Investor Presentation Q4 2025 January 2026 Disclaimer Use of Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures (including on a forward-looking basis) such as Adjusted Net Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EPS, ROTCE, Adjusted Net Income, Adjusted Net Income Margin, Adjusted Noninterest Income, and Tangible Book Value. These non-GAAP measures are in addition to, and not a substitute for or superior to, measures of financial performance prepare ...

Group 1: Robinhood Markets - Robinhood Markets experienced significant growth in 2025, ending the year up more than 200% and achieving a three-year gain of 1,000% [1] - Despite its past performance, Robinhood's stock has declined by 23% over the past three months after reaching a high in October [1] - Investor concerns include the company's reliance on cryptocurrency and its high valuation, suggesting that it may not be the right time to invest in Robinhood shares [1] Group 2: SoFi Technologies - SoFi Technologies is highlighted as a strong financial stock to consider for 2026 due to its robust growth and increasing profitability [2] - In 2025, SoFi reported record customer growth, adding over 900,000 new accounts in the third quarter alone [3] - The majority of SoFi Money deposits (90%) are direct deposits, indicating a stable customer base that is likely to grow as these customers advance in their careers [4] - SoFi's asset growth over the past five years is compared favorably against the five largest U.S. banks, indicating significant growth potential [5][6] - The company's management is focused on maintaining momentum through a diverse growth strategy, including the introduction of new products and services [7] - SoFi's stock gained 70% in 2025, which is considered a safer investment compared to Robinhood due to its lower susceptibility to market volatility and reduced exposure to cryptocurrency [8] - The growth of SoFi is attributed to more reliable revenue streams and its appeal to a broader audience seeking digital financial services [9]

Core Viewpoint - SoFi Technologies is experiencing stock pressure ahead of its Q4 earnings announcement, despite strong operational results and growth in revenue and earnings [1] Group 1: Financial Performance - SoFi is expected to deliver strong revenue growth in Q4, supported by a growing member base and expanding fee-driven revenue [4] - In Q3, SoFi's financial services and technology platform segments generated $534 million in revenue, a 57% year-over-year increase, now accounting for over half of total revenue [6] - Fee income in Q3 reached $409 million, up 50% from the previous year, driven by various sources including loan platform business, origination and referral fees, brokerage fees, and interchange revenue [7] Group 2: Business Model and Strategy - SoFi's shift toward a low-risk, fee-driven model is expected to enhance growth by reducing dependence on interest-rate-sensitive lending income [2] - The company is diversifying its revenue streams and strengthening its balance sheet, which supports long-term earnings stability [5] - SoFi's capital-light, non-lending businesses are scaling rapidly, becoming a larger part of the overall revenue mix [5]

Group 1: Banking Trends - A significant shift in banking preferences is observed, with only 4% of Gen Z and Millennial customers favoring branch visits, and just 8% of all customers conducting most of their banking at a branch [1] - The majority of Baby Boomers (41%) prefer online banking via laptop or PC, indicating a broader trend towards digital banking across generations [1] - 55% of bank customers now manage their accounts primarily through mobile apps, reflecting the growing reliance on technology for banking transactions [1][2] Group 2: SoFi Technologies Overview - SoFi Technologies has evolved from a niche player to a major financial institution with a market capitalization of $35 billion, total assets of $45 billion, and $3.3 billion in revenue over the past 12 months [13] - The company is currently the 53rd largest bank by assets in the U.S., with significant growth potential as it aims to capture a larger share of the market [14] - SoFi's CFO projects the addition of over 3.5 million members and a 36% growth in adjusted net revenue, targeting $3.54 billion for the year [15] Group 3: Financial Performance and Projections - In Q3, SoFi reported $962 million in revenue, a 38% year-over-year increase, and a profit of $0.11 per share, which is 120% higher than the previous year [20] - Management has raised its full-year revenue guidance to $3.54 billion and net income forecast to $455 million, reflecting strong performance and optimistic growth outlook [22] - Analysts expect SoFi's revenue to grow to $4.44 billion in 2026, with an EPS of $0.57 [23] Group 4: Stock Analysis and Price Target - Analyst Stephen Guilfoyle suggests that current market conditions present a good buying opportunity for SoFi Technologies stock, despite a bearish posture in technical analysis [24] - Guilfoyle has set a price target of $36 for SoFi stock, with potential for significant appreciation in the long term, possibly reaching $100 [25][26] - JP Morgan has also raised its price target for SoFi to $31, indicating positive sentiment among analysts [26]

