Shareholder Letter

Shareholder Letter First Fiscal Quarter 2025

Max Levchin Founder and CEO Fellow Affirm shareholders: Afûrm galloped out of the gates in FQ1’25. We met or exceeded every metric provided in the August outlook: 1 Gross Merchandise Volume (

2 A few words on the state of the pay-later market and our position in it. We estimate that total U.S. pay-later GMV as a percentage of In other words, Afûrm is growing faster than U.S. e-commerce U.S. e-commerce reached approximately 7.4% in the second itself (by well over 4x: 7% e-commerce growth in CQ2 vs. calendar quarter of 2024, adding about one percentage point 31% for Afûrm in CQ2 and 35% in CQ3), while earning more over the preceding 12 months. Afûrm accounted for 34% of revenue in the U.S. than all of our pure-play competitors that, up from 32% in the prior-year period. We also estimate combined. that Afûrm represented just over half of the total pay-later revenue earned in the U.S. during the second calendar quarter of 2024. Estimated U.S. Pay-Later Penetration Rate Estimated Affirm U.S. GMV Market Share +2 p.p. As % of total estimated U.S. Pay-Later GMV; data based upon calendar quarter As % of U.S. e-commerce; data based upon calendar quarter How do we do it? Our ûnancial incentives are aligned with both consumers While this is incremental merchant spend, strong transactional and merchants. We do the hard work of underwriting monthly unit economics cannot be supplanted by ad revenue, because installments in addition to pay-in-four, which helps our that guarantees misalignment with the merchant. If credit borrowers by lowering monthly repayments. Our commitment approvals become linked to ad revenues, the payment provider to never charging late or hidden fees keeps our credit has a real incentive to steer a creditworthy decisioning sharp: we only approve borrowers that we consumer to an advertising merchant hoping to capture believe are willing and able to pay us back. better economics, something we cannot abide. As our active consumers near 20 million, we are seeing paid Because we insist on keeping each transaction intrinsically merchant ads in the Afûrm app become an important revenue proûtable, we always want more transactions with every one of stream. We love using it to fund 0% and reduced-APR offers to our partners, making Afûrm a partner of choice for so many delight our consumers and to meaningfully increase Afûrm enterprises. uptake at the point of sale. 2 Based upon Affirm internal estimates. U.S. e-commerce market size based upon U.S. Census Bureau data. Affirm’s pure-play competitors are Afterpay, Klarna, PayPal Pay Later, Sezzle, and Zip. These estimates exclude GMV and revenue from all other competitors, including post-purchase installment loans originated by card issuers. Affirm FQ1’25 Shareholder Letter 33

Although we've been highlighting Afûrm Card progress in the last couple of these letters, the Card is proving to be a gift that keeps on giving, so a brief update is warranted. In ûscal Q1, Card growth accelerated on both the top and bottom line, each more than doubling year over year. We had over 1.4 million active cardholders at quarter end. As cohorts mature, we are observing all the right signs and signals: annualized GMV per user grew from $2,500 to over $3,000, and in-store usage grew from approximately 25% in early FY’24 to 40% in FQ4’24 and 45% in FQ1’25. Card credit outcomes and unit economics remain in-line with (or better than) the rest of the Afûrm ecosystem, and we are excited about a few upcoming launches, including the rollout of Visa Flexible Credential to our current cardholders over the next few months, which should improve the economics further. Our Revenue team has been working hard to harmonize our many 0% and reduced-APR programs across the channels where Afûrm is offered: point of sale, platforms, our app, digital wallets, and the Card. These offerings boost consumer uptake with deals truly unique to Afûrm, and we are excited to see them offered to our most loyal and active consumers on the Afûrm Card. We expect to continue expanding both card eligibility and individual purchasing power for cardholders. A few more brief highlights: ● Apple Pay: Went live with Apple Pay towards the end of the quarter in September, providing consumers with the option to pay over time with Afûrm when checking out on Apple Pay online and in-app on iPhone and iPad. Excited to be working together to bring users even more ways to pay. ● You hear that, Doug? I’m coming to London! Launched in the United Kingdom with our ûrst few merchant partners and are expanding our distribution partnerships to support UK integrations. Immediate goal is to be ready to support enterprise-scale partners in the UK in the second ûscal half. ● Accelerated merchant onboarding in the quarter, growing our active merchant count by over 20 thousand, including several major enterprises to launch in CY’25. Completed contract renewals with several top-10 merchant partners. ● Expanded our existing partnership with WooCommerce, improved the onboarding process for Stripe merchants, and signed on several new merchant platforms. ● Shop Pay Installments (powered by Afûrm) has now surpassed $10 billion in cumulative GMV – we’ve come a really long way since Shopapalooza! Very much looking forward to growing our joint programs with Shopify, which now include Shop Pay Commerce Component, aka off-Shopify Shop Pay. Affirm FQ1’25 Shareholder Letter 4

