1Q26 Recap: Strong 2Q Volume Outlook

研报英文原文证据摘录

1Q26 Recap: Strong 2Q Volume Outlook

The 1 Review ExhibitFigure Technology Solutions

Estimates Actual Actual Model -ReviewFIGR ModelActual

Diff. Diff. 1Q26 = 3mths period ending 31-Mar-26company reiterated its medium-term adj EBITDA margin target of 60%. Actual1Q26A Jef Est 1Q26E Cons Est vs Jef VsA-EJef/Cons($)Vs Cons vs Jef VsA-EJef/Cons(%)Vs Cons

(Non-GAAP) ('000s)

Net Revenues

Net Ecosystem Revenues 137,603 128,157 +9,446 +7%

Fees 9,825 8,990 +835 +9%

income 17,928 23,315 -5,387 -23%

income 1,487 - +1,487 PnLAdjustedAdjServicingInterestOtherTotal Adjusted Net Revenues 166,843 160,305 159,462 +6,538 +7,381 +4% +5%Volume Trends & 2Q Guidance - Total ecosystem volume of $3.72B was up +136% y/y and +22%

Expenses

and Administrative -2,229 -5,693 -11%

and Marketing 20,51922,443 +2,796 +2,324 +12% +10%-24%

9,618 +737 -352 -3%q/q driven by new partner contributions (387 total partners as of 3/31, 80+ incremental q/q), growth ProcessingProduct 20,038 +1,313 +8%+6% +7% andandInterest Expense +1,274+3,826 -904 +51%

Expenses 18,29025,23910,35521,31211,296(1,401) 7,4701,000 23,98322,91410,70719,99912,2001,380 -2,401 -2,781 -240% -202% AdjustedGeneralSalesTechnologyOperationsWarehouseOtherTotal Adjusted Expenses 85,091 81,088 88,481 +4,003 -6,092 +5% -4%in new products including SMB loans and DSCR loans, and growth in Figure Connect ($1.6B in 1Q Other Income (expense), net 944 - (791) +944 +1,735 -219%-7%

of internally software costs

(-)(-) AmortizationNon-funding Interest Expensedeveloped 4,7125,593 4,3285,350 +384+243 +9%+5%

-volumes, Adjusted EBITDA 82,696 79,217 80,713 +3,479 +1,983 +4% +2% +7% q/q). Connect made up 56% of volumes up from 54% in 4Q. The net take rate was

Pre-Tax Income 72,391 69,539 +4%

tax provision (6,945) 8,345 -15,290+2,852