Oportun Financial : 1Q 2023 Earnings Presentation

1Q 2023

Earnings Presentation

May 8, 2023

Forward-looking statements

This presentation and the accompanying oral presentation contain forward-looking statements. All statements other than statements of historical fact contained in this presentation, including statements concernin effectiveness of our cost-cutting measures in strengthening our business; the anticipated size and timing of charges taken and annualized run rate savings in connection with our reduction of personnel; the anticipated timing and effectiveness of non-personnel related operational efficiencies business, future performance, future results of operations and financial position, trends in loan portfolio performance and makeup, our expect regarding macroeconomic conditions, future growth opportunities, our expectation regarding the effect of fair value mark-to-market adjustments on our loan portfolio and asset-backed notes, achievement of our stra priorities, second quarter and full-year 2023 outlook, business strategy and plans and objectives of management for future operations of Oportun Financial Corporation ("Oportun" or the "Company"), are forward-lo statements. These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the Company's actual results and financial position, as well as our plans, objectives expectations for our performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncerta include those risks described in Oportun's filings with the Securities and Exchange Commission under the caption "Risk Factors", including the Company's most recent annual report on Form 10-K and most recent qua report on Form 10-Q, and include, but are not limited to: macroeconomic conditions, the impact of COVID-19 on our business and the economy as a whole; the effectiveness of our A.I. model, Oportun's future fina performance, including trends in revenue, net revenue, operating expenses, and net income; changes in market interest rates; increases in loan nonpayments, delinquencies and charge-offs; Oportun's ability to op successfully in a highly regulated industry; the effect of management changes; Oportun's ability to increase market share and enter into new markets; Oportun's ability to expand its membership base; successful integr of Oportun and Digit's business; Oportun's ability to successfully offer loans in additional states; the successful development and execution of strategic partnerships; Oportun's ability to compete successfully with comp that are currently in, or may in the future enter, the digital banking and lending space; changes in Oportun's ability to obtain additional financing on acceptable terms or at all; and Oportun's potential to need to additional strategic alternatives, including restructuring or financing of it's debt seeking additional debt or equity capital or reducing or delaying it's business activities.

In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "due," "estimate," "expect," "goal," "intend," "may," "objec "plan," "predict," "potential," "positioned," "seek," "should," "target," "will," "would," or the negative of these terms or other similar words. These forward-looking statements are subject to the safe harbor provisions unde Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are only predictions. Oportun has based these forward-looking statements largely current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. Also, these forward-looking statements represen Company's estimates and assumptions only as of the date of this presentation. The Company assumes no obligation to update any forward-looking statements after the date of this presentation.

This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other industry data. These data involve a number of assump and limitations, and you are cautioned not to give undue weight to such estimates. The Company has not independently verified the statistical and other industry data generated by independent parties and contained i presentation and, accordingly, it cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of its future performance and the future performance of the industries in wh operates are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in the estimates made b independent parties and by Oportun.

You should view this presentation and the accompanying oral presentation with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from wh expect.

This presentation includes certain non-GAAP financial measures. Non-GAAP financial measures are presented in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accord with GAAP. The Company believes these Non-GAAP measures can be useful measures for period-to-period comparisons of our core business and provide useful information to investors and others in understanding evaluating our operating results. Non-GAAP financial measures are provided in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP. In addition, the GAAP measures we use, as presented, may not be comparable to similar measures used by other companies. See the Appendix for a reconciliation of non-GAAP financial measures to the most comparable mea calculated in accordance with GAAP.

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Earnings overview

Key takeaways from Oportun's first quarter 2023 results

Strong 21% Y/Y growth in 1Q revenue of $260M

Average daily principal balance of $3.1B, up 27%

Diligent expense management

48.5% Adjusted Operating Efficiency sets third consecutive quarterly post-2019 IPO record

Additional actions to streamline operations

Reducing total expense base by 255 employees; 19% of corporate staff1; $78-83M in new run rate savings including contractor and vendor spend

Outperformed guidance metrics

Total revenue, Adjusted EBITDA and annualized net charge-off rate

outperform expectations

New originations continue to outperform 2019 Delinquencies from originations made after July 2022 still better or near 2019 levels; back book led to 12.1% annualized net charge-offrate

As anticipated, first net loss2 reported in nearly 3 years Adjusted EPS of $(2.60) driven by still-elevatedcharge-offs and non-

cash fair value mark-to-market declines Revising FY2023 guidance

Reiterating revenue, increasing Adjusted EBITDA, maintaining high-end NCO expectation while tightening range

See Appendix for non-GAAP reconciliation to the most comparable GAAP measure.
(1) Excluding retail and contact center agents.
(2) On an adjusted basis.	3

First quarter performance

1Q 2023 Guidance

1Q 2023 Actual

Total Revenue		$245 - $250 M		$260 M
Annualized Net Charge-off		12.5% +/- 15 bps	12.1%
Rate (%)
Adjusted EBITDA (1)		$(49) - $(44) M		$(24) M

Drivers

Higher average daily principal

balance

Effective late-stage delinquency

management

Higher revenue, lower net charge-

offs and operating expense

(1) See Appendix for non-GAAP reconciliation to the most comparable GAAP measure.

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Fortifying business economics

Cost Reductions

• 1Q adjusted operating expenses declined 8% sequentially from 4Q22; 48.5% adjusted operating efficiency ratio (post-IPO record) a 1,338 bps year-over-year improvement
• • Majority of February-enacted$48-53M run rate savings to start being realized in 2Q

Originations

Credit

Pricing

• Reduced cost structure includes new measures for additional $78-83M annualized 2023 savings; total two-program annualized savings of $126-136M, 28% corporate staff reduction1
• Focused on quality, not quantity
• • 1Q23 originations of $408 million, down 49% year-over year
  • Lowering internal forecast while further tightening credit
• Annualized net charge-off rate declined 70 basis points sequentially to 12.1%
• Front book: Post-July 2022 underwriting vintages
• • First payment defaults and delinquencies continue to be at or better than 2019
• Back book: originations made prior to July 2022
• • Collection tools to assist members supported lower 1Q losses
  • Assuming 1Q delinquencies shift to 2Q; maintaining top-end FY23 NCO guidance
• Still expect YE 2023 portfolio yield to be over 200 basis points higher than YE 2022

See Appendix for non-GAAP reconciliation to the most comparable GAAP measure.
(1) Excluding retail and contact center agents.	5