FinVolution Group I n v e s t o r P r e s e n t a t i o n August 2025 This presentation has been prepared by FinVolution Group (the "Company") pursuant to Section 5(d) of the U.S. Securities Act of 1933, as amended (the "Securities Act") solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment activity or trading strategy, nor may it or any part of it form the basis of or be relied on in c ...

Core Viewpoint - goeasy Ltd. successfully closed an upsized offering of senior unsecured notes, reflecting strong market demand and confidence in its business [1][3] Group 1: Offering Details - The company closed an offering of US$450 million in senior unsecured notes due 2031, increased from an initial US$400 million [1] - Additionally, goeasy issued C$175 million in 6.000% senior unsecured notes due 2030, up from C$100 million at the initial offering [1] - The New CAD Notes were issued at a price of C$997.50 per C$1,000 principal amount, plus accrued interest from May 15, 2025 [1] Group 2: Financial Strategy - goeasy entered into a currency swap agreement to reduce the Canadian dollar equivalent cost of borrowing on the USD Notes to 6.106% per annum, down from a coupon of 6.875% [2] - The net proceeds from the sale of the notes will be used to partially repay indebtedness under secured facilities and for general corporate purposes [2] Group 3: Company Overview - goeasy Ltd. is a leading consumer lender in Canada, providing financial services to individuals with near to non-prime credit scores [1] - The company operates through its easyhome, easyfinancial, and LendCare brands, offering a variety of financial products including unsecured and secured installment loans [3] - goeasy has a total funding capacity of C$2.3 billion to support its growth plans [3] Group 4: Awards and Recognition - goeasy has received several awards for its corporate culture and growth, including recognition from TIME Magazine and Waterstone Canada [4] - The company has raised and donated over C$6.5 million to support local charities and partnerships [4]

Loan Portfolio & Origination - The total loan portfolio reached $2,485 million as of June 30, 2025, reflecting a 4.2% increase compared to June 30, 2024[15] - Recreation loans constitute 62.2% of the total loan portfolio, amounting to $1,546.3 million as of June 30, 2025, a 3.3% increase year-over-year[15] - Home Improvement loans represent 32.3% of the portfolio, totaling $803.5 million, showing a 3.9% increase from the previous year[15] - Commercial loans account for 4.9% of the portfolio, reaching $121.4 million, a significant 10.2% increase compared to June 30, 2024[15] - Strategic Partnership loan originations totaled $168.6 million[13] Financial Performance - Net interest income for the second quarter of 2025 was $53.4 million[28, 35] - The company reported a net income attributable to Medallion Financial Corp of $11.1 million for the second quarter of 2025[31] - The net interest margin was 8.09% on gross loans and 8.42% on net loans[14, 35] - The company declared a dividend of $0.12 per share per quarter[14, 54] - Operating costs as a percentage of net interest income were 40% for the year-to-date period ending June 30, 2025[48]

Group 1: Barclays - Barclays stock reached a 52-week high of $20 after reporting Q2 EPS of $0.62, exceeding estimates by 24% [2] - Year-over-year, Barclays' Q2 earnings increased by 47% from $0.42, driven by a 20% sales growth to $9.59 billion [2][3] - The bank's valuation remains attractive, trading at 8.9X forward earnings and under 2X forward sales, compared to European peers [3] Group 2: Cincinnati Financial - Cincinnati Financial reported Q2 EPS of $1.97, surpassing estimates by nearly 42% and reflecting a 53% increase from $1.29 in Q2 2024 [4] - The company has a 2.28% annual dividend yield, significantly higher than the S&P 500's average of 1.16% and the industry average of 0.27% [5] - Cincinnati Financial is recognized as a Dividend King, having increased its dividend for over 50 consecutive years with an annualized growth rate of 8.39% [5] Group 3: LendingClub - LendingClub posted Q2 earnings of $0.33, exceeding estimates by 120% and increasing from $0.13 in the prior year [8] - The company achieved Q2 sales of $248.43 million, which was 10% above expectations and a 32% increase from $187.24 million a year ago [8] - LendingClub has consistently surpassed EPS estimates for 10 consecutive quarters, with an average earnings surprise of 53.93% in the last four reports [9]

