OppFi : First Quarter 2024 Presentation

A Tech-Enabled,Mission-Driven Specialty Finance Platform that Broadens the Reach of Community Banks to Extend Credit Access to Everyday Americans

Q1 2024 Earnings Presentation

May 8, 2024

Disclaimer

This presentation (the "Presentation") of OppFi Inc. ("OppFi" or the "Company") is for information purposes only. Certain information contained herein has been derived from sources prepared by third parties. While such information is believed to be reliable for the purposes used herein, the Company makes no representation or warranty with respect to the accuracy of such information. Trademarks and trade names referred to in this Presentation are the property of their respective owners. The information contained herein does not purport to be all-inclusive. This Presentation does not constitute investment, tax, or legal advice.

No representation or warranty, express or implied, is or will be given by the Company or any of its respective affiliates, directors, officers, employees or advisers or any other person as to the accuracy or completeness of the information in this Presentation, and no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions or misstatements, negligent or otherwise, relating thereto. The information contained in this Presentation is preliminary in nature and is subject to change, and any such changes may be material. The Company disclaims any duty to update the information contained in this Presentation, which information is given only as of the date of this Presentation unless otherwise stated herein.

Forward-Looking Statements

This Presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. OppFi's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "possible," "continue," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, OppFi's expectations with respect to its full year 2024 guidance, the future performance of OppFi's platform, and expectations for OppFi's growth, new products, and future financial performance. These forward-looking statements are based on OppFi's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside OppFi's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impact of general economic conditions, including economic slowdowns, inflation, interest rate changes, recessions, and tightening of credit markets on OppFi's business; the impact of challenging macroeconomic and marketplace conditions, including lingering effects of COVID-19 on OppFi's business; the impact of stimulus or other government programs; whether OppFi will be successful in obtaining declaratory relief against the Commissioner of the Department of Financial Protection and Innovation for the State of California; whether OppFi will be subject to AB 539; whether OppFi's bank partners will continue to lend in California and whether OppFi's financing sources will continue to finance the purchase of participation rights in loans originated by OppFi's bank partners in California; the impact that events involving financial institutions or the financial services industry generally, such as actual concerns or events involving liquidity, defaults, or non-performance, may have on OppFi's business; risks related to the material weakness in OppFi's internal controls over financial reporting; the ability of OppFi to grow and manage growth profitably and retain its key employees; risks related to new products; risks related to evaluating and potentially consummating acquisitions; concentration risk; risks related to OppFi's ability to comply with various covenants in its corporate and warehouse credit facilities; costs related to the business combination; changes in applicable laws or regulations; the possibility that OppFi may be adversely affected by other economic, business, and/or competitive factors; risks related to management transitions; risks related to the restatement of OppFi's financial statements and any accounting deficiencies or weaknesses related thereto; and other risks and uncertainties indicated from time to time in OppFi's filings with the United States Securities and Exchange Commission, in particular, contained in the section or sections captioned "Risk Factors." OppFi cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. OppFi does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Non-GAAP Financial Measures

Certain financial information and data contained in this Presentation are unaudited and do not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any periodic filing, information or proxy statement, or prospectus or registration statement to be filed by OppFi with the SEC. Some of the financial information and data contained in this Presentation, such as Adjusted EBT, Adjusted Net Income, and Adjusted EPS have not been prepared in accordance with United States generally acceptable accounting principles ("GAAP"). Adjusted EBT is defined as Net Income, adjusted for (1) income tax expense; (2) change in fair value of warrant liabilities; (3) other addbacks and one-time expenses, net; and (4) other income. Adjusted Net Income is defined as Adjusted EBT as defined above, adjusted for taxes assuming a tax rate of 23.56% for the three months ended March 31, 2024 and a tax rate of 24.14% for the three months ended March 31, 2023, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison with other publicly traded companies. Adjusted EPS is defined as Adjusted Net Income as defined above, divided by weighted average diluted shares outstanding, which represent shares of both classes of common stock outstanding, excluding 25,500,000 shares related to earnout obligations and including the impact of unvested restricted stock units, unvested performance stock units, and the employee stock purchase plan. Adjusted EPS is useful to investors and others because, due to OppFi's Up-C structure, Basic EPS calculated on a GAAP basis excludes a large percentage of OppFi's outstanding shares of common stock, which are Class V Voting Stock, and Diluted EPS calculated on a GAAP basis excludes dilutive securities, including Class V Voting Stock, in any period in which OppFi reports a loss as dilutive securities are considered to be antidilutive. These non-GAAP financial measures have not been prepared in accordance with accounting principles generally accepted in the United States and may be different from non-GAAP financial measures used by other companies. OppFi believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures with comparable names should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. A reconciliation of OppFi's non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix. A reconciliation of projected full year 2024 Adjusted Net Income and projected full year 2024 Adjusted EPS to the most directly comparable GAAP financial measures is not included in this Presentation because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate these measures.