As we prepare for what promises to be a great holiday season, credit remains job #1. Delinquencies rose seasonally in FQ1 and also First Payment 30+ Day Delinquency Rate as a result of expanded approvals with the APR range expansion compared to last year. We expect delinquencies to decline as we exit the holiday season, as normal. As always, credit outcomes are an input into our business model, and we intend to continue steering our unit economics to the target range of 3-4% RLTC as a percentage of GMV. There is much to be excited about the remainder of our ûscal year: expect more growth, product updates, new partnerships and geographies, and much more. And we intend to do it all while maintaining the kind of ûnancial discipline we’ve been able to exhibit over the past couple years: indeed, this quarter, RLTC grew 34% year over year relative to other operating expenses declining 1%. As always, my gratitude goes out to the Afûrmers who make all this possible, especially the UK launch team. Special congratulations to Rob O’Hare, who ofûcially becomes our CFO tomorrow, as Michael focuses on his expanded COO remit. Congratulations to everyone on a great quarter, three to go! Onward, First Payment 30 Day Delinquency Rate measures the rate of monthly installment loans 30+ days delinquent on first payment from the time of loan capture. Max Affirm FQ1’25 Shareholder Letter 5

FQ1’25 Operating Highlights Gross Merchandise Volume (GMV) grew 35% year over year The mix of card GMV continued to gradually shift towards to $7.6 billion as we signiûcantly outpaced overall e-commerce merchant-funded products such as monthly 0% APR as we growth. GMV from our top ûve merchants and platform harmonize merchant offers across surfaces. Despite partners collectively grew 41% year over year, with continued the slight change in product mix, card unit economics gains in share of cart. remained consistent with prior periods and similar to that of Afûrm overall. GMV growth was diversiûed across categories and products, with each category growing double digits year over year Active consumers, excluding the discontinued Returnly except for sporting goods and outdoors, which slightly business, increased 21% year over year to 19.5 million as of declined. The general merchandise category grew 47% September 30, 2024. year over year and was both the largest category and most Active merchant count increased 21% year over year to substantial contributor to our overall growth rate. The travel 323,000 as of September 30, 2024, marking our fourth and ticketing, electronics, and equipment and auto categories consecutive quarter of acceleration in year-over-year growth all grew at least 25% year over year. of active merchant count as merchant acceptance of Afûrm Direct-to-Consumer GMV (D2C GMV) grew 44% year over continues to increase. year to $2.1 billion. Within D2C, Afûrm Card generated $607 million in GMV, up 20% from $507 million during FQ4’24 and 171% from $224 million during FQ1’24. Active cardholder count grew approximately 19% quarter over quarter in FQ1’25, and we exceeded 1.4 million active cardholders at quarter end. Ongoing product improvements enabled us to expand card eligibility to more of our consumer base and contributed to growth in both active cardholders and GMV. Affirm FQ1’25 Shareholder Letter 6

FQ1’25 Financial Highlights 1 Total Revenue RLTC Operating Income (Loss) Adj. Operating Income As a percentage of GMV As a percentage of GMV As a percentage of Revenue As a percentage of Revenue 9.2% 3.8% (19%) 19% +40 bps unchanged +23 pp +6 pp All comparisons on a year-over-year basis Total Revenue Total revenue grew 41% year over year to $698 million. ● Network revenue grew 29% year over year, below overall Revenue as a percentage of GMV increased to 9.2%, GMV growth, as the mix of 0% APR products including compared to 8.8% in FQ1’24. The following factors contributed Pay in 4 declined slightly year over year. The decline in to revenue growth: 0% APR mix is attributable to an acceleration in growth at some of our large, interest bearing merchant programs. ● Interest income grew 44%, driven primarily by growth in loans held for investment, which increased 39% year over ● Gain on sales of loans grew 86% year over year. This year, and to a lesser extent by the pricing initiatives that increase was driven by a combination of an increase in we implemented in FY’23 and FY’24. We believe the loans sold, which grew approximately 30% year over year, majority of the margin beneût from our pricing initiatives better funding market conditions, improved loan sale has now been realized with over 40% of loan origination pricing, and consistent execution by our Capital team. volume in FQ1’25 occurring at an APR between 30% and ● Servicing income grew 29% year over year and was a 36%, up from approximately 30% in FQ1’24 and 1% in small contributor to overall growth. The increase in FQ1’23. servicing income was primarily due to the year-over-year growth in the off-balance sheet platform portfolio. Year-over-Year Change in Revenue as a % of GMV Revenue as a percentage of GMV increased 40 basis points due to an increase in interest income and other revenue as a percentage of GMV, which was somewhat offset by a slight decline in network revenue as a percentage of GMV. The changes in interest income and network revenue are primarily due to a mix shift towards interest-bearing products and away from 0% APR products. *Other revenue includes gain on sales of loans and servicing income Affirm FQ1’25 Shareholder Letter 7

