Third Quarter Net Income of $17.6 million; Adjusted EBITDA(1)of $29.1 million

Los Angeles, CA (October 29, 2025) – MediaAlpha, Inc. (NYSE: MAX) ("MediaAlpha" or the "Company"), today announced its financial results for the third quarter ended September 30, 2025.

“We delivered record third quarter results, driven by continued robust growth in our Property & Casualty (P&C) insurance vertical as carrier demand intensified and our partner base expanded,” said Steve Yi, CEO of MediaAlpha. “More auto insurance carriers are focusing on growth as they restore underwriting profitably, driving increased advertising budgets across the industry. We expect sustained growth in our P&C vertical as these increases continue, with broader participation in our marketplace having a positive effect on our profitability.”

Yi continued, “Consistent with our continued commitment to delivering long-term value for shareholders, our Board has authorized an additional $50 million share repurchase program. We believe buying back our stock, particularly at the current share price level, is an attractive use of cash.”

•Revenue of $306.5 million, an increase of 18% year over year;

•Transaction Value of $589.3 million, an increase of 30% year over year;

◦Transaction Value from Property & Casualty up 41% year over year to $548 million

◦Transaction Value from Health down 40% year over year to $33 million

•Gross margin of 14.2%, compared with 15.1% in the third quarter of 2024;

•Contribution Margin(1) of 14.9%, compared with 16.0% in the third quarter of 2024;

•Net income was $17.6 million, compared with net income of $11.9 million in the third quarter of 2024;

•Adjusted EBITDA(1) was $29.1 million, compared with $26.3 million in the third quarter of 2024;

•Repurchased approximately 3.2 million shares for $32.9 million ($10.17 per share).

(1)A reconciliation of GAAP to Non-GAAP financial measures has been provided at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Our guidance for the fourth quarter of 2025 reflects continued positive momentum. We expect Transaction Value in our P&C insurance vertical to grow approximately 45% year over year in the fourth quarter, driven by strong carrier growth investment and continued share gains. We expect fourth quarter Transaction Value in our Health insurance vertical, which includes both Medicare and under-65 health, to decline approximately 45% year over year, driven primarily by under-65 health, which is stabilizing at a lower baseline.

For the fourth quarter of 2025, MediaAlpha currently expects the following:

•Transaction Value between $620 million - $645 million, representing a 27% year-over-year increase at the midpoint of the guidance range. Excluding under-65 health, we expect Transaction Value to be up 38% year over year at the midpoint.

•Revenue between $280 million - $300 million, representing a 4% year-over-year decrease at the midpoint of the guidance range.

•Adjusted EBITDA between $27.5 million - $29.5 million, representing a 22% year-over-year decrease at the midpoint of the guidance range, including an $8 million - $9 million year-over-year decline in Contribution from under-65. Excluding under-65 health, we expect Contribution to increase by high single digits and Adjusted EBITDA to be roughly flat year over year. We expect Contribution less Adjusted EBITDA to be approximately the same as the Q3 2025 level.

With respect to the Company’s projections of Adjusted EBITDA and Contribution under “Financial Outlook,” MediaAlpha is not providing a reconciliation of Adjusted EBITDA to net income (loss), or of Contribution to gross profit, because the Company is unable to predict with reasonable certainty the reconciling items that may affect the corresponding GAAP measures without unreasonable effort. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, the corresponding GAAP measures for the applicable period.

For a detailed explanation of the Company’s non-GAAP measures, please refer to the appendix section of this press release.

MediaAlpha will host a Q&A conference call today to discuss the Company's third quarter 2025 results and its financial outlook for the fourth quarter of 2025 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). A live audio webcast of the call will be available on the MediaAlpha Investor Relations website at https://investors.mediaalpha.com. To register for the webcast, click here. Participants may also dial-in, toll-free, at (800) 715-9871 or (646) 307-1963, with passcode 8453843. An audio replay of the conference call will be available following the call and available on the MediaAlpha Investor Relations website at https://investors.mediaalpha.com.

