Enova International (ENVA) investor relations material

Executive summary

• Q1 2026 originations grew 33% year-over-year to $2.3 billion, with total revenue up 17% to $875 million and strong credit performance.

• Portfolio reached $5.3 billion, with small business products at 70% and consumer products at 30%.

• Adjusted EPS rose 30% to $3.87 per diluted share; net income for the quarter was $91 million, and for the LTM ended March 31, 2026, $326.5 million.

• Announced definitive agreement to acquire Grasshopper Bank, expected to close in H2 2026, targeting over 25% adjusted EPS accretion post-synergies.

• Amended and restated NetCredit Receivables 2022 and LOC Receivables 2024 facilities, increasing revolving commitments and adding new note purchasers.

Financial highlights

• Net revenue margin reached 60%, at the high end of expectations and up three percentage points year-over-year.

• Adjusted EBITDA margin was 26.2% for LTM Q1 2026; adjusted EBITDA for Q1 2026 was $227 million.

• Small business revenue increased 37% year-over-year to $418 million; consumer revenue rose 3% to $446 million.

• Operating expenses were 36% of revenue; marketing costs rose to 22% of revenue ($189 million).

• Liquidity at quarter-end was $1.1 billion, including $436 million in cash and $654 million in available debt capacity.

Outlook and guidance

• Q2 2026 revenue expected to be 15%-20% higher year-over-year, with net revenue margin in the 55%-60% range.

• Adjusted EPS for Q2 2026 projected to be 20%-25% higher year-over-year.

• Full-year 2026 originations growth expected around 20%, with revenue and adjusted EPS growth of at least 25%.

• Grasshopper acquisition expected to generate adjusted EPS accretion of over 15% in the first year post-closing and over 25% once synergies are fully realized.

• Guidance does not include any contribution from the pending Grasshopper Bank acquisition.