Investor Supplement Q4 2025 Investor Supplementary Financial Information The accompanying financial information excludes all financial statement disclosures and other information required by generally accepted accounting principles in the United States of America ("GAAP") and Securities and Exchange Commission (SEC) rules and regulations. However, MediaAlpha, Inc. ("MediaAlpha" or the "Company") has previously filed, or has publicly disclosed and will file, with the SEC, consolidated financial statements fo ...

Non-GAAP Financial Measures February 12, 2026 Definitions: Non-GAAP Financial Measures This presentation includes non-GAAP financial measures. This information should not be considered in isolation or as a substitute for related GAAP measures. Additionally, these measures as calculated by the Company may not be comparable to similarly titled measures used by other companies. ADJUSTED EPS OR DILUTED EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS We use diluted earnings per share excluding special items (adjusted ...

Core Insights - The company reported strong financial results for Q4 2025, with adjusted net trading income reaching $613 million, the highest quarterly total since Q1 2021 [6] - The firm is focused on broad growth initiatives, investing in infrastructure, talent acquisition, and capital expansion [4][21] - The favorable operating environment contributed positively to the results, with increased volatility and trading volumes [10][18] Financial Performance - Adjusted net trading income (ANTI) for Q4 2025 was $9.7 million per day, totaling $613 million, while the full year 2025 ANTI was $2.1 billion [6] - Adjusted EBITDA for Q4 was $442 million, representing a 72% margin, and for the full year, it was $1.4 billion with a 65% margin [7] - Adjusted EPS for Q4 was $1.85, and for the full year, it was $5.73, both representing highs since 2021 [7] Capital Management - The company increased its invested capital by $625 million in 2025, with $448 million added in the second half of the year [8][23] - The firm achieved a 100% return on incremental capital during the quarter, indicating effective capital deployment [11] - The company plans to continue expanding its capital base while maintaining a quarterly dividend of $0.24 per share [9] Market Segments - Market Making reported ANTI of $7.8 million per day for Q4 and $6.7 million per day for the full year 2025 [6] - Virtu Execution Services (VES) reached $2 million per day for Q4, marking the seventh consecutive quarter of increased ANTI [6] - The performance in VES reflects investments in technology and client acquisition, with strong execution across all products and geographies [7][19] Strategic Focus - The company aims to grow its trading capital dynamically in response to market opportunities, rather than focusing on a limited number of initiatives [21] - There is optimism regarding new market opportunities, including potential participation in emerging asset classes [14][27] - The firm is enhancing its product offerings and improving workflows to accommodate non-equity asset classes [19]

Financial Data and Key Metrics Changes - For Q4 2025, the company generated adjusted net trading income (NT) of $9.7 million per day, totaling $613 million, marking the highest quarterly total since Q1 2021 [7] - The full year 2025 adjusted NT was $8.6 million per day, or $2.1 billion in total [7] - Adjusted EBITDA for Q4 was $442 million, representing a 72% margin, while for the full year, it was $1.4 billion with a 65% margin [8] - Adjusted EPS for Q4 was $1.85, and for the full year, it was $5.73, both representing highs since 2021 [8] Business Line Data and Key Metrics Changes - Market Making reported NT of $7.8 million per day for Q4 and $6.7 million per day for the full year 2025 [7] - Virtu Execution Services (VES) reached $2 million per day for Q4 and $1.9 million per day for the full year [7] - VES experienced its seventh consecutive quarter of increased NT, indicating substantial progress and strong client engagement [8] Market Data and Key Metrics Changes - The favorable operating environment contributed to elevated volumes and strong execution across both operating segments [8] - The company noted increased volatility and higher equity share volumes as underlying drivers for performance [11] Company Strategy and Development Direction - The company plans to grow trading by investing in infrastructure, acquiring talent, and expanding its capital base, with a broad effort across the firm [5][32] - The focus is on increasing the total trading capital and dynamically responding to market opportunities [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the favorable operating environment and the potential for continued growth due to favorable market conditions [11][25] - The company aims to maintain a quarterly dividend of $0.24 per share while expanding its capital base [9] Other Important Information - The company increased its invested capital by $625 million in 2025, with an average return of 100% over the year [9] - The cash compensation ratio for the full year 2025 was at 19%, reflecting the focus on retaining and acquiring top talent [9] Q&A Session Summary Question: Did the strong performance come from areas outside of equities? - Management indicated that the favorable operating environment, including increased volatility and equity share volumes, contributed to performance across various asset classes, not just equities [11][12] Question: What is Virtu's exposure to the ETF market? - Management stated that Virtu is a large player in the ETF market, but quantifying the specific impact is challenging [15][16] Question: What are the top strategic priorities for 2026? - The focus is on broad growth initiatives across the firm, increasing trading capital, and investing in infrastructure and talent [32] Question: How much incremental capital was deployed during the quarter? - The company deployed over $600 million in incremental capital, with $450 million in the second half of the year [34] Question: Will innovations around clearing and settlement impact Virtu's PNL? - Management believes that while the exact economic impact is uncertain, increased complexity in the market can provide a competitive advantage [39]

