Model Update

Research evidence excerpt

Model Update

Insurance: Insurtech

MediaAlpha

TD SECURITIES (USA) LLC ESTIMATE CHANGES

June 22, 2026

Price: $10.13 (06/18/2026) Model Update

Price Target: $11.00 (Prior $13.00)

HOLD (2)

ESG SCORE: 34/100

Andrew Kligerman THE TD COWEN INSIGHT

212 468 8440

We are revising our 2026E/2027E estimates, and revising our price target.

andrew.kligerman@tdsecurities.com

Daniel Bergman Revising 2026E/2027E Estimates

617 946 3747

dan.bergman@tdsecurities.com We are revising our 2026E/2027E EPS estimates to $1.01/$1.25, from $1.09/$1.34. In addition to

1Q26 results, revisions include:

Alfred Miller

212 468 8453 ■Increased revenue estimates in P&C, partly offset by decreased revenue estimates in Health,

alfred.miller@tdsecurities.com in accordance with company guidance. We now project 2026E P&C revenue of $1,290M (vs.

$1,171M prior) and 2026E Health revenue of $26M (vs. 95M prior).

Jeff Tong

212 468 8450 ■Increased proportion of revenue from open platform (on management commentary), in turn

jeff.tong@tdsecurities.com increasing cost of revenue expense. We now project 98.3% of 2026E revenue from open, vs.

Adittya Parthasarathy, CFA 97.1% prior.

212 468 8449

■Increased share repurchase estimates, given company expectations to complete the "vast

adittya.parthasarathy@tdsecurities.com

majority" of its oustanding ~$60 million of repurchases in 2026E.

Key Data

Symbol NYSE: MAX ■Modestly lowered sales and marketing expense estimates in 2026E and 2027E.

Beta: 1.16

Consensus estimates for 2026E/2027E are $1.03/$1.27.

52-Week Range: $13.71-$7.17

Market Cap: $547.6MM Revising Price Target to $11, Implying 9% Upside Potential

Net Debt (MM): $137.5

We are revising our price target to $11. Our price target is based on a 8.8x multiple on 2027E

Cash/Share: $0.72

EPS, informed by peer multiples.

Dil.