RLTC RLTC grew 34% year over year to $285 million. RLTC as a percentage of GMV of 3.8% was unchanged on a year-over-year basis and within our 3 to 4% long-term target range. Average Asset Yield vs. Average Cost of Funds Average asset yield increased 1.5 percentage +1.5 p.p. points year over year and more than 5 percentage points over the past two years due to the impact of the pricing initiatives that we implemented in FY’23 and FY’24 as well as a mix shift towards interest-bearing loans. These +.4 p.p. pricing initiatives allowed us to offset the increase in average cost of funds during the same period. All comparisons on a year-over-year basis As a percentage of GMV, RLTC was unchanged on a Changes in the timing of loan sales in FQ1’25 compared to year-over-year basis as higher revenue was offset by higher FQ1’24 also increased provision expense on a year-over-year provision and, to a lesser extent, an increase in funding costs. basis. While the timing and mix of loan originations can The majority of the increase in provision expense was due to contribute to üuctuations in provision expense, our credit an increase in loans originated and retained on balance sheet outcomes continue to be in-line with expectations as during the quarter, which also contributed to the discussed in the Credit Quality section. aforementioned year-over-year growth in interest income. Affirm FQ1’25 Shareholder Letter 8

Year-over-Year Change in RLTC as a % of GMV RLTC as a percentage of GMV of 3.8% was unchanged year over year as an increase in revenue as a percentage of GMV was offset primarily by higher provision expense and to a lesser extent higher funding costs. *Other txn costs include changes in network revenue, gain on sales of loans, servicing income, processing and servicing expense, and loss on loan purchase commitment Average Cost of Funds Average funding costs were 7.7% on an annualized basis, stable compared to recent quarters and a less than 10 basis point headwind to RLTC as a percent of GMV on a year-over-year basis. Cost of funds defined as annualized funding costs divided by the average of funding debt and notes issued by securitization trusts during the period Operating Income Operating Income improved $77 million to a ($133) million The $77 million improvement in Operating Income was driven operating loss, compared to a ($209) million loss in FQ1’24. by a $73 million year-over-year increase in RLTC and minor Operating Income as a percentage of revenue, or Operating reduction in operating expenses excluding transaction costs. Margin, was (19%) in the period, compared to (42%) during Excluding transaction costs, operating expenses were FQ1’24. Of the $133 million loss, $122 million was attributable effectively üat year over year, with sales and marketing and to enterprise warrant and share-based expenses associated general and administrative expenses declining, while with warrants granted to two enterprise partners. technology and data analytics expenses increased slightly. Affirm FQ1’25 Shareholder Letter 9

Adjusted Operating Income Adjusted Operating Income increased $70 million year over year to $130 million, compared to $60 million in FQ1’24. Adjusted Operating Income as a percentage of Revenue, or Adjusted Operating Margin, was 19% during the period compared to 12% during FQ1’24. Adjusted Operating Income excludes the impact of enterprise warrant and share-based expenses, stock-based compensation expense, depreciation and amortization, and other items. Growth in RLTC accounted for virtually all of the increase in Adjusted Operating Income as Non-GAAP Other Operating Expenses grew only $2 million, or approximately 1%, year over year as we continued to carefully manage expenses. Credit Quality 30+ day delinquencies excluding Peloton and Pay in X loans increased slightly both year over year and compared to FQ4’24. The increase relative to FQ4’24 was partially due to credit seasonality as delinquencies normally peak in early FQ2 before the beginning of the holiday shopping season. Additionally, delinquencies increased as we expanded loan approvals and product mix shifted towards interest-bearing products compared to prior periods. Year-over-Year Comparison: Monthly Installment Loan Ex-Peloton 30+ Day Delinquency Rate Affirm FQ1’25 Shareholder Letter 10

Net charge-off performance Recent monthly installment loan cohorts are continuing to perform in-line with, or better than, historical cohorts that originated prior to the COVID pandemic on the basis of cumulative charge-offs as a percentage of GMV. Cohorts originated during FY’24 are also performing consistent with the cohorts originated during the same period in FY’23. Cumulative Net Charge-offs by Origination Vintage: Monthly Installment Loans U.S. Monthly Installment Loans from FQ1’18 through FQ3’24 Dotted gray lines indicate pandemic-era cohorts (FQ3’20 through FQ4’21), solid gray lines indicate FQ1’18 through FQ2’20 and FQ1’22 through FQ1’23 cohorts Cumulative Net Charge-offs by Origination Vintage: Pay in 4 Loans U.S. loans only Ongoing improvements in our underwriting process have enabled us to deliver substantial reductions in credit costs for Pay in 4 loans. As a percentage of GMV, loss rates for Pay in 4 loans have continued to track to less than 1% for loans originated during FY’24. Affirm FQ1’25 Shareholder Letter 11

