Exhibit 99.2

ORION DIGITAL CORP.

MANAGEMENT’S DISCUSSION AND ANALYSIS

FOR THE QUARTER ENDED JUNE 30, 2026

DATED: AUGUST 6, 2026

MANAGEMENT’S DISCUSSION AND ANALYSIS

This Management’s Discussion and Analysis (“MD&A”) is current as of August 6, 2026, and presents an analysis of the financial condition of Orion Digital Corp. and its subsidiaries (collectively referred to as “Orion Digital”, "Orion" or the “Company”) as at and for the three and six months ended June 30, 2026 compared with the corresponding periods in the prior year. This MD&A should be read in conjunction with the Company’s interim condensed consolidated financial statements and the related notes thereto for the three and six months ended June 30, 2026. The financial information presented in this MD&A is derived from our interim condensed consolidated financial statements prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board. The Company was continued under the Business Corporations Act (British Columbia) on June 21, 2019.

This MD&A is the responsibility of management. The board of directors of Orion Digital (the “Board”) has approved this MD&A after receiving the recommendation of the Company’s Audit Committee, which is comprised exclusively of independent directors, and the Company’s Disclosure Committee.

Unless otherwise noted or the context indicates otherwise “we”, “us”, “our”, the “Company”, "Orion" or “Orion Digital” refer to Orion Digital Corp. and its direct and indirect subsidiaries. The Company presents its consolidated financial statements in Canadian dollars. Amounts in this MD&A are stated in Canadian dollars unless otherwise indicated. Unless otherwise noted, financial information in this MD&A has been rounded to the nearest thousand in tables and to the nearest million in narrative discussion. As a result, certain totals, subtotals and percentages may not reconcile due to rounding.

This MD&A may refer to trademarks, trade names and material which are subject to copyright, which are protected under applicable intellectual property laws and are the property of Orion Digital. Solely for convenience, our trademarks, trade names and copyrighted material referred to in this MD&A may appear without the ® or © symbol, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks, trade names and copyrights. All other trade‑marks used in this MD&A are the property of their respective owners.

The Company’s continuous disclosure materials, including interim filings, audited annual consolidated financial statements, annual information form and annual report on Form 20-F can be found on SEDAR+ at www.sedarplus.com, with the Company’s filings with the United States Securities and Exchange Commission at www.sec.gov, and on the Company’s website at www.orion-digital.com

This MD&A makes reference to certain non‑IFRS financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as additional information to complement the IFRS financial measures contained herein by providing further metrics to understand the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non‑IFRS financial measures, including Adjusted EBITDA, Adjusted net income (loss) and Cash provided by operating activities before investment in gross loans receivable, Core operating cash generation (Before loan deployment and discretionary investments), Growth and platform investment, Net corporate capital used by the lending portfolio, Portfolio investments and monetizations, Corporate financing and shareholder capital allocation activities, to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. We also use non‑IFRS financial measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. See “Key Performance Indicators” and “Non‑IFRS Financial Measures”.

Caution Regarding Forward-Looking Statements

This MD&A contains forward‑looking statements that relate to the Company’s current expectations and views of future events. In some cases, these forward‑looking statements can be identified by words or phrases such as “outlook”, “may”, “might”, “will”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “indicate”, “seek”, “believe”, “predict” or “likely”, or the negative of these terms, or other similar expressions intended to identify forward‑looking statements. The Company has based these forward‑looking statements on its current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. These forward‑looking statements include, among other things, statements relating to the Company’s expectations (including our financial outlook) regarding its revenue, expenses and operations, key performance indicators, provision for loan losses (net of recoveries), anticipated cash needs and its need for additional financing, completion of announced transactions, funding costs, ability to extend or refinance any outstanding amounts under the Company’s credit facility, ability to protect, maintain and enforce its intellectual property, plans for and timing of expansion of its product and services, future growth plans, ability to attract new members and develop and maintain existing customers, ability to attract and retain personnel, expectations with respect to advancement of its product offering, competitive position and the regulatory environment in which the Company operates, anticipated trends and challenges in the Company’s business and the markets in which it operates, third‑party claims of infringement or violation of, or other conflicts with, intellectual property rights, the resolution of any legal matters, and the acceptance by the Company’s consumers and the marketplace of new technologies and solutions.

