Slides
Page 1
THIRD QUARTER 2026 EARNINGS SUPPLEMENT NASDAQ: MFIN COMMERCIAL HOME IMPROVEMENT RECREATION FINTECH October 29, 2026
Page 2
Important Information Medallion Financial Corp. 2Quarterly Earnings Supplement This presentation contains certain forward-looking statements, including statements with regard to the future performance of Medallion Financial Corp. (“MFIN” or the “Company”). Words such as “believes,” “expects,” “projects,” “anticipates” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on information available to us at the time of this presentation and are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, including but not limited to: our future operating results; our business prospects and the prospects of our portfolio companies; expectations regarding our loan portfolio, including collections on our taxi medallion loans, the impact of investments that we make; our contractual arrangements and relationships with third parties; the dependence of our future success on the general economy (including the current inflationary environment, the risk of recession, the impact of tariffs, and the impact of the conflict with Iran) and its impact on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; our expected financings and investments; the adequacy of our cash resources and working capital; the timing of cash flows, if any, from the operations of our portfolio companies; the adequacy of our internal controls; and the presentation of our financial statements. These and other factors are identified from time to time in our Annual Report on Form 10-K and Medallion Financial Corp.’s other filings with the Securities and Exchange Commission. MFIN undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This presentation is neither an offer to sell nor a solicitation of an offer to purchase securities of the Company. Such an offer or solicitation can only be made by way of a Company prospectus and otherwise in accordance with applicable securities laws. The summary descriptions and other information included herein, and any other materials provided to you by the Company or its representatives are intended only for informational purposes and convenient reference. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Before making an investment decision with respect to the Company, investors are advised to carefully review our current Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and our other reports filed with the SEC to review the risk factors and other disclosures described therein, and to consult with their tax, financial, investment and legal advisors. These materials do not purport to be complete and are qualified in their entirety by reference to the more detailed disclosures contained in such filings. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained herein, and nothing shall be relied upon as a promise or representation as to the future performance of the Company. Any market and competitive position data, including market forecasts and statistical data, referred to throughout this presentation was obtained from internal surveys, market research, independent consultant reports, publicly available information, governmental agencies and industry publications. Although we have no reason to believe that any of this information or these reports are inaccurate in any material respect, we have not independently verified such data. No representations are made as to the accuracy of such information.
Page 3
Company Snapshot – 3Q26 Medallion Financial Corp. 3Quarterly Earnings Supplement Primary Business Lines Other Businesses Our Differentiation Consumer Lending – Recreation • $1.853B of loans • $198.2M loan originations in 3Q • 15.01% avg. interest rate at quarter-end • 686 average FICO score (1) • Approximately 3,500 dealers and FSPs Consumer Lending – Home Improvement • $947.5M of loans • $146.3M loan originations in 3Q • 9.52% avg. interest rate at quarter-end • 768 average FICO score (1) • Approximately 800 contractors and FSPs Commercial Lending • $118.7M of loans • 14.36% avg. interest rate at quarter-end • Equity component in most deals Strategic Partnership Program • New partnerships to grow originations • Added 6th partner in 3Q • $259.4M loan originations in 3Q • Avg. holding period ~5 days Taxi Medallion Lending • Net assets of $3.0M • $1.7M of cash collections in 3Q Net Interest Margin • 7.34% on loans Delivering Shareholder Value • Dividend of $0.14 per share • $5.6M stock repurchased in 3Q • On October 27, 2026, the Board of Directors approved a new $40M stock repurchase plan (1) Scores are measured at the time of origination of the loans. For loans originated during 2026, average FICO scores were 688 for recreation loans and 773 for home improvement loans.
