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