Forward-looking statements, including our financial outlook, are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties. Although we believe that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and we cannot assure that actual results will be consistent with these forward-looking statements. Our financial outlook is intended to provide further insight into our expectations for results in 2026 and may not be appropriate for other purposes. This outlook involves numerous assumptions, particularly around member growth and take up of products and services, and we believe it is prepared on a reasonable basis reflecting management’s best estimates and judgements. However, given the inherent risks, uncertainties and assumptions, any investors or other users of this document should not place undue reliance on these forward-looking statements.

Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors that are discussed in greater detail in the “Risk Factors” section of the Company’s current annual information form available at www.sedarplus.com and at www.sec.gov, which risk factors are incorporated herein by reference.

The forward-looking statements made in this MD&A relate only to events or information as of the date of this MD&A and are expressly qualified in their entirety by this cautionary statement. Except as required by law, we do not assume any obligation to update or revise any of these forward-looking statements to reflect events or circumstances after the date of this MD&A, including the occurrence of unanticipated events. An investor should read this MD&A with the understanding that our actual future results may be materially different from what we expect.

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Company Overview

Orion Digital Corp. is a financial technology company building businesses designed for an AI-driven financial system. The Company operates two growth businesses: Intelligent Investing, its Canadian wealth business, and Carta Worldwide, its European payments infrastructure business. The Company also operates Mogo, its Canadian consumer lending business, which has more than two decades of operating history and generates operating cash flow that supports the Company's broader capital allocation strategy.

Intelligent Investing is Orion Digital's Canadian wealth business built for an AI world in which information is increasingly abundant and long-term success depends less on access to information and more on the quality of investment decisions. Intelligent Investing is organized around the investment decision. It combines commission-free investing, independent AI-powered research and a structured capital allocation system designed to help investors document their investment thesis, benchmark performance, review outcomes and continuously improve the quality of their investment decisions over time. The platform currently supports more than $545.3 million in assets under administration in Orion Digital's consolidated Canadian Wealth business, providing the regulatory, operating and technology foundation for Intelligent Investing's commercialization. Wealth is currently the Company's principal area of growth investment.

Carta Worldwide is Orion Digital's European payments infrastructure business, providing the technology that authorizes payment transactions and supports payment programs processing more than $11 billion of annual payment volume and reaching more than 5 million end users across Europe through its clients. This established infrastructure provides a strong foundation to expand the platform's capabilities, expand its customer base and participate in emerging payment infrastructure opportunities.

Mogo has more than two decades of operating history in Canadian consumer lending. Lending deployment is managed according to expected risk-adjusted returns, capital payback objectives and liquidity requirements. Management believes this disciplined approach provides the flexibility to optimize long-term economic returns while balancing profitability, liquidity and future growth opportunities. In Canada, Mogo and Intelligent Investing also provide opportunities to deepen customer relationships over time through complementary consumer financial products.

The Company allocates capital across its businesses based on expected long-term returns, balancing investment in Wealth and Payments with return-focused lending deployment while maintaining financial flexibility and considering opportunistic share repurchases where appropriate.

Business Developments

Corporate Development

During the first half of 2026, the Company completed its transition to Orion Digital Corp., reflecting the evolution of the business from a consumer fintech company to a platform-based financial technology company built around two complementary growth platforms—Intelligent Investing and Carta Worldwide—supported by a return-focused consumer lending business.

The rebranding reflects the Company's strategy of increasing the contribution of recurring platform revenue over time while maintaining financial flexibility and allocating capital based on expected returns and long-term shareholder value.

The Company's common shares began trading under the ORIO ticker symbol on the Nasdaq and TSX on January 2, 2026.

Wealth Platform Developments

Intelligent Investing is Orion Digital's Canadian wealth business built for an AI world in which information is increasingly abundant and long-term success depends less on access to information and more on the quality of investment decisions. The platform combines commission-free investing, independent AI-powered research and a structured capital allocation system designed to help investors document, benchmark, review and continuously improve the quality of their investment decisions over time.

