Oportun Financial : 1Q 2024 Earnings Presentation

1Q 2024

Earnings Presentation

May 9, 2024

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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, results of operations and financial position; statements related to the effectiveness of the Company's cost reduction measures and the impacts on the Company's business; achievement of our strategic priorities and goals; our expectation regarding macroeconomic conditions and future growth opportunities; our net charge-off rate projections and expectations; our profitability and future growth opportunities; our expectation regarding the effect of fair value mark-to-market adjustments on our loan portfolio and asset-backed notes; second quarter and full-year 2024 outlook; business strategy; and plans and objectives of management for future operations of Oportun Financial Corporation ("Oportun," "we," "us," "our," or the "Company"), are forward-looking statements. These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the Company's actual results and financial position, as well as our plans, objectives and expectations for our performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include those risks described in Oportun's filings with the Securities and Exchange Commission under the caption "Risk Factors", including the Company's most recent annual report on Form 10-K, and include, but are not limited to: our ability to retain existing members and attract new members; our ability to accurately predict demand for, and develop, our financial products and services; the effectiveness of our A.I. model; macroeconomic conditions, including rising inflation and market interest rates; Oportun's future financial performance, including trends in revenue, net revenue, operating expenses, and net income; increases in loan non-payments, delinquencies and charge-offs; Oportun's ability to operate successfully in a highly regulated industry; Oportun's ability to increase market share and enter into new markets; Oportun's ability to realize the benefits from acquisitions and integrate acquired technologies; the risk of security breaches or incidents affecting the Company's information technology systems or those of the Company's third-party vendors or service providers; Oportun's ability to successfully offer loans in additional states; Oportun's ability to compete successfully with companies that are currently in, or may in the future enter, our industry; changes in Oportun's ability to obtain additional financing on acceptable terms or at all; and Oportun's potential need to seek additional strategic alternatives, including restructuring or refinancing its debt, seeking additional debt or equity capital, or reducing or delaying its business activities.

In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "predict," "potential," "positioned," "seek," "should," "target," "will," "would," or the negative of these terms or other similar words. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are only predictions. Oportun has based these forward-looking statements on its current expectations and projections about future events, financial trends and risks and uncertainties that it believes may affect its business, financial condition and results of operations. Also, these forward-looking statements represent the Company's estimates and assumptions only as of the date of this presentation. The Company assumes no obligation to update any forward-looking statements after the date of this presentation, except as required by law.

This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other industry data. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. The Company has not independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, it cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of its future performance and the future performance of the industries in which it operates are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by Oportun.

You should view this presentation and the accompanying oral presentation with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect.

This presentation includes certain non-GAAP financial measures. Non-GAAP financial measures are presented in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP. The Company believes these Non-GAAP measures can be useful measures for period-to-period comparisons of our core business and provide useful information to investors and others in understanding and evaluating our operating results. Non-GAAP financial measures are provided in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP. In addition, the non- GAAP measures we use, as presented, may not be comparable to similar measures used by other companies. See the Appendix for a reconciliation of non-GAAP financial measures to the most comparable measure, calculated in accordance with GAAP.

All financial information and other metrics used in this presentation are as of March 31, 2024, unless otherwise noted.

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1Q24 Earnings Overview

Strong performance vs. expectations leads to improved full year 2024 outlook Resilient total revenue of $250M under tight credit posture

$12M above top-end of guidance range

Quarterly operating expense of $110M, down 25% Y/Y

1,000+ bps Y/Y improvement in Adjusted Operating Efficiency

Adjusted Net Income profitable, improves by $61M Y/Y

GAAP Net Loss sharply reduced by $76M Y/Y

Delivered positive Adjusted EBITDA, improvement driven by cost reductions

$22M Y/Y increase

Credit discipline driving improved performance

Front book vintages outperforming back book, most recent vintages are strongest after 12 months

