Porch Group, Inc.

Results of Operations

Key Factors Affecting Operating Results

The following key factors affected our operating results.

•In January 2025, we completed the formation of the Reciprocal and sold HOA into the Reciprocal; Porch now holds $106 million of surplus notes due from the Reciprocal which pay interest of 9.75% plus SOFR. These surplus notes are included in the Reciprocal’s statutory surplus and are eliminated in consolidation for GAAP reporting. Porch earns management fees and quota share reinsurance premiums from the Reciprocal.

•Insurance Services top-of-the-funnel activity reached strong levels across quoting activity and agency appointments. Full year Reciprocal Written Premium (“RWP”) was $480.9 million. RWP converted to Adjusted EBITDA at a rate of 21% given efficient operations at the Reciprocal. See Key Performance Measures and Operating Metrics for definition of RWP.

•In Software and Data, Rynoh implemented a 20% price increase in the first quarter, in line with strategic pricing goals. We remain focused on product innovation, including a continuation of introducing new Home Factors to the market.

•In Consumer Services, new services were launched including packing services online for movers. Partnership efforts are progressing nicely, while our warranty business experienced lower claims activity compared to the prior year.

•Statutory surplus at the Reciprocal rose sequentially throughout the year with statutory surplus of $155.1 million as of December 31, 2025, an increase of $49.4 million from December 31, 2024. The Reciprocal is healthy with $289.4 million of surplus combined with non-admitted assets as of December 31, 2025, an increase of $131.4 million from December 31, 2024.