Summary of SoFi Technologies Conference Call Company Overview - **Company**: SoFi Technologies (NasdaqGS: SOFI) - **Date**: December 03, 2025 - **Key Speakers**: CFO Chris Lapointe, Investor Relations Mike Ioanilli, Michael DeGrosso Key Points Financial Performance - SoFi raised full-year guidance for revenue, EBITDA, income, EPS, and total members, expecting to add over **3.5 million members** and generate **$3.54 billion** in Adjusted Net Revenue, representing **36% growth** [3][2] - The company achieved a record high of **9%** unaided brand awareness, significantly up from low single digits in 2019-2020 [4] - Fee-based revenue sources accounted for **40%** of total revenue, up from **25%** previously, indicating a shift towards less risky, capital-light revenue streams [5] Business Segments - **Lending**: Strong momentum in student loan refinancing, home loans, and unsecured personal loans. The financial services business saw a **70%** increase in interchange and brokerage fees year-to-date [4] - **Cross-buy Strategy**: **40%** of new products were opened by existing members, marking the fourth consecutive quarter of increasing cross-buy rates [6][7] - **Loan Platform Business**: Originated **$3.4 billion** on behalf of partners, with a run rate of **$13 billion** and generating **$660 million** in annualized revenue [20] Product Innovation - Continued investment in product innovation, particularly in personal loans, student loan refinancing, and home equity loans, with a focus on expanding market share [9][10] - New product launches include SoFi Crypto, SoFi Pay for global remittance, and SoFi Stablecoin, aimed at enhancing the company's offerings in the crypto space [14][16] Market Opportunities - The total addressable market for student loan refinancing is estimated at **$400 billion**, with a potential **25%** increase in market size for every **50 basis point** drop in rates [25] - The GradPlus program presents a **$14 billion** market opportunity, targeting high-income borrowers such as doctors and lawyers [26] - Home loans represent a significant growth opportunity, with only **2%** of SoFi members currently using SoFi for mortgages [27][28] Credit Quality and Funding - Improvement in net charge-off rates and delinquency rates, with NCO rates down **20 basis points** [29] - Net interest margin (NIM) maintained at **5.84%**, above guidance of **5%**, due to healthy asset yields and lower cost of funds [30][31] Future Outlook - The company is exploring both organic and inorganic growth opportunities, with capital levels above **20%** providing flexibility for potential M&A [42][43] - Continued focus on driving sustainable revenue growth through reinvestment of **70%** of incremental revenue back into the business [11][12] Technology Platform - Revenue growth in the tech platform segment was up **12%**, driven by new client acquisitions and existing client monetization [36] - Partnerships with large consumer brands like Southwest and T-Mobile highlight the company's technology capabilities [38] Additional Insights - The company is positioned to leverage regulatory pressures in the financial sector to enhance its product offerings and market presence [39] - The focus on lifetime value for members rather than individual product metrics is a key strategic approach [32]