Expect further operational improvement throughout the remainder of 2024

Operating expenses to trend down to $97.5M by 4Q24, Adjusted EBITDA to ramp

Raising full year 2024 revenue and Adjusted EBITDA expectations

FY24 Adjusted EBITDA range of $80 - $90M a $20M, 31% uplift at the midpoint

Beginning 1Q24, we updated our calculations of Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Operating Efficiency. Prior periods presented here have been updated to
reflect the prior period numbers on a comparable basis. See Appendix for non-GAAP reconciliation to the most comparable GAAP measure.	3

2024 Strategic Priorities

Improving Credit

Outcomes

Fortifying Business

Economics

Identifying High-

Quality Originations

• 1-29day delinquencies now running well below 2023, rolling into improved 30+
• Maintaining tight credit posture initiated in July 2022; tightened further in 4Q23
• Launched V12 risk model built on performance data from the inflationary environment; initial reads show favorable improvement
• Targeting $97.5 million in 4Q24 operating expenses, a 38% reduction from 2Q22 initiation of expense reductions, ~$240M of savings on an annualized basis
• 1Q24 Portfolio Yield up 113 bps Y/Y; Risk Adjusted Portfolio yield up 120 bps Y/Y
• February ABS ~160 bps lower rate than October transaction
• Ramping up Secured Personal Loans program, which had ~350 bps lower 2023 loss rates than Unsecured Personal Loans
• 1Q24 originations down 17% Y/Y; improved application quality to support 2Q-4Q24 originations ramp

See Appendix for Key Definitions and non-GAAP reconciliation to the most comparable GAAP measure.

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Post-July 2022 credit tightening quarterly vintages are outperforming prior vintages in net lifetime loss rate by month on book(1)

~400bps lower

front book losses 12+ months post- disbursement

(1) 3Q22 vintage only includes August and September 2022.	5

Pre-July 2022 credit tightening back book continues to shrink

Quarter-EndBack Book Portfolio % of Owned Principal Balance Outstanding(1)

		40% of
		1Q24 gross
		charge-offs
61%
	21%	16%	3%
YE22	YE23	1Q24	YE24 Expected

Pre-July 2022 Credit Tightening

(1) Excludes credit cards.	6

Significantly more efficient than 2019

OpEx to Average Managed Principal Balance (%)

332bps

17.3%

14.0%

Adjusted OpEx to Average Managed Principal Balance (%)(1)

389bps

16.9%

13.0%

1Q19		1Q24	1Q19		1Q24
		OpEx Ratio			Adjusted OpEx Ratio

(1) See Appendix for Key Definitions and non-GAAP reconciliation to the most comparable GAAP measure; numbers may not foot or cross due to rounding.

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Prudently expanding Secured Personal Loans product, featuring better unit economics than Unsecured

Higher Total Revenue per unit	Lower Net Charge-Offs
(FY23)	(FY23)
50%+	~350bps

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First quarter performance vs. guidance

		1Q 2024 Guidance		1Q 2024 Actual
Total Revenue		$233 - $238 M		$250 M
Annualized Net Charge-off		12.1% +/- 15 bps	12.0%
Rate (%)
Adjusted EBITDA (1)		$(14) - $(12) M		$1.9 M

(1) See Appendix for Key Definitions and non-GAAP reconciliation to the most comparable GAAP measure; numbers may not foot or cross due to rounding

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First quarter 2024 highlights

Financial Highlights

Total Revenue	GAAP Net Loss
$250M	$26M
Adjusted EBITDA(1)	Adjusted Net Income(1)
$1.9M	$3.6M
GAAP Diluted EPS	Adjusted EPS(1)
$(0.68)	$0.09

Annualized Net Charge-Off Rate (NCO)(1)

12.0%

Adjusted Operating Efficiency(1)

(1,054) bps

51.2%

40.9% 40.6%

1Q23

4Q23

1Q24

Total revenue	$260M	$263M	$250M
Adjusted operating	$133M	$107M	$102M
expense

1. Beginning 1Q24, we updated our calculations of Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Operating Efficiency. Prior periods presented here have been updated to reflect the prior period numbers on a comparable basis. See Appendix for Key Definitions and non-GAAP reconciliation to the most comparable GAAP measure; numbers may not foot or cross due to rounding.

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