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© Ethos Life | Confidential Fourth Quarter 2025 Earnings Call February 25, 2026
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Important Notice and Disclaimers Forward-Looking Statements This presentation and accompanying oral presentation includes express and implied forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on Ethos Technologies Inc.’s ("Ethos" or the "Company") management’s beliefs and assumptions and on information currently available to management. All statements other than statements of historical facts contained in this presentation, including statements regarding Ethos’ future financial or business performance, including its financial outlook for the first quarter of fiscal year 2026 and full fiscal year 2026, future financial condition or results of operations, business strategy and plans and objectives of management for future operations, potential market size and growth opportunities and strategy, the insurance industry, competitive position and growth strategy, product initiatives, technological or market trends, and industry environment are forward-looking statements. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “toward,” “will,” “would,” "outlook,” “guidance,” or the negative of these words, where applicable, or other similar terms or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond Ethos’ control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements. Risks include but are not limited to the Ethos’ limited operating history and its ability to effectively manage and sustain its growth, Ethos’ ability to maintain good relationships with its carriers and agency counterparties, Ethos’ dependence on individual agent adoption of and engagement with its platform, Ethos’ dependence on third-party data, technology and infrastructure providers, the effectiveness of Ethos’ brand awareness and marketing efforts and Ethos’ ability to maintain its reputation. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in the Company’s most recent filings with the Securities and Exchange Commission, including Ethos’ final prospectus filed with the SEC pursuant to Rule 424(b), dated January 28, 2026. Forward-looking statements speak only as of the date the statements are made and are based on information available to Ethos at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Ethos assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Certain information contained in this presentation relates to or is based on studies, publications, surveys, and other data obtained from third-party sources and the Company’s own internal estimates and research. This presentation also contains estimates and information concerning the Company’s industry, including market size and growth of the market in which the Company participates, that are based on industry publications and reports. While the Company believes these third-party sources to be reliable as of the date of this presentation, it has not independently verified the information. Neither Ethos nor any other person makes any representation as to the accuracy or completeness of such information or undertakes any obligation to update such information after the date of this presentation. In addition, projections, assumptions, and estimates of the Company’s future performance and the future performance of the markets in which the Company operates are necessarily subject to a high degree of uncertainty and risk. In light of the foregoing, you are urged not to rely on any forward-looking statement or third-party information in reaching any conclusion or making any investment decision about any securities of the Company. This presentation contains trademarks, service marks, trade names and copyrights of the Company and other companies which are the property of their respective owners. Non-GAAP Financial Measures and Key Operational Metrics This presentation contains non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Contribution Profit and Contribution Margin, which are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and other key operational metrics used by management to evaluate the Company’s business. These measures have limitations as an analytical tool and should not be considered in isolation, or as a substitute for the Company’s results as reported under GAAP. Because not all companies calculate non-GAAP financial information identically (or at all) or use the same methodology for certain key operational metrics, the presentations herein may not be comparable to other similarly titled measures used by other companies. The Company’s presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company’s future results will be unaffected by other unusual or non-recurring items. Further, such non-GAAP financial information of the Company should be considered in addition to, and not as superior to or as a substitute for, the historical consolidated financial statements of the Company prepared in accordance with GAAP. See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for descriptions of certain of our key operational metrics.
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© Ethos Life | Confidential 3 Our mission is to protect families by democratizing access to life insurance and empowering agents at scale.
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© Ethos Life 4 Financial Results Q4 2025 $110M Total Revenue 65% Y/Y Revenue Growth 54,714 Policy Activations $2,012 ARPU $47M Contribution Profit $26M Adj. EBITDA 23% Adj. EBITDA Margin 88% Rule of 40 Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for descriptions of certain of our key operational metrics.
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© Ethos Life 5 Financial Results FY 2025 $388M Total Revenue 52% Y/Y Revenue Growth 198,338 Policy Activations $1,954 ARPU $162M Contribution Profit $89M Adj. EBITDA 23% Adj. EBITDA Margin 75% Rule of 40 Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for descriptions of certain of our key operational metrics.
