Oportun Financial Corporation · NASDAQ:OPRT
Oportun Financial — Q3 2026 Earnings Presentation
34 slides from Oportun Financial's earnings presentation, Nov 3, 2026
Slide 1: 3Q 2026 Earnings Presentation
3Q 2026 Earnings Presentation November 3, 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation and the accompanying oral presentation contain forward-looking statements. All statements other than statements of historical fact contained in this presentation and the accompanying oral presentation, including statements as to future performance, result
Slide 3: Q3 delivered growth with improved profitability & credit
EARNINGS OVERVIEW Q3 delivered growth with improved profitability & credit RETURN TO GROWTH PROFITABILITY CREDIT & FUNDING 3% 21.6% 10.6% Q3 revenue growth Q3 GAAP ROE Annualized NCO rate First Y/Y revenue growth since Highest since 1Q22 and second Lowest Annualized NCO rate since 4Q23 highest as a
Slide 4: A large addressable market and differentiated capabilities
MARKET OPPORTUNITY AND DIFFERENTIATED CAPABILITIES A large addressable market and differentiated capabilities ADDRESSABLE MARKET DIFFERENTIATED CAPABILITIES 119M BILINGUAL BY DESIGN 20 YEARS OF DATA SCIENCE Total addressable INNOVATION market¹ Products and services offered in Proprietary data advant
Slide 5: Forward
STRATEGY Forward Our mission: Empowering members to build a better future THREE STRATEGIC PRIORITIES Build lasting member Drive durable growth Deliver predictable returns relationships Reward strong performance with better Improve member lifecycle decisioning, Match qualified consumers to the right
Slide 6: Oportun exceeded high end of Q3 guidance
PERFORMANCE VS. GUIDANCE Oportun exceeded high end of Q3 guidance METRIC 3Q 2026 GUIDANCE 3Q 2026 ACTUAL TOTAL REVENUE $235 - $240M $246M Above high end NCO RATE (%)1 11.0% +/- 15 bps 10.6% Better than range ADJUSTED EBITDA1 $43 - $48M $56M Above high end 6 1 See Appendix for Key Definitions and non
Slide 7: Strength across metrics defined Q3
FINANCIAL HIGHLIGHTS Strength across metrics defined Q3 $246M $23M $26M Total Revenue GAAP Net Income Adjusted Net Income¹ +3% Y/Y +341% Y/Y +38% Y/Y $56M 10.6% $0.51 Adjusted EBITDA¹ NCO Rate¹ Adjusted EPS¹ +37% Y/Y -121 bps Y/Y +31% Y/Y ¹ See Appendix for Key Definitions and non-GAAP reconciliatio
Slide 8: NCO rate down sharply Y/Y and sequentially
CREDIT PERFORMANCE NCO rate down sharply Y/Y and sequentially NCO RATE1 30+ DAY DELINQUENCY RATE1 (121) bps (139) bps (61)bps (61) bps 4.7% 12.0% 11.8% 4.1% 4.0% 10.6% 3Q25 2Q26 3Q26 3Q25 2Q26 3Q26 1 See Appendix for definition of Annualized Net Charge-Off Rate and 30+ Day Delinquency Rate; numbers
Slide 9: Q3 originations growth supported by lower-risk segments
ORIGINATIONS GROWTH Q3 originations growth supported by lower-risk segments AGGREGATE ORIGINATIONS ($M) AGGREGATE ORIGINATIONS 12% $572M +12% Y/Y $512 $572 Y/Y growth accelerated from 1% $488 in Q2 3Q25 2Q26 3Q26 LOWER-RISK SEGMENTS UNSECURED RETURNING MEMBER AND SECURED PERSONAL LOANS ORIGINATIONS
Slide 10: Oportun has increased unrestricted cash while reducing corporate debt
CAPITAL AND LIQUIDITY Oportun has increased unrestricted cash while reducing corporate debt UNRESTRICTED CASH EOP ($M) CORPORATE DEBT EOP ($M) $77 $(68) $181 $203 $105 $135 3Q25 3Q26 3Q25 3Q26 DEBT TO EQUITY (LEVERAGE) COST OF DEBT (0.9)x (193)bps 7.1x 6.2x 8.1% 6.1% 3Q25 3Q26 3Q25 3Q26 See Appendix
Slide 11: ROE reached the target range
CORPORATE PROFITABILITY ROE reached the target range 3Q26 YEAR-OVER-YEAR DRIVERS GAAP ROA ADJUSTED ROA1,2 GAAP ROE ADJUSTED ROE2 Target range 3-4% Target range 20-28% +136 bps IN RANGE IN RANGE IN RANGE PORTFOLIO YIELD 24.4% 33.0% → 34.4% 21.6% -193 bps 2.9% 3.2% 19.6% COST OF DEBT 2.4% 8.1% → 6.1%
