LendingTree (TREE) Investor presentation summary

Marketplace model

• More than 770 financial partners support consumer comparisons across loans, credit cards, insurance and other products.

• Consumers can compare loan and insurance prices in real time and receive personalized offers; partners get high-intent customer acquisition and granular marketing filters.

• The marketplace does not lend money, write insurance policies or provide funding to consumers or lenders.

Operating performance and balance sheet

• 2026 guidance midpoint: VMM $372.5M and adjusted EBITDA $152.0M, versus $280.9M and $78.5M in 2023; respective 2023-26 CAGRs of 10% and 25%.

• Adjusted EBITDA as a share of VMM rises from 28% in 2023 to 41% at the 2026 guidance midpoint, a 1,300 bps increase; operating expense rises from $202.4M to $220.5M.

• Net debt declined from $419M in 2023 to $318M in 2025, while net leverage fell from 5.3x to 2.4x.

• VMM is revenue less variable marketing expense; adjusted EBITDA excludes specified items including non-cash compensation, restructuring, litigation and one-time items.

Diversified growth engines

• Insurance is positioned as a rate-independent growth engine, benefiting from carriers shifting marketing from traditional media to digital.

• Consumer growth is credit-driven, with SMB expansion and personal loan recovery supporting the segment as credit conditions normalize.

• Home remains cyclical and pressured by elevated mortgage rates, with potential upside as rates normalize and market activity recovers.

• The portfolio is positioned across distinct macro drivers, with management identifying growth potential in each segment.