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© Ethos Life Insurance Value Chain Benefits of Our Model Distributor Ethos.com direct & selling agents Underwriter Proprietary policy underwriting algorithm Administrator Automated cloud-native policy administration Risk -Bearing Carrier Diverse network of carrier partners that hold 100% of balance sheet risk Asset and Capital Light The Ethos Platform is: Regulatory Light (not a carrier) Extensible (multi-product) Intellectual Property End-to-End Platform Platform Consumer Relationships With Control Over: 6 Platform Captures Key Points of Value Chain With No Balance Sheet Risk
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© Ethos Life 15K+ Active Selling Agents 16 Active Carriers 1 Application Engine Underwriting Engine Admin Payments & Commissions Agent OS Marketing Technology Data Infra Ethos Platform 500K+ Consumer Policies Activated1 1 As of December 2025. Our three-sided technology platform has strong value propositions for all constituents With compounding network effects as our platform scales 7
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© Ethos Life Data-Driven Underwriting Engine Direct-to-Consumer 63% of FY 2025 Revenue Third-Party Channel 37% of FY 2025 Revenue Policies Across a Portfolio of Proprietary Products500K+ 1As of December 2025. Indexed Universal Life Wills & Estate Planning Term Life Insurance Whole Life Insurance Affiliate Organic Search Meta Linear TV Others Direct-to-Consumer Third-Party Channel Active Selling Agents1 +15K 8 Diverse Go-to-Market Channels Accidental Death Cancer Insurance
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© Ethos Life Source: LIMRA and Life Happens 2024 Insurance Barometer Study; Centers for Disease Control and Prevention; U.S. Census Bureau and the National Association of Realtors; College Enrollment & Student Demographic Statistics; Alliance for Lifetime Income; Recovery Village Grief Statistics; American Council of Life Insurers 1 Represents data for Americans for 2024. 2 Includes VUL and Fixed Indexed Annuities. 3 Includes IUL, Term Life, WL. Enduring demand for life insurance… ~10 million Americans purchasing new policies annually over the last decade …fueled by key milestones1 3.6M Children born 5.0M Purchased a home 19.3M Enrolled for college 4.1M Reached retirement age 12.5M Lost a loved one $12.6B Existing Products3 $140B+ Existing Products + New Products2 $0.39B 2025 Revenue U.S. individual life + annuity TAM Represents 2024 total new premiums 9 Addressing a Large and Reoccuring Market Opportunity
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© Ethos Life | Confidential © Ethos Life Source: LIMRA, 2024 The Market is Fragmented and Legacy U.S. Market Share Northwestern Mutual 9% Pacific Life 8% MassMutual 5% State Farm Life 5% Nationwide 5% Other 55% Prudential 8% The Legacy Problem Top 20 life insurance carriers are all 100+ Legacy tech & data silos NY Life 6% 4-8 week selling process years old Half are Mutual Companies Ethos 10
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© Ethos Life Getting Life Insurance Can Take Weeks, and Many Don’t Qualify Note: For illustrative purposes only. Before Ethos Approval Process Decide to purchase life insurance Schedule appointment Decision provided to agent Agent discusses decision with customer Activate! If declined Decide on an agent Agent gets info & guesses the best-fit policy Results go to carrier Give fluids Search for an agent Schedule lab work 11
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© Ethos Life 1 Based on internal data as of the year ended December 31, 2025. 2 As of December 31, 2025 Value to Consumers Ethos Reduces Friction and Democratizes Access Traditional Experience 14 industry average NPS Low approvals 4-8 weeks average underwriting process 70 NPS with industry-competitive pricing2 High approval rates, a policy for almost everyone 95% of applicants receive decisions instantly1 12
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© Ethos Life Value to Agents Ethos Empowers Agents to Multiply Earnings by Accelerating Their Velocity Fragmented & tedious case management Antiquated tech with multiple logins, CRMs, and quoting tools Reduces case management workstreams All-in-one digital OS with range of products 6 week sale 3 week Commission Wait 10 min. sale 1 day Commission Wait The Old Way 1 Illustrative example only. 9 week cash cycle 3 day cash cycle 13
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© Ethos Life Value to Carriers Ethos Delivers Incremental Growth in a Risk-Conscious Manner Enabling carriers to break through stagnant market share Data-driven approach to effectively control automated underwriting >2x Ethos carriers grow >2x faster than non-Ethos carriers in similar product lines1 1 Based on Y/Y Growth from LIMRA survey of top 20 carriers measured by total new annualized premiums for Term Life Insurance, Whole Life Insurance, and Indexed Universal Life, respectively, as of third quarter YTD 2025. * * * Multiple products with multiple carriers #1 Source of Premiums for 3 Carriers in 2025* 14
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© Ethos Life Better Risk More Products PLATFORM ENGAGEMENT ECONOMIES OF SCALE Broader Reach Network Effects Better Pricing & Unit Economics More Agents DATA MOAT Higher Efficiency & Incentives More Consumers More Carriers More Agents 15
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© Ethos Life Pricing Decision Proprietary Underwriting Engine Personalized Questions to Reconcile Q&A w. Data Prescription Records Med Claims Billing Labs History Predictive Financial DMV Records Life Insurance History 250K Data Points Convert to Proprietary Information Graph Select from Library of 1M+ Prop. Rules Generate Decision Post-Issue Human Audits Data Collection Up to 250K Data Points per App Algorithmic Underwriting Up to 40K Rules per App Seamless App Experience +800 reflexive questions to drill down Post-Issue Human Auditing +100K audits completed Leading Instant Underwriter 16
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© Ethos Life Attract More Consumers Recruit More Agents Increase Share of Our Agents’ Sales Enhance Agent Productivity Expand Our Product Portfolio Maximize Consumer Value 17 Grow our Ecosystem Enhance our Platform Add Insurance Products Our Growth Strategies
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© Ethos Life | Confidential FY 2025 Cancer Insurance (Aflac) FY 2024 Indexed Univ. Life (North American) FY 2023 Term Life (Protective) Term Life (Protective) FY 2022 Indexed Univ. Life (Ameritas) Indexed Univ. Life FY 2021 Wills & Estate Planning Wills & Estate Planning Whole Life1 (TruStage) Whole Life FY 2020 Term Life1 (TruStage) Term Life (TruStage) FY 2019 Term Life (Ameritas) Term Life (Ameritas) Term Life (Banner) Term Life (Banner) Universe of Potential Future Expansion Variable Universal Life Participating Whole Life Annuities & Wealth Mgmt. Supplemental Health © Ethos Life 18 Track Record of Innovation 1 Officially launched in Q4 2020; achieved scale in 2021.