Page 4
Loan Portfolio Growth and Mix Optimization Medallion Financial Corp. 4Quarterly Earnings Supplement Recreation 63.1% Home Improvement 32.3% Loan Portfolio at 9/30/26 (1) Includes loans held for investment and loans held for sale of $60.2M at 9/30/25 and $0 for both 12/31/25 and 9/30/26. Commercial 4.0% TOTAL $2,559.1 100.0% $2,566.8 100.0% $2,935.6 100.0% +14.7% Type of Loan 9/30/25 12/31/25 9/30/26 9/30/26 vs. 9/30/25 $ in millions % $ in millions % $ in millions % % change Recreation(1) $1,603.2 62.7% $1,617.2 63.0% $1,853.0 63.1% +15.6% Home Improvement $804.0 31.4% $810.2 31.6% $947.5 32.3% +17.8% Commercial $135.1 5.3% $123.1 4.8% $118.7 4.0% -12.1% Total Consumer + Commercial $2,542.3 99.3% $2,550.5 99.4% $2,919.2 99.4% +14.8% Strategic Partnership & Other $16.8 0.7% $16.3 0.6% $16.4 0.6% -2.4% Strategic Partnerships & Other 0.6%
Page 5
Loan Portfolio Medallion Financial Corp. Quarterly Earnings Supplement 5 $2,228 $2,386 $2,485 $2,491 $2,486 $2,485 $2,559 $2,567 $2,618 $2,795 $2,936 $1,400 $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 $2,800 $3,000 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Loan Balance (1) (1) Includes loans held for investment and loans held for sale ($ in millions)
Page 6
$0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Loan Originations - All Recreation Home Improvement Commercial Other Strategic Partnership Total Loan Origination Activity Medallion Financial Corp. Quarterly Earnings Supplement 6 FY24: $1,043.5 FY25: $1,505.4 ($ in millions) 3Q26 YTD: $1,592.45
Page 7
$0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Strategic Partnership Loan Origination Activity Medallion Financial Corp. Quarterly Earnings Supplement 7 FY24: $203.7 FY25: $771.5 ($ in millions) 3Q26 YTD: $676.5
Page 8
Financial Performance Medallion Financial Corp. Quarterly Earnings Supplement 8 $47.9 $49.9 $52.7 $52.0 $51.4 $53.4 $55.7 $56.4 $54.1 $57.2 $58.4 $30.0 $35.0 $40.0 $45.0 $50.0 $55.0 $60.0 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Net Interest Income Quarterly Performance $160.4 $188.1 $202.5 $216.9 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 2022 2023 2024 2025 Net Interest Income Annual Performance ($ in millions) ($ in millions)
Page 9
Driving Net Interest Income Medallion Financial Corp. 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Interest Income vs. Interest Expense Quarterly Earnings Supplement 9 ($ in millions) 3Q 25 3Q 26 Interest income $80.8 $88.9 Interest expense 25.1 30.5 Interest income, net $55.7 $58.4 Net interest margin 8.21% 7.34% Interest Income Interest Expense Net Interest Income ($ in millions)
Page 10
3Q 2026 ($ in millions) Charge-Off Recovery NCO NCO % Recreation $21.2 $5.0 $16.3 3.6% Home Improvement 4.6 1.3 3.3 1.4% Commercial __ * * NM Taxi Medallion * * * NM Total (1) $25.8 $6.2 $19.6 2.7% YTD 3Q 2026 ($ in millions) Charge-Off Recovery NCO NCO % Recreation $62.2 $14.9 $47.3 3.7% Home Improvement 13.1 4.0 9.1 1.4% Commercial 0.1 * 0.1 NM Taxi Medallion 0.1 0.1 * NM Total (1) $49.6 $12.8 $56.4 2.8% Net Charge-Off (NCO) Activity 10 3Q 2025 ($ in millions) Charge-Off Recovery NCO NCO % Recreation (2) $16.8 $3.9 $12.9 3.2% Home Improvement 3.8 1.8 2.1 1.0% Commercial 1.1 * 1.1 NM Taxi Medallion 1.7 (1.7) NM Total (1) $21.8 $7.4 $14.4 2.4% YTD 3Q 2025 ($ in millions) Charge-Off Recovery NCO NCO % Recreation (2) $53.4 $12.2 $41.1 3.6% Home Improvement 13.0 4.0 9.0 1.5% Commercial 1.2 * 1.2 NM Taxi Medallion * 2.9 (2.9) NM Total (1) $67.7 $19.2 $48.5 2.8% Medallion Financial Corp. Quarterly Earnings Supplement (1) Totals may not foot because of rounding. (2) Net charge-offs as a percent of gross loans, inclusive of loans held for sale and held for investment. Net charge-offs, exclusive of loans held for sale, was 3.4% and 3.6% for the three and nine months ended Sept 30, 2025. (*) Amount is less than $100,000 (NM) Amount is not meaningful
Page 11
Resilience of Consumer Lending Segments Medallion Financial Corp. Quarterly Earnings Supplement 11 4.67% 6.01% 5.99% 3.05% 1.95% 2.05% 1.38% 1.72% 1.67% 1.89% 2.26% 2.46% 1.77% 0.49% 1.34% 2.43% 3.04% 3.53% 2.76% 2.55% 3.35% 3.40% 2.56% 2.83% 0.00% 2.50% 5.00% 7.50% 10.00% COVID-19 Pandemic Added Home Improvement Prime Credit Lending Segment in 2012 Increased average FICO Scores in Recreation Lending Segment during both the Great Recession and the COVID-19 pandemic Managed profitably through the Great Recession and returned to pre-Recession levels by the end of 2011 Great Recession Medallion Bank Consumer Loan Net Charge-offs as a Percentage of Total Consumer Portfolio Note: Consumer loan net charge-offs defined as the sum of recreation loan net charge-offs and home improvement net charge-offs.