During the first half of 2026, Wealth revenue increased 13% year-over-year to $8.0 million, while assets under management increased 18% to $545.3 million at June 30, 2026 from $461.7 million at June 30, 2025.

On July 27, 2026, subsequent to quarter-end, the Company announced the commercial launch of Intelligent Investing. The launch marked the transition from product development to commercialization. During the remainder of 2026, the Company intends to introduce the platform to a broader group of investors, learn from how customers use it, continuously improve the platform and allocate additional capital based on customer engagement, member retention and long-term customer economics.

Intelligent Investing is commercializing from Orion Digital's consolidated Canadian Wealth business, operated through its wholly owned registered subsidiaries, which together administer $545.3 million in client assets across managed and self-directed investing. The existing business provides the regulatory, operating and technology foundation for the platform's commercial rollout.

Payments Platform Developments

Payments revenue was $2.4 million for the three months ended June 30, 2026, a decrease of 9% compared with the prior-year period, primarily reflecting lower non-recurring services revenue. European transaction volume remained broadly consistent with the prior year and increased 6% for the first six months of 2026.

Carta processes more than $11 billion of annual payment volume and supports payment programs reaching more than 5 million end users across Europe through its clients. Management continues to selectively invest in expanding Carta's platform capabilities. Carta's existing infrastructure provides a strong foundation to add new platform capabilities while creating opportunities to expand the platform's customer base over time.

As part of this strategy, the Company continues to evaluate selected stablecoin-enabled payment infrastructure opportunities where the technology may expand Carta's role in cross-border payments by improving settlement speed, transparency and cost efficiency, subject to commercial, regulatory, partner and risk-management considerations.

Strategic Portfolio Monetizations and Capital Allocation

In January 2026, the Company exited its remaining equity position in WonderFi Technologies Inc. ("WonderFi"). Combined with the partial monetization of approximately $13.8 million in August 2025, the Company fully exited its WonderFi position. The proceeds from the WonderFi exit increased the Company's liquidity and capital allocation flexibility, including its capacity to invest in the Wealth and Payments platforms.

In Q2 2026, the Company repurchased 113,628 common shares under its share repurchase program. As of June 30, 2026, Orion Digital had repurchased a total of 1,829,537 common shares since June 2022, representing approximately 7.8% of its outstanding shares. The Company maintains a Nasdaq share repurchase authorization of up to $10 million.

The Company continues to hold the Bitcoin position acquired under its previously announced treasury strategy. The position is reviewed as part of the Company's broader capital allocation and liquidity framework. Near-term capital allocation priorities remain investment in the Wealth and Payments platforms, deliberate Mogo lending deployment and opportunistic share repurchases.

Regulatory and Market Developments

Effective January 1, 2025, Orion Digital has been operating under Canada's revised maximum allowable interest rate of 35% APR. The Company implemented product changes for compliance and continues to manage the loan portfolio with disciplined underwriting and risk control.

Continued macroeconomic uncertainty associated with global trade developments and tariffs announced in 2025 may affect economic conditions in Canada. The Company continues to monitor these conditions in the management of its lending portfolio.

Financial Highlights

Executive Summary

Q2 2026 reflected continued progress in Orion Digital's strategic transition toward a greater proportion of recurring platform revenue. Revenue remained relatively stable despite the deliberate reduction in Mogo lending originations communicated in Q1 2026, while operating performance improved, reflected by higher Adjusted EBITDA, positive operating income and gross margin expansion. Adjusted EBITDA increased 115% sequentially and 70% year-over-year to $3.3 million gross margin increased to 75% and the Company generated operating income of $1.3 million. Management believes the quarter demonstrates the underlying earnings and cash-generation capacity of the business under its capital-allocation framework while continuing to invest in its strategic growth platforms. As previously communicated, future quarterly results are expected to reflect a gradual increase in lending deployment, consistent with management's capital allocation approach of allocating capital according to expected risk-adjusted returns, capital payback objectives and liquidity requirements, together with higher loan loss provisions associated with increased lending activity following the commercial launch of Intelligent Investing

The quarter also reflected continued changes in Orion Digital's revenue mix. Wealth revenue increased 14% to $4.1 million year-over-year, while assets under management in our consolidated Wealth business increased 18% to $545.3 million, and Wealth and Payments together represented 38% of total revenue compared with 36% in the prior-year period. These results are consistent with management's strategy of increasing the contribution of recurring platform revenue while maintaining disciplined capital allocation.

