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1Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 2Q 2025 Earnings Call Presentation
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2Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 2 Enhance the value of our growth businesses Maximize the cash flows from our loan portfolios Continuously simplify the business and increase efficiency Maintain a strong balance sheet and distribute excess capital Delivering Value to Shareholders • Invest in capabilities to grow high-quality loan originations that generate targeted returns, and explore opportunities to deepen relationships through product extensions • Sharpened focus on go-forward business while achieving significant reductions in corporate overhead by executing on our strategic actions • Maintain a strong and flexible balance sheet, stable credit ratings, and manage unsecured debt footprint • Deploy capital to support planned business growth and prepare for a range of economic environments • Reliably distribute excess capital to shareholders in form of dividends and share repurchases I N C R E A S E D F R E E C A S H F L O W S • Manage credit and interest rate risk and help borrowers manage loans • Originate high-quality private education loans with attractive economics • Eliminated the fixed cost of servicing • Align scale of platforms, processes and operations to scale of businesses • Make cost structure more predictable and efficient • Reduced employee headcount by more than 80% from YE2023 through 2Q25
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3Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. Strategic Actions Update 3 In January 2024 Navient announced strategic actions to simplify the company, reduce its expense base and enhance flexibility. Below is a 2Q25 update. Phase 1 Focusing on cost reductions and capital allocation 1. Created a variable expense model for loan servicing • Outsourced servicing to a third-party partner July 2024 • Expense model aligns with amortizing legacy portfolio and facilitates corporate expense reduction 2. Divested business processing division • Sold healthcare services business Sept 2024 • Sold government services business Feb 2025 • Related corporate expense reductions ongoing and projected to be fully realized in 2026 3. Streamlining shared services infrastructure and corporate footprint • Expected headcount reduction of 80-90% compared to YE2023; over 80% already reduced as of June 30th • Established a clear path of approximately $400 million in expense reductions • Expected to be largely completed in 2025 and continue into 2026 Expect a Phase 2 update in H2 2025. Phase 2 Focusing on growth initiatives, cost of equity / valuation, and additional cost reductions
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4Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. Full Year 2023 Core Earnings Total Expenses 1 Excluding Regulatory & Restructuring Expenses Excluding Earnest-related Expenses Total Shared and Corporate Expense Less Healthcare Services-related Expenses Total Shared and Corporate Expense ** Less Government Services-related Expenses Less expected additional cost reductions Adjusted Continuing Expense Base $825 million $105 million $98 million $622 million $99 million $523 million $186 million $133 million $204 million ………. ………. ………. ………. ………. ………. ………. ………. ………. * An approximation. Reduction estimates are based on full-year 2023 expenses when excluding growth potential in the consumer lending segment as well as regulatory and restructuring costs. ** As reported in the January 29, 2025 Strategy Update Presentation. We are on track to achieve 80% of this expense reduction target before 2026* • Healthcare Services-related expenses have been eliminated. • Government Services-related expense reductions are expected to be fully realized during 2026. • Additional cost reductions have been identified. A portion of these expenses have already been eliminated and the remainder will be eliminated over time and largely complete in 2025. Navient focused on reducing the expense base supporting its loan portfolios and non-growth businesses. Phase 1 decisions set Navient on a path where this expense base can be reduced by approximately $400 million*. The expenses related to Earnest, our consumer lending business, are expected to correlate with origination volume and any future growth initiatives. Phase 1 Cost Reductions
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5Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 5 2Q 2025 Results GAAP Core Earnings 1 Revenue (Before Provision) $156 million $164 million Provision for Loan Losses $37 million Same as GAAP Operating Expense $100 million Same as GAAP Net Income $14 million $21 million Average Common Stock Equivalents 101 million 101 million Diluted Earnings per Share $0.13 $0.20 “Our second quarter results show strong momentum in loan origination growth, with over $1 billion in originations so far this year – nearly double the first half of last year. The ambitious expense reduction target we set 18 months ago is within our reach, with much of the savings evident in our results. We are demonstrating our capabilities and capacity both to grow meaningfully across our product set and to reduce our expense base.” — David Yowan, CEO 2025 Outlook – includes net expenses* that will ultimately be eliminated related to transition agreements (est. $0.24 per share) Core EPS1: $0.95 - $1.05 * Net expenses are expenses related to transition services after offsetting transition service agreement revenue. The estimated per share impact is tax-affected.
