Trupanion Investor Presentation

Margin Profile 1. $ in millions Revenue Subscription Business Other Business Q1'22 Q1'23 Q1'22 Q1'23 $139.8 $165.2 $66.2 $91.1 Total Q1'22 Q1'23 $206.0 $256.3 24.4% Cost of Goods $99.4 $128.1 $44.3 $65.1 $143.8 $193.3 Variable Expenses $14.0 $16.7 $16.5 $18.7 $30.5 $35.4 Fixed Expenses $6.9 $7.8 $3.2 $4.3 $10.1 $12.1 Adjusted Operating Income $19.5 $12.6 $2.1 $2.9 $21.6 $15.5 -28.0% Acquisition Cost $19.2 $19.6 $0.1 $0.1 $19.3 $19.6 Adjusted EBITDA Free Cash Flow $1.2 -$4.9 -$7.1 -$12.0 Net Subscription Pets Added 32,358 36,507 12.8% % of revenue Subscription Business Other Business Total Q1'22 Q1'23 Target Q1'22 Q1'23 Q1'22 Q1'23 Revenue 100% 100% 100% 100% 100% 100% 100% Cost of Goods 71.1% 77.6% 71.0% 67.0% 71.5% 69.8% 75.4% Variable Expenses 10.0% 10.1% 9.0% 24.9% 20.6% 14.8% 13.8% Fixed Expenses 4.9% 4.7% 5.0% 4.9% 4.7% 4.9% 4.7% Adjusted Operating Margin 14.0% 7.6% 15.0% 3.1% 3.2% 10.5% 6.1% Internal Rate of Return 34% 30% 30-40% Note: The above table includes non-GAAP financial measures. For more information about our non-GAAP financial measures, see "Supplemental Financial Information" in the IR section of Trupanion's website. 2. * Fixed expenses reflect the performance of each segment using a pro-rata expense allocation based on revenues trupanion™ 19

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