Revenue

Total revenue was $16.9 million for the three months ended June 30, 2026, which is consistent with the same period in the prior year. Total revenue was $33.7 million for the six months ended June 30, 2026, which is a slight decrease from $34.3 million in the same period last year.

Subscription and services revenue totaled $10.5 million for the three months ended June 30, 2026, representing 62% of total revenue. This compares to $10.4 million or 61% in the same period last year. Subscription and services revenue was $21.1 million for the six months ended June 30, 2026, which is consistent with the same period last year.

Subscription and Services revenue primarily consists of:

Profitability and Cash Flow

Gross profit was $12.6 million and $24.3 million for three and six months ended June 30, 2026 respectively. Gross margin expanded from 72% in Q2 2025 to 75% in Q2 2026, primarily reflecting lower loan-loss provisions and transaction costs associated with reduced lending deployment, together with continued growth in Wealth revenue.

Adjusted EBITDA(1) was $3.3 million for the three months ended June 30, 2026, an increase of 70% from $1.9 million in the same period in 2025 and 115% from $1.5 million in the first quarter of 2026. For the six months ended June 30, 2026, Adjusted EBITDA(1) was $4.8 million, an increase of 61% from the same period in 2025. The improvement primarily reflects the Company's deliberate reduction in Mogo’s lending deployment, together with lower customer acquisition costs and lower loan loss provisions.

Q2 demonstrated the Company's underlying earnings capacity under its disciplined capital allocation strategy. Management expects Adjusted EBITDA(1) to moderate in the second half of 2026 as lending deployment, marketing investment and loan loss provisions increase in support of future growth.

Cash provided by operating activities before investment in gross loans receivable(1)was $4.4 million in Q2 2026 compared with $6.2 million in the prior-year period. Cash provided by operating activities before investment in gross loans receivable(1) was $8.4 million for the six months ended June 30, 2026 compared with $9.9 million in the prior-year period. The prior-year period included a $3.0 million non-recurring cash receipt related to previously disclosed amendments to investor rights agreements with WonderFi and its related shareholder groups. Excluding this non-recurring receipt, underlying operating cash generation improved meaningfully year-over-year, reflecting stronger operating performance while continuing to invest in the Company's growth platforms.

Net loss was $0.7 million in Q2 2026 compared to net income of $13.5 million in Q2 2025. Net loss was $6.6 million in the six months ended June 30, 2026 compared to net income of $1.6 million in the same period last year. The variance is primarily driven by a non-operating revaluation gain on marketable securities recorded in the prior periods.

The Company's second quarter results reflect the benefits of disciplined capital allocation and operating efficiency initiatives implemented over the past year. Although management does not view the quarter as establishing a normalized earnings run rate, the results demonstrate the Company's underlying earnings capacity while balancing near-term financial performance with continued investment in long-term growth opportunities.

Balance Sheet and Liquidity

The Company ended Q2 2026 with $34.8 million in cash, marketable securities and investments, comprised of:

Q2 2026 KPI Scorecard

In conjunction with Q2 results, the Company is including a KPI scorecard to provide visibility into the operating performance of each platform alongside corporate-level metrics.

The prior-year three and six-month periods included a $3.0 million non-recurring cash receipt related to previously disclosed investor rights agreement amendments. Excluding this receipt, cash provided by operating activities before investment in gross loans receivable increased from $3.2 million to $4.4 million during the quarter, demonstrating stronger underlying operating cash generation.

2026 Outlook

The outlook that follows constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. Actual results could differ materially as a result of numerous factors, including certain risk factors, many of which are beyond Orion Digital's control. Please refer to page 4 for additional information regarding forward-looking statements.

