MediaAlpha Inc. (MAX) Q2'26 Earnings Review P&C Momentum Supports Broadening Carrier Demand

Equity Research 30 July 2026 | 12:00AM EDT

MediaAlpha Inc. (MAX) Q2’26 Earnings Review: P&C Momentum Supports Broadening Carrier Demand

MAX 12m Price Target: $14.00 Price: $13.80 Upside: 1.4% NEUTRAL Eric Sheridan In its Q2’26 earnings report, MediaAlpha (MAX)’s results reflected a | Goldman Sachs & Co. LLC few key themes: a) continued strength within the P&C vertical as Alex Vegliante, CFA carrier profitability remains healthy and demand continues to | Goldman Sachs & Co. LLC broaden across an array of partners; b) resilient underlying fundamentals despite temporary pressure on contribution margins Emma Huang | Goldman Sachs & Co. LLC from partner-specific investments made during the quarter, with mgmt expressing confidence in improved positioning heading into 2H26; c) a broadening-out of carrier demand (spend from the top Key Data _____________________________________ Market cap: $856.6mn #3-5 advertisers nearly quadrupled in 1H26 compared to 1H25) Enterprise value: $996.2mn 3m ADTV: $9.2mn which we view as supportive of both the durability of recovery and United States contribution margin expansion; d) increasing evidence that AI is Americas Internet M&A Rank: 3 emerging as both a traffic acquisition channel and productivity tool GS Forecast __________________________________ (incl. improved consumer-carrier matching and scaling agents in 12/25 12/26E 12/27E 12/28E

internal workflows); & e) a continued focus on shareholder returns, Revenue ($ mn) New Revenue ($ mn) Old 1,113.6 1,113.6 1,314.5 1,281.3 1,441.6 1,382.0 1,547.1 1,456.0 with the company repurchasing ~$20mm in shares in Q2 and EBITDA ($ mn) EBIT ($ mn) reiterating an expectation to complete the majority of its remaining EPS ($) New (~$45m) authorization by the end of 2026. EPS ($) Old P/E (X) Dividend yield (%) -- -- -- -- Over the short-to-medium term, we expect investor focus to remain Net debt/EBITDA (X) 0.9 1.1 0.2 (0.6) around trends within the P&C market (both recovery & the overall 6/26 9/26E 12/26E 3/27E macroeconomic environment) – we look for better visibility into EPS ($) carrier profitability trends throughout the year (potentially GS Factor Profile ______________________________ impacted by the macro environment) and how MAX mgmt executes Growth

against this backdrop/forward opportunity in the coming quarters. Financial Returns Long-term, we view MediaAlpha as being positively levered to a Multiple number of long-term secular growth themes within the insurance digital advertising end market (P&C market recovery, the shift from Integrated

agency to DTC carrier model, rising digital channel penetration from Percentile 20th 40th 60th 80th 100th both consumers & overall ad spend). We maintain our Neutral rating and adjust our 12-month PT from $10.00 to $14.00 as we update MAX relative to Americas Coverage MAX relative to Americas Internet our operating estimates for this earnings report and management commentary. Source: Company data, Goldman Sachs Research estimates. See disclosures for details.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs MediaAlpha Inc. (MAX)

MediaAlpha Inc. (MAX) Balance Sheet ($ mn) _______________________________________ NEUTRAL Rating since Oct 14, 2025 12/25 12/26E 12/27E 12/28E Cash & cash equivalents Accounts receivable Inventory -- -- -- -- Ratios & Valuation __________________________________________ Other current assets /25 12/26E 12/27E 12/28E Total current assets P/E (X) Net PP&E -- -- -- -- EV/EBITDA (X) 6.3 7.2 5.9 4.9 Net intangibles EV/sales (X) 0.6 0.7 0.6 0.5 Total investments 0.0 0.0 0.0 0.0 FCF yield (%) Other long-term assets EV/DACF (X) Total assets CROCI (%) ROE (%) Accounts payable Net debt/EBITDA (X) 0.9 1.1 0.2 (0.6)…