Slide 12: Full-year guidance raised across metrics
GUIDANCE Full-year guidance raised across metrics METRIC 4Q 2026E FY 2026E TOTAL REVENUE $247 - $252M $955 - $960M NCO RATE (%)1 11.05% +/- 15 bps 11.6% +/- 10 bps ADJUSTED EBITDA1 $49 - $54M $183 - $188M ADJUSTED NET INCOME1 $80 - $85M ADJUSTED EPS1,2 $1.60 - $1.70 Full-year guidance at midpoints n
Slide 13: Appendix
Appendix Definitions, operating detail, financial statements, and non-GAAP reconciliations
Slide 14: Key definitions
APPENDIX Key definitions • 30+ Day Delinquency Rate is the unpaid principal balance for our owned loans that are 30 or more calendar days contractually past due as of the end of the period divided by Owned Principal Balance as of such date • Active Members is the number of unique individuals who, at
Slide 15: Key definitions (cont'd)
APPENDIX Key definitions (cont’d) • Customer Acquisition Cost (or "CAC") is calculated as sales and marketing expenses, which include the costs associated with various paid marketing channels, including direct mail, digital marketing and brand marketing and the costs associated with our telesales an
Slide 16: Member stability supports a disciplined credit stance
APPENDIX Member stability supports a disciplined credit stance of loans disbursed to U.S. bank U.S. BANK ACCOUNTS 95% accounts2 659 average Vantage score at origination1 EMPLOYMENT STABILITY 5.7 years on average with the same employer ~98% of ending principal balance had a Vantage score at originati
Slide 17: Q3 total revenue grew for the first time since 4Q23
APPENDIX Q3 total revenue grew for the first time since 4Q23 TOTAL REVENUE ($M) TOTAL REVENUE 3.2% $246M +3.2% Y/Y Driven by higher originations $239 $233 $246 3Q25 2Q26 3Q26 NET REVENUE NET REVENUE ($M) $127M 20% +20% Y/Y Lower interest expense Y/Y $127 $105 $106 3Q25 2Q26 3Q26 17
Slide 18: $56M of Q3 Adjusted EBITDA, up 37% Y/Y
APPENDIX $56M of Q3 Adjusted EBITDA, up 37% Y/Y ADJUSTED EBITDA ($M)1 37% 27% $134 $56 $49 $106 $41 3Q25 2Q26 3Q26 YTD 2025 YTD 2026 17.3% 20.8% 22.9% 14.9% 19.0% Adjusted EBITDA Margin (%)1 Adjusted EBITDA Margin (%)1 1 See Appendix for Key Definitions and non-GAAP reconciliation to the most compar
Slide 19: $23M of Q3 Net Income, up 341% Y/Y
APPENDIX $23M of Q3 Net Income, up 341% Y/Y NET INCOME ($M) 341% 55% $34 $23 $22 $8.5 $5.2 3Q25 2Q26 3Q26 YTD 2025 YTD 2026 5.4% 8.5% 21.6% 7.9% 11.0% ROE (%) ROE (%) Note: Numbers may not foot or cross-foot due to rounding. 19
Slide 20: $26M of Q3 Adjusted Net Income, up 38% Y/Y
APPENDIX $26M of Q3 Adjusted Net Income, up 38% Y/Y ADJUSTED NET INCOME ($M)1 38% 9% $57 $52 $26 $21 $19 3Q25 2Q26 3Q26 YTD 2025 YTD 2026 19.6% 20.5% 24.4% 18.9% 18.4% Adjusted ROE (%)1 Adjusted ROE (%)1 20 1 See Appendix for Key Definitions and non-GAAP reconciliation to the most comparable GAAP me
Slide 21: Key financial & operating metrics
APPENDIX Key financial & operating metrics Nine Months Ended September Quarter Ended 30 Change Change 3Q26 2Q26 1Q26 4Q25 3Q25 Y/Y 2026 2025 Y/Y Aggregate Originations (Millions) $571.8 $487.7 $416.9 $494.9 $511.8 11.7% $1,476.5 $1,461.9 1.0% Portfolio Yield (%) 34.4% 33.3% 32.1% 33.3% 33.0% 136 bps
Slide 22: Condensed consolidated income statement
APPENDIX Condensed consolidated income statement Quarter Ended Nine Months Ended September 30 Change Change ($ Millions, except per share data. Shares in Millions) 3Q26 2Q26 1Q26 4Q25 3Q25 Y/Y 2026 2025 Y/Y Interest income $231.4 $219.3 $215.7 $232.4 $222.3 4.1% $666.4 $660.8 0.8% Non-interest incom
Slide 23: Condensed consolidated balance sheet
APPENDIX Condensed consolidated balance sheet Quarter Ended Change ($ Millions) 3Q26 2Q26 1Q26 4Q25 3Q25 Y/Y Cash and cash equivalents $181.2 $139.6 $130.4 $105.5 $104.6 73.2% Restricted cash 77.2 72.8 79.5 93.4 119.3 (35.3)% Total cash $258.4 $212.4 $209.9 $198.9 $224.0 15.4% Loans receivable at fa
