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