Slide 1: Earnings presentation First quarter 2026
Earnings $1.30 back presentation Add offer First quarter 2026 © 2026 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent.
Slide 2: Disclaimer
Disclaimer This presentation is made by Ibotta, Inc. (the “Company,” “Ibotta,” “our,” or “we”) and contains forward-looking statements that involve substantial risks and uncertainties. All statements other than historical factual information are forward-looking statements, including without limitati
Slide 3: 1Q26 financial results and 2Q26 outlook
1Q26 financial results and 2Q26 outlook © 2026 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 3
Slide 4: Q1 results as compared to guidance
Q1 results as compared to guidance Revenue Adjusted EBITDA1 $82.5M $8.7M +3% vs. guidance midpoint of $80.0M +25% vs. guidance midpoint of $7.0M Note: All 1Q26 figures are unaudited. Figures may not tie due to rounding. 1Adjusted EBITDA is defined as earnings before interest income, net, provision f
Slide 5: Revenue performance
Revenue performance Q1 2026 revenue decline Q1 2026 Adj. EBITDA1 decline (2%) year-over-year decline (41%) year-over-year decline $84.6M $82.5M 1Q25 1Q26 Note: All 1Q25 and 1Q26 figures are unaudited. Figures may not tie due to rounding. 1Adjusted EBITDA is defined as earnings before interest income
Slide 6: Revenue breakdown
Revenue breakdown Redemption revenue Ad & other revenue Total redemptions Ad products CPG & Retail marketers buy ads to support promotions Fee per redemption Data Licensing purchase data & selling audiences Redemption Revenue 66% 89% 11% Third-party publisher (3PP) 1Q26 revenue 23% Direct-to- consum
Slide 7: Year-over-year revenue change
Year-over-year revenue change Total revenue Redemption revenue Total revenue YoY Growth % 3% (2%) Redemption revenue YoY Growth % 8% (1%) Redemption revenue YoY Growth % 8% (1%) Third-party publisher YoY Growth % 38% 12% Ad & other YoY Growth % (22%) (15%) Direct-to-consumer YoY Growth % (24%) (25%)
Slide 8: Key drivers of redemption revenue
Key drivers of redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption Redemption revenue down (1%) year-over-year ▪ Redeemers ▪ Increase driven by organic growth with existing publishers and the launch of DoorDash in 2025 ▪ Redemptions per redeemer ▪ D
Slide 9: Key drivers of third-party redemption revenue
Key drivers of third-party redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption 3PP 3PPredemption redemptionrevenue revenuegrew up 12% 8% year-over-year year-over-year ▪ Redeemers Growth driven ▪ Increase drivenbyby expansion organic of third-party g
Slide 10: Key drivers of D2C redemption revenue
Key drivers of D2C redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption D2C redemption revenue down (25%) year-over-year ▪ Redeemers ▪ Decrease driven by the quantity and quality of offers available to D2C redeemers ▪ Redemptions per redeemer ▪ Decre
Slide 11: Gross profit margins
Gross profit margins Non-GAAP1 gross profit % Commentary • Driven by higher technology-related costs, (3.0%) along with a modest (% pt. increase in publisher costs decrease) • Increase in technology- related costs resulted from increased investment in product development and a higher allocation of c
Slide 12: Operating expense profile
Operating expense profile Non-GAAP1 operating expenses Commentary (% of revenue) Sales & marketing Research & development • Non-GAAP sales and marketing expenses were Research & development General & administrative up 17% driven by higher Depreciation & amortization sales labor, the cost of 4.7% thi
Slide 13: Guidance
Guidance Revenue (2%) $82.0M - $86.0M year-over-year decline at the midpoint Adjusted EBITDA $9.0M - $12.0M 12.5% margin at the midpoint Note: We have not reconciled Adjusted EBITDA to GAAP net income for our guidance because we do not provide guidance on GAAP net income and would not be able to pre
Slide 14: Appendix
Appendix © 2026 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 14
Slide 15: Consolidated statements of operations
Consolidated statements of operations In accordance with U.S. GAAP ($ in millions) 1Q25 1Q26 Revenue $84.6 $82.5 Cost of revenue 17.1 19.5 Gross profit 67.5 63.0 Operating expenses: Sales and marketing 29.9 34.0 Research and development 18.1 14.5 General and administrative 21.4 23.8 Depreciation and
Slide 16: Adjusted EBITDA and Adjusted EBITDA margin
Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation ($ in millions) 1Q25 1Q26 Net income (loss) $0.6 ($10.3) Add (deduct): Interest income, net (3.7) (1.5) Depreciation & amortization 2.2 2.9 Stock based compensation 13.8 16.7 Restructuring charges 1.6 - Provision for (benefit
Slide 17: Gross Profit GAAP to non-GAAP reconciliation
Gross Profit GAAP to non-GAAP reconciliation ($ in millions) 1Q25 1Q26 Cost of revenue $17.1 $19.5 Cost of revenue stock-based compensation (0.7) (1.0) Non-GAAP cost of revenue $16.4 $18.5 Gross profit $67.5 $63.0 Cost of revenue stock-based compensation 0.7 1.0 Non-GAAP gross profit $68.1 $64.0 Rev
Slide 18: Operating expenses GAAP to non-GAAP reconciliation
Operating expenses GAAP to non-GAAP reconciliation ($ in millions) 1Q25 1Q26 Sales & marketing $29.9 $34.0 Stock-based compensation (5.1) (5.8) Restructuring charges (0.6) - Non-GAAP sales & marketing $24.1 $28.3 Revenue $84.6 $82.5 Sales & marketing % revenue 35.3% 41.3% Non-GAAP sales & marketing
Slide 19: Operating expenses GAAP to non-GAAP reconciliation (continued)
Operating expenses GAAP to non-GAAP reconciliation (continued) ($ in millions) 1Q25 1Q26 Sales & marketing 29.9 34.0 Research & development 18.1 14.5 General & administrative 21.4 23.8 Depreciation & amortization 1.0 1.6 Total operating expense $70.3 $73.9 Sales & marketing stock based compensation