Core Viewpoint - Medallion Financial Corp. reported a 56% increase in net income year-over-year for the second quarter of 2025, reflecting strong performance across its core lending businesses and disciplined execution [3][6]. Financial Performance - Net income grew to $11.1 million, or $0.46 per share, compared to $7.1 million, or $0.30 per share, in the prior year quarter [6]. - Net interest income increased by 7% to $53.4 million from $49.9 million in the prior year quarter [6]. - Loan originations rose to $375.0 million, up from $309.1 million in the prior year quarter, with strategic partnership loan originations significantly increasing to $168.6 million from $24.3 million [6][4]. - The loan portfolio as of June 30, 2025, was $2.485 billion, a 4% increase from $2.386 billion a year ago [6]. Business Segment Highlights - The recreation lending segment saw loans grow 3% to $1.546 billion, representing 62% of total loans [7]. - Home improvement loans increased by 4% to $803.5 million, accounting for 32% of total loans [11]. - The commercial lending segment's loans grew to $121.4 million, with originations of $168.6 million during the quarter, compared to $24.3 million a year ago [11][12]. Equity Investments - The commercial division generated net gains from equity investments totaling $27.6 million over the past two years, with significant gains in six of the past eight quarters [4]. - As of June 30, 2025, the company had a portfolio of more than 30 equity investments valued at $8.1 million on the balance sheet [4]. Dividend and Stock Repurchase - The company declared a quarterly cash dividend of $0.12 per share, unchanged from the previous quarter and 20% higher than the same quarter last year [14]. - During the quarter, the company repurchased 48,166 shares of its common stock at an average cost of $9.44 per share, totaling $0.5 million [18]. Balance Sheet Overview - Total assets amounted to $2.880 billion, up from $2.761 billion a year ago, primarily due to an increase in prepaid expenses [17]. - Total liabilities were $2.347 billion, slightly up from $2.338 billion a year ago [17]. - The net book value per share as of June 30, 2025, was $16.77, a 10% increase from $15.25 a year ago [6].

Group 1 - The article discusses the author's long-term experience in analyzing various industries, including consumer lending, and highlights the importance of understanding business fundamentals [1] - The author emphasizes the value of learning from past crises and applying that knowledge to new business models and technologies [1] Group 2 - The article does not provide any specific financial data or performance metrics related to First Cash Holdings or the consumer lending industry [2][3]

Core Viewpoint - Institutional Shareholder Services Inc. (ISS) has recommended stockholders vote for the election of Warren Wilcox to Oportun's Board of Directors and withhold votes for CEO Raul Vazquez due to his poor performance and governance issues [1][2]. Group 1: Corporate Governance Issues - ISS highlighted years of poor corporate governance at Oportun, linking it to a significant decline in share price, approximately 55% since the company's IPO in 2019 [1][2]. - The board's structure includes features that do not align with shareholder interests, such as a classified board and supermajority vote standards, which limit shareholder actions [2]. - There are serious concerns regarding board composition and independence, raising questions about the board's ability to hold management accountable [2]. Group 2: Performance and Strategic Decisions - Oportun's shift away from its core business in 2021 was described as value destructive, leading to increased costs and eroded profitability [2]. - The board's support for poor governance practices has resulted in consistent opposition from shareholders, as reflected in historical voting results [2]. Group 3: Recommendations for Change - The election of Warren Wilcox is seen as beneficial, providing an independent perspective and relevant experience in consumer lending, which could help improve governance and strategic decisions [2][3]. - Findell Capital Partners emphasizes the need for change in leadership to break the cycle of value-destructive decisions and refocus on Oportun's core strengths in lending [3].

Company Strategy & Performance - Oportun shifted its focus from growth to profitability, reduced headcount, and streamlined operations due to changing economic conditions in early 2022[7] - Oportun's actions led to improved credit metrics, increased profitability, and a more than doubled stock price over the last 12 months[7] - Oportun is focused on three strategic priorities: improving credit outcomes, strengthening business economics, and identifying high-quality originations[14] - Oportun's strategy is delivering results, with progress on credit performance, expense discipline, and profitability[37] - Oportun achieved an Adjusted EBITDA of $105 million and Adjusted EPS of $0.72 in FY24[19] Findell's Proxy Contest - Findell Capital Management is pursuing a proxy contest to remove Oportun's CEO from the Board[7] - Oportun believes Findell's remaining ideas are not in the best interests of the company or its stockholders[17] - Oportun has concerns about Findell's nominee, Warren Wilcox, and his suitability as a fiduciary[17] - Oportun believes Findell's comparisons to OneMain Financial are misguided, as Regional Management is a more appropriate comparator[47] Board & Governance - Oportun's Board has been actively refreshed over the last several years and is best positioned to oversee the company's strategy[51] - Oportun is reducing the size of the Board, consistent with best practices and Findell's feedback[163]

