Axos Financial, Inc. · NYSE:AX
Axos Financial — IPO Roadshow (September 2025)
42 slides from Axos Financial's IPO roadshow presentation, Sep 16, 2025
Slide 1: Axos Financial, Inc. Subordinated Notes Offering Investor Presentation
Axos Financial, Inc. Subordinated Notes Offering Investor Presentation September 16, 2025 NYSE: AX
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to Axos Financial, Inc.’s (“Axos”) financial prospects and other projections of its performance and asset quality, Axos’ deposit balances and capit
Slide 3: Safe Harbor (cont.)
Safe Harbor (cont.) This presentation does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. Neither the SEC nor any other regulatory body has approved or disapproved of the securities of the Company or passed upon the accurac
Slide 4: Strong and Experienced Management Team
Strong and Experienced Management Team Greg Garrabrants | President & CEO Derrick Walsh | EVP & Chief Financial Officer › President and CEO of Axos Bank since 2007 › Chief Financial Officer of Axos Bank since 2021 and joined in 2013 › Previously served as an investment banker, management consultant,
Slide 5: Terms of Proposed Subordinated Debt Offering
Terms of Proposed Subordinated Debt Offering Issuer Axos Financial, Inc. (NYSE: AX) Security Subordinated Notes due 2035 Amount $175 million 1 Security Rating BBB (Stable) by Kroll Bond Rating Agency Issuance Type SEC Registered Offering Structure Fixed-to-Floating Rate (Fixed during First Five Year
Slide 6: Axos Financial Overview
Axos Financial Overview Axos Financial, Inc. For the Fiscal Year Ended › Axos Financial, Inc. was founded in 1999 and ($ Millions) 6/30/2025 is a customer-focused diversified financial Market Data as of 9/5/2025 services company headquartered in Las Market Capitalization $5,127.6 Vegas, Nevada Price
Slide 7: Axos Financial’s Three Divisions Provide the Foundation for Sustained Long-term Growth
Axos Financial’s Three Divisions Provide the Foundation for Sustained Long-term Growth Investment Thesis › Diverse mix of assets, deposits, and fee income reduces risk and provides multiple growth opportunities in varying environments › Asset-based lending at low loan-to-values Consumer has resulted
Slide 8: Axos’ Business Model is Differentiated From Other Banks
Axos’ Business Model is Differentiated From Other Banks Customer Sales Servicing Distribution Acquisition › Digital Marketing › Automated › Self-service › Balance sheet fulfillment › Affinity and › Digital journey › Whole loan sales Distribution › Inbound call center options › Direct banker (call Pa
Slide 9: Diversified Sources of Lending, Deposits and Fee Income
Diversified Sources of Lending, Deposits and Fee Income Consumer Banking Commercial Banking Securities Lending › Auto Lending › Asset-Based Lending › Margin Lending › Single-Family Mortgages › C&I Lending › Securities Lending › Personal Unsecured › Commercial Real Estate Specialty › SBLOCs Lending ›
Slide 10: Axos Bank is a Top Performer Versus Bank Peer Group
Axos Bank is a Top Performer Versus Bank Peer Group Axos Bank Peer Group1 Percentile ROAA 1.55% 0.69% 89% Return on Equity 14.62% 6.40% 92% NIE/Avg Assets 2.09% 2.41% 30% Net Interest Income/Avg 4.68% 2.79% 96% Assets Efficiency Ratio 43.45% 72.46% 6% The 92% on ROE means that Axos Bank outperformed
Slide 11: Over 15 Years of Profitable Growth
Over 15 Years of Profitable Growth ($M) 500 $450 450 $433 400 350 $307 300 $241 250 $216 200 $183 $152 $155 150 $135 $119 100 $83 $56 $40 50 $21 $21 $29 $4 $7 - 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Income Net Income has continued to grow throu
Slide 12: Asset Quality Built to Withstand Economic Cycles
Asset Quality Built to Withstand Economic Cycles 1.09% 1.07% 0.77% 0.71% 0.68% 0.68% 0.55% 0.52% 0.50% 0.51% 0.47% 0.43% 0.43% 0.36% 0.35% 0.23% 0.19% 0.19% 0.14% 0.12% 0.13% 0.06% 0.06% 0.08% 0.07% 0.04% 0.03% 0.02% 0.02% 0.04% 0.05% 0.01% (0.01%) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Slide 13: Credit Investor Highlights
Credit Investor Highlights Experienced and “cycle-tested” management team Track record of credit discipline, risk management and profitability Differentiated digital platform Fully digital, no branch model provides structural cost advantages over traditional banks Built to capitalize on digita