No Offer or Solicitation

This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Website

This Presentation contains reproductions and references to the Company's website and mobile content. Website and mobile content are not incorporated into this Presentation. Any references to URLs for the websites are intended to be inactive textual references only.

1

Q1 2024 Highlights

Net income of $10.1 million up from $3.9 million year over year, and adjusted net income of $8.8 million up from $3.9 million year over year1,2

Exceeded adjusted EPS guidance and raised full-year outlook for adjusted net income and adjusted

EPS

110 basis point decrease year over year in annualized net charge-off rate as a percentage of total revenue to 47.9%3

5.8% increase year over year in total revenue to $127.3 million

3.5 percentage point increase year over year in total revenue yield to 129.5%3

33.5% increase year over year in recoveries of previously charged off receivables

1. Adjusted net income is a financial measure that has not been prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). See the disclaimer on "Non-GAAP Financial Measures" on slide 1 for a detailed description of such Non-GAAP financial measures and the appendix for a reconciliation of Non-GAAP financial measures to their most directly comparable GAAP financial measures.
2. Beginning with the quarter ended March 31, 2024, for all periods presented, the Company has updated its presentation and calculation of Adjusted EBT, and the corresponding presentations and calculations of Adjusted Net Income and Adjusted EPS, to no longer add back debt issuance cost amortization.

23. Beginning with the quarter ended June 30, 2023, for all periods presented, the Company updated its key performance metrics to reflect the Company's decision to wind down its SalaryTap and OppFi Card businesses. The key performance metrics presented are for the OppLoans product only and exclude the SalaryTap and OppFi Card products. Prior period metrics currently presented may differ slightly than previously reported due to the exclusion of SalaryTap and OppFi Card.

Key Company Highlights

Profitable Across

Business Cycles

9 consecutive years of net income1

Leading Proprietary

Credit & Technology

Platform

Real-time AI drove automation for 89% of decisions in 2023

Solid Revenue

Growth

31% 5-year CAGR2

Significant Scale

Facilitated more than $6.0 billion

in gross loan issuance covering over 3.5 million loans, since inception3

CEO and Executive Chairman as Largest Shareholder

Owner / operator dynamic aligns incentives to maximize shareholder value

Exceptional Customer Satisfaction

Net Promoter Score of 774;

4,300+ Trustpilot customer reviews with

4.5 / 5.0 average rating3

3	1. 2015-2023	3.	As of 3/31/2024
2. 2018-2023	4.	For Q1 2024 at the time of loan approval

High Percentage of Americans Lack Savings and/or Credit Access

63 million U.S.	62% of U.S.		56% of U.S. adults
consumers	consumers		do not have savings
are credit	live paycheck		to cover a $1,000
marginalized1	to paycheck2		unplanned expense3

	1. PYMNTS. "How Credit Insecurity is Changing U.S. Consumers' Borrowing Habits" PYMNTS.com, April 2023.
4	2.	PYMNTS. "New Reality Check: The Paycheck-to-Paycheck Report" PYMNTS.com, February 2024.
3.	Bankrate. "Bankrate's 2024 Annual Emergency Savings Report" Bankrate.com, February 2024.

OppFi Offers Market Leading Terms & Excellent Customer Experience

Market Leading Terms

• Simple interest, amortizing installment loans with no balloon payments
• No origination, late, or NSF fees
• No prepayment penalties
• Report to the 3 major credit bureaus
• Work compassionately with customers who require payment plan modification
• OppFi TurnUp Program helps eligible applicants find more affordable options by checking market for sub-36% APR products

OppFi Customers Can Use

Proceeds for any Unexpected

Expense

Auto Repair

Housing

Medical Family

Education

Exceptional Customer

Reviews

4.5/5.0

Trustpilot TrustScore1

77

Net Promoter Score (NPS)2

A

Rating with BBB 1

51. As of 3/31/2024

2. For Q1 2024 at the time of loan approval

OppFi Growth Strategy

Accelerate Profitable Growth

Drive profitable OppLoans

volume growth

• Continue to refine and enhance underwriting model, focusing on more favorable credit tiers
• Maintain low customer acquisition costs and grow lower cost channels, such as
  SEO

Diversify into new customer and product types via M&A

• Acquire platforms or assets providing accessible credit products to new customers
• Expand into adjacent service businesses with synergies to core product
• Achieve selected vertical integration

Serve more customers through

new relationships and

products

• Form new strategic channel relationships to reach more non-prime consumers at the point of need
• Maintain and grow network of aggregators

