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MediaAlpha announces Chief Financial Officer transition. Tigran Sinanyan, SVP of Finance and Former CFO, to Succeed Pat Thompson as CFO Third Quarter 2026 Results Expected to Be At or Above the Top End of Previously Disclosed Guidance Ranges LOS ANGELES, Sept. 03, 2026 (GLOBE NEWSWIRE) - MediaAlpha, Inc. (NYSE: MAX) ("MediaAlpha" or the "Company"), the insurance industry's leading programmatic customer acquisition platform, today announced that Pat Thompson will step down as Chief Financial Officer (CFO), effective October 1, 2026. Tigran Sinanyan, the Company's Senior Vice President (SVP) of Finance, will succeed Mr. Thompson as CFO as of that date. Mr. Sinanyan served as MediaAlpha's CFO from 2015 to 2021, and as VP of Finance from 2012 to 2015, leading the finance team through a period of significant growth that included the Company's 2020 IPO. He rejoined the Company as SVP of Finance in July 2025. "On behalf of everyone at MediaAlpha, I want to thank Pat for his many contributions over the past five years," said Steve Yi, CEO and Co-Founder of MediaAlpha. "Pat has been a key leader of our company, guiding the organization through a generational downturn in the P&C insurance industry and helping to drive the record financial performance we are now delivering. He also built a strong financial organization that will support MediaAlpha's robust growth for many years to come. I am personally grateful for Pat's steadfast partnership over these five years, and we wish him continued success in all that comes next. We are also very excited to welcome Tigran back into the CFO role. Tigran's deep knowledge of our business, our partners and our industry, and his financial and business acumen, make him an ideal financial leader for MediaAlpha as we pursue our strategic growth agenda." "It has been a privilege to serve as MediaAlpha's CFO," said Mr. Thompson. "I'm proud of the record results that our team has delivered, and I'm confident the Company is in excellent hands with Tigran. I am dedicated to ensuring a smooth handoff and continuing to support the company in the coming months." "MediaAlpha is an extraordinary company, and having been part of its executive leadership in both operations and finance, I've had the privilege of helping build and scale the business from its early days," said Mr. Sinanyan. "During my tenure at MediaAlpha, I have gained a deep, end-to-end understanding of what makes our programmatic platform and partner relationships successful, and as CFO I look forward to working closely with the broader leadership team to continue driving disciplined growth and long-term value for our shareholders." Mr. Thompson's last day will be October 30, 2026, and he will continue as a consultant to the Company through February 2027 to ensure an effective transition of duties. Updated Third Quarter 2026 Guidance MediaAlpha also provided an update regarding its expectations for the third quarter of 2026. The Company now expects third quarter 2026 Revenue, Contribution, and Adjusted EBITDA to be at or above the top end of the previously disclosed guidance ranges included in its second quarter earnings release issued on July 29, 2026. Please refer to the Company's second quarter earnings release for such guidance ranges and information regarding such financial measures. About MediaAlpha 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. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's management transition, its expectations regarding its business and future performance, and its expectations regarding the Company's financial guidance for the third quarter. Words such as "will," "expect," "anticipate," "believe," "intend," and similar expressions are intended to identify forward-looking statements. 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 the Company's control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially, including those described in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update any forward-looking statements after the date of this press release, except as required by law. Investor Relations Contact [email protected] Media Contact [email protected]

MediaAlpha reported record Q2 2026 results, with revenue rising 26% year-over-year to $317 million, exceeding guidance. Contribution increased 18% to $47.2 million, while adjusted EBITDA grew 19% to $29.3 million. The company's growth is expanding beyond its largest partners. CEO Steve Yi said the third-, fourth-, and fifth-largest carriers nearly quadrupled spending in the first half of 2026 compared with the same period in 2025, driven by strong personal-auto underwriting profitability and increased adoption of direct-to-consumer digital advertising. MediaAlpha projects third-quarter revenue of $330 million to $355 million and reaffirmed full-year free cash flow guidance of $90 million to $100 million. The company repurchased $20 million of shares in Q2.