Summary of SoFi Technologies Conference Call Company Overview - **Company**: SoFi Technologies (NasdaqGS: SOFI) - **CEO**: Anthony Noto - **Industry**: Financial Services, Digital Banking, Cryptocurrency Key Initiatives and Growth - SoFi has transformed into a full-service digital bank since 2018, focusing on helping overachievers achieve their financial ambitions [4][5] - Revenue growth from approximately $250 million in 2018 to an expected over $3.5 billion, with membership increasing from 650,000 to over 12 million, representing a growth of about 35% [6][7] - The company has maintained profitability for eight consecutive quarters, with an average revenue growth plus EBITDA margin exceeding 40% [7][8] Product Diversification - Lending now accounts for about 45% of revenue, down from 100%, indicating a shift towards a more diversified product offering [8] - New initiatives include the launch of a crypto trading platform and the introduction of SoFi USD stablecoin, aimed at enhancing payment capabilities and expanding market reach [10][11] SoFi Pay - SoFi Pay is designed to compete with existing digital wallets, allowing users to manage funds from various accounts and facilitating international remittance [16][18] - The product aims to increase brand awareness and customer acquisition, targeting both existing and new customers [21][22] Cryptocurrency Strategy - SoFi is the first national bank to offer crypto trading in the U.S., with a focus on safety and regulatory compliance [24][26] - The crypto trading platform integrates with SoFi Money accounts, allowing users to earn interest while holding funds [26][27] - The company plans to roll out additional crypto-related products, including institutional trading capabilities [29] AI Integration - SoFi is leveraging AI for various applications, including account security, dispute resolution, and personalized financial advice through features like Cash Coach [32][33] - The use of AI is expected to enhance customer engagement and reduce operational costs [38] Consumer Health and Credit Performance - SoFi targets higher-income customers, with an average FICO score of around 750, and has seen strong credit performance despite increased originations [40][41] - The company has not observed deterioration in consumer credit, with a focus on maintaining underwriting standards [41][42] Student Loans and Home Lending - SoFi offers refinancing for student loans and is positioned to capitalize on the potential market for graduate school loans due to changes in government funding [44][46] - The home loans business is expected to grow significantly, with plans to refinance existing mortgages as rates decline [62] Technology Platform Business - SoFi's technology platform is designed to support large banks and financial institutions, providing services that enhance their capabilities in digital assets and blockchain [66][67] - The company is actively hiring to meet demand for its technology services [57] Market Position and Competitive Advantage - SoFi aims to differentiate itself through its national bank charter, which provides a level of safety and soundness that non-bank competitors may lack [30][31] - The company is focused on maintaining competitive pricing and service quality in the crypto trading space [73] Conclusion - SoFi Technologies is positioned for significant growth through product diversification, strategic use of technology, and a focus on customer engagement, while navigating the complexities of the financial services landscape. The company is optimistic about its future prospects, particularly in the areas of cryptocurrency and home lending.

Core Insights - SoFi Technologies' third-quarter results exceeded expectations, with shares dropping approximately 14% post-release, indicating a short-term sentiment correction rather than a fundamental issue [1] Financial Performance - SoFi reported record adjusted net revenue of $950 million, a 38% year-over-year increase, surpassing estimates by 6.6%, marking the eighth consecutive profitable quarter [2][6] - Net income reached $139 million, translating to earnings per share of 11 cents, exceeding consensus estimates by 22% [2] - Adjusted EBITDA was a record $277 million with a 29% margin, while non-lending revenues surged 57% year over year [19] Membership and Product Growth - The membership base expanded by 905,000 new members in the quarter, totaling 12.6 million [5][6] - The company reported 1.4 million new products, with 40% opened by existing members, indicating strong cross-sell capabilities [10] - Fee-based revenues reached a record $409 million, up 57% from the previous year, and are annualizing at over $1.6 billion [12] Strategic Initiatives - SoFi launched SoFi Pay for international payments via blockchain and plans to introduce a SoFi USD stablecoin in 2026 [13] - The relaunch of crypto trading features and the introduction of the AI-driven SoFi Coach are aimed at enhancing user engagement [14] - The SoFi Smart Card was unveiled, offering 5% cash back on food purchases and credit-building features [15] Marketing and Brand Awareness - A partnership with NFL MVP Josh Allen to promote SoFi Plus has increased brand awareness, which has reached an all-time high of 9.1% among U.S. consumers [16] Future Outlook - Management raised 2025 guidance across all metrics, expecting to add about 3.5 million members, adjusted net revenues of $3.54 billion, and adjusted EBITDA of $1.035 billion [21][22] - The company’s tangible book value growth is forecasted at approximately $2.5 billion, significantly above prior guidance [21] Industry Position - SoFi is positioned as a dynamic player in the digital finance sector, with a focus on innovation, brand building, and diversification across capital-light revenue streams [23][24]