Slide 14: Loan Portfolio and Credit Quality
Loan Portfolio and Credit Quality 14
Slide 15: Loan Growth by Category
Loan Growth by Category $ Millions Q4 FY25 Q3 FY25 Inc (Dec) Single Family Jumbo Mortgage $ 3,786 $ 3,697 $ 89 Mortgage & Warehouse SF Warehouse Lending 609 498 111 Multifamily & Multifamily 1,729 2,059 (330) Commercial Mortgage Small Balance Commercial 1,212 1,281 (69) CRE Specialty 5,713 5,371 342
Slide 16: Diverse Real Estate Mortgage Loans
Diverse Real Estate Mortgage Loans Real Estate Backed Loans by State Real Estate Backed Loans by Type $ Millions Southern CA 29% CRESL & Construction $5,713 Northern CA 40% 7% Lender Other 13% Finance RE Other CRE $1,224 $1,212 9% NV 8% 2% Multifamily Single Family NJ TX $1,729 $4,395 3% 6% NY 12% 3
Slide 17: CRE Specialty Breakout
CRE Specialty Breakout CRE Specialty $ Millions Other $309 Multifamily 5% $1,561 27% SFR $1,229 Industrial 22% $1,183 21% Hotel Office $880 $389 15% 7% Retail $162 3% Total CRE Specialty: $5.7B As of June 30, 2025 17
Slide 18: Commercial Real Estate Specialty Detail
Commercial Real Estate Specialty1 Detail as of June 30, 2025 62% of total Commercial Real Estate Specialty balance at June 30, 2025 is indirect note structures where Axos has first payment priority; these loans carry a weighted-average LTV of 47%. Below is a breakdown of the stage of the properties
Slide 19: Allowance for Credit Losses (ACL) by Loan Category
Allowance for Credit Losses (ACL) by Loan Category as of June 30, 2025 $ Millions Loan Balance ACL ACL %1 1 Single Family Mortgage & Warehouse $ 4,395 $ 12 0.3 % Multifamily & Commercial Mortgage 2,941 26 0.9 % Loans Commercial Real Estate 6,937 114 1.6 % Commercial & Industrial Non-RE 6,796 122 1.8
Slide 20: Change in Allowance for Credit Losses (ACL) & Unfunded Loan Commitments Reserve (UCL)
Change in Allowance for Credit Losses (ACL) & Unfunded Loan Commitments Reserve (UCL) ($ in millions) (9.0) 1.0 (3.1) ACL + UCL ACL + UCL 20
Slide 21: Holistic Credit Risk Management
Holistic Credit Risk Management What We Do Utilize a holistic credit-risk management framework to manage and monitor credit quality at each stage of the loan life cycle, and leverage specialized Credit Tools to optimize monitoring and reporting capabilities Credit Monitoring & Oversight Loan Life Po
Slide 22: Deposit Strategy
QxXOS Deposit Strategy 22
Slide 23: Deposit Growth in Checking, Business, and Savings Was Achieved While Transforming the Mix of Deposits
Deposit Growth in Checking, Business, and Savings Was Achieved While Transforming the Mix of Deposits June 30, 2013 June 30, 2025 Total Deposits = $2.1 billion Total Deposits = $20.8 billion Checking and Time deposits other demand deposits Checking and other demand Time deposits deposits Savings Sav
Slide 24: Customer Base and Deposit Volume is Well Distributed Throughout the United States
Customer Base and Deposit Volume is Well Distributed Throughout the United States Axos Deposits Have National Reach With Customers in Every State 24
Slide 25: Diversified Deposit Gathering
Diversified Deposit Gathering Approximately 90% of deposits are FDIC-insured or collateralized › Serves approximately 30% of U.S. Chapter 7 › Full service digital banking, wealth bankruptcy trustees in exclusive relationship management, and securities trading › Software allows servicing of SEC recei
Slide 26: Diverse Fee Income Services
Diverse Fee Income Services 26
Slide 27: Non-Interest Income Growth and Diversification
Non-Interest Income Growth and Diversification Year Ended Three Months Ended June 30, 2019 June 30, 2025 Total Non-Interest Income = Total Non-Interest Income = $82.9 million $165.1 million1 Securities Segment Fee Income2 (6/2019 – 6/2025) = 556% Note 1: Represents annualized quarterly June 30, 2025
Slide 28: Axos Clearing and Custody Highlights
Axos Clearing and Custody Highlights Three Months Ended June 30, 2025 Custody $ 7,749,487 › Leadership team Clearing Fees & Execution 6,666,263 with more than 100 years combined Cash Sorting 14,954,010 industry experience. Margin Lending 3,999,096 › Proprietary front- Securities Lending 2,101,870 an