The Company has also posted a letter to shareholders on its investor relations website. MediaAlpha has used, and intends to continue to use, its investor relations website at https://investors.mediaalpha.com as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements that more P&C carriers are focusing on growth, driving increased advertising budgets; our expectation that increases in P&C marketing spend and broader carrier participation in our marketplace will have a positive effect on our profitability; our expectations regarding the timing and amounts of share repurchases; and our financial outlook for the fourth quarter of 2025. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including those more fully described in MediaAlpha’s filings with the Securities and Exchange Commission (“SEC”), including the Form 10-K filed on February 24, 2025 and the Forms 10-Q filed on April 30, 2025, August 6, 2025, and to be filed on October 29, 2025. These factors should not be construed as exhaustive. MediaAlpha disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.

This press release includes Adjusted EBITDA, Contribution, and Contribution Margin, which are non-GAAP financial measures. The Company also presents Transaction Value, which is an operating metric not presented in accordance with GAAP. See the appendix for definitions of Adjusted EBITDA, Contribution, Contribution Margin and Transaction Value, as well as reconciliations to the corresponding GAAP financial metrics, as applicable.

We present Transaction Value, Adjusted EBITDA, Contribution, and Contribution Margin because they are used extensively by our management and board of directors to manage our operating performance, including evaluating our operational performance against budget and assessing our overall operating efficiency and operating leverage. Accordingly, we believe that Transaction Value, Adjusted EBITDA and Contribution Margin provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. Each of Transaction Value, Adjusted EBITDA and Contribution Margin has limitations as a financial measure and investors should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

We believe we are the insurance industry’s leading programmatic customer acquisition platform. With more than 1,200 active partners, excluding our agent partners, we connect insurance carriers with online shoppers and generated nearly 119 million Consumer Referrals in 2024. Our programmatic advertising technology powered $2.0 billion in spend over the past four quarters on brand, comparison, and metasearch sites across property & casualty insurance, health insurance, life insurance, and other industries. For more information, please visit www.mediaalpha.com.

(1)Our other verticals include Travel and Consumer Finance.

We define “Adjusted EBITDA” as net income (loss) excluding interest expense, income tax expense (benefit), depreciation expense on property and equipment, amortization of intangible assets, as well as equity-based compensation expense and certain other adjustments as listed in the table below. Adjusted EBITDA is a non-GAAP financial measure that we present to supplement the financial information we present on a GAAP basis. We monitor and present Adjusted EBITDA because it is a key measure used by our management to understand and evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. We believe that Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in the calculations of Adjusted EBITDA. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects. In addition, presenting Adjusted EBITDA provides investors with a metric to evaluate the capital efficiency of our business.

(1)Transaction expenses consist of $0.3 million of legal and accounting fees incurred for the three and nine months ended September 30, 2025, respectively, in connection with an amendment to the 2021 Credit Facilities. Transaction expenses consist of immaterial expenses and $1.2 million of legal and accounting fees incurred by us for the three and nine months ended September 30, 2024, respectively, in connection with resale registration statements filed with the SEC.

(2)Write-off of intangible assets for the nine months ended September 30, 2025 consist of a charge of $13.4 million related to the write-off of customer relationships and trademarks, trade names, and domain names intangible assets acquired as part of the acquisition of Customer Helper Team, LLC.

(3)Contract settlement consists of $1.7 million of income for the nine months ended September 30, 2024 recorded in connection with a one-time contract termination fee receivable from one of our partners in the Health vertical that ceased operations during the nine months ended September 30, 2024.

(4)Legal expenses of $0.2 million and $42.3 million for the three and nine months ended September 30, 2025, respectively, consist of increases of $0.0 million and $38.0 million, respectively, to the loss reserve established in connection with the FTC Matter and legal fees and costs incurred in connection with such matter. Legal expenses of $0.4 million and $2.2 million for the three and nine months ended September 30, 2024, consist of legal fees and costs incurred in connection with the FTC Matter.

1.See “Key Business and Operating Metrics and Non-GAAP Financial Measures” for additional information regarding non-GAAP metrics and operating metrics used in this shareholder letter.