Core Insights - SoFi's Q3 earnings report indicates strong credit performance among its prime borrowers, with personal loan charge-offs decreasing to 2.60% from 2.83% in Q2 and student loan charge-offs easing to 0.69% [1][4][8] - The company reported record GAAP net revenue of $961.6 million and net income of $139 million for Q3, alongside a significant increase in membership and product offerings [10] Financial Performance - Personal loan charge-offs fell to 2.60% from 2.83% in the previous quarter, with 90-day delinquencies stable at 43 basis points; student loan charge-offs decreased to 0.69% with 90-day delinquencies at 14 basis points [1][4] - SoFi's personal loan borrowers have a weighted-average FICO score of 745, while student loan borrowers average a score of 773, indicating a strong credit profile [4] - The company achieved nearly $20 billion in annualized transactions through SoFi card and deposit spend, reflecting a 55% year-over-year increase [6] Market Position and Strategy - CEO Anthony Noto highlighted a "flight to quality" among capital markets partners, with increased commitments to buy SoFi-originated loans, suggesting confidence in the company's loan performance [6][8] - The Loan Platform Business originated $3.4 billion for third parties in Q3, and SoFi executed a $466 million securitization backed by those loans [6][8] Product Development and Future Outlook - SoFi launched several new products, including SoFi Pay, a blockchain-enabled remittance service, and plans to relaunch crypto trading, along with a SoFi-branded stablecoin expected in 2026 [9][10] - Management raised full-year 2025 guidance for adjusted revenue to $3.54 billion and adjusted EBITDA to $1 billion, indicating confidence in sustained growth [11]

Core Insights - The company is experiencing significant traction among affluent, younger demographics, with a strong performance reflected in 17 consecutive quarters of revenue growth and margins exceeding the attractive "rule of 40" for technology investors, averaging 58% and reaching 67% this quarter [1] - The company reported a 30% revenue growth and 29% EBITDA margins, attributed to a diverse product set developed over the past eight years, leading to durable growth and strong profitability [2] - 56% of revenue came from nine lending segments, showing a meaningful increase of 57%, with product member growth at 35% and 36% product growth, indicating effective strategy execution [3] Investment and Strategic Developments - Vedere is making a $1 billion equity investment in Nokia, acquiring shares at $6.01 per share, which will help Nokia accelerate its strategic plans [4] - The fintech market is currently favorable for companies that announce new initiatives, as seen with PayPal's stock performance following their announcements [5] - The company is benefiting from two technology super cycles: blockchain and artificial intelligence, with ongoing product releases impacting business positively [6] Product Innovations - The company launched Sofi Pay, allowing payments in the U.S. through its app for money remitted internationally to Mexico, utilizing Layer two blockchain technology [7] - Plans to expand services to Europe and launch cryptocurrency trading capabilities by the end of the year, positioning itself as the first national bank in the U.S. to offer such services [8][9] - A stablecoin is set to launch next year, expected to impact various business segments and be offered to technology platform partners [10] Credit Performance and Market Position - The company targets prime and super prime customers, with strong credit performance evidenced by a sequential improvement in net charge-offs by 20 basis points [12] - Average FICO scores for personal loans and refinancings are 740 and 750, respectively, indicating strong credit quality and demand from capital markets partners [13] - The loan platform business has surpassed $3 billion, up $900 million sequentially, reflecting a flight to quality in the market [13] Workforce and Future Initiatives - The company is accelerating investment and expanding its workforce, having hired more engineers this year than in previous years, with no signs of slowing down [17] - New initiatives include the smart card and Cash Coach, aimed at optimizing cash management for users [15][16]

Group 1 - SoFi Technologies Inc. is highlighted as a top credit services stock to consider amid the US rate cut, with Truist raising its price target from $23 to $29 while maintaining a Hold rating [1] - Truist's update is part of a broader research note anticipating strong Q3 earnings across the Payments and FinTech sector, driven by resilient consumer spending [2] - Despite the positive outlook for Q3, Truist warns that Q4 guidance may disappoint for some companies due to challenging year-over-year comparisons following last year's strong holiday season [2][3] Group 2 - SoFi Technologies offers a diverse range of financial products, including student loan refinancing, personal loans, home loans, and a banking app, targeting tech-savvy consumers with good credit scores [4] - The company provides user-friendly applications and competitive rates through products like SoFi Money, SoFi Invest, and a credit card [4]