Capital and Funding Update Funding Capacity increased to $16.8 billion at the end of each of our ABS transactions were completed at lower overall FQ1’25, up from $16.1 billion at the end of FQ4’24, marking pricing spreads and higher advance rates than prior the seventh consecutive quarter that funding capacity transactions. This transaction represents our lowest cost of increased. Overall, we continue to have healthy discussions funds since April 2022 and brings our cumulative issuance with both existing and prospective capital partners across all of since 2020 to $9B, the second highest among non-bank 3 our funding channels. consumer ûnance issuers. We were pleased to add Fitch as a rating agency on our We continued to deliver attractive returns to our loan buyer $750 million 2024-B revolving ABS transaction in September. partners driven by consistent credit discipline. This has led to This was our ûrst dual-rated issuance and 20th ABS issuance signiûcant upsize demand relative to the same period last overall, inclusive of reopening transactions. We believe the year. These upsizes, plus the addition of new loan buyers, addition of a major ratings agency will unlock new ABS buyers enabled us to increase capacity in the forward üow channel at as well as incremental capacity from existing buyers. a faster rate than our overall funding capacity on a quarter-on-quarter basis. Consistent with our other recent transactions, the issuance was upsized and signiûcantly oversubscribed. Since FQ3’23, 3 Based upon Finsight data as of FQ1’25. Capital Allocation and Liquidity At the end of September, we had $2.1 billion in total liquidity split between cash and securities available for sale, similar to our total liquidity at the end of June. Against this amount, we had $1.2 billion in convertible debt at the end of September, down from $1.3 billion at the end of June. On November 5, 2024, the Afûrm board of directors authorized the repurchase of up to $500 million in aggregate principal amount of our outstanding convertible debt during the period of January 1, 2025 through December 31, 2025. This authorization succeeds the $800 million December 2023 authorization, which expires on December 31, 2024. Subject to market conditions, we will continue to evaluate opportunities to optimize the debt capital structure and proactively manage long-term liabilities. We may consider various approaches to execute any future convertible note repurchases. This could include open market purchases, privately negotiated purchases, purchase plans under Rule 10b5-1, or through a combination thereof. Affirm FQ1’25 Shareholder Letter 12

Financial Outlook Fiscal Q2 2025 Fiscal 2025 GMV $9.35 to 9.75 billion More than $34 billion At least 20 basis points higher than Revenue $770 to 810 million FY’24 as a % of GMV Transaction Costs $420 to 440 million Similar to FY’24 as a % of GMV At least 20 basis points higher than Revenue Less Transaction Costs $350 to 370 million FY’24 as a % of GMV 4 Adjusted Operating Margin 21 to 23 percent At least 20 percent Weighted Average Shares Outstanding 322 million 322 million We expect to achieve operating income proûtability on a GAAP basis in FQ4’25 Operating Income and plan to operate the business going forward in a manner designed to maintain proûtability on this basis. Assumptions Embedded within the Outlook Enterprise warrant expense Product and Go-to-Market Initiatives ● Our outlook includes the expected ûnancial impact of our ● Expenses associated with amortization of the A through C tranches of warrants granted to an enterprise partner are Afûrm Money Account, the business-to-business (B2B) product, and our UK expansion. None of these initiatives expected to decline to $5 million per quarter in FQ3’25 and are expected to be material growth contributors during FQ4’25 compared to $74 million in FQ3’24 and $72 million FY’25. in FQ4’24. ● A recently-launched wallet partnership is not expected to ● FY’25 expenses associated with the

Conference Call Afûrm will host a conference call and webcast to discuss ûrst ûscal quarter 2025 ûnancial results on November 7, 2024, at 5:00 pm ET. Hosting the call will be Max Levchin, Founder and Chief Executive Ofûcer, Michael Linford, Chief Operating Ofûcer and Chief Financial Ofûcer, and Rob O’Hare, SVP, Finance. The conference call will be webcast live from the Company's investor relations website at https://investors.afûrm.com. A replay will be available on the investor relations website following the call. Upcoming Investment Conferences Afûrm will be attending the following upcoming investment conferences: FT Partners FinTech Conference UBS Global Technology and AI Conference Wells Fargo TMT Summit December 2, 2024 November 20, 2024 December 3, 2024 Scottsdale, AZ New York, NY Rancho Palos Verdes, CA About Afûrm Contacts Afûrm’s mission is to deliver honest ûnancial products that improve lives. By building a new kind of payment network – Investor Relations: ir@afûrm.com one based on trust, transparency and putting people ûrst – Media: press@afûrm.com we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we show consumers exactly what they will pay up front, and never charge any late or hidden fees. Affirm FQ1’25 Shareholder Letter 14

Key Operating Metrics, Non-GAAP Financial Measures and Supplemental Performance Indicators Three Months Ended September 30, 2024 2023 (in millions, except GMV and percent data) (unaudited) GMV (in billions) $ 7.6 $ 5.6 Total Transactions (count) 27.2 18.8 Total Revenue, net $ 698.5 $ 496.5 Total Revenue as a % of GMV 9.2 % 8.8 % Transaction Costs (Non-GAAP) $ 413.4 $ 284.2 Transaction Costs as a % of GMV 5.4 % 5.1 % Revenue Less Transaction Costs (Non-GAAP) $ 285.1 $ 212.4 Revenue Less Transaction Costs as a % of GMV (Non-GAAP) 3.8 % 3.8 % Operating Loss $ (132.6) $ (209.4) Operating Margin (19.0) % (42.2) % Adjusted Operating Income (Non-GAAP) $ 129.6 $ 59.9 Adjusted Operating Margin (Non-GAAP) 18.6 % 12.1 % Net Loss $ (100.2) $ (171.8) September 30, 2024 June 30, 2024 September 30, 2023 (unaudited) Active Consumers (in millions) 19.5 18.7 16.9 Transactions per Active Consumer 5.1 4.9 4.1 Active Merchants (in thousands) 323.0 303.0 266.3 Total Platform Portfolio (Non-GAAP) (in billions) $ 11.8 $ 11.0 $ 9.0 Equity Capital Required (Non-GAAP) (in millions) $ 581.3 $ 596.3 $ 441.1 Equity Capital Required as a % of Total Platform Portfolio (Non-GAAP) 4.9 % 5.4 % 4.9 % Allowance for Credit Losses as a % of Loans Held for Investment 5.6 % 5.5 % 5.1 % Affirm FQ1’25 Shareholder Letter 15

