LendingTree (TREE) 28th Annual Needham Growth Conference Virtual summary

Leadership transition and company direction

• Smooth CEO transition followed a succession plan after the founder's passing, with the new CEO having extensive experience in online performance marketing and internal operations.

• A new North Star was set: to become the top destination for shopping financial products, emphasizing diversification across insurance and lending.

• The company is positioned as more diversified than competitors, offering a broad range of insurance and lending products.

Insurance segment performance and outlook

• Insurance experienced record revenue and VMD in 2025, with expectations for continued records in 2026 across auto, home, and health.

• Market health is strong, with carriers expanding into new states and broad-based growth driven by top national brands.

• Direct-to-consumer carriers drive most revenue, but local agent products are more profitable.

• The total addressable market is estimated at $150B, with online performance marketing still a small but growing share.

• Double-digit growth is expected to continue, with significant untapped opportunities for consumer acquisition.

Home lending segment trends

• Home lending is highly sensitive to interest rates, with purchase and refi at trough levels, but HELOCs showing growth.

• Refinance is more valuable and profitable than purchase, with pent-up demand expected to drive a surge when rates fall below 5.5%.

• Operational excellence enabled 20% growth in home business despite a dormant market.

• The company remains the clear leader in mortgage products, with improved competitive positioning after industry shakeouts.