MediaAlpha Q2 earnings call highlights. July 30, 2026 Key points. * MediaAlpha reported record Q2 2026 results: Revenue rose 26% year over year to $317 million, while contribution increased 18% to $47.2 million and adjusted EBITDA grew 19% to $29.3 million, with revenue exceeding guidance. * Growth is broadening beyond its largest carrier partners. The company said its third-, fourth- and fifth-largest carriers nearly quadrupled spending in the first half of 2026, supported by strong personal-auto underwriting profitability and increasing adoption of direct-to-consumer digital advertising. * MediaAlpha expects continued growth and shareholder returns. It projects third-quarter revenue of $330 million-$355 million and reaffirmed full-year free cash flow guidance of $90 million-$100 million; it also repurchased $20 million of shares in Q2 and plans to complete most of its remaining buyback authorization by year-end. * MarketBeat previews top five stocks to own in August. MediaAlpha NYSE: MAX reported record second-quarter 2026 results, with revenue, contribution and adjusted EBITDA rising from a year earlier as participation broadened among property and casualty insurance carriers using its marketplace. Revenue increased 26% year over year to $317 million, exceeding the high end of the company's guidance range. Contribution rose 18% to $47.2 million, while adjusted EBITDA climbed 19% to $29.3 million, slightly above the midpoint of guidance. Chief Executive Officer Steve Yi said the company's growth is becoming less dependent on a small number of large carrier partners. He said additional P&C carriers are increasing advertising spending and expanding campaigns as personal-auto underwriting profitability, though below peak levels, remains historically strong. "This is no longer just a story about concentrated growth among a handful of large partners," Yi said. "It is a widening base of carriers that keeps ramping." Carrier demand broadens. Yi said that since 2021, more than 80% of P&C advertising-spend growth in MediaAlpha's marketplace and elsewhere has come from two carriers. However, he said a broader group of insurers is beginning to increase its participation. The company's third-, fourth- and fifth-largest carriers nearly quadrupled their spending on the platform during the first half of 2026 compared with the same period in 2025, according to Yi. MediaAlpha's top two carriers devoted a double-digit percentage of their total advertising budgets to the company in 2025, Yi said. By comparison, the remainder of its top 10 carriers collectively allocated about 3% of their advertising budgets to MediaAlpha. The company sees a longer-term opportunity as insurers move from agent-based distribution and brand advertising toward direct-to-consumer sales supported by performance-based digital advertising. Yi said carriers still spend more than $2 on agent commissions for every $1 spent on advertising, while only 40% of advertising spending is currently directed toward digital channels. During the question-and-answer session, Yi said the company expects the insurance market's growth-oriented cycle to continue through the rest of 2026 and into 2027. He said some agent-based carriers are using MediaAlpha both to support direct-to-consumer efforts and to connect agents with online shoppers. Discover more EV Market Analysis For carriers that have not yet substantially adopted the company's marketplace, Yi said the primary constraint is often capability. He said MediaAlpha is expanding its work beyond operating a marketplace by offering technology integrations, managed services and support for portions of the conversion process. AI investments and referral traffic. Yi said advances in artificial intelligence could accelerate the industry's transition toward direct-to-consumer distribution. On the carrier side, he said AI can enable more consumers to purchase policies without speaking to a live agent, potentially raising conversion rates and reducing acquisition costs. MediaAlpha is also using predictive AI and machine learning to match consumers with carriers, Yi said. The company processes millions of insurance shoppers each month and uses consumer attributes and observed marketplace activity to improve advertiser return on ad spend and publisher yield. The company is also using generative AI in its product suite and in tools for insurance agents. Yi said these efforts have helped MediaAlpha expand the number of agents it serves while maintaining a relatively lean team in Phoenix. Yi said the company's publishing partners continue to report that referrals from large language model-driven search are growing organically and can be comparable in volume to Google organic search for some partners. He said this traffic remains a relatively small part of MediaAlpha's total marketplace activity but has been viewed as high quality because searches can include more detailed consumer information and reflect higher purchase intent. Chief Financial Officer Pat Thompson said the company's core business, excluding Under-65 Health, posted revenue and adjusted EBITDA growth of more than 30% year over year in the second quarter. Under-65 Health represented about 1% of revenue in the quarter, in line with company expectations. Margins, capital returns and outlook. Contribution growth trailed revenue growth during the second quarter, reflecting what Thompson described as a modest mid-quarter dip in take rates. He said the decline resulted from investments made with existing partners that carried near-term costs but were expected to provide longer-term benefits. Take rates had recovered by the end of the quarter, he said. Thompson also explained that a growing number of carriers outside the company's top partners use its open marketplace and related services. Transactions in that marketplace are recognized on a gross-revenue basis and typically carry contribution margins in the teens, while private-marketplace transactions are recognized on a net basis. During the quarter, MediaAlpha repurchased about 2.2 million shares for $20 million, or an average price of $9.22 per share. The company said it has repurchased $41 million of stock year to date and $88 million over the past four quarters, representing about 13% of its outstanding shares. The company also repurchased $69 million of tax receivable agreement liability in June for $31 million, a 55% discount. The transaction generated a $38 million gain recorded in the second quarter. MediaAlpha funded the purchase through a $15 million revolver draw and cash on hand. MediaAlpha ended the quarter with $23.7 million in cash and $30 million available under its revolver. Thompson said the company expects to complete the vast majority of the remaining $45 million under its $100 million share-repurchase authorization by year-end. * Third-quarter revenue is projected at $330 million to $355 million, representing about 12% year-over-year growth at the midpoint. * Third-quarter contribution is expected to be $51.5 million to $54.5 million, or about 16% growth at the midpoint. * Third-quarter adjusted EBITDA is projected at $32 million to $35 million, up about 15% at the midpoint. * MediaAlpha reaffirmed expectations for $90 million to $100 million in free cash flow for full-year 2026. Excluding Under-65 Health, the company expects third-quarter contribution to rise 20% and adjusted EBITDA to increase 21% year over year at the midpoint of its outlook. About MediaAlpha (NYSE:MAX). MediaAlpha, Inc is a technology company that operates a real-time digital marketplace for the distribution of insurance and adjacent services. The company's platform connects buyers - consumers seeking insurance policies - to sellers, including insurance carriers and distribution partners, through programmatic bidding and data-driven pricing. By leveraging transaction-level data and proprietary auction mechanics, MediaAlpha enables carriers to acquire customers more efficiently and at scale. The firm offers a suite of products that help clients optimize marketing spend and improve conversion rates. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Before you consider MediaAlpha, you'll want to hear this. 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