MediaAlpha is the strongest it has ever been. With the personal auto market becoming increasingly competitive, our core mission—connecting insurance carriers with high-intent consumers through our leading technology platform—has never been more relevant. We operate at the center of a massive and growing opportunity: the digital transformation of insurance distribution. In 2024, auto insurance premiums were $432 billion, or 3% of total consumer spending. Industry advertising spend was $12 billion, of which more than two-thirds remained offline, demonstrating the vast opportunity ahead of us as we help drive the industry's digital transformation. As this seismic shift continues, our scale, data advantages, and deep carrier relationships uniquely position us to capture and compound that growth. Today, we are in the early stages of a soft market cycle in auto insurance—a period when carriers compete more aggressively for policy growth and invest heavily in customer acquisition. With our technology, insights, and scale, we are poised to benefit disproportionately from both the near-term recovery in the auto insurance advertising market and the long-term secular migration of insurance shopping to digital channels.

We delivered record third quarter results that exceeded the high end of our guidance across all key financial metrics as continued strength in our Property & Casualty (P&C) insurance vertical more than offset expected declines in our under-65 Health insurance business. Transaction Value grew 30% year over year to a record $589.3 million, while Adjusted EBITDA grew 11% year over year to $29.1 million. Excluding the impact of a lower baseline in our under-65 Health business, year-over-year Transaction Value and Adjusted EBITDA growth were 38% and 31%, respectively1.

Our P&C insurance vertical, which represented 93% of total Transaction Value, continues to demonstrate strong momentum. Transaction Value increased 41% year over year to $548.2 million, driven primarily by increased investment by our largest carrier partners. With underwriting profitability restored, competition is increasing in the personal auto market and more carriers are investing in advertising to drive policy growth. However, despite a broadening of demand, most carriers are still investing well below their full potential. Notably, five of the ten largest P&C carriers spent less in total on advertising in 2024 than in 2019, even as auto industry direct written premiums grew 44% over the same period. We have seen this trend result in a top-heavy mix of carrier spend relative to historical levels, increasing our Private Marketplace mix. We believe this trend is temporary and continue to expect our carrier mix to normalize as more carriers ramp up spend, with a positive effect on our profitability. We believe there continues to be substantial runway for growth in our P&C vertical moving forward, driven by strong carrier profitability, intensifying market share competition, and the ongoing secular shift to digital direct-to-consumer distribution channels.

Our Health insurance vertical, which represented 6% of total Transaction Value, performed in line with our expectations. Transaction Value decreased 40% year over year to $33.5 million, driven primarily by an expected decline in under-65 health, which is stabilizing at a lower baseline. The fourth quarter is our seasonally strongest quarter in this vertical due to the timing of annual enrollment periods. However, the impact of this on our overall results will not be as meaningful as it has been in past years.

We expect Contribution in the under-65 health sub-vertical to be $1 million to $2 million in the fourth quarter, representing a year-over-year decline of 80% to 90%. The good news is that the business appears

1 Year-over-year growth figures exclude under-65 Health Transaction Value and Contribution, respectively. The Transaction Value and Contribution from under-65 Health are shown on pages 5 and 7, respectively.

to have stabilized and the year-over-year comparisons will improve in the back half of 2026. In 2026, we expect our under-65 health sub-vertical to represent a low single digit percentage of our total Contribution.

Our balance sheet remains strong, and we continue to generate strong free cash flow. Our net debt-to-Adjusted EBITDA ratio was below 1.0x and we had cash of $38.8 million (plus restricted cash2 of $33.5 million) at the end of the third quarter. We generated $23.6 million of free cash flow3, representing 81% of Adjusted EBITDA, driven by our capital-efficient operating model.

Given our confidence in our strategy and long-term growth opportunities, we believe our stock is an attractive investment and share buybacks are an accretive use of excess cash, particularly at current price levels. In September, we repurchased the remaining shares owned by Insignia Capital (approximately 5% of our outstanding shares) for $32.9 million (at $10.17 per share). Additionally, today we announced a program to repurchase up to $50 million of our Class A common stock. Details regarding the new repurchase program are available in our press release and Form 8-K filed today.