Financial Data and Key Metrics Changes - Revenue grew by 18% year over year, reaching an annualized run rate of nearly $1,200,000,000 [7] - Fee revenue less production costs (FRLPC) increased by 26%, reaching an annualized run rate of over $460,000,000 [7] - Adjusted EBITDA doubled year over year to an annualized equivalent of approximately $320,000,000 [7] - Achieved positive GAAP net income of $8,000,000, marking the first quarter of profitability as a public company [7][27] - Operating income rose to $48,000,000, up more than five times year over year [27] Business Line Data and Key Metrics Changes - Personal loans volume grew by 17% from year-ago levels, with stable application conversion rates at approximately 1% [25] - Auto loans volumes increased nearly 50% sequentially, reaching an annualized run rate of over $1,100,000,000 [19] - Point of sale lending remains robust, with expectations for continued growth as partnerships expand [20] Market Data and Key Metrics Changes - Network volume was $2,400,000,000, slightly below guidance due to lower SFR volume, but grew by 26% year over year excluding SFR [24] - The contribution of FRLPC from lending product fees rose to 77%, compared to 63% a year ago [26] Company Strategy and Development Direction - The company emphasizes a balanced and diversified growth strategy, focusing on profitable growth and efficient operations [6][10] - A commitment to responsible credit underwriting while driving consistent revenue and profitability is central to the company's strategy [14] - The introduction of proactive prescreen products aims to enhance value for lending partners and improve customer engagement [12][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledges heightened macroeconomic uncertainty but remains focused on long-term growth and stability [10][11] - The company is well-positioned to navigate potential changes in consumer health and credit performance, with a diversified funding mechanism [11] - Future guidance reflects cautious optimism, with expectations for continued growth in personal loans and auto lending, offset by a decrease in SFR volume [34] Other Important Information - The company raised $800,000,000 in April for personal loan and auto loan ABS programs, demonstrating strong capital efficiency [13][32] - The balance sheet is robust, with $230,000,000 in cash and $760,000,000 in investments in loans and securities as of March 31 [33] Q&A Session Summary Question: How does the company position itself for economic uncertainty at the product level? - Management emphasizes building a long-term business that balances growth and profitability, with a focus on responsible credit underwriting and diversified funding [39][41] Question: What is the scaling potential of the prescreen product? - The prescreen product is expected to significantly lower acquisition costs for partners, enhancing customer growth and engagement [50][53] Question: What are the key drivers behind the addressable markets of personal loans, auto, and POS? - The company aims to enhance customer acquisition and retention through advanced data analytics and seamless lending experiences across all three markets [60][62] Question: What is the outlook for fair value adjustments moving forward? - Management indicates that fair value adjustments will reflect the ongoing performance of the portfolio, with expectations for stability in the coming quarters [72][77] Question: What is the current state of the ABS market and any changes in pricing? - The company notes that while spreads have widened recently, it remains well-positioned to manage pricing and maintain profitability [84][86]

Financial Data and Key Metrics Changes - Revenue grew by 18% year over year, reaching an annualized run rate of nearly $1,200,000,000 [6] - Fee revenue less production costs (FRLPC) increased by 26%, reaching an annualized run rate of over $460,000,000 [6] - Adjusted EBITDA grew by 100% to an annualized equivalent of approximately $320,000,000 [6] - Achieved positive GAAP net income of $8,000,000, marking the first quarter of profitability as a public company [6][26] - Operating income increased to $48,000,000, up more than five times year over year [26] Business Line Data and Key Metrics Changes - Personal loans volume grew by 17% from year-ago levels, with stable application conversion rates at approximately 1% [24] - Auto loans volumes increased nearly 50% sequentially, with an annualized run rate exceeding $1,100,000,000 [19] - Point of sale lending remains robust, with expectations for continued growth in this segment [19] Market Data and Key Metrics Changes - Network volume was $2,400,000,000, slightly below guidance due to lower SFR volume, but grew by 26% year over year excluding SFR [23] - FRLPC as a percentage of network volume rose by 100 basis points year over year to 4.8% [25] - The contribution of lending product fees increased to 77% in the quarter compared to 63% a year ago [25] Company Strategy and Development Direction - The company is focused on responsible and profitable growth, balancing growth with profitability [14][15] - Emphasis on leveraging unique data advantages and investments in products to add value to lending partners [14] - The introduction of proactive prescreen products aims to enhance the value proposition for lending partners [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledges heightened macroeconomic uncertainty but remains committed to a prudent growth strategy [10][11] - The company is well-positioned to navigate potential changes in consumer health and credit performance [11] - Full-year guidance reflects momentum and resilience, with expectations for continued growth in personal loans and auto lending [33] Other Important Information - The company raised $800,000,000 in April for personal loan and auto loan ABS programs, demonstrating strong capital efficiency [13] - The balance sheet is anchored by $230,000,000 in cash and $760,000,000 in investments in loans and securities [32] - The company does not plan to raise equity capital in the foreseeable future, indicating a self-funded business model [31][32] Q&A Session Summary Question: How does the company position itself for economic variability at the product level? - Management emphasizes building a long-term business that balances growth and profitability, with a focus on responsible credit underwriting and diversified funding mechanisms [39][40][44] Question: How should prescreening be viewed in terms of scaling and impact on volumes? - Prescreening is expected to significantly lower acquisition costs and enhance customer engagement, contributing positively to the personal loans business [51][52] Question: What are the key drivers behind the addressable markets of personal loans, auto, and POS? - The company aims to enhance customer acquisition and retention through improved marketing strategies and seamless lending experiences across all three markets [60][62]