Enova International, Inc. · NYSE:ENVA
Enova International — Merger or Acquisition (December 2025)
18 slides from Enova International's merger presentation, Dec 11, 2025
Slide 1: To Acquire Grasshopper Bank: Creating a Leading Digital Bank
To Acquire Grasshopper Bank Creating a Leading Digital Bank December 11, 2025 © Enova International, Inc.
Slide 2: Notices and Disclaimers
Notices and Disclaimers Non-GAAP Financial Information In addition to the financial information prepared in conformity with generally accepted accounting principles in the United States (“GAAP”), Enova International, Inc. (“Enova”) provides historical non-GAAP financial information. Enova presents n
Slide 3: Additional Notices
Additional Notices Important Additional Information will be Filed with the SEC In connection with the proposed transaction, Enova will file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “registration statement”), which will contain a proxy sta
Slide 4: Additional Notices
Additional Notices Market and Industry Data Unless otherwise indicated, market data and certain industry forecast data used in this presentation were obtained from third party sources and other publicly available information. In addition, assumptions and estimates of the future performance of Enova’
Slide 5: Safe Harbor Statement
Safe Harbor Statement Cautionary Statement Regarding Forward-Looking Statements This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You should not place
Slide 6: A compelling, strategic combination
COMPELLING STRATEGIC RATIONALE • Product and operational simplification • Significant growth and diversification opportunities • Enhanced balance sheet strength and flexibility • Increased financial inclusion • Broader opportunities for innovation A compelling, STRONG CULTURAL ALIGNMENT strategic •
Slide 7: Bringing Together Two Digital Leaders
Bringing Together Two Digital Leaders Leading technology and analytics Client-first digital bank serving the company focused on online lending innovation economy, small businesses, and consumers Core Strengths: • Market-leading U.S. non-prime lender Core Strengths: • Proprietary machine learning tec
Slide 8: Client-first digital bank offering financial solutions for commercial and consumer customers
1 • Client-first digital bank offering financial solutions for commercial and consumer customers $1.3B deposits on-balance sheet $1.4 billion assets $1.5B deposits off-balance sheet API-enabled • Both direct and Banking-as-a- Infrastructure ON-BALANCE LOANS Service (BaaS) models ($ in millions) SHEE
Slide 9: Transaction Summary
Transaction Summary • Enova will acquire Grasshopper and its wholly owned subsidiary, Grasshopper Bank, for an aggregate purchase value of approximately $369 million • Price / Tangible Book Value at announcement of 2.54x Consideration1 • A combination of approximately 50% paid in cash and 50% in new
Slide 10: Strategic and Financial Benefits
Strategic and Financial Benefits Product and operational simplification • With a unified banking framework under federal bank supervision, Enova plans to offer loan and deposit products across a greater number of States, which will simplify compliance, risk management and back-office operations Sign
Slide 11: Funding and Lending: complementary product offerings
A cohesive portfolio of financing, deposit, and financial management solutions nationwide Enova Grasshopper Combined2 Consumer Lines of Credit √ √+ √ √+ Enova and Consumer Installment Loans Lending Grasshopper have Small Business Lines of Credit √ √+ complementary Small Business Term Loans √ √ √+ pr
Slide 12: Pro Forma Combined Financial Profile
Pro Forma Combined Illustrative Bank Holding Company and Bank Subsidiary at Closing Financial Profile1 ($ in millions) Sept 30 2025 Est. at Close Pro Forma Consolidated Balance Sheet Enova only Grasshopper Combined Enova • Pro forma Enova will maintain regulatory capital in Total Assets $5,962 $1,41
Slide 13: Enhanced Funding Diversification
Enhanced Funding Diversification Enova1 Combined1,2 Access to Capital and Bank Deposit Funding ~$3.5B1,2 • Enova has a demonstrated history of funding its balance Gross Deposits sheet through wholesale funding sources ~3.1%1 Cost of Deposits • Grasshopper has a demonstrated history of funding its ba
Slide 14: Significant Shareholder Value Creation Opportunities
Significant Shareholder Value Creation Opportunities Synergy Strategy Key Activity Estimated Synergies Three Full Years1 A. Net revenue and net • Enova can offer a more interest income from new ($ in millions) Year 1 Year 2 Year 3 comprehensive suite of financial incremental Enova loans solutions ac
Slide 15: Customer first. Best answer wins. Operate as an owner. Thank you.
Customer first. Best answer wins. Operate as an owner. Thank you. Accountable for results. Top talent and teamwork.
Slide 16: Appendix
Appendix © Enova International, Inc.
Slide 17: Transaction Metrics
($ in millions) 1 Exchange Ratio 0.07637x 2 Transaction Metrics ENVA VWAP $126.89 Price Per Grasshopper Common Share $9.69 3 Aggregate Consideration to Grasshopper Common Stockholders $350.0 3 Cash-out of Grasshopper Options $16.2 • Negotiated transaction Cash-out of Grasshopper Warrants $2.5 Aggreg
Slide 18: Key Assumptions
Key Assumptions Earnings • Enova based on 2027 Consensus Research estimates; grown at 20% thereafter Estimates • Grasshopper based on internal management estimates • No reduction in Enova or Grasshopper non-interest expense modeled • Incremental $6 million pre-tax expense associated with enhancing b
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