Financial Data and Key Metrics Changes - For Q4 2025, the company generated adjusted net trading income (NT) of $9.7 million per day, totaling $613 million, marking the highest quarterly total since Q1 2021 [7] - The full year 2025 adjusted NT was $8.6 million per day, amounting to $2.1 billion [7] - Adjusted EBITDA for Q4 was $442 million, representing a 72% margin, while for the full year, it was $1.4 billion with a 65% margin [9] - Adjusted EPS for Q4 was $1.85, and for the full year, it was $5.73, both representing highs since 2021 [9] Business Line Data and Key Metrics Changes - Market Making reported NT of $7.8 million per day for Q4 and $6.7 million per day for the full year 2025 [7] - Virtu Execution Services (VES) reached $2 million per day for Q4 and $1.9 million per day for the full year, marking the seventh consecutive quarter of increased NT for VES [7][8] Market Data and Key Metrics Changes - The favorable operating environment contributed to elevated volumes and strong execution, with increased volatility and higher equity share volumes noted [12] - The company emphasized its global presence and ability to thrive across various asset classes, including fixed income, currencies, and commodities [24] Company Strategy and Development Direction - The company plans to grow its trading by investing in infrastructure, acquiring talent, and expanding its capital base, indicating a broad effort across the firm [5][30] - The focus is on increasing the total trading capital and dynamically responding to market opportunities [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the favorable operating environment and the potential for continued growth, particularly in the VES segment [12][30] - The company highlighted the importance of maintaining substantial buffers and excess capital while deploying capital where opportunities arise [33] Other Important Information - The company increased its invested capital by $625 million in 2025, with an average return of 100% over the year [10] - The cash compensation ratio for the full year 2025 was at 19%, reflecting the focus on retaining and acquiring top talent [9] Q&A Session Summary Question: Did the strong performance come from areas outside of equities? - Management confirmed that the favorable operating environment, including increased volatility and equity share volumes, contributed to the strong performance, with growth in trading capital also playing a role [12] Question: What is Virtu's exposure to the ETF market? - Management stated that Virtu is a large player in the ETF market, but quantifying the specific impact is challenging [15] Question: How impactful was the non-equity side of the business? - Management reiterated that the non-customer market-making business performed well, with a broad presence across various asset classes [24] Question: What are the top strategic priorities for 2026? - The company aims to grow across all areas, focusing on increasing trading capital and investing in infrastructure and talent [29] Question: How much incremental capital was deployed during the quarter? - Management indicated that over $600 million was added to trading capital, with a significant portion deployed effectively [33]

Financial Performance - Gloo's Q3 2025 total revenue reached $32.5 million, representing a 432% year-over-year growth[37] - Platform revenue in Q3 2025 was $19.8 million, a 226% increase year-over-year and a 127% increase compared to Q2 2025[37] - Platform Solutions revenue for Q3 2025 amounted to $12.7 million, showing a 71% growth from the previous quarter[37] - Adjusted EBITDA for Q3 2025 was -$19.2 million, an 88% decrease year-over-year and a 3% increase compared to Q2 2025[37] - The outlook for Q4 projects total revenue between $28 million and $30 million, indicating a 346% year-over-year growth[40] - Adjusted EBITDA for Q4 is projected to be between -$19.5 million and -$18.5 million[40] Strategic Initiatives - Gloo is building a leading vertical technology platform connecting the faith and flourishing ecosystem[12] - The company made two new acquisitions: one in church media and another in AI-powered voice and multilingual technologies[19, 20] - A definitive agreement was made to acquire Westfall Gold, a donor development service for nonprofit organizations[21, 22] - Gloo is advancing its AI strategy, including enhancing voice, transcription, and multilingual features through XRI Global[25, 26]

Third Quarter 2025 Earnings Supplement November 2025 Forward Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements include any statements about the Company's business, financial condition, operating results, plans, objectives, expectations and intentions, expansion plans, estimates of our total addressable market, our ...

