OneMain : Financial 1Q Earnings Presentation

1Q24

Financial Results

NYSE: OMF | April 30, 2024

Important Information

The following slides are part of a presentation by OneMain Holdings, Inc. (the "Company") in connection with reporting quarterly financial results and are intended to be viewed as part of that presentation. No representation is made that the information in these slides is complete. For additional financial, statistical, and business-related information, as well as information regarding business and segment trends, see the earnings release and financial supplement included as an exhibit to the Company's Current Report on Form 8-K filed on April 30, 2024, and available in the Investor Relations section on the Company's website (www.omf.com) and the SEC's website (www.sec.gov).

Cautionary Note Regarding Forward-Looking Statements

This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements preceded by, followed by or that otherwise include the words "anticipates," "appears," "assumes," "believes," "can," "continues," "could," "estimates," "expects," "forecasts," "foresees," "goals," "intends," "likely," "objective," "plans," "projects," "target," "trend," "remains," and similar expressions or future or conditional verbs such as "could," "may," "might," "should," "will" or "would" are intended to identify forward-looking statements, but these words are not the exclusive means of identifying forward-looking statements.

Forward-looking statements are not statements of historical fact but instead represent only management's current beliefs regarding future events, objectives, goals, projections, strategies, performance, and future plans, and underlying assumptions and other statements related thereto. You should not place undue reliance on these forward-looking statements. By their nature, forward-looking statements are subject to risks, uncertainties, assumptions and other important factors that may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements. Important factors that could cause actual results, performance, or achievements to differ materially from those expressed in or implied by forward-looking statements include, without limitation, the following: adverse changes and volatility in general economic conditions, including the interest rate environment and the financial markets; the sufficiency of our allowance for finance receivable losses; increased levels of unemployment and personal bankruptcies; the current inflationary environment and related trends affecting customers; natural or accidental events such as earthquakes, hurricanes, pandemics, floods or wildfires affecting our customers, collateral, or our facilities; a failure in or breach of our information, operational or security systems or infrastructure or those of third parties, including as a result of cyber incidents, war or other disruptions; the adequacy of our credit risk scoring models; geopolitical risks, including recent geopolitical actions outside the U.S.; adverse changes in our ability to attract and retain employees or key executives; increased competition or adverse changes in customer responsiveness to our distribution channels or products; changes in federal, state, or local laws, regulations, or regulatory policies and practices or increased regulatory scrutiny of our business or industry; risks associated with our insurance operations; the costs and effects of any actual or alleged violations of any federal, state, or local laws, rules or regulations; the costs and effects of any fines, penalties, judgments, decrees, orders, inquiries, investigations, subpoenas, or enforcement or other proceedings of any governmental or quasi-governmental agency or authority; our substantial indebtedness and our continued ability to access the capital markets and maintain adequate current sources of funds to satisfy our cash flow requirements; our ability to comply with all of our covenants; the effects of any downgrade of our debt ratings by credit rating agencies; and other risks and uncertainties described in the "Risk Factors" and "Management's Discussion and Analysis" sections of the Company's most recent Form 10-K filed with the SEC and in the Company's other filings with the SEC from time to time.

If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. You should specifically consider the factors identified in this document that could cause actual results to differ before making an investment decision to purchase our securities. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.

Forward looking statements included in this presentation speak only as of the date on which they were made. We undertake no obligation to update or revise any forward-looking statements, whether written or oral, to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events or the non-occurrence of anticipated events, whether as a result of new information, future developments or otherwise, except as required by law.

Use of Non-GAAP Financial Measures

We report the operating results of Consumer and Insurance using the Segment Accounting Basis, which (i) reflects our allocation methodologies for interest expense and operating costs, to reflect the manner in which we assess our business results and (ii) excludes the impact of applying purchase accounting (eliminates premiums/discounts on our finance receivables and long-term debt at acquisition, as well as the amortization/accretion in future periods). Consumer and Insurance adjusted pretax income (loss), Consumer and Insurance adjusted net income (loss), and Consumer and Insurance adjusted earnings (loss) per diluted share are key performance measures used to evaluate the performance of our business. Consumer and Insurance adjusted pretax income (loss) represents income (loss) before income taxes on a Segment Accounting Basis and excludes restructuring charges, regulatory settlements, net gain or loss resulting from repurchases and repayments of debt, acquisition-related transaction and integration expenses, and other items and strategic activities, which include direct costs associated with COVID-19 and the expense associated with cash-settledstock-based awards. We believe these non-GAAP financial measures are useful in assessing the profitability of our segment.