Looking ahead, we expect to continue to deliver strong growth as auto insurance industry marketing spend increases from current levels. We believe the auto insurance industry is in the early stages of a soft market, a period when strong carrier profitability and manageable loss trends lead carriers to compete more aggressively for policy growth. During these cycles, which typically last several years or more, elevated competition for new policy holders drives increased customer acquisition investments, even as carriers’ profit margins tighten over time. Our industry-leading scale, along with our advanced data analytics and optimization capabilities, make us the most efficient and effective platform for carriers to deploy their advertising dollars, positioning us to grow faster than overall carrier marketing spend due to continued competitive gains and our position in a high-growth, direct-to-consumer segment of the market.

2 Represents the portion of the FTC settlement paid in the fourth quarter of 2025; the remaining $11.5 million will be paid in the first quarter of 2026.

3 Free cash flow is the Company's Q3 2025 cash flow from operating activities of $23.6 million, less capital expenditures of $0.1 million.

Transaction Value increased 30% year over year to $589.3 million in Q3 2025, driven primarily by a 41% increase in the P&C insurance vertical. Transaction Value represents the total gross investment in customer acquisition executed by our partners on our platform, and is one of the key metrics that reflects our ability to drive value for our partners and increase our share of wallet as budgets increasingly migrate online.

Transaction Value from our P&C insurance vertical increased 41% year over year to $548.2 million, driven by significant year-over-year increases in marketing budgets and customer acquisition spending by our Demand Partners as well as new Supply Partner wins.

Transaction Value from our Health insurance vertical declined 40% year over year to $33.5 million, driven by declines in both under-65 health and Medicare, due to lower spend from advertisers resulting from industry-wide high medical loss ratios. Transaction Value from the under-65 component of our Health vertical over the past seven quarters is noted below.

Transaction Value from our Life insurance vertical increased 17% year over year to $7.3 million, driven by higher customer acquisition spending from our Demand Partners.

Transaction Value from our Other vertical, which includes travel and consumer finance, declined 89% year over year to $0.3 million. Travel has been fully wound down as of the end of the second quarter.

We generated $306.5 million of total revenue in Q3 2025, up 18% year over year, driven primarily by higher revenue from our P&C insurance vertical.

Revenue from our P&C insurance vertical increased 31% year over year to $287.8 million in Q3 2025, driven largely by the increase in Transaction Value.

Revenue from our Health insurance vertical declined 61% year over year to $12.9 million in Q3 2025. Health revenue declined more than Transaction Value due to a higher mix of transactions from our Private Marketplace. Under-65 health has typically had a lower mix of Private Marketplace transactions than Medicare, and is now a meaningfully smaller percentage of the total Health vertical.

Revenue from our Life insurance vertical increased 7% year over year to $5.6 million in Q3 2025, driven by higher customer acquisition spending by our Demand Partners.

Revenue from our Other vertical, which consists of travel and consumer finance, declined 87% year over year to $0.3 million in Q3 2025.

Gross profit was $43.4 million in Q3 2025, a year-over-year increase of 11%. Contribution, which generally represents revenue less revenue share payments and online advertising costs, was $45.6 million in Q3 2025, a year-over-year increase of 10%. The year-over-year increases in gross profit and Contribution were driven primarily by the higher revenue, offset in part by lower take rates due to reductions in Transaction Value from our Health vertical and a higher mix of Private Marketplace transactions within our P&C vertical. Contribution Margin was 14.9% in Q3 2025, compared with 16.0% in Q3 2024. Contribution from the under-65 component of our Health vertical over the past seven quarters is noted below.

($ in millions)			Q1’24			Q2’24			Q3’24			Q4’24			Q1’25			Q2’25			Q3’25
Total Contribution			$28			$34			$41			$52			$44			$40			$46
Under-65 Contribution			$8			$6			$5			$10			$6			$2			$1
Under-65 % of Total			29%			19%			13%			19%			13%			6%			3%

Net income was $17.6 million in Q3 2025, compared with net income of $11.9 million in Q3 2024. The increase was driven primarily by an increase in gross profit of $4.2 million and an increase in interest income due to higher cash balances and lower interest expense resulting from lower outstanding debt balances and declining interest rates.

