Better Home & Finance (BETR) investor relations material

Executive summary

• Loan volume grew 38% year-over-year to $1.67 billion in Q2 2026, surpassing guidance midpoint, with platform loan volume at $912 million, up 113% year-over-year.

• Total net revenues increased 28% year-over-year to $54.7 million, driven by higher loan origination volumes.

• Adjusted EBITDA loss improved to $(14.0) million, a 39% year-over-year improvement, including a $6.5 million benefit from a TRID reserve release.

• Leadership transition: Daniel Lewis appointed Interim CEO in August 2026, with founder Vishal Garg remaining on the Board.

• Emphasis on execution, cost discipline, and prioritizing sustainable profitability, with annualized cost savings target raised to over $45 million.

Financial highlights

• Q2 2026 loan volume: $1.67 billion (up 38% YoY); platform loan volume: $912 million (up 113% YoY); 5,724 total loans funded, up 42% YoY.

• Total net revenues: $54.7 million (up 28% YoY); gain on loans, net, increased 50% YoY to $51.5 million.

• Adjusted EBITDA loss: $(14.0) million, a 39% YoY improvement.

• Ended Q2 2026 with $102 million in cash and cash equivalents and $10 million in restricted cash.

• Purchase loans made up 49% of Q2 loan volume, refinance 33%, and home equity 18%.

Outlook and guidance

• Q3 2026 guidance: loan volume of $1.375–$1.525 billion, net revenues of $49–$52 million, adjusted EBITDA loss of $18–$15 million.

• Midpoint of Q3 guidance implies 20% loan volume growth and 22% revenue growth year-over-year.

• Adjusted EBITDA breakeven target by September will not be met; future breakeven timing depends on transaction volumes, revenue mix, and cost reductions.

• HELOC partnerships expected to contribute meaningfully starting in Q4; cost reduction target raised to over $45 million by year-end 2026.

• Management expects continued headwinds from elevated interest rates and constrained home affordability, but sees durable purchase demand.