Management also uses pretax capital generation and capital generation, non-GAAP financial measures, as a key performance measure of our segment. Pretax capital generation represents Consumer & Insurance adjusted pretax income, as discussed above, and excludes the change in our Consumer & Insurance allowance for finance receivable losses in the period while still considering the Consumer & Insurance net charge-offs incurred during the period. Capital generation represents the after-tax effect of pretax capital generation.

Management believes that these non-GAAP measures are useful in assessing the capital created in the period impacting the overall capital adequacy of the Company. Management believes that the Company's reserves, combined with its equity, represent the Company's loss absorption capacity.

Management utilizes these non-GAAP measures in evaluating our performance. Additionally, these non-GAAP measures are consistent with the performance goals established in OMH's executive compensation program. These non-GAAP financial measures should be considered supplemental to, but not as a substitute for or superior to, income (loss) before income taxes, net income, or other measures of financial performance prepared in accordance with GAAP.

2

Our Vision is to be the Lender of Choice for the Nonprime Consumer

Meet their needs today

Unsecured loans

Secured loans

Auto finance

Credit cards

OneMain

Customers

Progress to a better future

Financial wellness

Insurance

Bill negotiation

Secured card

3

1Q24 Financial Highlights

$2.5 billion

Originations

With conservative credit posture

$22.0 billion

Managed Receivables*

Up 6% YoY

$386 million

Credit Card Receivables

~509,000 cards

$843 million

Auto Finance Receivables

$168 million originations

$155 million

Capital Generation*

C&I Adj. Net Income* $175 million

$1.4 billion

C&I Total Revenue*

Up 7% YoY

8.7%

C&I Net Charge-offs*1

30-89 Consumer loan DQ*: 2.72%

6.6%

OpEx Ratio*

Down 52bps YoY

$8.0 billion

Undrawn Bank Facilities

Up $300 million QoQ

5.3x

Net leverage*

Flat QoQ

$1.00 per share

Increased to $1.04 in 2Q242

~8% dividend yield3

3.0 million

Customer Accounts

Up 17% YoY

*See appendix for Non-GAAP Financial Measures reconciliations along with defined terms.

1. Includes personal loan, auto finance, and credit card.
2. Dividend of $1.04 per share declared on April 30, 2024.
3. Yield assumes regular annual dividend of $4.16 over closing share price of $50.89 as of April 26, 2024.

4

1Q24 Financial Results

($ in millions, except Average Assets and Average Net Receivables in billions, and per share statistics)

Earnings Summary

	1Q24	4Q23	1Q23
Consumer & Insurance*	$233	$223	$236
Other	0	(1)	(1)
Reconciling Items*	(29)	(2)	0
Pretax Income	$204	$220	$235
Taxes	(49)	(55)	(56)
Net Income	$155	$165	$179
Effective Tax Rate	24.1%	24.9%	24.0%
Diluted EPS	$1.29	$1.38	$1.48
Average Assets*	$24.2	$24.1	$22.7
Return on Assets*	2.6%	2.7%	3.2%

C&I* Adjusted Earnings Summary

	1Q24	4Q23	1Q23
Interest Income	$1,172	$1,186	$1,092
Other Net Revenue	130	136	129
Provision for Loan Losses	(431)	(446)	(385)
Operating Expenses	(362)	(382)	(362)
Interest Expense	(276)	(271)	(238)
Adjusted Pretax Income
$233	$223	$236
Adjusted Net Income1	$175	$167	$177
Total Revenue	$1,352	$1,371	$1,268
Adjusted Diluted EPS	$1.45	$1.39	$1.46
Avg. Net Receivables (ANR)	$21.3	$21.3	$19.9
Capital Generation1	$155	$191	$179
Capital Generation RoR	2.9%	3.6%	3.7%

Note: Figures may not add due to rounding.
*See appendix for Non-GAAP Financial Measures reconciliations along with defined terms.	5
1. Assumes a tax rate of 25% for all periods shown.