Key Operating Metrics Gross Merchandise Volume (

Adjusted Operating Margin - The Company deûnes adjusted operating margin as its adjusted operating income (loss), as deûned above, as a percentage of its GAAP total revenue. Similar to adjusted operating income (loss), the Company believes that adjusted operating margin is a useful ûnancial measure to both the Company and investors for evaluating its operating performance and that it facilitates period to period comparisons of the Company's results of operations as the items excluded generally are not a function of the Company's operating performance. Total Platform Portfolio - The Company deûnes total platform portfolio as the unpaid principal balance outstanding of all loans facilitated through its platform as of the balance sheet date, including loans held for investment, loans held for sale, and loans owned by third-parties. The Company believes that total platform portfolio is a useful ûnancial measure to both the Company and investors in assessing the scale of funding requirements for the Company's network. Equity Capital Required (

Supplemental Performance Indicators Active Merchants - The Company deûnes an active merchant as a merchant which has a contractual point-of-sale relationship with Affirm or a platform partner, and engages in at least one Affirm transaction during the twelve months prior to the measurement date. The Company believes that active merchants is a useful performance indicator to both the Company and investors because it measures the reach of the Company's network. Total Transactions - The Company deûnes total transactions as the total number of unique transactions on the Affirm platform during the applicable period. The Company believes that total transactions is a useful performance indicator to both the Company and investors because it measures the frequency of consumer engagement, as demonstrated by the total number of unique transactions. Total Revenue as a Percentage of GMV - The Company deûnes total revenue as a percentage of GMV as GAAP total revenue as a percentage of GMV, as deûned above. The Company believes that total revenue as a percentage of GMV is a useful performance indicator to both the Company and investors of the revenue generated on a transaction processed on the Company's platform. Allowance for Credit Losses as a Percentage of Loans Held for Investment - The Company deûnes allowance for credit losses as a percentage of loans held for investment as GAAP allowance for credit losses as a percentage of GAAP loans held for investment. The Company believes that allowance for credit losses as a percentage of loans held for investment is a useful performance indicator to both the Company and investors of the future estimated credit losses on the Company's outstanding loans held for investment. Funding Capacity - The Company deûnes funding capacity as the total amount of committed funding provided by warehouse credit facilities, securitizations, and forward üow loan sale agreements available for the purchase or ûnancing of loans. Funding capacity also includes the utilized portion of uncommitted forward üow loan sale agreements as of the measurement date. The Company believes that funding capacity is a useful performance indicator to both the Company and investors of its ability to fund loan transactions on the Affirm platform. Delinquencies - The Company deûnes delinquency as when a payment on a loan becomes more than 4 days past due. The Company generally views delinquency in groupings of more than 30 days past due, more than 60 days past due, and more than 90 days past due. A loan is charged off after a payment on a loan becomes 120 days past due. The Company believes that delinquencies are a useful performance indicator to both the Company and investors of the credit quality and performance of the loan portfolio. Average Asset Yield - The Company deûnes average asset yield as the annualized interest income on unpaid principal balance, divided by the average of loans held for investment during the period. The Company believes that average asset yield is a useful indicator of annualized yield on loans from interest income paid by consumers. Repeat Consumer - The Company deûnes repeat consumer as a consumer who has transacted with Affirm at least twice. The Company believes that repeat consumer rates on a cohortized basis are a useful indicator of consumer retention and engagement. Average Cost of Funds - The Company deûnes average cost of funds as annualized funding costs divided by the average of funding debt and notes issued by securitization trusts during the period. The Company believes that this is a useful indicator of the average cost of third-party ûnancing of loans held for investment. Cumulative Net Charge-Offs - The Company deûnes cumulative net charge-offs as the total dollar amount of loans charged off over time from a speciûc cohort of transaction, less any recoveries. The Company believes that cumulative net charge-offs is a useful performance indicator to both the Company and Investors of the credit quality and performance of the loan portfolio. Net Cash - The Company deûnes net cash as cash and cash equivalents plus securities available for sale, minus convertible senior notes. The Company believes that net cash is a useful performance indicator to both the Company and investors as it provides an alternative perspective of the Company's liquidity. Affirm FQ1’25 Shareholder Letter 18

