q4-25 Q4-24 Q4-25 Note: Refer to the Appendix for information on the GAAP to non-GAAP reconciliations 19
Slide 20: Balancing Growth and Investments
SCALE Balancing Growth and Investments ADJ. EBITDA MARGIN ADJ. EBITDA ($M) NON-GAAP OPERATING EXPENSE (EX. COR) ($M) % YOY GROWTH ($18) $28 $59 $75 8% 22% 12% 9% $400 9% 8% $366 $327 4% $268 (4%) 2023 2024 2025 2026G 2023 2024 2025 2026G Note: 2026 refers to the midpoint of guidance Refer to the App
Slide 21: Strong Capital Position and Cash Flow
SCALE Strong Capital Position and Cash Flow ($M) As of December 31, 2025 OPERATING CASH FLOW ($M) Cash and Cash Equivalents $271 (Includes ~$171 of Marketplace float) 20% Growth YoY ACV Capital Receivables $180 $78 $65 Long Term Debt $190 Total Assets $1,086 Total Liabilities $656 2024 2025 21
Slide 22: Guidance
SCALE Guidance Q1-26 2026 (dollars in millions) Revenue $200 to $204 $845 to $855 Conversion rates and wholesale price YoY Growth 9% to 12% 11% to 13% depreciation expected to follow normal seasonal patterns GAAP Net Income (Loss) ($14) to ($12) ($54) to ($50) Non-GAAP Net Income(1) $5 to $7 $31 to
Slide 23: Wrap Up
HIGHLIGHTS Executing on Growth Strategy and Gaining Share Delivering on Product Roadmap and Broadening Competitive Moat Wrap Up Expanding Addressable Market Driving Profitable Growth Through Scalable Business Model Building World Class Team with People-First Culture 23
Slide 24: HIGHLIGHTS
HIGHLIGHTS © 2026 ACV Auctions, Inc.
Slide 25: Appendix
HIGHLIGHTS APPENDIX
Slide 26: GAAP Net Income (Loss) to Non-GAAP Net Income (Loss) to Adjusted EBITDA Reconciliations
HIGHLIGHTS GAAP Net Income (Loss) to Non-GAAP Net Income (Loss) to Adjusted EBITDA Reconciliations Note: Tricolor operating expenses are related to the bankruptcy of an ACV Capital customer which we do not consider to be representative of our ongoing operating performance.
Slide 27: GAAP to Non-GAAP Operating Cost Reconciliation
HIGHLIGHTS GAAP to Non-GAAP Operating Cost Reconciliation
Slide 28: GAAP to Non-GAAP Net Income Guidance Reconciliation
HIGHLIGHTS GAAP to Non-GAAP Net Income Guidance Reconciliation
Slide 29: Information About Non-GAAP Financial Measures
HIGHLIGHTS ACV provides supplemental non-GAAP financial measures to its financial results. We use these non-GAAP financial measures, and we believe that they assist our investors to make period-to-period comparisons of our operating performance because they provide a INFORMATION ABOUT view of our op
Slide 30: Information About Non-GAAP Financial Measures (Con't)
Non-GAAP net income (loss), and non-GAAP operating expenses, are financial measures that are not presented in accordance with HIGHLIGHTS GAAP, provide investors with additional useful information to measure operating performance and current and future liquidity when taken together with our financial
Slide 31: Key Operating and Financial Metrics
HIGHLIGHTS KEY OPERATING AND We regularly monitor the following operating and financial metrics in order to measure our current performance and estimate our future performance. Our key operating and financial metrics may be calculated in a manner different than FINANCIAL METRICS similar business met
Slide 32: Forward Looking Statements
HIGHLIGHTS This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amen ded, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning our finan cial guidance for the