Navient Corporation · NASDAQ:NAVI
Navient — Investor Presentation (November 2025)
28 slides from Navient's investor presentation, Nov 19, 2025
Slide 1: Phase 2 Strategy Update
Phase 2 Strategy Update v v v v November 19, 2025 1
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains “forward-looking statements,” within the meaning of the federal securities law, as well as forward-looking projections about our business, prospects and other information, as well as hypothetical business models, w
Slide 3: Present on Today's Call
Navient Phase 2 Strategy Update Present on Today’s Call Dave Yowan Ma Palese Ed Bramson Chief SVP, Earnest Chairman of Executive the Board of Oicer Directors 3
Slide 4: Phase 1: Restructuring Navient
Phase 1: Restructuring Navient ✔• Navient restructuring program has increased future cash flows → Anticipate further expense reductions ✔• Adds another ~$2 billion to existing net cash flow for growth investments or distributions1 1. Estimated pre-tax savings of $119 million for 17 year remaining life
Slide 5: Phase 2: Growing Earnest
Phase 2: Growing Earnest •1 Align product lines, disclosures, and metrics with relevant peers and sectors → Education Lending: Navient (FFELP, Legacy Private, In-School1) • Peers: Specialty Finance Sector → Digital Financial Services: Earnest (Student Loan Refinancing (“SLR”), Personal Loans, future
Slide 6: Company Overview
earnest Company Overview
Slide 7: Earnest Overview
Earnest Overview ● Division of Navient using “Earnest” brand since acquisition ○ Originates and services all new loans ○ Develops all new customer facing software ● Migrating to completely standalone operations by integrating capital markets capability from Navient ● Generating relationships with hi
Slide 8: Earnest's Customer
Earnest’s Customer Set up for financial success, but starting their professional life with debt >375k1 29 yrs2 $198k3 772 3 Unique customer Average age Average Annual Average FICO relationships; with at origination Income >40k expected to be added in 2026 1. At September 30, 2025. 2. At loan originat
Slide 9: Earnest's People
Earnest’s People 3301 3 Hubs 33 44 Total Employees Oakland, Austin, and Average Employee Age Average Exec Team Age Salt Lake City 1. At September 30, 2025; includes contractors. 9
Slide 10: Earnest's Leadership
Earnest’s Leadership High level of lending and tech expertise; aractive destination for superior talent Amir Emily Meetesh Leanne Nick Rachel Azari Childers Karia Loveday-Smith Norcross Wang Head of Chief Chief Chief Chief Head of Performance Marketing Technology People Product Credit Marketing Oi
Slide 11: Financial Snapshot
earnest Financial Snapshot
Slide 12: Earnest Financial Snapshot
Earnest Financial Snapshot Illustrative ($ millions) 2025E1 Net Interest Income $ 168 Servicing Revenue2 $ 51 Total Revenue $ 219 Provision for Losses on Originations $ (26) Sales & Marketing Expense3 $ (27) Other Operating Expenses $ (91) Operating Profit $ 75 1. See Appendix for methodology and ass
Slide 13: Earnest Financial Snapshot (continued)
Earnest Financial Snapshot (continued) Illustrative ($ millions) 2025E1 Restricted Cash $82 Securitized Loans $8,255 Warehoused Loans $1,643 Other, net2 $27 Total Assets $10,007 Securitization Trust Borrowings $7,819 Warehouse Facility Borrowings $1,464 Total Liabilities $9,283 Equity $724 1. Repres
Slide 14: Foundation for Growth
earnest Foundation for Growth
Slide 15: Preparations for Accelerated Growth: Completed
Preparations for Accelerated Growth:Completed Achieve competitive unit eiciency in key functions at lower scale than competitors ● Significantly strengthened team to: Marketing & ○ Increase lead generation volume at lower unit cost Product ○ Expand customer engagement to reduce acquisition cost and
Slide 16: Preparations for Accelerated Growth: Ongoing
