Affirm Holdings Inc at Barclays Global Financial Services Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Allison Gelman - Barclays Services Corp - Analyst : So just to start out, maybe for those less familiar with you, do you want to just provide a brief introduction on yourselves and your responsibility is at Affirm?

Question: Allison Gelman - Barclays Services Corp - Analyst : Great. Thank you, guys, for the introduction. Let's get into it. Affirm reported fiscal 4Q '25 earnings back on August 28. Highlights of the print include 43% year-over-year growth in GMV, which was driven partially by strength in 0% APR loans, which we'll get to in a bit. And the company also reached operating income profitability. Maybe just provide a quick recap of other key highlights of what -- anything you want to mention on what you believe to be the biggest takeaways as we're heading into the new fiscal year? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 12:15PM, AFRM.OQ - Affirm Holdings Inc at Barclays Global Financial Services Conference

Question: Allison Gelman - Barclays Services Corp - Analyst : That's a great recap. It sounds like there's a lot of exciting developments of the company. You also issued FY26 guidance. I'm going to also touch on that. So as we head into the new fiscal year, what is the general outlook for Affirm where is your head out with all of this?

Question: Allison Gelman - Barclays Services Corp - Analyst : Really helpful. Thank you. I wanted to ask what you're seeing in terms of delinquency rates in the business. Do you have any visibility in your data that you see on what types of the consumers are defaulting on payments and maybe on what types of purchases or GMV categories that these delinquencies are happening the most in?

Question: Allison Gelman - Barclays Services Corp - Analyst : Great to hear, Brooke. I have a lot of questions for you as well. I wanted to start out with you, Brooke, on how you're thinking more generally about the funding environment today, given that we as many are aware, are potentially entering the falling rate environment?

Question: Allison Gelman - Barclays Services Corp - Analyst : Great. And you touched on, on versus off balance sheet. I wanted to ask how we should think about Affirm's own balance sheet as a funding source over the longer term? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 12:15PM, AFRM.OQ - Affirm Holdings Inc at Barclays Global Financial Services Conference

Question: Allison Gelman - Barclays Services Corp - Analyst : Great. That all makes a lot of sense. Brooke, also the topic of 0% APR loans, which we were talking about earlier, it's come up a lot recently, given that they're growing so rapidly. I'm curious if your funding strategy changes at all overall, if your mix of GMV changes between these interest-bearing and 0% APR loans? And as a follow-up, do you send certain loans to certain partners? Or are those partners receiving a representative slice of Affirm's overall origination volume?

Question: Allison Gelman - Barclays Services Corp - Analyst : Great. This is a really helpful overview of the funding strategy. I did want to touch on forward flow partnerships. So Affirm has been ramping up various forward flow partnerships with partners like Sixth Street, PGIM and others. What impact does the growth of the private credit market that we're seeing have on your business? And what is the overall outlook for funding from these forward flow partners?

Question: Allison Gelman - Barclays Services Corp - Analyst : Great. And one more on forward flow partnerships. I'm curious if the economics of these deals, do they change at all when the deal is structured as a pass-through rather than a whole loan agreement? And do you prefer one structure over the other? Just talk to the economics of how these forward flow partnerships are done?

Question: Allison Gelman - Barclays Services Corp - Analyst : Great. And switching gears a bit, remind us of your current choice in bank origination partners. What are the advantages of using fewer banking partners versus using maybe a more diverse range of partners? And are there good reasons to keep the flows concentrated? And do you expect any changes from the current strategy that we see at Affirm today?

Question: Allison Gelman - Barclays Services Corp - Analyst : Great. And as a follow-up to that, do you find that there is still demand or appetite of some sort from these banking partners who want to be part of this loan origination process? And moreover, have the negotiations or renewals with these partner banks, have they gotten easier, have they gotten more difficult over recent years?

Question: Allison Gelman - Barclays Services Corp - Analyst : That makes a lot of sense. Zane. I also wanted to make sure we hit on Affirm Card, everyone's favorite topic, or Max's topic. On the Q4 call, Max had mentioned that there are many exciting features and boost and all sorts of things that are going to soon be announced on Affirm Card. So while we wait for all of those to be announced, maybe just give us a sense of the loan profile of an Affirm card transaction and how that compares to a typical Affirm user at e-com? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 12:15PM, AFRM.OQ - Affirm Holdings Inc at Barclays Global Financial Services Conference

Question: Allison Gelman - Barclays Services Corp - Analyst : Great. So we hit on the Affirm Card. I also wanted to hit on Adaptive Checkout. So Adaptive Checkout, perhaps nothing new for Affirm, but it does seem that it has become a more complex and a more AI-driven product over time. Maybe just talk through what Adaptive Checkout does for you and what does for your merchant and why it's such an important part of Affirm's growth algorithm?

Question: Allison Gelman - Barclays Services Corp - Analyst : Got it. It sounds like a really important part of the strategy. Brooke, I wanted to touch on international a little bit more. Zane mentioned it earlier when discussing the outlook but Affirm currently operates in the US and in Canada and has expanded into the UK over the past year. Curious how your capital strategy is planning to evolve as Affirm does expand international? Are there different things you need to do in different markets? Or does the strategy kind of just go full steam ahead as you've been doing in the US and Canada?

Question: Allison Gelman - Barclays Services Corp - Analyst : Great. It sounds like there's a lot of work to be done. Zane, I have to ask, are there any imminent plans to go beyond the UK at this point? Anything you can say there?

Question: Allison Gelman - Barclays Services Corp - Analyst : Very exciting. And do you think enterprise partnerships or the way you go about that expansion? Is that where you leverage the most ongoing international?

Question: Allison Gelman - Barclays Services Corp - Analyst : Great. Very exciting. Perhaps, particularly topical today. But I wanted to hit on the competitive environment. Brooke, what do you think Affirm is doing differently on your funding strategy versus what competitors are doing? And what is enabling you to continue executing in the funding market at such a high impressive level at this point?

Question: Allison Gelman - Barclays Services Corp - Analyst : Great. And I think we're out of time, so we'll leave it there. Thank you, guys, both so much for being here at the conference and for this great fireside chat.