Ethos Technologies Inc. · NASDAQ:LIFE
Ethos Technologies — William Blair 46th Annual Growth Stock Conference (June 2026)
30 slides from Ethos Technologies's conference presentation, Jun 4, 2026
Slide 1: William Blair 46th Annual Growth Stock Conference
William Blair 46th Annual Growth Stock Conference June 4, 2026 © Ethos Life | Confidential
Slide 2: Important Notice and Disclaimers
Important Notice and Disclaimers Forward-Looking Statements This presentation and accompanying oral presentation includes express and implied forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on Ethos Technologies Inc.’s ("Ethos" o
Slide 3: Our mission is to protect families by democratizing access to life insurance
Our mission is to protect families by democratizing access to life insurance and empowering agents at scale. © Ethos Life | Confidential 3
Slide 4: Financial Results Q1 2026
Financial Results Q1 2026 $193M 104% 88,373 $59M Total Revenue Y/Y Revenue Growth Policy Activations Contribution Profit $34M 17% $31M 121% Adj. EBITDA Adj. EBITDA Margin CFOA Rule of 40 Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the mos
Slide 5: Financial Summary
Financial Summary Revenue ($M) Launched Efficient GTM <2 months +51% +47% 2018 Average CAC Payback +57% +47% +60% +57% +53% Durable Growth + High Efficiency Profitability Contribution Margin1 - 32% 41% 42% 98% 75 Adj. EBITDA FY25 Gross Margin FY25 Rule of 403 - 4% 23% 23% 19%* Margin2 Note: Fiscal Year E
Slide 6: Platform Captures Key Points of Value Chain With No Balance Sheet Risk
Platform Captures Key Points of Value Chain With No Balance Sheet Risk Insurance Value Chain Benefits of Our Model Distributor The Ethos Platform is: Ethos.com direct & selling agents Asset and Capital Light Underwriter Regulatory Light (not a carrier) Proprietary policy underwriting algorithm Extens
Slide 7: Our three-sided technology platform has strong value propositions
600K+ Consumer Policies Activated1 Our three-sided technology platform has strong value propositions Ethos Platform for all constituents Application Underwriting Engine Engine With compounding network Admin Data Infra effects as our platform Agent OS Marketing scales Technology nt 2 ge e s g A ctiv P
Slide 8: Diverse Go-to-Market Channels
Diverse Go-to-Market Channels Direct-to-Consumer Third-Party Channel Direct-to-Consumer 63% of FY 2025 Revenue 37% of FY 2025 Revenue Affiliate Meta Organic Linear TV Search Others Data-Driven Underwriting Engine Third-Party Channel 600K+ Policies Across a Portfolio of Proprietary Products Term Life I
Slide 9: Addressing a Large and Reoccuring Market Opportunity
Addressing a Large and Reoccuring Market Opportunity U.S. individual life + annuity TAM Enduring demand for life insurance… Represents 2024 total new premiums ~10 million Americans purchasing new policies annually over the last decade …fueled by key milestones1 $140B+ Existing Products + New Product
Slide 10: DTC Gaining Market Share // Fragmented Carrier Market
DTC Gaining Market Share // Fragmented Carrier Market Distribution by Channel U.S. Carrier Market Share Agents & Other Northwestern Mutual Direct 9% Prudential 8% Ethos Pacific Life 8% 96.5% 93% NY Life 6% MassMutual 5% Other +3.5 pts 7% 55% State Farm Life 3.5% 5% 2011 Nationwide 2022 5% DTC 7% 41%
Slide 11: Getting Life Insurance Can Take Weeks, and Many Don’t Qualify
Getting Life Insurance Can Take Weeks, and Many Don’t Qualify Before Ethos Approval Process Decide to purchase life Give Results go insurance fluids to carrier Decision Search for Schedule lab provided to an agent work agent Agent discusses Decide Agent gets info decision with on an & guesses the cus
Slide 12: Value to Consumers
Value to Consumers Ethos Reduces Friction and Democratizes Access Traditional Experience 4-8 weeks average 95% of applicants receive underwriting process decisions instantly1 Low approvals High approval rates, a policy for almost everyone 14 industry average NPS 70 NPS with industry-competitive pric
Slide 13: Value to Agents
Value to Agents Ethos Empowers Agents to Multiply Earnings by Accelerating Their Velocity The Old Way 6 week 3 week 10 min. 1 day Commission Compensation sale Wait sale Wait 9 week 3 day cash cycle cash cycle Antiquated tech with All-in-one digital OS with multiple logins, CRMs, range of products an
Slide 14: Value to Carriers
Value to Carriers Ethos Delivers Incremental Growth in a Risk-Conscious Manner #1 Source of New Premiums for 3 Carriers in 2025* Enabling carriers to break * through stagnant market share 2x Ethos carriers grow 2x Data-driven approach to faster than non-Ethos effectively control carriers in similar p
Slide 15: Carrier Testimonials
Carrier Testimonials "We are proud of our longstanding, "The Ethos technology has enabled "Ethos has been a true partner in driving close strategic partnership with Ethos, us to scale at a higher rate than innovation. They have delivered a first which has delivered strong growth ever possible before.
