MAX · MediaAlpha, Inc.

MediaAlpha delivered record first-quarter results, with revenue climbing 17% year-over-year to $310.0 million, primarily driven by robust property & casualty (P&C) insurance advertising spend and a favorable mix shift toward the Open Marketplace. The P&C vertical accounted for 94.4% of total revenue, up from 84.5% in the prior year, highlighting the company's strengthening position in its core market. This top-line growth translated to a significant profitability turnaround, with GAAP net income reaching $14.0 million compared to a net loss of $(2.3) million in Q1 2025. Adjusted EBITDA increased 7% to $31.4 million, though margins compressed slightly as Contribution Margin declined to 15.7% from 16.6%. Management noted the discontinuation of 'Transaction Value' reporting to simplify disclosures, emphasizing Revenue and Contribution as key performance indicators. Operationally, the company successfully refinanced its credit facilities, extending debt maturities to 2031 and securing a new $150 million term loan and $60 million revolving credit facility. Capital return remains a priority; MediaAlpha repurchased 2.6 million shares for $25 million in the quarter, leaving $60 million remaining on its $100 million authorization. Looking forward, Q2 2026 guidance projects continued momentum with revenue expected between $290 million and $310 million, representing approximately 19% year-over-year growth at the midpoint, underpinned by strong carrier investment in the P&C vertical.