Q3 2025 Financial Performance - Total revenues increased by 4% from $78905 thousand in Q3'24 to $82084 thousand in Q3'25[12] - Adjusted EBITDA increased by 15% from $292304 thousand in Q3'24 to $337675 thousand in Q3'25[12] - Adjusted Core EPS increased by 3% from $119 in Q3'24 to $122 in Q3'25[12] Transaction Activity - Total transaction volume grew across all executions[15] - Fannie Mae transaction volume increased from $4028 million in Q3'24 to $4513 million in Q3'25[16] - Freddie Mac transaction volume increased from $3602 million in Q3'24 to $4673 million in Q3'25[16] - HUD transaction volume increased from $2141 million in Q3'24 to $3664 million in Q3'25[16] Technology-Enabled Services - Apprise revenues increased by 21% from $3318 thousand in Q3'24 to $4025 thousand in Q3'25[24] - Small Balance Lending (SBL) revenues increased by 69% from $5249 thousand in Q3'24 to $8891 thousand in Q3'25[26] Capital Markets - Consolidated Total Transaction Volume increased by 34% from $11616107 thousand in Q3'24 to $15515495 thousand in Q3'25[30] - Total Revenues increased by 26% from $143712 thousand in Q3'24 to $180754 thousand in Q3'25[30] Servicing & Asset Management - Total revenues increased by 4% from $144884 thousand in Q3'24 to $150628 thousand in Q3'25[31] - Adjusted EBITDA increased by 2% from $117455 thousand in Q3'24 to $119423 thousand in Q3'25[31]

Financial Performance - Consolidated Adjusted EBITDA for Q3 2025 was $70.9 million[9], driven by the rail segment and Long Ridge operating performance[14] - Net loss for Q3 2025 was $(118.3) million[9] - Rail Segment Adj EBITDA was $29.1 million in 3Q'25, up from $20.7 million in 2Q'25[9, 29] - Long Ridge Adj EBITDA was $35.7 million in 3Q'25, with a power plant capacity factor of 96%[9, 15] - Jefferson Terminal Adj EBITDA was $11.0 million in 3Q'25[9, 15] - Repauno Adj EBITDA was $0.7 million in 3Q'25, a significant improvement from $(2.1) million in 2Q'25[9, 46] Strategic Initiatives and Capital Structure - The company closed the Wheeling and Lake Erie Railway (W&LE) transaction in the final week of August, contributing $8.4 million in Adj EBITDA over a five-week span[14] - Long Ridge commenced West Virginia gas sales in the third week of August, contributing $1.4 million in Adj EBITDA[14] - Total debt, net increased from $3.085 billion on June 30, 2025, to $3.728 billion on September 30, 2025[18] - The company is planning a near-term refinancing of its $1.25 billion parent-level term loan[19, 21]

Non-GAAP Financial Measures Definitions - The company uses non-GAAP financial measures, but they should not be considered a substitute for GAAP measures[2] - Adjusted EPS excludes special items to evaluate operational performance and compare results across periods[3] - Adjusted operating cash flow excludes special items to evaluate the performance of continuing operations and compare cash flow results[4] - Free cash flow is adjusted operating cash flow minus maintenance capital expenditures, used to assess financial performance and strengthen the balance sheet[5] - Adjusted EBITDA is calculated per the credit agreement, excluding certain charges and credits, to measure financial performance and evaluate debt service ability[6] Q3 2025 vs Q3 2024 Performance - Net income attributable to common stockholders was $117.5 million in Q3 2025, compared to $117.8 million in Q3 2024[7] - Diluted EPS was $0.83 in Q3 2025, compared to $0.81 in Q3 2024[7] - Adjusted EPS was $0.87 in Q3 2025, compared to $0.79 in Q3 2024[7] - Free cash flow was $181.9 million in Q3 2025, compared to $185.0 million in Q3 2024[8] 2025 Financial Outlook - The company expects adjusted EPS to be between $3.80 and $3.90[9] - The company expects net cash provided by operating activities excluding special items to be between $910 million and $950 million[9]