Slide 1: Earnings presentation Second quarter 2026
Earnings $1.30 back presentation Add offer Second 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. (th e “Company,” “Ibotta,” “our,” or “we”) and con tains forward -looking statements that in volve substantial risks and uncertainties. All statements other than historical f actual information are forward-looking statements, including without lim
Slide 3: 2Q26 financial results and 3Q26 outlook
2Q26 financial results and 3Q26 outlook © 2026 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 3
Slide 4: Q2 results as compared to guidance
Q2 results as compared to guidance Revenue Adjusted EBITDA1 $88.9M $16.5M +6% vs. guidance midpoint of $84.0M +58% vs. guidance midpoint of $10.5M Note: A ll 2Q26 figures are unaudited. Figures may not tie due to roundin g. 1Adjusted EBITDA is defined as earnings before interest income, net, provisi
Slide 5: Revenue performance
Revenue performance Q2 2026 revenue growth Q2 2026 Adj. EBITDA1 decline +3% (7%) year-over-year growth year-over-year decline Note: A ll 2Q25 and 2Q 26 figures are unaudited. Figures may not tie due to rounding. 1Adjusted EBITDA is define d as e arnings be fore inte re st income , ne t, provision fo
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 69% 90% 10% Third-party publisher (3PP) 2Q26 revenue 21% Direct-to- consum
Slide 7: Year-over-year revenue change
Year-over-year revenue change Total revenue Redemption revenue Total revenue YoY Change % (2%) 3% Redemption revenue YoY Change % (1%) 10% Redemption revenue YoY Change % (1%) 10% Third-party publisher YoY Change % 17% 27% Ad & other YoY Change % (8%) (32%) Direct-to-consumer YoY Change % (24%) (24%
Slide 8: Key drivers of redemption revenue
Key drivers of redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption Redemption revenue up 10% year-over-year ▪ Redeemers ▪ Increase driven by growth with existing third-party publishers and the launch of DoorDash in 2025 ▪ Redemptions per redeemer ▪
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 27% 8% year-over-year year-over-year ▪▪Redeemers Redeemers Growth driven ▪ Increase drivenbyby expansion growth withofe
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 (24%) 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 (0.6%) • Up $1.1M or 6% vs. a year (% pt. ago decrease) • Driven by an increase in both technology and publisher-related costs Note: A ll quarterly figures are unaudited. Figures may not tie due to rounding. 1Non-GA AP figure s e xclude stock-
Slide 12: Operating expense profile
Operating expense profile Non-GAAP1 operating expenses Commentary (% of revenue) • Non-GAAP sales and marketing expenses increased by 17% vs. the prior year driven by a +2.5% planned increase in labor (% pt. increase) and the cost of third-party lift studies, partially offset by lower marketing spen
Slide 13: Guidance
Guidance Revenue 6% $86.0M - $90.0M year-over-year increase at the midpoint Adjusted EBITDA $12.0M - $14.0M 14.8% margin at the midpoint Note: We have not reconciled A djusted EBITD A to G AAP net income for our guidance because we do not provide guidance on GAA P n et income and would not be able t
Slide 14: Appendix
Appendix © 2026 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 14
Slide 15: Consolidated statements of operations
Consolidated statements of operations In accordance with U.S. GAAP ($ in millions) 2Q25 2Q26 Revenue $86.0 $88.9 Cost of revenue 17.9 19.2 Gross profit 68.1 69.7 Operating expenses: Sales and marketing 28.8 32.9 Research and development 14.7 15.1 General and administrative 22.3 21.8 Depreciation and
Slide 16: Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation
Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation ($ in millions) 2Q25 2Q26 Net income (loss) $2.5 ($1.2) Add (deduct): Interest income, net (2.6) (1.4) Depreciation & amortization 2.4 3.4 Stock based compensation 13.6 15.0 Restructuring charges 0.6 - Provision for income ta
Slide 17: Gross Profit GAAP to non-GAAP reconciliation
Gross Profit GAAP to non-GAAP reconciliation ($ in millions) 2Q25 2Q26 Cost of revenue $17.9 $19.2 Cost of revenue stock-based compensation (0.6) (0.8) Non-GAAP cost of revenue $17.3 $18.4 Gross profit $68.1 $69.7 Cost of revenue stock-based compensation 0.6 0.8 Non-GAAP gross profit $68.7 $70.5 Rev
Slide 18: Operating expenses GAAP to non-GAAP reconciliation
Operating expenses GAAP to non-GAAP reconciliation ($ in millions) 2Q25 2Q26 Sales & marketing $28.8 $32.9 Stock-based compensation (4.9) (5.6) Restructuring charges (0.6) - Non-GAAP sales & marketing $23.4 $27.3 Revenue $86.0 $88.9 Sales & marketing % revenue 33.5% 37.0% Non-GAAP sales & marketing
Slide 19: Operating expenses GAAP to non-GAAP reconciliation (continued)
Operating expenses GAAP to non-GAAP reconciliation (continued) ($ in millions) 2Q25 2Q26 Sales & marketing 28.8 32.9 Research & development 14.7 15.1 General & administrative 22.3 21.8 Depreciation & amortization 1.0 1.9 Total operating expense $66.9 $71.6 Sales & marketing stock based compensation