Management expects to continue executing its capital allocation framework throughout the remainder of 2026, balancing profitability, liquidity and long-term growth opportunities across its Lending, Wealth and Payments businesses.

Following the commercial launch of Intelligent Investing in July 2026, management's focus has shifted from product development to commercialization. During the remainder of 2026, the Company intends to introduce the platform to a broader group of investors, learn from how customers use it, continuously enhance the platform and allocate additional capital based on customer engagement, member retention and long-term customer economics. Management believes long-term success will be driven less by initial customer acquisition and more by building a platform that members actively use, continue to subscribe to and incorporate into their investing process over time.

We expect to continue investing selectively in Carta while expanding the platform's capabilities. Carta's existing infrastructure gives us a foundation to add capabilities over time, including in stablecoin-enabled payments, and we will invest in those opportunities where the expected returns meet our capital allocation criteria.

Following the deliberate reduction in Mogo’s lending deployment during the first half of 2026, management expects to gradually increase lending deployment while continuing to evaluate new originations against expected risk-adjusted returns, capital payback objectives, liquidity requirements and overall capital allocation priorities.

Consistent with the guidance outlined earlier this year, management currently expects Adjusted EBITDA(1) during the second half of 2026 to be lower than the first half as we ramp up origination volume again and increase marketing investment following the commercial launch of Intelligent Investing. Management does not view the second quarter as establishing a new earnings run rate, but rather as demonstrating the underlying earnings and cash-generation capacity of the business under the Company's current capital allocation framework.

Based on the Company's stronger-than-expected operating performance during the first half of 2026, management believes Orion Digital is well positioned relative to its previously communicated full-year Adjusted EBITDA(1) guidance of $6.0 million to $7.0 million. While second-half Adjusted EBITDA(1) is expected to moderate as the Company increases investment in future growth, management currently expects full-year Adjusted EBITDA(1) to trend toward the upper end of, and potentially exceed, its previously communicated guidance range.

Management also continues to expect consolidated revenue for 2026 to be modestly lower than 2025.

Financial Performance Review

The following provides insight on the Company’s financial performance by illustrating and providing commentary on its key performance indicators and operating results.

Key Performance Indicators

The key performance indicators that we use to manage our business and evaluate our financial results and operating performance consist of: Orion members, revenue, subscription and services revenue, net (loss) income, net cash provided by (used in) operating activities, Adjusted EBITDA(1), Adjusted net income (loss)(1) and Cash provided by operating activities before investment in gross loans receivable(1). We evaluate our performance by comparing our actual results to prior period results.

The tables below provide a summary of key performance indicators for the applicable reported periods:

Key Performance Indicators

These measures are used by management and the Board to understand and evaluate our core operating performance and trends. Management considers cash provided by operating activities before investment in gross loans receivable to be a useful measure in understanding the cash flow trends inherent to our existing scale of operations, by separating out the portion of cash flows related to investment in portfolio growth.

Orion members(1)

Our total member base grew to 2,388,000 members as at June 30, 2026, from 2,254,000 members as at June 30, 2025, representing an increase of approximately 6% or 134,000 net members. Quarter over quarter net members increased by 18,000 in Q2 2026. The growth in our member base reflects the continued adoption of our products by new members.

Adjusted EBITDA(1)

Three months ended Q2 2026 vs Q2 2025

Adjusted EBITDA was $3.3 million for the three months ended June 30, 2026, an increase of $1.4 million compared with an Adjusted EBITDA of $1.9 million in the same period last year. The improvement was driven by a reduction in provision for loan losses, net of recoveries leading to higher gross profit, along with lower operating expenses, resulting in improved overall profitability. The Company continues to execute on operating efficiency initiatives, supporting improved margins.

Six months ended Q2 2026 vs Q2 2025

Adjusted EBITDA was $4.8 million for the six months ended June 30, 2026, an increase of $1.8 million compared with an Adjusted EBITDA of $3.0 million in the same period last year. The improvement was driven by a reduction in cost of revenue that more than offset the decline in revenue, leading to higher gross profit, along with lower operating expenses, resulting in improved overall profitability. The Company continues to execute on operating efficiency initiatives, supporting improved margins.