Use of Non-GAAP Financial Measures To supplement the Company's condensed consolidated ûnancial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), the Company presents the following non-GAAP ûnancial measures: transaction costs, transaction costs as a percentage of GMV, revenue less transaction costs, revenue less transaction costs as a percentage of GMV, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, adjusted operating income (loss), adjusted operating margin, total platform portfolio, equity capital required, and equity capital required as a percentage of total platform portfolio. Deûnitions of these non-GAAP ûnancial measures are included under "Key Operating Metrics, Non-GAAP Financial Measures and Supplemental Performance Indicators" above, and reconciliations of these non-GAAP ûnancial measures with the most directly comparable GAAP ûnancial measures are included in the tables below. Summaries of the reasons why the Company believes that the presentation of each of these non-GAAP ûnancial measures provides useful information to the Company and investors are included under "Key Operating Metrics, Non-GAAP Financial Measures and Supplemental Performance Indicators" above. In addition, the Company uses these non-GAAP ûnancial measures in conjunction with ûnancial measures prepared in accordance with GAAP for planning purposes, including the preparation of its annual operating budget, and for evaluating the effectiveness of its business strategy. However, these non-GAAP ûnancial measures are presented for supplemental informational purposes only, and these non-GAAP ûnancial measures have limitations as analytical tools. Some of these limitations are as follows: ● Revenue less transaction costs and revenue less transaction costs as a percentage of GMV are not intended to be measures of operating proût or loss as they exclude key operating expenses such as technology and data analytics, sales and marketing, and general and administrative expenses; ● Adjusted operating income (loss) and adjusted operating margin exclude certain recurring, non-cash charges such as depreciation and amortization, the expense related to warrants and share-based payments granted to enterprise partners, and share-based compensation expense, which have been, and will continue to be for the foreseeable future, signiûcant recurring expenses; and ● Other companies, including companies in the same industry, may calculate these non-GAAP ûnancial measures differently from how the Company calculates them or not at all, which reduces its usefulness as a comparative measure. Accordingly, investors should not consider these non-GAAP ûnancial measures in isolation or as substitutes for analysis of the Company's ûnancial results as reported under GAAP, and these non-GAAP measures should be considered along with other operating and ûnancial performance measures presented in accordance with GAAP. Investors are encouraged to review the related GAAP ûnancial measures and the reconciliations of these non-GAAP ûnancial measures to their most directly comparable GAAP ûnancial measures and not rely on any single ûnancial measure to evaluate the business. Affirm FQ1’25 Shareholder Letter 19

Cautionary Note About Forward-Looking Statements This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the

AFFIRM HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per share amounts) September 30, 2024 June 30, 2024 Assets Cash and cash equivalents $ 1,046,160 $ 1,013,106 Restricted cash 338,462 282,293 Securities available for sale at fair value 1,073,685 1,131,628 Loans held for sale 4 36 Loans held for investment 6,310,834 5,670,056 Allowance for credit losses (350,606) (309,097) Loans held for investment, net 5,960,228 5,360,959 Accounts receivable, net 308,394 353,028 Property, equipment and software, net 473,019 427,686 Goodwill 536,745 533,439 Intangible assets 13,459 13,502 Commercial agreement assets 90,346 104,602 Other assets 298,661 299,340 Total assets $ 10,139,159 $ 9,519,619 Liabilities and stockholders9 equity Liabilities: Accounts payable $ 57,561 $ 41,019 Payable to third-party loan owners 152,035 159,643 Accrued interest payable 24,484 24,327 Accrued expenses and other liabilities 137,464 147,429 Convertible senior notes, net 1,202,519 1,341,430 Notes issued by securitization trusts 3,985,484 3,236,873 Funding debt 1,744,040 1,836,909 Total liabilities 7,303,587 6,787,630 Stockholders9 equity: Class A common stock, par value $0.00001 per share: 3,030,000,000 shares authorized, 271,833,469 shares issued and outstanding as of September 30, 2024; 3,030,000,000 shares authorized, 267,305,456 shares issued and outstanding as of June 30, 2024 2 2 Class B common stock, par value $0.00001 per share: 140,000,000 shares authorized, 42,143,934 shares issued and outstanding as of September 30, 2024; 140,000,000 shares authorized, 43,747,575 shares issued and outstanding as of June 30, 2024 1 1 Additional paid in capital 6,053,917 5,862,555 Accumulated deficit (3,209,226) (3,109,004) Accumulated other comprehensive loss (9,122) (21,565) Total stockholders9 equity 2,835,572 2,731,989 Total liabilities and stockholders9 equity $ 10,139,159 $ 9,519,619 Affirm FQ1’25 Shareholder Letter 21

AFFIRM HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (in thousands, except share and per share amounts) Three Months Ended September 30, 2024 2023 Revenue Merchant network revenue $ 184,339 $ 145,950 Card network revenue 47,480 33,476 Total network revenue 231,819 179,426 Interest income 377,064 262,679 Gain on sales of loans 63,613 34,285 Servicing income 25,983 20,157 Total revenue, net 698,479 496,547 Operating expenses Loss on loan purchase commitment 54,237 34,866 Provision for credit losses 159,824 99,696 Funding costs 104,145 73,931 Processing and servicing 95,146 75,671 Technology and data analytics 134,290 132,965 Sales and marketing 145,233 146,866 General and administrative 138,482 140,334 Restructuring and other (255) 1,665 Total operating expenses 831,102 705,994 Operating loss $ (132,623) $ (209,447) Other income, net 34,303 38,707 Loss before income taxes $ (98,320) $ (170,740) Income tax expense 1,902 1,043 Net loss $ (100,222) $ (171,783) Other comprehensive income (loss) Foreign currency translation adjustments $ 8,346 $ (11,898) Unrealized gain on securities available for sale, net 5,589 1,353 Gain (loss) on cash flow hedges (1,492) 763 Net other comprehensive income (loss) 12,443 (9,782) Comprehensive loss $ (87,779) $ (181,565) Per share data: Net loss per share attributable to common stockholders for Class A and Class B Basic $ (0.31) $ (0.57) Diluted $ (0.31) $ (0.57) Weighted average common shares outstanding Basic 318,234,555 303,839,670 Diluted 318,234,555 303,839,670 The following table presents the components and classification of stock-based compensation (in thousands): Three Months Ended September 30, 2024 2023 General and administrative $ 62,804 $ 70,184 Technology and data analytics 25,972 35,135 Sales and marketing 5,195 5,465 Processing and servicing 262 1,575 Total stock-based compensation in operating expenses $ 94,233 $ 112,359 Affirm FQ1’25 Shareholder Letter 22