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6Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 6 Federal Education Loans – 2Q 2025 Core Earnings Results 6 • Net income was $30 million compared to $28 million • Net interest income increased $22 million primarily due to a decrease in premium amortization as a result of the significant decline in prepayments from the year-ago quarter • Provision for loan losses increased $10 million primarily as a result of an increase in delinquency balances • Other revenue decreased $7 million primarily as a result of lower late fees and servicing fees • Expenses were $1 million higher primarily as a result of transitioning servicing of our portfolio to a third- party, consistent with expectations 2Q25 2Q24 Revenue (Before Provision) $65 million $50 million Provision for Loan Losses $8 million $(2) million Operating Expense $17 million $16 million Net Income $30 million $28 million
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7Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 7 Consumer Lending – 2Q 2025 Core Earnings Results 7 2Q25 2Q24 Revenue (Before Provision) $98 million $129 million Provision for Loan Losses $29 million $16 million Operating Expense $36 million $34 million Net Income $26 million $60 million • Originated $500 million of Private Education Loans compared to $278 million the year-ago quarter - Refinance Loan originations were $443 million compared to $222 million - In-school Loan originations were $57 million compared to $56 million • Net income was $26 million compared to $60 million • Net interest income decreased $31 million, due to the paydown of the loan portfolio and the reserving for the accrued interest receivable on loans greater than 90-days delinquent • Provision for loan losses increased $13 million due to the increase in delinquency balances and originations, as well as a weakening in macroeconomic forecasts • Expenses increased $2 million primarily as a result of higher marketing spend associated with higher loan origination volume
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8Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 8 For illustrative purposes only, total bars shown not to scale. Numbers may not total due to rounding. 2Q 2025 Allowance for Loan Losses • Our total provision expense was $37 million in 2Q25 • This consists of: - $8 million for our FFELP portfolio - $29 million of provision related to the Private Education portfolio, related to origination of new loans and a general reserve build • Net charge-offs of $88 million during 2Q25 compared to $77 million during 2Q24 ($ in millions) $8 $29 $(88) $700 $649 3/31/25 Allowance for Loan Losses Federal Education Loan Portfolio Provision Consumer Lending Portfolio Provision Net Charge-Offs 6/30/25 Allowance for Loan Losses $753 $702 1 1
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9Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 9 Business Processing – 2Q 2025 Core Earnings Results 9 2Q25 2Q24 Total Fee Revenue - $81 million Operating Expense - $62 million EBITDA 1 - $20 million EBITDA Margin 1 - 25% Net Income - $15 million • Navient no longer provides business processing segment services following the divestiture of our healthcare business in 3Q24 and our government services business in 1Q25 • Navient is providing certain transition services (reflected in the Other segment) in connection with the sales of these businesses • The transition services in connection with our healthcare business ended May 2025 • We expect the transition services in connection with our government services business to be mostly complete by the end of 2025
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10Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 10 • We are focused on becoming more efficient across all segments • Total expenses for the quarter were $100 million compared to $182 million a year ago • Operating expenses include $1 million of regulatory expenses compared to $12 million a year ago • There were no restructuring expenses in 2Q25 compared to $16 million a year ago • TSA-related expenses were $13 million in the quarter, which were offset by $14 million in TSA-related revenue Corporate Other: Non-Regulatory, Non-TSA, $42 Corporate Other: Non-Regulatory, Non-TSA, $32 Federal Education Loans, $16 Federal Education Loans, $17 Consumer Lending, $34 Consumer Lending, $36 Business Processing , $62 TSA Expenses, $13 Regulatory, $12 Regulatory, $1 Restructuring, $16 $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 2Q24 2Q25 $182 $100 ($ in millions) Total Expense – 2Q 2025 Core Earnings Results Numbers may not total due to rounding.
