Record Full-Year 2025 Net Income of $26.8 million and Adjusted EBITDA(1)of $113.7 million

Los Angeles, CA (February 23, 2026) – MediaAlpha, Inc. (NYSE: MAX) ("MediaAlpha" or the "Company") today announced its financial results for the fourth quarter and full year ended December 31, 2025.

“2025 was a record year for MediaAlpha, driven by strong momentum in P&C and continued market share gains, reinforcing our role as the leading customer acquisition infrastructure for insurance carriers.” said MediaAlpha co-founder and CEO Steve Yi. “Looking ahead, we are excited about the potential of AI to expand our opportunity to help carriers acquire new customers more efficiently, and at unprecedented scale, through our marketplace.”

MediaAlpha CFO Pat Thompson added, “Based on our strong and growing free cash flow outlook, our Board has authorized a $50 million increase in our share repurchase program to $100 million. The $86 million currently outstanding under the program would represent approximately 15% of our outstanding shares at current prices, and we expect to complete the vast majority of this program by the end of 2026.”

•Revenue of $291 million, a decrease of 3% year over year;

•Transaction Value of $613 million, an increase of 23% year over year;

◦Transaction Value from Property & Casualty (P&C) of $552 million, an increase of 38% year over year;

◦Transaction Value from Health of $54 million, a decrease of 40% year over year;

•Gross margin of 15.4%, compared with 16.3% in the fourth quarter of 2024;

•Contribution Margin(1) of 16.1%, compared with 17.1% in the fourth quarter of 2024;

•Net income of $34.0 million, compared with $7.3 million in the fourth quarter of 2024;

•Adjusted EBITDA(1) of $30.8 million, compared with $36.7 million in the fourth quarter of 2024;

◦Excluding Contribution from under-65 health, Adjusted EBITDA grew approximately 10%; and

•Repurchased 1.1 million shares for $14 million.

•Revenue of $1.1 billion, an increase of 29% year over year;

•Transaction Value of $2.2 billion, an increase of 45% year over year;

◦Transaction Value from P&C of $1.9 billion, an increase of 65% year over year; ◦Transaction Value from Health of $183 million, a decrease of 32% year over year;

•Gross margin of 15.0%, compared with 16.6% in 2024;

•Contribution Margin(1) of 15.8%, compared with 17.9% in 2024;

•Net income of $26.8 million, compared with $22.1 million in 2024;

•Adjusted EBITDA(1) of $113.7 million, compared with $96.1 million in 2024;

◦Excluding Contribution from under-65 health, Adjusted EBITDA grew approximately 55%; and

•Repurchased 4.4 million shares for $47 million.

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

MediaAlpha's guidance for the first quarter of 2026 reflects continued positive momentum in our P&C insurance vertical, where we expect Transaction Value growth of approximately 35% year over year in the first quarter, driven by strong carrier demand and continued share gains. In our Health insurance vertical, we expect Transaction Value to decline approximately 50% year over year in the first quarter, driven primarily by under-65 health.

For the first quarter of 2026, MediaAlpha currently expects the following:

•Transaction Value between $570 million - $595 million, representing a 23% year-over-year increase at the midpoint of the guidance range;

•Revenue between $285 million - $305 million, representing a 12% year-over-year increase at the midpoint of the guidance range;

•Adjusted EBITDA between $29.5 million - $31.5 million, representing a 4% year-over-year increase at the midpoint of the guidance range. Excluding Contribution from under-65 health, Adjusted EBITDA is expected to increase approximately 25% year over year at the midpoint of the guidance range;

•Contribution less Adjusted EBITDA to be approximately $0.5 - $1.0 million higher than in the fourth quarter of 2025.

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.

On February 18, 2026, the Company's Board of Directors authorized an increase in its existing Share Repurchase Program by $50 million, to a total of up to $100 million, of which $14.4 million has been used to date. The Company may repurchase shares of Class A common stock under such program through open market transactions, privately negotiated transactions, preset trading plans, block trades or any combination of such methods. The timing and amount of any share repurchases will be determined by the Company’s management in its discretion based on their ongoing evaluation of market and economic conditions, the trading price and volume of the Company’s Class A common stock, the Company’s capital needs and investment opportunities, and other factors. The Company expects to complete the vast majority of the Repurchase Program by the end of 2026, but it may be suspended or discontinued at any time, and does not obligate the Company to acquire any amount of Class A common stock.

MediaAlpha will host a Q&A conference call today to discuss the Company's fourth quarter and full year 2025 results and its financial outlook for the first quarter of 2026 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 9621964. 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 investor supplemental materials on its investor relations website. These materials will replace the Company's quarterly letter to shareholders going forward. 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 regarding our expectation that AI adoption will provide expanded opportunities for our business, the expected amounts and timing of share repurchases under our Share Repurchase Program, and our financial outlook for the first quarter of 2026. 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 as of and for the year ended December 31, 2025 to be filed on February 23, 2026. 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 1,150 active partners, in addition to our agent partners, we connect insurance carriers with online shoppers and generated over 141 million Consumer Referrals in 2025. Our programmatic advertising technology powered $2.2 billion in spend in 2025 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.

The following table presents Transaction Value by platform model for the three months and full years ended December 31, 2025 and 2024:

The following table presents Transaction Value by vertical for the three months and full years ended December 31, 2025 and 2024:

(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.

