Overview

• U.S. wholesale mortgage lender's Q1 revenue rose yr/yr

• Net income swung to $170.4 mln from a loss in the prior-year quarter

• Loan origination volume grew 39% yr/yr to $44.9 bln, second-highest Q1 in company history

Outlook

• Company expects substantially all loans to be serviced in-house by October 2026

• UWM says it is positioned to perform through all market cycles regardless of interest rate changes

Result Drivers

• ORIGINATION VOLUME - Higher loan origination volume, up 39% yr/yr to $44.9 bln, supported revenue growth

• REFINANCE ACTIVITY - Refinance originations more than doubled yr/yr, offsetting lower purchase volumes

• TECHNOLOGY & AI - Use of proprietary technology and AI-powered tools drove operational efficiency and loan wins, per CEO Mat Ishbia

Company press release: ID:nBw7HCwTwa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		$901.43 mln
Q1 EPS		$0.09
Q1 Adjusted Net Income		$137.15 mln
Q1 Net Income		$170.37 mln
Q1 Adjusted EBITDA		$160.91 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the consumer lending peer group is "buy"

• Wall Street's median 12-month price target for UWM Holdings Corp is $6.00, about 74.9% above its May 5 closing price of $3.43

• The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 10 three months ago

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