Altisource (ASPS) Q4 2025 Earnings Call Transcript

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• We grew service revenue, adjusted EBITDA, and GAAP earnings in 2025 compared to 2024

  80% confidence

• We assume that the Onity-serviced Rithm-owned MSRs transfer to Rithm during the first half of 2026

  80% confidence

• We assume that CBA business will roll off during the first half of 2026

  80% confidence

• Corporate costs should remain relatively stable as revenue grows

  80% confidence

• At the midpoint of guidance, we are forecasting to generate positive operating cash flow for 2026

  80% confidence

• MBA projects 5.8 million loans originated in 2026, representing 7% year-over-year growth with 8% increase in refinance volume and 6% increase in purchase volume

  80% confidence

• Borrowers may face additional pressure in 2026 given the Q4 implementation of the April 2025 FHA mortgagee letter extending time between loan modifications

  80% confidence

• The increase in foreclosure activity in 2025 over 2024 reflects the end of VA foreclosure moratoriums, rising FHA delinquency rates, and a softening real estate market

  80% confidence

• We believe we are positioned to achieve a run rate of $45 million in adjusted EBITDA by 2028 through Project 45 initiatives

  80% confidence

• We anticipate additional wins in 2026 for the Origination segment

  80% confidence

• We anticipate revenue from the two new HUBZU wins to grow during 2026 as REO and foreclosure referrals proceed to sale

  80% confidence

• We are optimistic that a couple of larger opportunities for trustee and title businesses should close in Q2 2026, if not sooner

  80% confidence

• Rithm and Onity will represent a significantly smaller share of revenue base by 2026

  80% confidence

• Sales wins once stabilized should more than offset the anticipated reduction in service revenue and EBITDA from Rithm and Onity-related changes

  80% confidence

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