Preparations for Accelerated Growth: Ongoing Evaluating Optimal Methods to Reduce Future Loans on Balance Sheet Loan Sales have Preferable Accounting Securitizations have Preferable Economics Treatment ● Cost of funds benefits from liquidity premium ● Accelerates recognition of income ● Requires some
Slide 17: Improved Shareholder Value Metrics
Improved Shareholder Value Metrics Earnest Growth Rate 2023 2025E1 Change Annual Originations ($m) $971 $2,400 2.5x Quarterly Rate Check Volume (Q3, $bn)2 $1.4 $5.4 3.9x Annual Sales & Marketing Expenses ($m) $54 $56 expense as a % of originations 5.6% 2.3% (59%) Earnest Eiciency 2023 2025E1 Change
Slide 18: Efficiency vs. Key Peers
Eiciency vs. Key Peers1 Earnest has achieved competitive unit eiciency at significantly smaller scale → Positioned to grow more rapidly from a smaller base → Capture benefits from operating leverage SoFi Earnest Upstart Annualized Originations ($bn) $34.6 $2.4 $10.4 Originations Growth % 49% 71% 76%
Slide 19: Market Valuation Opportunity
Market Valuation Opportunity Increasing Earnest scale and performance Navient SoFi Earnest Upstart (includes Earnest) Market Value ($bn)1 $33.5 n/a $3.8 $1.2 Revenue ($m)2 $3,438 $219 $997 $672 Tangible Equity ($m)3 $7,139 $644 $677 $2,004 Price / Earnings1 76.9x n/a 23.1x 9.7x Market Value / Tangib
Slide 20: Market Strategies
Market Strategies 1 Lifetime customer value ● Build on high value of SLR relationships to expand into additional products as needs evolve over customer lifetime ○ $350+ million already invested to acquire current customer base ○ SLR customers migrate in stages to wealth management ■ Monetize through
Slide 21: Large and Growing TAM
Large and Growing TAM Personal Loans Detail ($ billions) 2026 2028 2026: ● Initial target is ~4% of total market Non-Education ● Customers with >750 FICO and 5-15 year credit files Student Loan Refinance1 $11 $14 2028: ● Customers with >750 FICO and Personal Loans - Current2 $36 $87 5-20 year credit fi
Slide 22: Future Capital Requirements
Future Capital Requirements 1 Current Earnest balance sheet has 7% equity to assets ● Future originations expected to be securitized at ○ Substantially lower equity1 and / or ○ Sold to investors with no equity required 2 Equity released from Earnest loans that are currently outstanding is adequate t
Slide 23: Next Steps - Timeline
Next Steps - Timeline 2026 2027 2028 Enhanced SLR Marketing & Product Personal Loans Pilot Stage and Agency Rating Personal Loans Full Launch - High Value Customers Launch Personal Loans Sales Platform1 Originate In-School within Navient 1. Subject to final definition of product features. 23
Slide 24: Summary
Summary 1● 2 years of investment have transformed Earnest’s competitive eiciency and ability to compete in current and expanded markets 2● Improved product alignment and disclosure in 2026 enables more meaningful comparison with peers and information for investors ○ Education Lending aligns Navient
Slide 25: Appendix
NAVI=NT. | earnest Appendix
Slide 26: Rising Student Loan Interest Rates Support SLR Growth
Rising Student Loan Interest Rates Support SLR Growth Federal Student Loan Interest Rates, Selected Years1 $87 billion ‘24-’25 academic year originations2 with historically high interest rates 1. Source: hps://studentaid.gov/understand-aid/types/loans/interest-rates#older-ratesFederal. 2. Hanson, M
Slide 27: Personal Loans TAM
Personal Loans TAM Overall Market: Personal Loan: ~196bn Card Balance >$10k: ~685bn Total: ~881bn 2028+: FICO >700 with 5-30 Year Credit File History $417bn 2028: FICO >750 with 5-20 Year Credit File History $87bn 2026: FICO >750 with 5-15 Year Credit File History $36bn Source: Personal Loan Balance
Slide 28: Earnest Financial Snapshot – Methodology and Assumptions
Earnest Financial Snapshot – Methodology and Assumptions The Earnest business resides within Navient’s Consumer Lending segment today. As we look forward to Phase 2 of our Strategy Update, we expect that the Earnest business will focus on Student Loan Refinancing (“SLR”) loans and personal loan origi