Slide 1: Investor Supplement Q4 2025
CA MediaAlpha Investor Supplement Q4 2025
Slide 2: Investor Supplementary Financial Information
Investor Supplementary Financial Information The accompanying financial information excludes all financial statement disclosures and other information required by generally accepted accounting principles in the United States of America (“GAAP”) and Securities and Exchange Commission (SEC) rules and
Slide 3: Q4 2025 Consolidated Results
Q4 2025 Consolidated Results Q4 Year Ended (in millions, except percentages) 2025 2024 YoY Change 2025 2024 YoY Change Revenue $291.2 $300.6 (3)% $1,113.6 $864.7 29% Transaction Value 1 $613.0 $499.2 23% $2,156.2 $1,491.9 45% Gross Profit $44.8 $49.0 (9)% $167.5 $143.6 17% Contribution 1 $46.9 $51.5
Slide 4: Transaction Value by Vertical
Transaction Value1 by Vertical Transaction Value by Vertical ($ in millions) $589 $613 $499 $33 $54 $473 $481 $452 $90 $58 $37 $56 $322 $219 $55 $548 $552 $387 $401 $407 $435 $69 $255 $135 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Property & Casualty insurance Health insurance Life insurance O
Slide 5: Revenue by Vertical
Revenue by Vertical Revenue by Vertical ($ in millions) $301 $307 $291 $264 $13 $259 $252 $21 $59 $33 $34 $18 $178 $127 $35 $288 $265 $219 $235 $223 $227 $47 $134 $69 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Property & Casualty insurance Health insurance Life insurance Other Revenue by Vertic
Slide 6: Contribution & Margin
Contribution1 & Margin Contribution & Margin ($ in millions) 22% 19% 16% 17% 17% 16% 16% 15% $52 $47 $41 $44 $40 $46 $34 $28 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Contribution Contribution Margin Contribution & Margin ($ in millions) 20% 18% 16% $176 $154 $78 FY 23 FY 24 FY 25 Contribution
Slide 7: Adjusted EBITDA & Margin and as a % of Contribution
Adjusted EBITDA1 & Margin and as a % of Contribution2 Adj. EBITDA & Margin Adj. EBITDA as a % of Contribution ($ in millions) ($ in millions) 12% 71% 11% 11% 10% 11% 11% 63% 67% 64% 66% $37 10% 9% $37 62% 52% 56% $29 $29 $31 $29 $29 $31 $26 $25 $26 $25 $19 $19 $14 $14 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q
Slide 8: Key Business and Operating Metrics and Non-GAAP Financial Measures
Key Business and Operating Metrics and Non-GAAP Financial Measures In addition to traditional financial metrics, we rely upon certain business and operating metrics that are not presented in accordance with GAAP to estimate the volume of spending on our platform, estimate and recognize revenue, eval
Slide 9: Transaction Value
Transaction Value We define “Transaction Value” as the total gross dollars transacted by our partners on our platform. Transaction Value is an operating metric not presented in accordance with GAAP, and is a driver of revenue based on the economic relationships we have with our partners. Our partner
Slide 10: Revenue
Revenue Revenue by Vertical Three months ended December 31, Full year ended December 31, (in thousands) 2025 2024 2025 2024 Property & Casualty insurance $ 264,793 $ 235,497 $ 1,003,038 $ 658,197 Percentage of total Revenue 90.9 % 78.3 % 90.1 % 76.1 % Health insurance 20,829 58,599 85,696 173,531 Pe
Slide 11: Consolidated Results Excluding Under-65 Health
Consolidated Results Excluding Under-65 Health The tables below presents Transaction Value1, revenue and Contribution2 (in each case as reported and excluding the results of Under-65 Health), and Adjusted EBITDA3 (as reported and excluding Contribution of Under-65 Health). Q4 2024 Q4 2025 Ex. U65 Yo
Slide 12: Contribution to Gross Profit
Contribution to Gross Profit We define “Contribution” as revenue less revenue share payments and online advertising costs, or, as reported in our consolidated statements of operations, revenue less cost of revenue (i.e., gross profit), as adjusted to exclude the following items from cost of revenue:
Slide 13: Adjusted EBITDA to Net Income
Adjusted EBITDA to Net Income We define “Adjusted EBITDA” as net income (loss) excluding interest expense, income tax expense (benefit), depreciation expense on property and equipment, amortization of intangible assets, as well as equity-based compensation expense and certain other adjustments as li