Page 12
Performance and Shareholder Value Medallion Financial Corp. Quarterly Earnings Supplement 12 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25* 4Q25 1Q26 2Q26 3Q26 $13.50 $14.00 $14.50 $15.00 $15.50 $16.00 $16.50 $17.00 $17.50 $18.00 Net Income vs Book Value per Share(1) Net Income BV/Share Net Income ($ in millions) Book Value/Share Book value per share has exhibited growth, reflecting a strengthening of equity base (1) Reflects Net Income Attributable to Medallion Financial Corp. shareholders * 3Q25 net income includes a non-recurring charge of $3.5 million related to the redemption of Medallion Bank’s series F preferred stock. Excluding this charge, net income was $11.3 million.
Page 13
Book value to tangible book value reconciliation ($ in thousands) 6/30/25 9/30/25 12/31/25 6/30/26 9/30/26 Total stockholders’ equity (GAAP) $389,896 $397,448 $408,617 $406,018 $399,758 Goodwill and intangible assets, net (169,227) (168,866) (168,504) (167,782) (167,420) Deferred tax liability 42,590 42,686 42,408 42,226 42,136 Tangible Book Value $263,259 $271.268 $282,521 $280,462 $274,474 Tangible Book Value 13 Book value per common share reconciliation 6/30/25 9/30/25 12/31/25 6/30/26 9/30/26 Book value per common share (GAAP) $16.77 $17.62 $17.53 $17.62 $17.73 Goodwill and intangible assets, net (7.28) (7.28) (7.23) (7.28) (7.42) Deferred tax liability 1.83 1.83 1.82 1.83 1.86 Tangible Book Value per common share $11.32 $11.65 $12.12 $12.17 $12.17 Number of shares outstanding 23,246,593 23,279,435 23,311,683 23,041,645 22,550,694 Medallion Financial Corp. Quarterly Earnings Supplement Explanation of GAAP and Non-GAAP Financial Measures This supplement contains certain financial measures that are not prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes these non-GAAP financial measures provide useful supplemental information to investors regarding Medallion Financial Corp.'s operating performance, financial condition and capital generation capabilities. These non-GAAP financial measures should not be considered a substitute for, or superior to, the comparable GAAP financial measures and may not be comparable to similarly titled measures reported by other companies. Tangible book value and tangible book value per share are non-GAAP financial measures. Tangible book value represents stockholders' equity less goodwill and identifiable intangible assets, net of any associated deferred tax effects. Tangible book value per share is calculated by dividing tangible book value by the number of common shares outstanding at period end. Management believes tangible book value and tangible book value per share are useful measures because they reflect the amount of stockholders' equity attributable to tangible assets and are commonly used by investors, analysts and financial institutions as measures of capital strength and valuation. Management believes these measures facilitate comparisons of the Company's capital position both to historical periods and to industry peers. A reconciliation of stockholders' equity to tangible book value and book value per share to tangible book value per share is provided in the accompanying financial tables.
Page 14
30% 40% 50% 60% Pct. of NII Focus on Enhanced Operating Efficiency Medallion Financial Corp. 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 NII Operating Costs Quarterly Net Interest Income (NII) vs. Operating Costs (1) ($ in millions) Quarterly Earnings Supplement 14 ($ in millions) FY 2022 FY 2023 FY 2024 FY 2025 YTD Q3 2026 NII $160.4 $188.1 $202.5 $216.9 $169.7 Operating Costs(1) $72.1 $75.6 $74.4 $85.2 $71.3 Pct. of NII 45% 40% 37% 39% 42% Trendline Operating Costs as a Pct. of NII (1) 2020 2021 2022 2023 2024 2025 2026 (1) FY 2020 and FY 2021 exclude operating costs of a division which was divested on December 1, 2021
Page 15
Dividend History Medallion Financial Corp. Quarterly Earnings Supplement 15 $0.00 $0.02 $0.04 $0.06 $0.08 $0.10 $0.12 $0.14 $0.16 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Quarterly Dividend Quarterly Dividend • Reinstated quarterly dividend in 1Q 2022 • Increased 75% since it was reinstated • Annualized dividend yield of 4.7% (based on MFIN’s stock price of $11.89 per share on 9/30/26)
Page 16
Contact Us THANK YOU! Medallion Financial Corp. InvestorRelations@medallion.com (212) 328-2176