Adjusted EBITDA was $29.1 million in Q3 2025, a year-over-year increase of 11%. The increase was driven primarily by higher gross profit, offset slightly by a moderate increase in personnel costs. Adjusted EBITDA margin was 9.5% in Q3 2025, compared with 10.1% in Q3 2024.

As previously disclosed, in early 2025 following a comprehensive strategic review, we began implementing enhanced compliance measures and scaling back certain areas within under-65 health. As a result of these actions, under-65 health’s top and bottom lines declined significantly in the first three quarters of 2025.

On a year-over-year basis, we expect these additional compliance procedures agreed to in connection with

the FTC settlement, together with actions implemented in the first three quarters of the year, to reduce under-65 Transaction Value by $78 million to $82 million and under-65 Contribution by $18 million to $19 million in 2025. Relative to our 2024 consolidated results, these declines represent 5% of Transaction Value and 12% of Contribution at the midpoints of these ranges. Specifically, for under-65:

Financial highlights (excluding Under-65 Health)4

In 2026, we expect our under-65 health sub-vertical to represent a low single digit percentage of our total Contribution.

4 Year-over-year growth figures exclude under-65 Health Transaction Value and Contribution, respectively. The Transaction Value and Contribution from under-65 Health are shown on pages 5 and 7, respectively.

Financial Discussion - Q4 2025 Outlook5

Our guidance for Q4 2025 reflects continued positive momentum. We expect Transaction Value in our P&C insurance vertical to grow approximately 45% year over year in the fourth quarter, driven by strong carrier growth investment and continued share gains. We expect fourth quarter Transaction Value in our Health insurance vertical, which includes both Medicare and under-65 health, to decline approximately 45% year over year, driven primarily by under-65 health, which is stabilizing at a lower baseline.

Transaction Value: For Q4 2025, we expect Transaction Value to be in the range of $620 million - $645 million, a year-over-year increase of 27% at the midpoint. Excluding under-65 health, we expect Transaction Value to be up 38% year over year at the midpoint.

Revenue: For Q4 2025, we expect revenue to be in the range of $280 million - $300 million, a year-over-year decrease of 4% at the midpoint.

Adjusted EBITDA: For Q4 2025, we expect Adjusted EBITDA to be in the range of $27.5 million - $29.5 million, a year-over-year decrease of 22% at the midpoint, including an $8 million - $9 million year-over-year decline in Contribution from under-65. Excluding under-65 health, we expect Contribution to increase by high single digits and Adjusted EBITDA to be roughly flat year over year. We expect Contribution less Adjusted EBITDA to be approximately the same as the Q3 2025 level.

Thank you,

Steve Yi						Patrick Thompson
Chief Executive Officer, President and Co-Founder						Chief Financial Officer & Treasurer

5 With respect to the Company’s projections of Adjusted EBITDA and Contribution under “Financial Discussion – Q4 2025 Outlook”, MediaAlpha is not providing a reconciliation of Adjusted EBITDA to net income (loss), or of Contribution to gross profit, because the Company is unable to predict with reasonable certainty the reconciling items that may affect the corresponding GAAP measures without unreasonable effort. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, the GAAP measures for the applicable period.

6 See “Key Business and Operating Metrics and Non-GAAP Financial Measures” for additional information regarding non-GAAP metrics and operating metrics used in this shareholder letter.

In addition to traditional financial metrics, we rely upon certain business and operating metrics that are not presented in accordance with GAAP to estimate the volume of spending on our platform, estimate and recognize revenue, evaluate our business performance and facilitate our operations. Such business and operating metrics should not be considered in isolation from, or as an alternative to, measures presented in accordance with GAAP and should be considered together with other operating and financial performance measures presented in accordance with GAAP. Also, such business and operating metrics may not necessarily be comparable to similarly titled measures presented by other companies.