AFFIRM HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Three Months Ended September 30, 2024 2023 Cash flows from operating activities Net loss $ (100,222) $ (171,783) Adjustments to reconcile net loss to net cash used in operating activities: Provision for losses 159,824 99,696 Amortization of premiums and discounts on loans (52,064) (41,138) Gain on sales of loans (63,613) (34,285) Gain on extinguishment of debt (19,624) 4 Changes in fair value of assets and liabilities 1,668 (4,110) Amortization of commercial agreement assets 14,256 21,557 Amortization of debt issuance costs 6,083 5,534 Amortization of discount on securities available for sale (15,797) (12,120) Commercial agreement warrant expense 107,263 95,910 Stock-based compensation 94,233 112,359 Depreciation and amortization 46,720 40,131 Impairment of right of use assets 4 752 Other (2,209) (4,730) Change in operating assets and liabilities: Purchases and origination of loans held for sale (1,219,022) (1,222,224) Proceeds from the sale of loans held for sale 1,219,061 1,228,110 Accounts receivable, net 41,117 (42,208) Other assets (6,833) (12,566) Accounts payable 16,543 (1,257) Payable to third-party loan buyers (7,608) 55,646 Accrued interest payable 846 6,264 Accrued expenses and other liabilities (23,755) (20,636) Net cash provided by operating activities 196,867 98,902 Cash flows from investing activities Purchases and origination of loans held for investment (6,388,350) (4,229,667) Proceeds from the sale of loans held for investment 1,630,671 899,238 Principal repayments and other loan servicing activity 4,132,682 3,184,851 Additions to property, equipment and software (44,152) (35,817) Purchases of securities available for sale (136,727) (96,813) Proceeds from maturities and repayments of securities available for sale 215,680 262,293 Other investing cash inflows 15,197 56 Net cash used in investing activities (574,999) (15,859) Cash flows from financing activities Proceeds from funding debt 3,188,998 2,896,251 Payment of debt issuance costs (4,321) (10,490) Principal repayments of funding debt (3,289,384) (2,938,674) Extinguishment of convertible debt (120,056) 4 Proceeds from issuance of notes and certificates by securitization trust 750,000 750,000 Principal repayments of notes issued by securitization trust 4 (515,377) Proceeds from exercise of common stock options and warrants and contributions to ESPP 3,596 3,611 Payments of tax withholding for stock-based compensation (63,208) (36,515) Net cash provided by financing activities 465,625 148,806 Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,730 (3,301) Net increase in cash, cash equivalents and restricted cash 89,223 228,548 Cash, cash equivalents and restricted cash, beginning of period 1,295,399 1,259,944 Cash, cash equivalents and restricted cash, end of period $ 1,384,622 $ 1,488,492 Affirm FQ1’25 Shareholder Letter 23

AFFIRM HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, CONT. (Unaudited) (in thousands) Three Months Ended September 30, 2024 2023 Supplemental disclosures of cash flow information Cash payments for interest expense $ 99,506 $ 64,868 Cash paid for operating leases 4,159 4,104 Cash paid for income taxes 454 312 Supplemental disclosures of non-cash investing and financing activities Stock-based compensation included in capitalized internal-use software 49,478 38,803 Affirm FQ1’25 Shareholder Letter 24

