Better Home & Finance Holding Company · NASDAQ:BETR
Better Home & Finance — Q1 2026 Earnings Presentation
31 slides from Better Home & Finance's earnings presentation, May 7, 2026
Slide 1: AI Mortgage Platform Investor Presentation
AI Mortgage Platform Investor Presentation May 2026 Company Metrics and Financials are as of March 31, 2026.
Slide 2: Disclaimer
Disclaimer This presentation and any related oral presentation, (together “this presentation”), do not constitute an offer or invitation to subscribe for, purchase or otherwise acquire any securities or other instruments of Better Home & Finance Holding Company ("Better" or the "Company") and nothin
Slide 3: Q1 2026 Highlights & Key Developments
Q1 2026 Highlights & Key Developments
Slide 4: Q1 2026 Loan Volume of $1.6B exceeded high end of guidance
Q1 2026 Loan Volume of $1.6B exceeded high end of guidance Q1 2026 Guidance vs. Actuals Loan Volume $1,645M $1,645M $1,700M $1,600M $1,550M vs. guidance of $1,400M – $1,550M $1,500M $1,400M $1,400M ▲ 89% +$777M $1,300M Q1‘26 Guidance Q1’26A YoY Growth vs. Q1 2025 Range: $1,400M – $1,550M +$95M above
Slide 5: Q1 2026 results: YoY uplift across Loan Volume and Total Net Revenues
Q1 2026 results: YoY uplift across Loan Volume and Total Net Revenues Q1’26 Loan Volume Q1’26 Tinman AI Platform Volume Q1’26 Total Net Revenues1 $1,645M $821M $47.5M $1,645M $821M $47.5M $868M $163M $31.3M Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'26 ▲ 89% +$777M ▲ 404% +$658M ▲ 52% +$16.2M Change vs. Q1'25
Slide 6: Tinman AI Platform continues to gain share
Tinman AI Platform continues to gain share % of Loan Volume by Channel Half of all Loan Volume is now driven by the Tinman AI Platform 50% 56% 64% 60% 71% 50% 44% 36% 40% 29% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Tinman AI Platform D2C 6
Slide 7: Strategic actions underway to drive profitability and simplify operations
Strategic actions underway to drive profitability and simplify operations 01 02 New capital strengthens our Removing $25M of costs from balance sheet and supports growth operations $69M of new capital raised1 Eliminating expenses not tied to our core operating priorities Common Equity Follow-on Savi
Slide 8: Strategic actions underway to drive profitability and simplify operations
Strategic actions underway to drive profitability and simplify operations 03 04 Warehouse line improvements Divesting U.K.-based bank Sufficient capacity to fuel medium-term origination growth driven by Tinman AI Partnerships ▪ Investment bank has been retained ▪ Active sale process underway Wearhou
Slide 9: The first crypto-backed conforming mortgage
Better × : the first crypto-backed conforming mortgage 100% LTV mortgage achieved through pledging assets plus house at a competitive rate and frictionless process 01 02 03 04 Pledge Custody Originate Retain Buyer pledges BTC or Assets are transferred to Better issues a 1st lien Buyer keeps crypto a
Slide 10: A modern access layer for the home equity market
Better × : a modern access layer for the $21.4T home equity market The largest asset on the American household balance sheet now made instantly accessible for 85+ million homeowners Instant access 1% cash back Funds spendable the moment A first for the HELOC product; a HELOC is funded; no waiting re
Slide 11: Category leaders are picking Better; live partners are scaling
Category leaders are picking Better; live partners are scaling with more in the pipeline Live Pipeline Intuit Credit Karma Channels of demand ✓ Live and scaling; ramping volume across member base Banks & credit Non-bank NEO Home Loans unions originators ✓ Scaled and growing retail footprint Finance
Slide 12: Financials & KPIs
Financials & KPIs Better
Slide 13: Q1 2026 loan volume performance by product
Q1 2026 loan volume performance by product Total Purchase Refi HELOC Loan Volume Loan Volume Loan Volume Loan Volume 89% $1,645M 542% $854M 50% 2% $578M $588M 52% $868M 26% 19% 62% 50% 30% 81% $203M 74% 48% $157M 6% $133M 38% 11% 100% 94% 89% Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'26 Q1'25 Q1'26 D2C Loan
Slide 14: Q1 2026 loan volume vs. estimated Q2 2026 loan volume by product
Q1 2026 loan volume vs. estimated Q2 2026 loan volume by product Q1 2026A Loan Volume Q2 2026E Loan Volume $1,645M Loan Volume / $47.5M Revenue / ($18.78M) Adj. EBITDA $1,650M Loan Volume / $54.5M Revenue / ($13.25M) Adj. EBITDA 12% 19% 36% 43% 52% 38% Purchase Refi HELOC Purchase Refi HELOC Note: Q
Slide 15: Marginal unit economics per fund: aggregate D2C
Marginal unit economics per fund: aggregate D2C Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Loan Units 2,196 2,974 2,939 2,946 2,835 Gross GOS Revenue $7,454 $7,999 $8,511 $9,105 $8,586 Concessions ($721) ($613) ($743) ($1,207) ($875) Net Gain on Sale Revenue $6,733 $7,386 $7,768 $7,898 $7,711 Net Mortg
Slide 16: Sustained top-line improvements at increasing Adjusted EBITDA Margin
Sustained top-line improvements at increasing Adjusted EBITDA Margin 60,000 0% $54.5M ▪ Total Net Revenues grew -20% 52% YoY driven by higher 50,000 $47.5M (24%) loan volumes and improved $42.7M $41.5M $41.7M -40% margins 40,000 (40%) $31.3M (55%) (54%) -60% ▪ Adjusted EBITDA margin 30,000 (54%) exp