We define “Consumer Referral” as any consumer click, call or lead purchased by a buyer on our platform. Click revenue is recognized on a pay-per-click basis and revenue is earned and recognized when a consumer clicks on a listed buyer’s advertisement that is presented subsequent to the consumer’s search (e.g., auto insurance quote search or health insurance quote search). Call revenue is earned and recognized when a consumer transfers to a buyer and remains engaged for a requisite duration of time, as specified by each buyer. Lead revenue is recognized when we deliver data leads to buyers. Data leads are generated either through insurance carriers, insurance-focused research destination websites or other financial websites that make the data leads available for purchase through our platform, or when consumers complete a full quote request on our proprietary websites. Delivery occurs at the time of lead transfer. The data we generate from each Consumer Referral feeds into our analytics model to generate conversion probabilities for each unique consumer, enabling discovery of predicted return and cost per sale across the platform and helping us to improve our platform technology. We monitor the number of Consumer Referrals on our platform in order to measure Transaction Value, revenue and overall business performance across our verticals and platform models.

The following table presents the percentages of total Transaction Value generated from clicks, calls and leads for the three and nine months ended September 30, 2025 and 2024:

We define “Adjusted EBITDA” as net income (loss) excluding interest expense, income tax expense (benefit), depreciation expense on property and equipment, amortization of intangible assets, as well as equity-based compensation expense and certain other adjustments as listed in the table below. We define “Adjusted EBITDA Margin” as Adjusted EBITDA as a percentage of revenue. Adjusted EBITDA is a non-GAAP financial measure that we present to supplement the financial information we present on a GAAP basis. We monitor and present Adjusted EBITDA because it is a key measure used by our management to understand and evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. We believe that Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in the calculations of Adjusted EBITDA. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects. In addition, presenting Adjusted EBITDA provides investors with a metric to evaluate the capital efficiency of our business.

(1)Transaction expenses consist of $0.3 million of legal and accounting fees incurred for the three and nine months ended September 30, 2025, respectively, in connection with an amendment to the 2021 Credit Facilities. Transaction expenses consist of immaterial expenses and $1.2 million of legal and accounting fees incurred by us for the three and nine months ended September 30, 2024, respectively, in connection with resale registration statements filed with the SEC.

(2)Write-off of intangible assets for the nine months ended September 30, 2025 consist of a charge of $13.4 million related to the write-off of customer relationships and trademarks, trade names, and domain names intangible assets acquired as part of the acquisition of Customer Helper Team, LLC.

(3)Contract settlement consists of $1.7 million of income for the nine months ended September 30, 2024 recorded in connection with a one-time contract termination fee receivable from one of our partners in the Health vertical that ceased operations during the nine months ended September 30, 2024.

(4)Legal expenses of $0.2 million and $42.3 million for the three and nine months ended September 30, 2025, respectively, consist of increases of $0.0 million and $38.0 million, respectively, to the loss reserve established in connection with the FTC Matter and legal fees and costs incurred in connection with such matter. Legal expenses of $0.4 million and $2.2 million for the three and nine months ended September 30, 2024, consist of legal fees and costs incurred in connection with the FTC Matter.

This shareholder letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding our belief that that the insurance industry's digital transformation represents a vast opportunity for the Company; that we are poised to benefit disproportionately from both the near-term recovery in the auto market and the long-term secular migration of insurance marketing to digital channels; that most P&C carriers are still investing well below their full potential; our expectation that our carrier mix will normalize, with a positive effect on our profitability; our belief that there continues to be substantial runway for growth in our P&C vertical; our expectation that under-65 health is stabilizing at a lower baseline; our expectations regarding our share repurchase plan; our expectation of continued growth as auto insurance industry marketing spend increases from current levels; our belief that the auto insurance industry is in the early stages of a soft market, and the potential duration of that soft market; our belief that we are positioned to grow faster than overall carrier marketing spend; the expected impact of the FTC settlement on Transaction Value, revenue and Contribution from our under-65 health sub-vertical; and our financial outlook for the fourth quarter of 2025. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including those more fully described in MediaAlpha’s filings with the Securities and Exchange Commission (“SEC”), including the Form 10-K filed on February 24, 2025 and the Forms 10-Q filed on April 30, 2025, August 6, 2025, and to be filed on October 29, 2025. These factors should not be construed as exhaustive. MediaAlpha disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this shareholder letter.