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES The following tables present a reconciliation of transaction costs, revenue less transaction costs, adjusted operating income (loss), adjusted operating margin, non-GAAP general and administrative expense, non-GAAP Technology and data analytics expense, and equity capital required to their most directly comparable financial measures prepared in accordance with GAAP for each of the periods indicated. Three Months Ended September 30, 2024 2023 (in thousands, except percent data) Operating expenses Loss on loan purchase commitment $ 54,237 $ 34,866 Provision for credit losses 159,824 99,696 Funding costs 104,145 73,931 Processing and servicing 95,146 75,671 Transaction costs (Non-GAAP) $ 413,352 $ 284,164 Technology and data analytics 134,290 132,965 Sales and marketing 145,233 146,866 General and administrative 138,482 140,334 Restructuring and other (255) 1,665 Total operating expenses $ 831,102 $ 705,994 Total revenue $ 698,479 $ 496,547 Less: Transaction costs (Non-GAAP) (413,352) (284,164) Revenue less transaction costs (Non-GAAP) $ 285,127 $ 212,383 Operating income (loss) $ (132,623) $ (209,447) Add: Depreciation and amortization 46,715 40,060 Add: Stock-based compensation included in operating expenses 94,233 112,359 Add: Enterprise warrant and share-based expense 121,519 115,373 1 Add: Restructuring and other (255) 1,665 2 Add: Other costs 4 (66) Adjusted operating income (Non-GAAP) $ 129,589 $ 59,944 Divided by: Total revenue, net $ 698,479 $ 496,547 Adjusted operating margin (Non-GAAP) 18.6 % 12.1 % General and administrative expense $ 138,482 $ 140,334 Less: Depreciation and amortization included in general and administrative expense (605) (604) Less: Stock-based compensation included in general and administrative expense (62,804) (70,184) Less: Other costs included in general and administrative expense 4 66 Non-GAAP General and administrative expense $ 75,073 $ 69,612 Technology and data analytics expense $ 134,290 $ 132,965 Less: Depreciation and amortization included in technology and data analytics expense (45,392) (31,676) Less: Stock-based compensation included in technology and data analytics expense (25,972) (35,135) Non-GAAP Technology and data analytics expense $ 62,926 $ 66,154 Sales and marketing expense $ 145,233 $ 146,866 Less: Depreciation and amortization included in sales and marketing expense (686) (7,681) Less: Stock-based compensation included in sales and marketing expense (5,195) (5,465) Less: Enterprise warrant and share-based included in sales and marketing expense (121,519) (115,373) Non-GAAP Sales and marketing expense $ 17,833 $ 18,347 September 30, 2024 June 30, 2024 September 30, 2023 (in thousands) Loans held for investment $ 6,310,834 $ 5,670,056 $ 4,549,422 Add: Loans held for sale 4 36 145 Less: Funding debt (1,744,040) (1,836,909) (1,709,751) Less: Notes issued by securitization trusts (3,985,484) (3,236,873) (2,398,758) Equity capital required (Non-GAAP) $ 581,310 $ 596,310 $ 441,058 1 Restructuring and other costs includes expenses incurred in the period associated with the Company's restructurings and other exit and disposal activities. 2 Other costs consist of expenses incurred in the period associated with the Company's acquisitions and impairment charges. Affirm FQ1’25 Shareholder Letter 25

SUPPLEMENTAL DELINQUENCY INFORMATION Monthly Installment Loan Three Months Ending September 30 December 31 March 31 June 30 30+ Day Delinquencies FY 2019 2.9% 2.5% 2.0% 1.9% FY 2020 2.5% 2.1% 1.9% 1.1% FY 2021 0.8% 0.8% 0.7% 0.9% FY 2022 1.5% 1.6% 2.1% 2.1% FY 2023 2.7% 2.4% 2.3% 2.1% FY 2024 2.4% 2.4% 2.3% 2.4% FY 2025 2.8% 60+ Day Delinquencies FY 2019 1.6% 1.4% 1.2% 1.1% FY 2020 1.4% 1.2% 1.1% 0.8% FY 2021 0.5% 0.4% 0.4% 0.5% FY 2022 0.9% 0.9% 1.2% 1.2% FY 2023 1.6% 1.5% 1.4% 1.2% FY 2024 1.4% 1.4% 1.4% 1.5% FY 2025 1.7% 90+ Day Delinquencies FY 2019 0.8% 0.7% 0.5% 0.5% FY 2020 0.6% 0.6% 0.5% 0.4% FY 2021 0.2% 0.2% 0.2% 0.2% FY 2022 0.4% 0.4% 0.5% 0.5% FY 2023 0.7% 0.7% 0.6% 0.5% FY 2024 0.7% 0.7% 0.6% 0.6% FY 2025 0.8% Monthly Installment Loan (ex-Peloton) Three Months Ending September 30 December 31 March 31 June 30 30+ Day Delinquencies FY 2019 3.3% 3.2% 2.7% 2.6% FY 2020 3.2% 2.9% 2.8% 1.8% FY 2021 1.4% 1.3% 1.2% 1.3% FY 2022 2.1% 2.1% 2.7% 2.5% FY 2023 3.2% 2.7% 2.5% 2.3% FY 2024 2.5% 2.5% 2.4% 2.5% FY 2025 2.8% 60+ Day Delinquencies FY 2019 1.9% 1.8% 1.6% 1.5% FY 2020 1.8% 1.7% 1.6% 1.3% FY 2021 0.8% 0.7% 0.7% 0.7% FY 2022 1.2% 1.2% 1.6% 1.4% FY 2023 1.9% 1.6% 1.5% 1.3% FY 2024 1.5% 1.5% 1.4% 1.5% FY 2025 1.7% 90+ Day Delinquencies FY 2019 0.9% 0.9% 0.7% 0.6% FY 2020 0.8% 0.8% 0.7% 0.6% FY 2021 0.4% 0.3% 0.3% 0.3% FY 2022 0.6% 0.6% 0.6% 0.6% FY 2023 0.9% 0.8% 0.7% 0.6% FY 2024 0.7% 0.7% 0.7% 0.6% FY 2025 0.8% Affirm FQ1’25 Shareholder Letter 26