Slide 24: Adjusted EBITDA reconciliation
APPENDIX Adjusted EBITDA reconciliation Quarter Ended Nine Months Ended September 30, Change Change ($ Millions) 3Q26 2Q26 1Q26 4Q25 3Q25 Y/Y 2026 2025 Y/Y Net income $22.9 $8.5 $2.3 $3.4 $5.2 341.2% $33.8 $21.8 54.8% Adjustments: Income tax expense (benefit) $11.7 $7.1 $1.2 $3.2 $9.0 28.8% $20.0 $1
Slide 25: Adjusted Net Income reconciliation
APPENDIX Adjusted Net Income reconciliation Nine Months Ended September Quarter Ended 30, Change Change ($ Millions) 3Q26 2Q26 1Q26 4Q25 3Q25 Y/Y 2026 2025 Y/Y Net income $22.9 $8.5 $2.3 $3.4 $5.2 341.2% $33.8 $21.8 54.8% Adjustments: Income tax expense $11.7 $7.1 $1.2 $3.2 $9.0 28.8% $20.0 $15.7 27
Slide 26: Adjusted Operating Expense and Adjusted Operating Expense Ratio reconciliation
APPENDIX Adjusted Operating Expense and Adjusted Operating Expense Ratio reconciliation Quarter Ended Nine Months Ended September 30, Change Change ($ Millions) 3Q26 2Q26 1Q26 4Q25 3Q25 Y/Y 2026 2025 Y/Y OpEx Ratio (%) 13.7% 13.7% 13.6% 12.0% 13.5% 17 bps 13.6% 13.9% (21) bps Total operating expense
Slide 27: Risk Adjusted Net Interest Margin reconciliation
APPENDIX Risk Adjusted Net Interest Margin reconciliation Quarter Ended Nine Months Ended September 30, Change Change ($ Millions) 3Q26 2Q26 1Q26 4Q25 3Q25 Y/Y 2026 2025 Y/Y Total Revenue $246.3 $233.2 $228.8 $247.7 $238.7 3.2% $708.3 $708.9 (0.1)% Less: Interest Expense 41.1 41.9 48.0 57.9 56.6 (27
Slide 28: Basic and diluted earnings per share reconciliation
APPENDIX Basic and diluted earnings per share reconciliation Quarter Ended Nine Months Ended September 30 Change Change ($ Millions, except per share data. Shares in Millions) 3Q26 2Q26 1Q26 4Q25 3Q25 Y/Y 2026 2025 Y/Y Net income $22.9 $8.5 $2.3 $3.4 $5.2 341.2% $33.8 $21.8 54.8% Net income attribut
Slide 29: Adjusted Earnings Per Share reconciliation
APPENDIX Adjusted Earnings Per Share reconciliation Quarter Ended Nine Months Ended September 30 Change Change ($ Millions, except per share data. Shares in Millions) 3Q26 2Q26 1Q26 4Q25 3Q25 Y/Y 2026 2025 Y/Y Diluted earnings per share $0.45 $0.17 $0.05 $0.07 $0.11 309.1% $0.68 $0.46 47.8% Adjusted
Slide 30: Net change in fair value
APPENDIX Quarter Ended Change $ Millions 3Q26 2Q26 3Q25 2Q25 Q/Q Y/Y Net change Loan Portfolio Drivers Discount rate 6.5% 6.3% 6.3% 7.0% 23 bps 28 bps in fair value Remaining cumulative charge-offs as a % of principal balance Average life in years 12.0% 1.03 12.2% 1.04 12.2% 1.07 12.0% 1.08 (21) bps
Slide 31: Net lifetime loan loss rates by vintage
APPENDIX Net lifetime loan loss rates by vintage CUMULATIVE NET PRINCIPAL CHARGE-OFFS YEAR OF ORIGINATION 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dollar Weighted Average Original Term for Vintage (Months) 24.2 26.3 29.0 30.0 32.0 33.3 37.8 39.2 35.6 33.7 Net Lifetime Loan Losses as % of Or
Slide 32: Forward-looking Adjusted EBITDA reconciliation
APPENDIX Forward-looking Adjusted EBITDA reconciliation 4Q 2026 FY 2026 ($ Millions) Low High Low High Net income $21.8 $26.2 $55.6 $60.0 Adjustments: Income tax expense (benefit) $11.8 $14.3 $31.3 $33.8 Interest on corporate financing 5.9 5.9 24.6 24.6 Depreciation and amortization 8.7 8.7 35.3 35.
Slide 33: Forward-looking Adjusted Net Income and Adjusted Earnings Per Share reconciliation
APPENDIX Forward-looking Adjusted Net Income and Adjusted Earnings Per Share reconciliation FY 2026 ($ Millions, except per share data. Shares in Millions) Low High Net Income $55.6 $60.0 Adjustments: Income tax expense (benefit) $31.3 $33.8 Stock-based compensation expense 11.9 11.9 Other non-recur
Slide 34: November 3, 2026
EARNINGS PRESENTATION November 3, 2026