The Company's second quarter results were broadly consistent with the operating framework and disciplined capital allocation strategy outlined following the first quarter. As previously communicated, lower lending deployment supported improved Adjusted EBITDA and operating cash flow, while the Company continued investing in its strategic growth platforms. The quarter reflects management's measured execution against its previously communicated strategy, while balancing near-term financial performance with long-term growth objectives.

Adjusted net income (loss)(1)

Three months ended Q2 2026 vs Q2 2025

Adjusted net income was $1.1 million for the three months ended June 30, 2026, an improvement of $1.5 million compared with an Adjusted net loss of $0.4 million in the same period last year. The improvement reflects the same factors driving Adjusted EBITDA, including higher gross margin primarily reflecting lower loan-loss provisions and transaction costs associated with reduced lending deployment, together with continued growth in Wealth revenue.

Six months ended Q2 2026 vs Q2 2025

Adjusted net income was $0.3 million for the six months ended June 30, 2026, an improvement of $2.2 million compared with an Adjusted net loss of $1.9 million in the same period last year. The improvement reflects the same factors driving Adjusted EBITDA, including higher gross margin primarily reflecting lower loan-loss provisions and transaction costs associated with reduced lending deployment, together with continued growth in Wealth revenue.

Cash provided by operating activities before investment in gross loans receivable(1)

Three months ended Q2 2026 vs Q2 2025

Cash provided by operating activities before investment in gross loans receivable was $4.4 million for the three months ended June 30, 2026, compared with $6.2 million in the prior-year period. The prior-year period included a $3.0 million non-recurring cash receipt related to previously disclosed investor rights agreement amendments. Excluding this receipt, underlying operating cash generation improved meaningfully year-over-year, reflecting stronger operating performance while continuing to invest in the Company's growth platforms.

Six months ended Q2 2026 vs Q2 2025

Cash provided by operating activities before investment in gross loans receivable was $8.4 million for the six months ended June 30, 2026, compared with $9.9 million in the prior-year period. The prior-year period also included the same $3.0 million non-recurring cash receipt. Excluding this receipt, underlying operating cash generation improved meaningfully year-over-year, reflecting stronger operating performance while continuing to invest in the Company's growth platforms.

IFRS Measures

Revenue

Three months ended Q2 2026 vs Q2 2025

Total revenue was $16.9 million for the three months ended June 30, 2026 consistent with $16.9 million in the same period last year.

Six months ended Q2 2026 vs Q2 2025

Total revenue decreased to $33.7 million for the six months ended June 30, 2026 compared to $34.3 million in the same period last year. The decrease primarily reflects the Company’s exit from the legacy institutional brokerage business and Canadian payments operations as previously announced, as well as lower interest revenue following the implementation of the 35% rate cap on consumer lending in Canada and the Company’s selective lending deployment.

These declines were partially offset by continued growth in the Company’s Wealth platform.

Subscription and services revenue

Subscription and services revenue represents the Company’s platform-based revenue streams, including wealth management services, payments infrastructure revenue, and other subscription-related products.

Three months ended Q2 2026 vs Q2 2025

Subscription and services revenue increased to $10.5 million for the three months ended June 30, 2026 compared to $10.4 million in the same period last year.

Within this category, wealth revenue increased to $4.1 million, representing growth of 14% or $0.5 million compared to $3.6 million in the same period last year, reflecting the continued growth in assets under management together with the ongoing commercialization of Intelligent Investing.

Payments revenue decreased to $2.4 million compared to $2.6 million in the same period last year reflecting lower non-recurring services revenue during the period.

Six months ended Q2 2026 vs Q2 2025

Subscription and services revenue remained consistent at $21.1 million for the six months ended June 30, 2026 compared to the same period last year.

Within this category, wealth revenue increased to $8.0 million, representing growth of 13% or $0.9 million compared to $7.1 million in the same period last year, reflecting the continued growth in assets under management together with the ongoing commercialization of Intelligent Investing.

