Ethos Technologies: 2Q26 First Take: Strong Quarter; Prospective Growth Healthy, Flow-Through to 2H26 EBITDA Limited by Mix

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Ethos Technologies: 2Q26 First Take: Strong Quarter; Prospective Growth Healthy, Flow-Through to 2H26 EBITDA Limited by Mix

J P M O R G A N North America Equity Research

03 August 2026

Ethos Technologies Overweight

LIFE, LIFE US

2Q26 First Take: Strong Quarter; Prospective Growth Price (03 Aug 26):$22.83

Healthy, Flow-Through to 2H26 EBITDA Limited by Mix

Insurance - Life & Nonlife

Strong metrics across the board in 2Q26; full year revenue guidance raised, Pablo S. Singzon AC

EBITDA outlook more flattish. Revenues, EBITDA, and cash flow were all (1-212) 622-2295

better than expected, and management’s 2026 guidance implies more than 35% pablo.s.singzon@jpmorgan.com

upside to our revenue estimates for 2H26. The increase in EBITDA is more modest Kevin Wijendra

at 4%, but there could be upside if LIFE is able to achieve its expectation of low-30s (1-212) 622-7054

contribution margins or if sales momentum in the direct channel persists. kevin.wijendra@jpmorgan.com

J.P. Morgan Securities LLC

• Earnings upside from higher revenues. Adjusted EBITDA of $35.2 million

came in well above our $21.2 million estimate and consensus of $21.6 million.

2Q26 Results

Compared to our model, the favorable variance was driven by significantly

better than expected revenues ($190 million vs. our $116 million estimate), Revenue growth: 113.4% vs. 30.8%E

which in turn generated higher dollar contribution profits ($62.3 million vs. our Contribution Margin: 32.9% vs. 40.2%E

$46.7 million estimate). The contribution profit margin, however, was lower Adj. EBITDA: $35.2 mil. vs. $21.2 mil.E

(32.9% vs. 40.2%E), due in part to the greater share of third-party business, Adj. EBITDA margin: 18.6% vs. 18.2%E

which carries lower variable margins. Other operating expenses were in-line.

Op.