Pagaya Technologies (PGY) investor relations material

Executive summary

• Record Q3’26 network volume of $3.605B, up 29% YoY; revenue and other income rose 12% to $390.5M, while net income attributable to shareholders reached $49.7M.

• Adjusted EBITDA was $130.3M, up 22% YoY; higher fee revenue and interest income supported growth, while higher benchmark rates pressured FRLPC margin.

• Expanded longer-duration funding commitments and a record partner pipeline supported growth plans; FY2026 GAAP net income guidance was raised.

Financial highlights

• Q3 total revenue and other income was $390.5M, up 12% YoY; fee revenue rose 7% to $362.2M and interest income rose 94% to $29.0M.

• Operating income increased 41% YoY to $112.5M; net income attributable to ordinary shareholders was $49.7M versus $22.5M, and diluted EPS was $0.52 versus $0.23.

• Adjusted EBITDA was $130.3M versus $107.0M; adjusted net income was $102.5M versus $92.8M.

• Q3 production costs were $215.7M, up 8%; core operating expenses were $45.454M versus $47.077M YoY.

• For 9M’26, revenue and other income rose 13% to $1.095B and net income attributable to shareholders was $119.7M versus $47.1M.

Outlook and guidance

• FY2026 guidance: network volume $12.725B–$13.025B; revenue and other income $1.45B–$1.50B; Adjusted EBITDA $465M–$485M; GAAP net income $162M–$182M, raised during Q3.

• Q4’26 outlook: network volume $2.961B–$3.261B; revenue and other income $355M–$405M; Adjusted EBITDA $117M–$137M; GAAP net income $42M–$62M.

• Q4 volume is expected to be seasonally lower, with an ex-Klarna decline of 5%–6% versus 9% in Q4 2025; Klarna’s exit is not expected to materially affect FRLPC or profit.

• Q4 FRLPC rate is expected near the lower end of 4%–5%, rising toward the midpoint in 2027; partner onboarding guidance remains 2–4 annually.

• Net income guidance assumes Scenario A fair-value adjustments; illustrative scenarios estimate $100M–$150M impairment under a 10%–20% cash-flow decline and $150M–$200M+ under a 20%–30%+ decline.