Pagaya Technologies Ltd. · NASDAQ:PGY
Pagaya Technologies — Investor Presentation (May 2026)
33 slides from Pagaya Technologies's investor presentation, May 7, 2026
Slide 1: Pagaya Technologies Investor Presentation
May 2026 INTRODUCTION Pagaya Technologies Investor Presentation 1 Note: As of May 7, 2026 1
Slide 2: Forward Looking Statements and Non-GAAP Information
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 because under the Private Securities Litigation Reform Act of 1995. Forward lo
Slide 3: Company Overview
01 Company Overview 3 3
Slide 4: Mission: Delivering more financial opportunity to more people, more often
MISSION Delivering more financial opportunity to more people, more often 4 4
Slide 5: Pagaya by the numbers
Pagaya by the numbers 30+ Lending partners 5 Markets (personal loan, >160 >$3.7T Funding partners Applications evaluated since inception >$36B Funding raised across >85 ABS auto, point-of-sale, credit transactions since 2018 card, and single-family rental) ~$100M Annualized Net Income ~$1.3B Annuali
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 >$3.7T of applications seen since inception existing
Slide 7: Consumers can't get the credit they deserve
The Problem Pagaya’s Unique Positioning Consumers can’t get the credit they deserve Go-to-Market Advantage 42% ~$115K 30+ lending partners & a network of 160+ institutional investors of U.S. consumers are Average income of our denied the credit they seek under borrowers(2) legacy credit scoring mode
Slide 8: Pagaya Network Connects Lenders with Institutional Capital, Better Serving Customers
Pagaya Network Connects Lenders with Institutional Capital, Better Serving Customers Lending Partners Investing Partners PGY’s tech drives new customers for Banks PGY delivers diverse assets at scale in an and other Lending Partners automated manner ● 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 $4.00 - $5.00 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 an
Slide 12: Constantly expanding data moat
The Competitive Differentiator Constantly expanding data moat Pagaya leverages its network of 30+ 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 Bil
Slide 13: Our flagship product provides a win-win-win for lending partners, 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: 1Q'26 Results: Strong execution driving profitable growth
1Q’26 Results: Strong execution driving profitable growth 1Q’26 Total Revenues 1Q’26 FRLPC1 • Record growth in Auto with annualized network volume accelerating to $2.3B, up significantly YoY $318M $121M • 5th consecutive quarter of GAAP Net Income 10% ~$1.3B 5% ~$486M profitability, more than doubli
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 Increme
Slide 17: Robust pipeline of enterprise-grade financial institutions
Robust pipeline of enterprise-grade financial institutions Strong network of 30+ enterprise lenders In conversations with Targeting across 5 asset classes Top 5 >80% 2-4 Partner additions annually, Auto of top 25 addressable with a focus on large U.S. Banks by asset Captive size banks and auto capti
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 3 Illustrative, sizes of circles represent # of Pagaya partners in a given group Multiproduct • Continue to boost monetization among
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 funding structures limits dependency on a single funding source
Access to diverse funding structures limits Pagaya’s dependency on a singular funding source Funding Highlights Investment Products ✓ Raised >$36B in our ABS program across >85 transactions with 160+ institutional funding partners ABS (Public or Private) Offering prefunded (newly originated) or rese
Slide 22: Our ABS funding network
Our ABS funding network Growing ABS ABS Investor Base ABS Issuance Investors in Pagaya’s financing vehicles Pagaya ABS issuance across all products ($ in billions) investor base by investor type $9.1 $8.5 163 $6.6 135 $6.1 $6.2 116 $4.5 77 50 Asset Manager Bank / Depository 36 6 Hedge Fund Insurance
Slide 23: Financials
03 Financials 23 23
Slide 24: Driving profitability with growing unit economics
Driving profitability with growing unit economics Fee revenues Fee revenue less production costs¹ $ in millions & YoY % growth $ in millions & YoY % growth 36% 39% 31% 16% 12% 6% 30% 5% 19% 26% $318 $340 $321 $126 $139 $131 $283 $299 $116 $121 Take 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1Q'25 2Q'25 3Q'25 4Q'
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”) 1 represent net fees earned from lending and funding partners Target Range for FRLPC as % of Network Volume (1) 3.5% to 4.5% FRLPC % of Network Volume 4.0% to 5.0% 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 $265B Applications evaluated in 1Q’26 <1% Conversion rate of applications to issued loans in 1Q’26 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 4Q'25 1Q'26 Quarterly Network Vol
Slide 28: Attractive financial profile rooted in profitability and high operating margins
Attractive financial profile rooted in profitability & high operating margins Pagaya’s operating leverage drives high FRLPC1 to net income conversion $ in millions FRLPC Core OpEx Core OpEx as a % of FRLPC 16000% $139 160% 14000% $126 $131 $121 $116 140% 12000% 120% 10000% 100% 8000% 80% 6000% $44 $
Slide 29: On track to grow key metrics in 2026
On track to grow key metrics in 2026 2026 Guidance Network Volume Total Revenues Adjusted EBITDA 1 GAAP Net Income +16% $11.45B +14% +19% +67% YoY YoY YoY YoY to 12 $13B 11.5 $420M $110M 11 to to $1.4B $460M $160M $10.5B to 10.5 $1.575B 10 $371M $1.3B 9.5 9 $81M 8.5 8 7.5 2025A 2026E 2025A 2026E 202
Slide 30: Appendix: Non-GAAP Reconciliation
05 Appendix: Non-GAAP Reconciliation 30 30
Slide 31: Reconciliation of Non-GAAP Financial Measures
PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) (in thousands) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Net Income Attributable to Pagaya Technologies Ltd. $ 7,893 $ 16,655 $ 22,545 $ 34,296 $ 24,694 Adjusted to exclude the following: Share-based compensation 13,172 18,228 13
Slide 32: Reconciliation of Non-GAAP Financial Measures: FRLPC
PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) (in thousands, unless otherwise noted) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Operating Income $ 47,685 $ 56,469 $ 79,958 $ 79,715 $ 80,005 Add: Technology, data and product development 19,444 18,455 18,236 19,078 15,940 Add:
Slide 33: Reconciliation of Non-GAAP Financial Measures: Core Operating Expenses
PAGAYA TECHNOLOGIES LTD. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED) (in thousands) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Operating expenses $ 75,221 $ 78,464 $ 69,633 $ 65,046 $ 60,378 Adjusted to exclude the following: Share-based compensation 13,172 18,228 13,582 9,136 7,196 Depreciation an
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