Slide 16: Network Effects
Network Effects Better Pricing Higher Efficiency & Unit Economics & Incentives More Consumers DATA ECONOMIES isk Br MOAT OF SCALE oa rR de tte rR Be ea ch PLATFORM ENGAGEMENT More More More Carriers Agents Agents More Products © Ethos Life 16
Slide 17: Leading Instant Underwriter
Leading Instant Underwriter Prescription Records Med Claims Billing Labs History Predictive Financial DMV Records Life Insurance History Data Collection Up to 250K data points per app Proprietary Underwriting Engine Algorithmic Underwriting Up to 40K rules per app 250K Data Convert to Proprietary Po
Slide 18: Our Growth Strategies
Our Growth Strategies Add Insurance Products Enhance our Platform Expand Our Product Portfolio Grow our Ecosystem Increase Share of Maximize Consumer Value Our Agents’ Sales Attract More Consumers Enhance Agent Productivity Recruit More Agents © Ethos Life 18
Slide 19: Track Record of Innovation
Track Record of Innovation FY 2026 Simplified Issue Whole Life (Banner Life) Guaranteed Issue Whole Life Universe of Potential Future Expansion FY 2025 (Banner Life) Variable Participating Annuities & Supplemental Cancer Insurance Cancer Insurance Universal Life Whole Life Wealth Mgmt. Health (Aflac)
Slide 20: Financial Highlights
Financial Highlights © Ethos Life
Slide 21: Quarterly Revenue
Quarterly Revenue Q1'26 Total 104% Revenue Growth Y/Y Q1'26 Direct 76% Revenue % of Total Q1'26 Third-Party 24% Revenue % of Total Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for des
Slide 22: Quarterly Revenue by Channel
Quarterly Revenue by Channel Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for descriptions of certain of our key operational metrics. © Ethos Life 22
Slide 23: Activated Policies & Average Revenue per Unit
Activated Policies & Average Revenue per Unit Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for descriptions of certain of our key operational metrics. © Ethos Life 23
Slide 24: Contribution Profit & Adjusted EBITDA
Contribution Profit & Adjusted EBITDA Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for © Ethos Life 24 descriptions of certain of our key operational metrics.
Slide 25: Appendix
Appendix © Ethos Life
Slide 26: Non-GAAP Financial Measures and Performance Metrics Glossary
Non-GAAP Financial Measures and Performance Metrics Glossary Contribution Profit: A non-GAAP measure defined as gross profit less sales and marketing expense, which includes agent payments and underwriting costs for non-activated policies, plus stock-based compensation related to employees and overhead
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations © Ethos Life 27
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations © Ethos Life
Slide 29: Income Statement
Income Statement © Ethos Life 29
Slide 30: Balance Sheet and Statement of Cash Flows
Balance Sheet and Statement of Cash Flows © Ethos Life 30
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