Slide 29: Axos Advisor Services (AAS) At A Glance
Axos Advisor Services (AAS) At A Glance Liberty Provides a Comprehensive Turnkey Platform Serving 214 RIAs1 ($1M+ AUC) ~$30B Assets Under Custody Automatic Reconciliation TAMPs Traditional Small RIAs RIAs 55% of Total 43% of Total AUC 2% of Total AUC AUC Gathers and manages Advisors with <$25M in Tu
Slide 30: Secular Industry Trends Provide Opportunities for Axos
Secular Industry Trends Provide Opportunities for Axos › RIAs need to reduce costs and streamline back-office Fee Compression for ops Active and Passive › Automation frees up time/resources for client Investment Managers interactions › Axos to provide bundled securities clearing, Advisors are Leavin
Slide 31: Axos Securities Roadmap
Axos Securities Roadmap Leverage expertise and technologies in clearing and custody to serve a broader client base Past Present Future 2018 - 2022 2023 - 2025 2026+ People • Highly skilled in the business segment(s) being served (Uncertainty, frustration) Processes • Operational inefficiencies (high
Slide 32: Interest Rate Management and Liquidity
Interest Rate Management and Liquidity 32
Slide 33: Interest Rate Sensitivity
Interest Rate Sensitivity Net Interest Income Impact1 8.40% 4.20% 0.00% (3.20%) (2.90%) -200 bps -100 bps Base +100 bps +200 bps Note 1: As of June 30, 2025. Estimated change in net interest income reflects immediate rate change for illustrative purposes 33
Slide 34: Pro Forma Interest Coverage and Double Leverage
Pro Forma Interest Coverage and Double Leverage ($000) FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Pro Forma Total Investment in subsidiaries $1,445,015 $1,854,563 $2,127,712 $2,460,910 $2,830,500 $ 2,832,586 Consolidated equity 1,400,936 1,642,973 1,917,159 2,290,596 2,680,677 2,680,677 Double leverage
Slide 35: Appendix
QxXOS Appendix 35
Slide 36: Evolving Capabilities of the UDB Platform
Evolving Capabilities of the UDB Platform UDB offers a growing set of products, capabilities and integrations UDB 1.0 UDB 2.0 White Label UDB Banking: Axos deposit products Products + Features Borrowing: Axos loan products Investing: Managed Portfolios, Self Directed Trading Planning: Account Aggreg
Slide 37: Operational Productivity Initiatives
Operational Productivity Initiatives Automation/Straight-Through Low-Code Development Processing • Axos Professional Workstation • Leverage APIs to streamline workflows (APW) development for clients on front end in new • Code refresh for AAS’ advisor commercial deposit platform (ACE) platforms: ALF
Slide 38: Ratings Profile
Ratings Profile Kroll Ratings (as of 1/31/2025) Entity Type Rating Outlook Axos Financial, Inc. Senior Unsecured Debt BBB+ Stable Subordinated Debt BBB Stable Short-Term Debt K2 Axos Bank Deposit A- Stable Senior Unsecured Debt A- Stable Subordinated Debt BBB+ Stable Short-Term Deposit K2 Short-Term
Slide 39: Efficient Operations and Stable Margins Lead to Superior Profitability
Efficient Operations and Stable Margins Lead to Superior Profitability Efficiency Ratio Net Interest Margin 48.88% 49.52% 49.54% 5.33% 5.08% 4.62% 4.90% 47.48% 46.84% 4.12% 3.92% 4.13% 4.35% 4.33% 43.59% 0.26% 0.08% 0.08% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 NIM Fed Funds Rate
Slide 40: Select Financials
Select Financials FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Selected Balance Sheet Data ($ Millions) Total Assets $13,851.9 $14,265.6 $17,401.2 $20,348.5 $22,855.3 $24,783.1 Net Loans 10,631.3 11,414.8 14,091.1 16,456.7 19,231.4 21,049.6 Loans Held for Sale, at Fair Value 52.0 29.8 5.0 23.2 16
Slide 41: Non-GAAP Reconciliation
Non-GAAP Reconciliation $ Millions, except per share data FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Total common equity (GAAP) $1,225.8 $1,400.9 $1,643.0 $1,917.2 $2,290.6 $2,680.7 Less goodwill and other intangible assets 125.4 116.0 156.4 152.1 141.8 134.5 Less mortgage servicing rights, car
Slide 42: Contact Information
Contact Information Greg Garrabrants, President and CEO Derrick Walsh, EVP and CFO investors@axosfinancial.com www.axosfinancial.com Johnny Lai, SVP Corporate Development and Investor Relations Phone: 858.649.2218 Mobile: 858.245.1442 jlai@axosfinancial.com 42