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