CHYM: Takeaways from Investor Meeting with CEO

Research evidence excerpt

CHYM: Takeaways from Investor Meeting with CEO

June 11, 2026

●Active Member Growth: At 1Q26, management updated its NNA expectation for the year to >1.4mn (from 1.4mn)

after 700k NNAs in 1Q. Active member growth should return to typical seasonality through the remainder of the

year, starting with 2Q's lower sequential NNA adds per our and the Street's estimates of 100k. Despite some

one-time benefits in 1Q due to later tax-filing, the company's embedded tax-filing service adoption was up 50%.

Member acquisition remains primarily organic with referrals as the primary driver along with continued tailwinds

from early engagement initiatives from last year (ungating Credit Builder & mobile check deposit).

●Incremental Margin: After reporting 73% incremental margins in 1Q, management provided commentary on

incremental margins through the remainder of the year, including low 50s in 2Q, similar levels in 3Q, and a step-

up in 4Q, resulting in ~60% for the year. Management also signaled 40%+ incremental margins beyond 2026 and

confidence in hitting (and eventually raising) its long-term EBITDA margin expectations of 35%+.

●More on Take Rate: As payment volume mix continues to shift towards credit, we remind investors Chime's debit

card has a net take rate of ~95bps while Credit Builder is ~195bps, Chime Card (with Chime+) is 170-175bps, and

Chime Card (with Chime Prime) is slightly below 170bps given higher gross interchange offsetting higher cash

back rewards. With the blended take rate ~1.1%, management expects the increasing mix in credit card volumes

should expand the take rate by ~1% Y/Y through each quarter for the remainder of the year.

●Churn: In line with rates during its IPO, churn is about 50% in the first year and falls to ~10% in the second year