Slide 17: Adjusted EBITDA improvement is a proof point of the AI-enabled model
Adjusted EBITDA improvement is a proof point of the AI-enabled business model Adjusted EBITDA by Quarter1 Q1'25A Q2'25A Q3'25A Q4'25A Q1'26A Q2'26E ▪ Adjusted EBITDA improved ~48% YoY to ($18.8M), the fifth consecutive quarter of improvement ▪ Revenue growth outpacing ($13.3M) expense growth ($18.8M
Slide 18: Looking ahead to Q2 2026
Looking ahead to Q2 2026 Loan Volume ~37% YoY growth to midpoint $1,575M - $1,725M $1,461M $1,645M Q2’26 Guidance: $1,205M $1,210M $868M ▪ $1,575M to $1,725M of Loan Volume in Q2'26, the Q1'25A Q2'25A Q3'25A Q4'25A Q1'26A Q2'26E midpoint of which is Total Net Revenues1 $1,650M ~28% YoY growth to mid
Slide 19: Balance sheet & liquidity summary
Balance sheet & liquidity summary ($ in thousands) Quarter Ended March 31, Quarter Ended December 31, Assets 2026 2025 Cash and cash equivalents 64,265 79,357 ▪ Liquidity balance of $136M1 Restricted cash 9,412 8,926 Mortgage loans held for sale, at fair value 563,036 466,681 Other receivables, net
Slide 20: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures (Amounts in $ thousands) Quarter Ended Quarter Ended Quarter Ended Quarter Ended December Quarter Ended March 31, June 30, September 30, 31, March 31, 2025 2025 2025 2025 2026 Net loss ($50,557) ($36,270) ($39,125) ($39,920) (70,311) Income tax (benefit) / expense
Slide 21: Appendix
Appendix Better
Slide 22: Homeownership market is enormous
Homeownership market is enormous Cumulative market size $5T 01 $19+ Trillion Consumer Financial Network 6 Largest and most $11 Trillion Avg. Annual Spend within tangible asset class $3T Global Housing Market1, 2 in the world $14 Trillion Home Services Ecosystem5 02 15-18% Bedrock of the U.S. economy
Slide 23: Mortgage process remains challenging and archaic for consumers
However, mortgage process remains challenging and archaic for consumers The homeownership status quo is broken Our AI platform delivers a Better experience Expensive Best-in-class experience Buyers pay fees to up to 10 intermediaries, 70 Net Promoter Score4 accounting for ~10% of home price1 4.2 out
Slide 24: Tinman is purpose-built AI that reshapes mortgage economics
Tinman is purpose-built AI that fundamentally reshapes Tinman® AI Opportunity in the Mortgage Industry mortgage economics Tinman® AI Over $110B in originations and years of investment in our AI platform, Tinman® and Platform Betsy Software | Fulfillment | Capital Markets | Compliance | Sales Redefin
Slide 25: Better offers a broad suite of home financing solutions
Better offers a broad suite of home financing solutions to a qualified customer base Our Average Customer Purchase Profile1 36% of Q1’26 Loan Volume Anchors our franchise in the largest segment of the U.S. mortgage market $340k Average loan balance Refinance Home Equity 44 Age 52% of Q1’26 Loan Volu
Slide 26: We are relentlessly focused on improving three success vectors
We are relentlessly focused on improving three success vectors Distribution Operational costs Cost of capital Structural distribution advantage Structural funding advantage with Structural operating cost advantage driven by our partners with millions of established bank relationships and that is mul
Slide 27: The AI engine behind the next era of mortgage origination
The AI engine behind the next era of mortgage origination M O D ER NIZI NG T HE P A S T B U I L D I NG T HE F U TUR E Elevating Legacy Models Powering Next-Gen Fintechs Retail Mortgage Branches Embedded Mortgage APIs AI-augmented loan officers & rapid Any fintech can offer mortgage digital-first cus
Slide 28: Seamless tech and monthly savings are unlocking an embedded opportunity
Seamless tech and monthly savings are unlocking a massive embedded mortgage opportunity within Credit Karma A seamless customer experience never leaving the Credit Karma app 149M Members1 43M Monthly Active Users1 $398 5 60%+ Average monthly savings per Credit Karma + Better mortgage Clicks to appro
Slide 29: Powered by Tinman, our proprietary AI mortgage platform
Powered by Tinman®, our proprietary & comprehensive AI mortgage platform Customer Experience Tinman® Operational Excellence ▪ Tinman® AI drives better, ▪ Tinman® AI triangulates Point faster , and cheaper CRM consumer attributes, of Sale customer experience property attributes, and unique investor c
Slide 30: Light balance sheet and low-risk funding model
Light balance sheet and low-risk funding model, attracting new mortgage investors Assets matched to identified Assets acquired by Better’s funding at origination, aligning to the network of third-party investors criteria of institutional investors Streamlined, tech-enabled Strong and growing institu
Slide 31: Scalable and integrated platform with a best-in-class customer experience
Scalable and integrated platform with a best-in-class customer experience Path to Profitability Continue reducing legacy mortgage operations and customer acquisition costs through greater AI adoption Tinman® AI Platform Leverage our scalable end- to-end technology to offer our partners’ customers a
Better Home & Finance Holding Company — Q1 2026 Earnings Presentation on 6ix