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11Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 11 2Q 2025 Capital Allocation • Adjusted Tangible Equity 1 ratio of 9.8% • We distributed $40 million in 2Q25 to shareholders through dividends and share repurchases • We issued $500 million of unsecured debt and $536 million of ABS • We ended the quarter with 81% of our Total Education Loan Portfolio funded to term • We ended 2Q25 with $5.3 billion in unsecured debt outstanding 7.7% 8.5% 0.0% -0.1% -0.1% 0.0%9.9% 0.1% 9.8% 5% 6% 7% 8% 9% 10% 11% For illustrative purposes only, total bars shown not to scale. Numbers may not total due to rounding. 1 1
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12Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. Forward-Looking Statements and Non-GAAP Financial Measures The following information is current as of June 30, 2025 (unless otherwise noted) and should be read in connection with Navient Corporation’s “Navient” Annual Report on 2024 Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”), filed by Navient with the Securities and Exchange Commission (the “SEC”) on February 27, 2025 and subsequent reports filed by Navient with the SEC. Definitions for capitalized terms in this presentation not defined herein can be found in the 2024 Form 10-K. This presentation contains “forward-looking statements,” within the meaning of the federal securities law, about our business, and prospectus and other information that is based on management’s current expectations as of the date of this presentation. Statements that are not historical facts, including statements about our be liefs, opinions, or expectations and statements that assume or are dependent upon future events, are forward-looking statements and often contain words such as “expect,” “anticipate,” “assume”, “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “may,” “could,” “should,” “goals,” or “target.” Such statements are based on management's expectations as of the date of this release and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. For Navient, these factors include, among other things: • general economic conditions, including the potential impact of inflation and interest rates on Navient and its clients and customers and on the creditworthiness of third parties; and • increased defaults on education loans held by us. The company could also be affected by, among other things: • unanticipated repayment trends on education loans including prepayments or deferrals resulting from new interpretations or the timing of the execution and implementation of current laws, rules or regulations or future laws, executive orders or other policy initiatives that operate to encourage or require consolidation, abolish existing or create additional income-based repayment or debt forgiveness programs or establish other policies and programs or extensions of previously announced deadlines which may increase or decrease the prepayment rates on education loans and accelerate or slow down the repayment of the bonds in our securitization trusts; • a reduction in our credit ratings; • changes to applicable laws, rules, regulations and government policies and expanded regulatory and governmental oversight; • changes in the general interest rate environment, including the availability of any relevant money-market index rate or the relationship between the relevant money-market index rate and the rate at which our assets are priced; • the interest rate characteristics of our assets do not always match those of our funding arrangements; • adverse market conditions or an inability to effectively manage our liquidity risk or access liquidity could negatively impact us; • the cost and availability of funding in the capital markets; our ability to earn Floor Income and our ability to enter into hedges relative to that Floor Income are dependent on the future interest rate environment and therefore is variable; • our use of derivatives exposes us to credit and market risk; • our ability to continually and effectively align our cost structure with our business operations; • a failure or breach of our operating systems, infrastructure or information technology systems; • failure by any third party providing us material services or products or a breach or violation of law by one of these third parties; • our current or previous work with government clients exposes us to additional risks inherent in the government contracting environment; • acquisitions, strategic initiatives and investments or divestitures that we pursue; • shareholder activism; reputational risk and social factors; and • the other factors that are described in the “Risk Factors” section of Navient’s Annual Report on Form 10-K for the year ended December 31, 2024, and in our other reports filed with the SEC. The preparation of our consolidated financial statements also requires management to make certain estimates and assumptions including estimates and assumptions about future events. These estimates or assumptions may prove to be incorrect and actual results could differ materially. All forward-looking statements contained in this release are qualified by these cautionary statements and are made only as of the date of this release. The company does not undertake any obligation to update or revise these forward-looking statements except as required by law. Navient reports financial results on a GAAP basis and also provides certain non-GAAP performance measures, including Core Earnings, Adjusted Tangible Equity Ratio, and various other non-GAAP financial measures derived from Core Earnings. When compared to GAAP results, Core Earnings exclude the impact of: (1) mark-to-market gains/losses on derivatives; and (2) goodwill and acquired intangible asset amortization and impairment. Navient provides Core Earnings measures because this is what management uses when making management decisions regarding Navient’s performance and the allocation of corporate resources. Navient Core Earnings are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. For additional information, see Core Earnings in Navient’s second quarter 2025 earnings release and pages 13 - 14 for a complete reconciliation between GAAP net income and Core Earnings.