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© Ethos Life Financial Highlights
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© Ethos Life 20 Annual Revenue and Profitability 2024 20252023 +53% $160 $255 $388 +60% +52% Revenue ($M) 2023 2024 2025 32% $51 $105 $162 41% 42% Contribution Profit ($M) 2023 2024 2025 4% $7 $58 $89 23% 23% Adjusted EBITDA ($M) Y/Y Growth Rate Margin Margin Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for descriptions of certain of our key operational metrics.
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© Ethos Life 21 Quarterly Revenue 65% Q4'25 Total Revenue Growth Y/Y 67% Q4'25 Direct Revenue % of Total 33% Q4'25 Third-Party Revenue % of Total Q4’24 Q1’25 Q2’25 Q3’25 +66% $67 +53% $95 $89 $94 +58% +34% Total Revenue ($M) Total Revenue Growth YoY Q4’25 $110 +65% Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for descriptions of certain of our key operational metrics.
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© Ethos Life 22 Quarterly Revenue by Channel Q4’24 Q1’25 Q2’25 Q3’25 +37% $38 +20% $62 $50 $56 +26% +28% Direct Revenue ($M) Q4’24 Q1’25 Q2’25 Q3’25 $28 $33 $38 $38 +134% +210% +134% +45% Third-Party Revenue ($M) Q4’25 $74 +93% Q4’25 $36 +27% Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for descriptions of certain of our key operational metrics.
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© Ethos Life Q4’24 Q1’25 Q2’25 Q3’25 23 Activated Policies & Average Revenue per Unit 38,515 48,122 46,283 49,219 Activated Policies Q4’24 Q1’25 Q2’25 Q3’25 $1,727 $1,972 $1,920 $1,906 ARPU Q4’25 54,714 Q4’25 $2,012 Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for descriptions of certain of our key operational metrics.
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© Ethos Life Contribution Profit & Adjusted EBITDA 24 Q4’24 Q1’25 Q2’25 Q3’25 40% $26 43% $40 $38 $37 42% 39% Total Contribution Profit ($M) Contribution Margin Q4’24 Q1’25 Q2’25 Q3’25 $15 $24 $21 $19 22% 25% 23% 20% Adj. EBITDA ($M) Adj. EBITDA Margin Q4’25 $47 Q4’25 $26 23% 43% Note: See the appendix for a reconciliation of the non-GAAP financial measures used in this presentation to the most directly comparable GAAP financial measure and for descriptions of certain of our key operational metrics.
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© Ethos Life 25 Guidance Q1’26 Total Revenue $144 million to $146 million, up 53% Y/Y at the midpoint Q1’26 Adj. EBITDA1 $30 million to $32 million FY’26 Total Revenue $510 million to $514 million, up 32% Y/Y at midpoint FY’26 Adj. EBITDA1 $99 million to $103 million 1 Adjusted EBITDA is a non-GAAP measure defined as net income excluding interest expense, interest income net, income tax expense, depreciation and amortization, and stock-based compensation expense; Reconciliation of Adjusted EBITDA on a forward-looking basis to net income, the most directly comparable GAAP measure, is not available without unreasonable efforts due to high variability and complexity and low visibility with respect to certain charges excluded from this non-GAAP measure, including interest expense and interest income and income tax expenses. Ethos expects the variability of these items could have a significant, and potentially unpredictable, impact on its future GAAP financial results.
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© Ethos Life Appendix
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© Ethos Life Non-GAAP Financial Measures and Performance Metrics Glossary Contribution Profit: A a non-GAAP measure defined as gross profit less sales and marketing expense, which includes agent payments and underwriting costs for non-activated policies, plus stock-based compensation related to employees and overhead costs allocated to sales and marketing expense. Contribution Margin: A non-GAAP measure calculated by dividing Contribution Profit for a period by revenue for the same period. Adjusted EBITDA: A non-GAAP measure defined as net income excluding interest expense, interest income net, income tax expense, depreciation and amortization, and stock-based compensation expense. Adjusted EBITDA Margin: A non-GAAP measure calculated by dividing Adjusted EBITDA for a period by revenue for the same period. ARPU: Average revenue per unit, or ARPU, is defined as total GAAP revenue for a given period, divided by the total number of activated policies during the period. 27
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© Ethos Life Non-GAAP Reconciliations 1 Such expenses relate to Ethos' employees. 2 Represents preliminary estimated unaudited financial results. Our actual results may differ from these preliminary estimated results upon completion of our reviews and financial closing processes for the three months ended March 31, 2025. Refer to slide 2 for more information. 28
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© Ethos Life Income Statement 29
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© Ethos Life Balance Sheet and Statement of Cash Flows 30