6

Q1 2024 Financial Highlights

$10.1M

Net Income

$8.8M

Adj. Net Income1

$0.29

Basic EPS

$0.10

Diluted EPS

$0.10

Adj. EPS1

Total Revenue

• Total revenue increased 6% year over year to $127M

Net Originations2,3

• Total net originations increased 2% year over year to $163M
• Total retained net originations decreased 2% year over year to $153M

Ending Receivables2

• Ending receivables increased 0.5% year over year to $371M

1. Non-GAAPFinancial Measures: Adjusted Net Income and Adjusted EPS are financial measures that have not been prepared in accordance with GAAP. See the disclaimer on "Non-GAAP Financial Measures" on slide 1 for a detailed description of such Non-GAAP financial measures and the appendix for a reconciliation of such Non-GAAP financial measures to their most directly comparable GAAP financial measures.
2. Beginning with the quarter ended June 30, 2023, for all periods presented, the Company updated its key performance metrics to reflect the Company's decision to wind down its SalaryTap and OppFi Card businesses. The key performance metrics presented are for the OppLoans product only and exclude the SalaryTap and OppFi Card products. Prior period metrics currently presented may differ slightly than

7previously reported due to the exclusion of SalaryTap and OppFi Card.

3. Total net originations are defined as gross originations net of transferred balance on refinanced loans, while total retained net originations are defined as the portion of total net originations with respect to which the Company ultimately purchased a receivable from bank partners or originated directly.

Q1 2024 Performance

Despite relatively steady receivables balances, a higher-yielding portfolio drove total revenue growth of 6% year over year for Q1.

$160	$160	$163	+2%	$370	$371	+0.5%	$120	$127	+6%
	$333
									$101

Q1 2022	Q1 2023	Q1 2024	Q1 2022	Q1 2023	Q1 2024	Q1 2022	Q1 2023	Q1 2024
Total Net Originations	Ending Receivables		Total Revenue
	($ Millions)			($ Millions)			($ Millions)

8

Q1 2024 Key Performance Indicators6

UNAUDITED QUARTER ENDED

($ in millions)	3/31/2024	3/31/2023

Total Net Originations1

$163

$160

Key Highlights6

Total net originations increased 2% year over year as a result of bank partners expanding into additional states, as well as enhanced lead evaluation capabilities driving higher quality applications, while Total Retained Net Originations decreased 2% year over year, attributed to one of our bank partners retaining a higher percentage of loans originated in certain states

Total Retained Net Originations1

Ending Receivables2

% of Originations by Bank Partners

Net Charge-Offs as % of Total Revenue3

Net Charge-Offs as % of Avg.

Receivables, Annualized3

Average Yield, Annualized4

Automatic Approval Rate5

$153	$156
$371	$370
100%	95%
48%	49%
62%	62%
130%	126%
73%	70%

Ending receivables increased 0.5% year over year as a result of a higher beginning receivables balance to begin 2024 relative to 2023

Annualized net charge-offs, as percentage of total revenue decreased to 48% from 49%, and as a percentage of average receivables held steady at 62%, a result of a higher yielding portfolio for the reasons discussed below combined with similar levels of charge-

offs year over year

Yield increased to 130% versus 126% year over year due to a decrease in delinquent loans in the portfolio, lower enrollment in hardship and assistance programs, and a relative shift from states with lower interest rates

Automatic approval rate increased to 73% from 70% year over year, reflecting the continued application of algorithmic automation projects that streamline the origination process

1. Total net originations are defined as gross originations net of transferred balance on refinanced loans, while total retained net originations are defined as the portion of total net originations with respect to which the Company ultimately purchased a receivable from bank partners or originated directly.
2. Receivables are defined as the unpaid principal balances of loans at the end of the reporting period.
3. Net charge-offs as a percentage of total revenue and net charge-offs as a percentage of average receivables represent total charge-offs from the period less recoveries as a percentage of total revenue and as a percentage of average receivables. Net charge-offs as a percentage of average receivables is presented as an annualized metric. Finance receivables are charged off at the earlier of the time when accounts reach 90 days past due on a recency basis, when OppFi receives notification of a customer bankruptcy or is otherwise deemed uncollectible.
4. Average yield is defined as total revenue from the period as a percent of average receivables and is presented as an annualized metric.

9 5. Auto-approval rate is calculated by taking the number of approved loans that are not decisioned by a loan processor or underwriter (auto-approval) divided by the total number of loans approved.

6. Beginning with the quarter ended June 30, 2023, for all periods presented, the Company updated its key performance metrics to reflect the Company's decision to wind down its SalaryTap and OppFi Card businesses. The key performance metrics presented are for the OppLoans product only and exclude the SalaryTap and OppFi Card products. Prior period metrics currently presented may differ slightly than previously reported due to the exclusion of SalaryTap and OppFi Card.