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13Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 13 Differences Between GAAP and Core Earnings Quarters Ended Core Earnings adjustments to GAAP: (Dollars in Millions) Jun. 30, 2025 Jun. 30, 2024 GAAP net income (loss) $14 $36 Net impact of derivative accounting 8 (8) Net impact of goodwill and acquired intangible assets 1 3 Net income tax effect (2) 2 Total Core Earnings adjustments to GAAP 7 (3) Core Earnings net income 1 $21 $33
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14Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 14 2Q 2025 GAAP to Core Earnings $8 $1 ($2) $14 $21 GAAP Net Income Net Impact of Derivative Accounting Net Impact of Goodwill & Acquired Intangible Assets Net Income Tax Effect Core Earnings Net Income $0 $5 $10 $15 $20 $25 • We evaluate our business segments on a basis that differs from GAAP • We refer to this different basis as Core Earnings 1 • The two items we remove to result in Core Earnings are: - mark-to-market gains/losses from our use of derivative instruments that: • hedge economic risks that do not qualify for hedge accounting treatment, or • do qualify for hedge accounting treatment but result in ineffectiveness - the accounting for goodwill and acquired intangible assets ($ in millions) 1
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15Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. Appendix
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16Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 16 FFELP Prepayments Influence Revenue and Cash Flow • A period of lower-than-anticipated FFELP Loan Prepayments extends the expected life of the portfolio and results in: - Lower near-term loan premium amortization - Greater life of loan revenue - Loan principal payments occur later • A period of higher-than-anticipated FFELP Loan Prepayments shortens the expected life of the portfolio and results in: - Higher near-term loan premium amortization - Lower life of loan revenue - Loan principal payments occur sooner Policy-Driven Prepayments represent the loan prepayments that are believed to have been catalyzed by Department of Education programs and/or other government policy. Policy-Driven Prepayments represent loans that have consolidated to the Direct Consolidation Loan program as well as non-defaulted loans repaid by guarantors by direction of the Department of Education. Policy-Driven Prepayments exclude defaulted loans repaid by guarantors, full and partial voluntary prepayments, and other activity. Restricted Cash represents the month-end balance of restricted cash related to the FFELP portfolio; periodic balance fluctuations result from trust distributions. $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 January 2023 February 2023 March 2023 April 2023 May 2023 June 2023 July 2023 August 2023 September 2023 October 2023 November 2023 December 2023 January 2024 Feburary 2024 March 2024 April 2024 May 2024 June 2024 July 2024 August 2024 September 2024 October 2024 November 2024 December 2024 January 2025 Feburary 2025 March 2025 April 2025 May 2025 June 2025 Policy-Driven Prepayments Restricted Cash There is a short-term lag between when loan prepayments occur and when the cash received is applied to Asset Backed Securitization debt paydowns.
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17Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 17 Loan Portfolio Cash Flows Greater than Debt Outstanding • Projected loan portfolio cash flows as of June 30, 2025 - Principally securitization trust distributions • Net interest income • Servicing fees • Return of initial equity Cash Flow Projections 2 • Total projected loan portfolio undiscounted cash flows after repayment of secured financings are $11.8 billion over next 20 years • Secured financings include asset backed securities and secured funding facilities • Total unsecured debt principal outstanding is $5.3 billion as of the end of 2Q25 • Approximately 50% of lifetime loan cash flows net of secured financing expected to be received in next 5 years Remaining 2030 - Total 2025 2026 2027 2028 2029 2043 Loan Cash Flows Net of Secured Financing $ 11,809 $ 598 $ 1,365 $ 1,272 $ 1,220 $ 1,113 $ 6,241 Maturities of Unsecured Debt Principal (5,334) (0) (525) (703) (516) (951) (2,638) Cash Flow After Debt Repayment $ 6,475 $ 598 $ 840 $ 569 $ 704 $ 162 $ 3,603 ($ in millions) As of June 30, 2025, Navient held $712 million of unrestricted corporate cash which is not reflected in the table above. Unsecured debt interest and overhead costs are not reflected in the table above. Cash flow projections assume the CPRs disclosed on pages 18 – 19 of this presentation.
