Affirm : Investor Forum 2026 Presentation (d6cf59)

Published: 2026-05-12 18:37:07 ET AFRM

Published on 05/12/2026 at 06:37 pm EDT

May 12, 2026

Affirm Investor Forum

Panelist disclosure statement

All state men ts made and opinions expres sed by the panelists are solely their own and do not necess arily reflect the views of Affirm or its affiliates . You should not treat any such statements or opinions as a recommen dation to make a particular inve stme nt or follow a particular investme nt strate gy. Neither Affirm nor its affiliates has ve rified the accuracy or completenes s of such statement s or opinions.

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Use of Non-GAAP financial measures

To supple men t the Company's conden sed consolidated financial statements, which are prep ared and pres ented in accordance with generally accepted accounting principle s in the Unite d States (" GAAP"), the Company pres ents the following non -GAAP financial meas ures: transaction costs, transaction costs as a percentage of GMV, revenu e less transaction costs, re ve nue les s transaction costs a s a pe rcentage of GMV, non-GAAP sale s and marketing expens e, non-GAAP gen eral and administrative expen se, adjusted operating income (loss), adjusted operating margin, incremen tal adjusted operating margin, total platform portfolio, eq uity capital requ ired, and equi ty capital req uired as a perce ntage of total platform portfolio. Reconciliations of th ese non-GAAP financial meas ures with the most directly

comparable GAAP financial meas ures are includ ed in the appen dix to this prese ntation. Ho we ve r, a re conciliation of adjusted o pe rating income, adjuste d operating margin and adjuste d operating exp ens es as a pe rcentage of reven ue to the comparable GAAP mea sure is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variabliity of, expe nses that may be incurred in the future.

The Company's managemen t uses th ese non-GAAP financial meas ures in conjunction with financial measu res prep ared in accordance with GAAP for planning purpos es, including the prep aration of its annual operating budget, as a measu re of its operating resu lt s and the effe ctiveness of its busin ess strategy, and in evaluating its financial performance. Ho wever, non -GAAP financial information is pres ented for supple men tal informational purposes only, and the use of thes e non -GAAP financial meas ures has limitations as an analytical tool. Accordingly, you should not consider these non-GAAP financial meas ures in isolation or as substitute s for analysis of the Company's financial re sults as rep orted under GAAP, and thes e non -GAAP measu res should be considered along with other operating and

financial performance measu res pres ented in accordance with GAAP. You are encouraged to review the related GAAP financial mea sures and the reconciliations of thes e non-GAAP financial meas ures to the ir most dire ctly comparable GAAP financial measu re s and not

rely on any s ingle financial measu re to evaluate the busines s.

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Max Levchin

Building the network

Libor Michalek and Michael Linford

Affirm's structural advantages

Agenda

Wayne Pommen

#1: Merchant point of sale

Vishal Kapoor

#2: Affirm Card and digital wallets

#3: Agentic commerce

#4: Affirm Edge

Pat Suh

#5: International expansion

Product and strategy Q&A session

Rob O'Hare and John Marion

Funding and financial outlook

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Final Q&A session

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Max Levchin (Founder and Chief Executive Officer)

Building the network

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Checkout

01 Shipping

02 Payment

Pay with debit or credit

Or cont nue w ch

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Libor Michalek (President) and Michael Linford (Chief Operating Officer)

Affirm's structural advantages

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STRUCTURAL ADVANTAGES

Stronger models | Broader distribution

Affirm has two mutually reinforcing flywheels

Merchant-consumer network

Vertically-tegrated risk management

Improved credit & higher conversion | Deeper trust & adoption

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STRUCTURAL ADVANTAGES

Affirm has five core structural advantages

Network

effects

Transaction-level underwriting

Proprietary, full lifecycle data asset

Continuous model improvement

Enterprise commerce infrastructure

14 years

of network building

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1 Network effects

2 Transaction-level underwriting

3 Proprietary, full cycle data asset

4 Continuous model improvement

5 Enterprise commerce infrastructure

Affirm's network is multi-faceted, with returns to scale

all-time underwritten consumers1

Merchants

Capital Partners

Bank Partners

active merchants2

Consumers

Other Partners

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1 All-time underwritten consumers defined as an individual who has applied for a loan with Affirm. Based on Affirm internal data as of March 31, 2026.

2 Active merchants defined as a merchant which has a relationship with Affirm, or aplatformor wallet partner, and engages in at least one Affirm transaction duringthe twelve months prior to March 31, 2026.

1 Network effects

2 Transaction-level underwriting

3 Proprietary, full cycle data asset

4 Continuous model improvement

5 Enterprise commerce infrastructure

Transaction-level underwriting is a better wheel

Data signals

Approval rate at a given delinquency rate

Real-time underwriting & pricing

Offers

Amount / Term / APR / Down Payment / Promotions

100%

95%

90%

85%

Approval Rate

80%

75%

70%

65%

Affirm's advantage vs. FICO

Merchant conversion

Incremental GMV Higher AOV Program ROI

Consumer clarity & confidence

Relevant offers Affordability Control & flexibility

60%

55%

50%

0.50% 0.55% 0.60% 0.65% 0.70% 0.75%

Delinquency Rate Affirm FICO

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Delinquencyrate represents firs t payment delinquencies of 60+ days as apercentage of active balances, at the time of Affirm' s October 2025 model release.

Disclaimer

Affirm Holdings Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 22:36 UTC.