Originations & Receivables (C&I)*

($ in billions, unless noted)

Consumer Loan Originations

$3.5		$3.7
	$3.3
		$3.0
	$2.8
		$2.5

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

Managed Receivables

$20.8	$20.6	$21.4	$21.9	$22.2	$22.0

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

*See appendix for Non-GAAP Financial Measures reconciliations along with defined terms.

Highlights

• $2.5 of originations in 1Q24 reflects normal seasonal trends
• YoY decrease driven by credit tightening and pricing actions
• Includes auto finance originations of $168 million in 1Q24
• Consumer loan originations APR was 26.8% in 1Q24, up 112bps vs 1Q23

Highlights

• Managed Receivables up 6% vs 1Q23
• Reflect contributions from auto finance of $843 million and credit cards of $386 million
• 1Q24 includes $871 million of receivables sold through our loan sale partnerships
• Consumer loan portfolio yield of 22.1%, flat vs 4Q23

6

Targeted & Disciplined BrightWay® Credit Card Rollout

~509 thousand	$386 million
Credit Cards	Receivables
up ~78 thousand QoQ	up $56 million QoQ

Top spending categories

Retail

Restaurants

Gas stations

~90% customers	4.5+ stars
Use mobile app	App store ratings

Rewarding milestones, great digital experience

Cards expected to be a significant driver of receivables and capital generation growth in the future

Note: BrightWay® is a registered trademark of OneMain Financial Holdings, LLC. The BrightWay® credit card is issued by WebBank.

7

Expanded Capabilities in Auto Finance

Independent dealer strategy

Current auto finance business

$843 million

receivables

Leverages our best-in-class capabilities

Deep experience in underwriting auto secured loans

Centralized underwriting and servicing functions

Operational capabilities

(lien perfection, collateral management, etc.)

Established funding channels in the asset class

Franchise dealer strategy1

~$900 million

receivables

Adds developed auto finance business

Experienced management team

Scalable technology

Tested credit models

Franchise dealer network

Combined strategies provide access to a ~$600 billion market2

1. The acquisition of Foursight Capital closed April 1, 2024.	8
2. Reflects nonprime outstanding balances. Nonprime defined as VantageScore between 550 to 700. Source: Experian as of December 31, 2023.

Consumer Loan Delinquency & Net Charge-off Trends (C&I)*

($ in millions)

Highlights

• 30-89delinquency of 2.72%, down 56bps vs 4Q23; better than normal seasonal trends
• Front book1 continues to perform in line with expectations
• Continue to see strong back-end collections and recoveries

		30-89 Days Delinquent
$610			$621	$689
	$562		$562
	$508
3.07%	2.58%	2.76%	2.98%	3.28%	2.72%
4Q22	1Q23	2Q23	3Q23	4Q23	1Q24

30+ Days Delinquent

$1,154			$1,156	$1,294	$1,153
$1,042	$1,036
5.80%	5.29%	5.09%	5.55%	6.16%	5.57%
4Q22	1Q23	2Q23	3Q23	4Q23	1Q24

*See appendix for Non-GAAP Financial Measures reconciliations along with defined terms. 1. Front book represents all consumer loan originations post August 2022 credit tightening.

90+ Days Delinquent

$544	$534		$535	$605	$591
$474
2.74%	2.72%	2.33%	2.57%	2.88%	2.86%
4Q22	1Q23	2Q23	3Q23	4Q23	1Q24

Net Charge-offs

		$379		$408	$445
	$376
$344	$347
6.88%	7.72%	7.60%	6.68%	7.70%	8.58%
4Q22	1Q23	2Q23	3Q23	4Q23	1Q24
					9

Portfolio Performance is Supported by Credit Tightening (C&I)*

Highlights

• Front book1 is growing and continues to perform in line with expectations
• Back book now accounts for ~30% of receivables but contributes ~50% to delinquency
• 1Q24 QoQ decline is better than normal seasonal trends

Front Book1 % of Portfolio

Back Book % of

30+ Delinquent Receivables

	65%	71%	66%
59%
		57%
			49%

3Q23

4Q23

1Q24

3Q23

4Q23

1Q24

*See appendix for Non-GAAP Financial Measures reconciliations along with defined terms.

1. Front book represents all consumer loan originations post August 2022 credit tightening.
2. Reflects the average of 1Q18 and 1Q19.

30-89 Delinquency

4Q to 1Q Change (bps)

(43)	(49)
	(56)

Pre-pandemic

1Q23

1Q24

Average2

10