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18Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 18 Federal Education Loans – Overview • FFELP portfolio of $30 billion - no newly originated FFELP loans since 2010 - 97-100% of principal and interest guaranteed by U.S. government • Holding 50 basis points of equity capital against portfolio • Projected cash flows from this portfolio are based on: - cash flows from loans net of secured financing costs - assumed Constant Prepayment Rate of 7% for Stafford Loans and 5% for Consolidation Loans • Undiscounted projected cash flows are: - $2.1 billion through end of 2029 - $5.4 billion over next 20 years $228 $531 $496 $434 $406 $0 $200 $400 $600 Remaining 2025 2026 2027 2028 2029 5-Year Projected Annual FFELP Cash Flows 2 ($ in millions) Projected Portfolio Average Balance $28,794 $26,911 $24,381 $21,944 $19,670 The cash flows reported above include revenue from excess spread and servicing from secured financings. Such servicing revenue is projected to be $59 million for remaining 2025, $113 million in 2026, $104 million in 2027, $96 million in 2028, and $88 million in 2029.3
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19Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 19 Consumer Lending – Overview • Private Education Loan portfolio of $16 billion - Refinance education loan originations since 2017 - In-school loan originations starting in 2019 and the seasoned loan portfolio • Holding equity capital against portfolio: - 5% for refi loans - 10% for new in-school loans - 8% for seasoned loans • Projected cash flows from this portfolio are based on: - cash flows from loans net of secured financing costs - assumed Constant Prepayment Rate of 10% - projections of future loan originations cash flows are not included • Undiscounted projected cash flows are: - $3.5 billion through end of 2029 - $6.4 billion over 20 years $369 $834 $776 $786 $708 $0 $200 $400 $600 $800 $1,000 Remaining 2025 2026 2027 2028 2029 5-Year Projected Annual Private Education Cash Flows 2 ($ in millions)
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20Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 20 Total Education Loan Portfolio – Projected Cash Flows • Total Education Loan portfolio of $45 billion, undiscounted projected cash flows are: - $5.6 billion through end of 2029 - $11.8 billion generated over 20 years • We continue to maximize these cash flows through: - helping borrowers manage their loans - prudent interest rate risk management - asset / liability management and match funding through securitization - managing credit through economic cycles - originating high-quality private refi and in-school loans with attractive economics ($ in millions) $228 $531 $496 $434 $406 $369 $834 $776 $786 $708 $0 $300 $600 $900 $1,200 $1,500 Remaining 2025 2026 2027 2028 2029 Federal Education Loans Consumer Lending 5-Year Projected Annual Education Portfolio Cash Flows 1 20
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21Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 21 Empowering talent, encouraging development and fostering belonging We are committed to creating a workplace where employees are supported and proud to deliver meaningful outcomes • Employee Resource Groups and robust wellbeing programs provide connection and care • Our Elevate program allows employees paid time away to volunteer for charities in their communities Responsibility to Our Customers and Communities Supporting education and economic opportunity Our education finance solutions help people pursue higher education and successfully manage their finances. • Refinanced more than $23 billion in student loans since 2014, helping borrowers save money and accelerate their journey to successful repayment • Earnest recognized by U.S. News as Best Private Student Loan Lender, three years in a row Strong corporate governance and compliance culture Navient’s Board of Directors shares a strong commitment to principles of accountability to shareholders, customers, employees and other stakeholders. • Board brings diverse industry backgrounds, skills, and experiences • Adopted governance best practices, board refreshment policies, annual board and committee assessments Learn more about Navient’s Environmental, Social, and Governance (ESG) practices in our Corporate Social Responsibility report at Navient.com/social-responsibility.
