Triumph Financial, Inc.

Many of the forces reshaping trucking are difficult for the industry and yet constructive for Triumph. We recognize the real challenges many market participants face and do not minimize them. At the same time, those challenges do not change our view that, but for diesel costs, the freight market is healthier than it has been in a long time. For years, we have been building a value chain and platform particularly well suited to this environment. As a result, we have considerable momentum, and we increasingly believe it is durable.

One Out, One In – Planned Changes to 2027 North Star Metrics For the year 2027, we will be removing one North Star Metric and adding another.

Revenue was $23.5 million, an increase of 5.6% QoQ and 27.2% YoY. Revenue growth reflected a combination of contractual repricing, invoice growth and new relationships. Payment processing increased 4.2% QoQ to 9.5 million invoices, representing $15.1 billion of payment volume. Broker revenue per invoice increased to $1.43, and our product attachment ratio grew slightly to 1.33. The important point is not any one metric in isolation; it is that we are monetizing a network that is already scaled while continuing to improve the value delivered to customers.

Payments remains largely a per-invoice business, so invoice counts and revenue per invoice are generally more useful indicators of operating progress than payment dollars alone. Higher invoice values expand the amount of money flowing through the network and reinforce its strategic importance, but our direct revenue levers remain customer wins, product attachment, and fair value-based pricing. We expect those levers to continue contributing to revenue growth and margin expansion.

Importantly, these process improvements are also improving our customer experience by streamlining document processing and eliminating exceptions and escalations back to our broker customers.

September 30, 2026

**PAR indicates product attachment rate and measures cross-selling of Payments, Audit, and Intelligence across our broker clients.

In the chart below, we graphically highlight the continued revenue growth and its trend over the last eight quarters against the backdrop of our Payment volumes. We have generated a ~26% CAGR in revenue over the last two years .

Our focus has expanded from opening new accounts to becoming the primary financial operating account for carriers. That requires more of a trucker's workflow to live inside LoadPay, including receiving payments, retaining balances, managing factoring activity, paying expenses, and eventually consuming additional Triumph services. We expect continued product development and distribution through Factoring, FaaS, and broker relationships to increase account openings and utilization.

We have received questions from investors about our main competition for LoadPay. The simplest answer is other banks and credit unions, with a substantial weighting towards banks. Combined, there are roughly 9,000 of them in the United States. Over the last year, our Payments, Factoring and LoadPay products have sent funds to 2,499 unique financial institutions. The actual number of institutions where truckers bank is almost certainly higher than that figure because many of our payments go first to other factoring companies, obscuring where the funds ultimately reside.

This is where Triumph’s value chain becomes important, because in a value chain one activity reinforces another. This year, we expect to disburse approximately $79 billion in payments to carriers, including roughly $61 billion through Payments and $18 billion through Factoring. At our current run rate, approximately $1 billion, or only 1.1%, is being funded into LoadPay accounts . Our opportunity is to capture more of the money already flowing through Triumph. We intend to do that by meeting carriers across the breadth of their financial needs, including factoring, banking, equipment finance, insurance, and business intelligence. By combining those capabilities with our existing distribution, we can build a differentiated financial platform designed specifically for carriers, something traditional banks and credit unions are not positioned to replicate.

A few words of explanation on the chart above. For the quarter, total revenue increased approximately 21%, while both total and active accounts grew approximately 20%. Revenue per account is calculated using the number of accounts on the last day of the quarter against revenue earned during the final month of the quarter. Because a significant portion of our account growth occurred late in the quarter, those new accounts are fully reflected in the denominator but contributed only a partial month of revenue. As a result, the decline in revenue per account is largely a function of timing rather than underlying economics. Put plainly, the graph understates what was a strong quarter for LoadPay.

Factoring remains both an attractive financial business and the principal carrier-acquisition gateway into the Triumph value chain. When we win a factoring relationship, we have an opportunity to serve that carrier through LoadPay, equipment finance, insurance, fuel, and Intelligence. The economic value of Factoring therefore extends beyond the margin earned on an individual receivable. That broader relationship is one reason renewed growth in this business remains a strategic priority.

September 30, 2026

We sell a portion of these deposits overnight to the Federal Reserve, and they enable us to reduce our use of wholesale funding. The total effective cost of these deposits to us is below the rate the Federal Reserve pays on our cash balances, resulting in very low-risk incremental net interest income.

While we are happy with the growth we have experienced this year in our mortgage warehouse deposit business, our traditional community bank deposit franchise continues to provide the foundation of our funding base: roughly $3 billion of deposits with an average cost below 1.15% . Our community bank team deserves a tremendous amount of credit for serving our customers so well that we are able to maintain profitable, value-adding relationships through any rate cycle.

• Total non-performing loans to total loans : increased by 0.99% to 2.64%.

• Total classified assets : increased by ~$3 million to $172 million.

Separately, two property-specific situations contributed to credit expense. In one case, an extraordinary event caused structural damage that led to a disruption in operations. The other involves a property generating positive operating income, but for which stabilized operations have been unable to service debt as originally structured. This resulted in a tax delinquency and forbearance agreement. We believe that the borrower has the means and intent to resolve the tax delinquency and is making payments in accordance with the forbearance agreement.

Our 2027 earnings framework assumes credit costs continue to trend toward a normal level, but credit will never be perfectly linear. We will continue to narrow the fairway of community bank credit, resolve non-core exposures, and maintain the capital and liquidity necessary to absorb unforeseen outcomes should any arise. As stated last quarter, the metrics also reflect credit exposure work tied to some of the business lines we are exiting, as well as normal-course credit noise. We continue to monitor the bankruptcy proceedings related to our Tricolor ABL exposure, and we continue to believe that our loan position is adequately secured by inventory and other assets that serve as our collateral.

As stated in the CEO Summary, we booked $1.1 million of additional expenses that we consider core, but that we do not expect to recur in future periods. We expect 4Q core expense of approximately $100 million.

The path to greater operational efficiency in 2027 is before us, and it is more nuanced than indiscriminate cost reduction. We expect compensation inflation and continued investment in the capabilities that create revenue and protect the enterprise. The hard work is funding those investments through continuous improvement. Automation in Factoring, monetization in Payments, disciplined product development, vendor management, process redesign and the simplification of non-core activities should drive productivity across the enterprise and allow revenue to grow materially faster than expense.

3.04 3.83 Net interest margin (4)

5.93 6.15 (1) Loan balance totals include respective nonaccrual assets.

The following table shows the impact of mortgage warehouse excess rebates:

September 30, 2026