Adjusted EBITDA is not presented in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures presented in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income, which is the most directly comparable financial measure calculated and presented in accordance with GAAP. These limitations include the fact that Adjusted EBITDA excludes interest expense on debt, income tax expense (benefit), equity-based compensation expense, depreciation and amortization, and certain other adjustments that we consider to be useful to investors and others in understanding and evaluating our operating results. In addition, other companies may use other measures to evaluate their performance, including different definitions of “Adjusted EBITDA,” which could reduce the usefulness of our Adjusted EBITDA as a tool for comparison.

(1)Transaction expenses for the year ended December 31, 2025 consist of legal and accounting fees incurred by us in connection with an amendment to the 2021 Credit Facilities. Transaction expenses for the year ended December 31, 2024 consist of legal and accounting fees incurred by us in connection with resale registration statements filed with the SEC.

(2)Write-off of intangible assets for the year ended December 31, 2025 consist of a charge related to the write-off of intangible assets, consisting of customer relationships and trademarks, trade names, and domain names, acquired as part of the acquisition of Customer Helper Team, LLC.

(3)Contract settlement consists of income recorded for the year ended December 31, 2024 in connection with a one-time contract termination fee received from one of our partners in the Health insurance vertical that ceased operations during such year.

(4)Changes in TRA related liability consist of charges to increase the TRA liability to reflect probable future payments under the agreement.

(5)Legal expenses for the three months and year ended December 31, 2025, consist of increases of $0 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 for the three months and year ended December 31, 2024, consist of a $7.0 million loss reserve established in connection with the FTC Matter and legal fees and costs incurred in connection with such matter.

The accompanying financial information excludes all financial statement disclosures and other information required by generally accepted accounting principles in the United States of America (“GAAP”) and Securities and Exchange Commission (SEC) rules and regulations. However, MediaAlpha, Inc. ("MediaAlpha" or the "Company") has previously filed, or has publicly disclosed and will file, with the SEC, consolidated financial statements for each of the periods presented that were prepared in accordance with GAAP and SEC rules and regulations. The accompanying financial information is derived from the books and records of MediaAlpha that were used to prepare those consolidated financial statements. Accordingly, the accompanying information should be read in conjunction with MediaAlpha's consolidated financial statements and related notes thereto filed with the SEC. We believe that quarter-to-quarter comparisons of results from operations, or any other similar period-to-period comparisons, should not be construed as reliable indicators of our future performance.

The accompanying financial information includes certain non-GAAP financial measures, as well as Transaction Value, which is an operating metric not presented in accordance with GAAP.  Definitions of these non-GAAP financial measures, as well as reconciliations to the corresponding GAAP financial metrics, have been provided on the following pages.  We present these supplemental non-GAAP financial measures 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 these non-GAAP financial measures 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.

These non-GAAP measures should not be considered as an alternative to net income, gross profit or any other financial measures so calculated and presented. Other companies (including our competitors) may define these non-GAAP measures differently.  These non-GAAP measures may not be indicative of the historical operating results of MediaAlpha or predictive of potential future results.  Investors should not consider this supplemental non-GAAP financial information in isolation or as a substitute for analysis of our results as reported in accordance with GAAP.

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 supplement.

Transaction Value1 by Vertical

1.See page 9 of this supplement for additional information regarding Transaction Value, an operating metric not presented in accordance with GAAP.

Contribution1 & Margin

1.See page 12 of this supplement for additional information regarding Contribution, a non-GAAP financial measure.

Adjusted EBITDA1 & Margin and as a % of Contribution2

1 See page 13 of this supplement for additional information regarding Adjusted EBITDA, a non-GAAP financial measure.
2 See page 12 of this supplement for additional information regarding Contribution, a non-GAAP financial measure.

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.

The tables below presents Transaction Value1, revenue and Contribution2 (in each case as reported and excluding the results of Under-65 Health), and Adjusted EBITDA3 (as reported and excluding Contribution of Under-65 Health).

1 See page 9 of this supplement for additional information regarding Transaction Value, a non-GAAP financial measure.
2 See page 12 of this supplement for additional information regarding Contribution, a non-GAAP financial measure.
3 See page 13 of this supplement for additional information regarding Adjusted EBITDA, a non-GAAP financial measure.

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. Adjusted EBITDA is not presented in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures presented in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income, which is the most directly comparable financial measure calculated and presented in accordance with GAAP. These limitations include the fact that Adjusted EBITDA excludes interest expense on debt, income tax expense (benefit), equity-based compensation expense, depreciation and amortization, and certain other adjustments that we consider to be useful to investors and others in understanding and evaluating our operating results. In addition, other companies may use other measures to evaluate their performance, including different definitions of “Adjusted EBITDA,” which could reduce the usefulness of our Adjusted EBITDA as a tool for comparison.

(1)Transaction expenses for the year ended December 31, 2025 consist of legal and accounting fees incurred by us in connection with an amendment to the 2021 Credit Facilities. Transaction expenses for the year ended December 31, 2024 consist of legal and accounting fees incurred by us in connection with resale registration statements filed with the SEC.

(2)Write-off of intangible assets for the year ended December 31, 2025 consist of a charge related to the write-off of intangible assets, consisting of customer relationships and trademarks, trade names, and domain names, acquired as part of the acquisition of Customer Helper Team, LLC.

(3)Contract settlement consists of income recorded for the year ended December 31, 2024 in connection with a one-time contract termination fee received from one of our partners in the Health insurance vertical that ceased operations during such year.

(4)Changes in TRA related liability consist of charges to increase the TRA liability to reflect probable future payments under the agreement.

(5)Legal expenses for the three months and year ended December 31, 2025, consist of increases of $0 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 for the three months and year ended December 31, 2024, consist of a $7.0 million loss reserve established in connection with the FTC Matter and legal fees and costs incurred in connection with such matter.