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22Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 22 For More Information • Environmental Social Governance (ESG) information - Navient Corporate Social Responsibility report • Student loan asset-backed security (ABS) trust data - Static pool information – detailed portfolio stratifications by trust as of the cutoff date - Accrued interest factors - Quarterly distribution factors - Historical trust performance – monthly charge-off, delinquency, loan status, CPR, etc. by trust - Since issued CPR – monthly CPR data by trust since issuance • Student loan performance by ABS trust - Current and historical monthly distribution reports - Distribution factors - Current rates - Prospectus for public transactions and Rule 144A transactions are available through underwriters • Webcasts, presentations & additional information - Details of the strategic update announced January 2024 - For a primer on Navient, refer to the 2nd Quarter 2023 Earnings Presentation - Archived webcasts, transcripts and investor presentations www.navient.com/investors www.navient.com/abs
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23Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved. 23 Footnotes 1. Item is a Non-GAAP Financial Measure. In addition to financial results reported on a GAAP basis, Navient also provides certain performance measures which are non-GAAP financial measures. Definitions for the non-GAAP financial measures and reconciliations are provided below and in the body of the company’s quarterly earnings release, except that reconciliations of forward-looking non-GAAP financial measures are not provided because the company is unable to provide such reconciliations without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of certain items, including, but not limited to, the impact of any mark-to-market gains/losses resulting from our use of derivative instruments to hedge our economic risks. The following non-GAAP financial measures are presented within this presentation; for further detail and reconciliations, see pages 13 – 14 of this presentation and pages 18 – 28 of Navient’s second quarter 2025 earnings release: Core Earnings – The difference between the company’s Core Earnings and its GAAP results is that Core Earnings excludes the impacts of: (1) mark-to-market gains/losses on derivatives and (2) goodwill and acquired intangible asset amortization and impairment. Management uses Core Earnings in making decisions regarding the company’s performance and the allocation of corporate resources and, as a result, our segment results are presented using Core Earnings. In addition, Navient’s equity investors, credit rating agencies and debt capital investors use these Core Earnings measures to monitor the company’s business performance. Adjusted Tangible Equity Ratio (ATE) – The Adjusted Tangible Equity Ratio measures Navient’s tangible equity, relative to its tangible assets. We adjust this ratio to exclude the assets and equity associated with our FFELP portfolio because FFELP Loans are no longer originated and the FFELP portfolio bears a 3% maximum loss exposure under the terms of the federal guaranty. Management believes that excluding this portfolio from the ratio enhances its usefulness to investors. To determine Adjusted Tangible Equity Ratios, we calculate the Adjusted Tangible Equity (GAAP Total Equity less Goodwill & Acquired Intangible Assets less Equity held for FFELP Loans) and divide by Adjusted Tangible Assets (Total Assets less Goodwill & Acquired Intangible Assets less FFELP Loans). Earnings before Interest, Taxes, Depreciation and Amortization Expense (“EBITDA”) – This metric measured the operating performance of the Business Processing segment and was used by management and our equity investors to monitor operating performance and determine the value of those businesses. Allowance for Loan Losses Excluding Expected Future Recoveries on Previously Fully Charged-off Loans – This metric excludes the expected future recoveries on previously fully charged-off loans to better reflect the current expected credit losses remaining in connection with the loans on balance sheet that have not charged off. 2. Projections are based on internal estimates and assumptions and are subject to ongoing review and modification. Education loan portfolio projections are forecasted as of the end of the quarter using a SOFR forward curve, are agnostic to timing discrepancies, and assume funding spreads remain static. These projections may prove to be incorrect. 3. Projections of servicing revenue are of secured FFELP on a go-forward basis. These projections are based on internal estimates and assumptions and are subject to ongoing review and modification. These projections may prove to be incorrect.
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24Confidential and proprietary information © 2025 Navient Solutions, LLC. All rights reserved.