Payments revenue decreased to $4.7 million compared to $5.1 million in the same period last year reflecting exit of the Canadian operations in 2025 and lower non-recurring services revenue.

Other subscription and services revenue decreased compared to the same period in the prior year primarily due to the Company's exit from the legacy institutional brokerage business in the year.

Net loss

Three months ended Q2 2026 vs Q2 2025

Net loss was $0.7 million for the three months ended June 30, 2026, compared to net income of $13.5 million in the same period last year. This change is primarily due to the $13.6 million non-operating revaluation gains on marketable securities in the same period in the prior year.

Six months ended Q2 2026 vs Q2 2025

Net loss was $6.6 million for the six months ended June 30, 2026, compared to net income of $1.6 million in the same period last year. This change is primarily due to the $3.5 million non-operating revaluation gain on marketable securities in the same period in the prior year.

Net cash provided by operating activities

Three months ended Q2 2026 vs Q2 2025

Net cash provided by operating activities was $2.7 million for the three months ended June 30, 2026, compared to $0.9 million in the same period last year. The change was primarily due to a decrease in cash invested in loans receivable and changes in working capital management.

Six months ended Q2 2026 vs Q2 2025

Net cash provided by operating activities was $2.3 million for the six months ended June 30, 2026, compared to $1.5 million in the same period last year. The change was primarily due to a decrease in cash invested in loans receivable and changes in working capital management.

Results of Operations

The Company’s results of operations for the three and six months ended June 30, 2026 reflect the continued evolution of Orion Digital’s business model toward platform-based revenue streams. Growth during the period was primarily driven by expansion of the Company’s Wealth platform, Intelligent Investing, and continued development of its payments infrastructure through Carta. At the same time, total revenue was affected by the strategic exit of the legacy institutional brokerage business and lower interest revenue following the implementation of the consumer lending rate cap in Canada. The Company’s lending portfolio continues to operate as a stable cash-generating asset that supports the Company’s broader capital allocation strategy while management prioritizes investment in its Wealth platform and payments infrastructure.

The following table sets forth a summary of our results of operations for the three and six months ended June 30, 2026 and 2025:

Key Income Statement Components

Total revenue

The following table summarizes total revenue for the three and six months ended June 30, 2026 and 2025:

Subscription and services revenue – represents the Company’s platform-based revenue streams, including wealth management services, payments infrastructure revenue and other subscription-related products. Wealth revenue includes fees related to Orion Digital's Intelligent Investing platform and also includes portfolio management fees from our asset management business. Payments revenue consists of the transaction processing fees and other charges related to Carta. Other subscription and services revenue includes premium account fees, loan insurance revenue, referral fee revenue, partner lending fees, legacy institutional brokerage revenue and other fees and charges.

Wealth revenue was $4.1 million for the three months ended June 30, 2026, representing an increase of $0.5 million compared to $3.6 million in the same period last year. Wealth revenue was $8.0 million for the six months ended June 30, 2026, representing an increase of $0.9 million compared to $7.1 million in the same period last year. The increase reflects continued growth in assets under management together with the ongoing commercialization of Intelligent Investing, which introduced the new managed portfolio offering during the year.

Payments revenue was $2.4 million for the three months ended June 30, 2026, a decrease of $0.2 million or 9% compared with the same period in the prior year. For the six months ended June 30, 2026, Payments revenue was $4.7 million, a decrease of $0.4 million or 9% compared with the same period in the prior year. The decreases primarily reflect the exit of the Company's Canadian payments operations in 2025 and lower non-recurring services revenue compared with the prior-year period. Transaction volumes within the Company's European payments platform remained broadly consistent with the prior year and increased 5% for the six months ended June 30, 2026, reflecting the continued scale of the Company's payments infrastructure platform. Management continues to invest in the Carta technology platform while maintaining a focused approach to growth, prioritizing investments and customer opportunities expected to generate attractive long-term returns.

Other subscription and services revenue remained relatively consistent for the three months ended June 30, 2026 at $4.1 million compared to $4.2 million in the same period last year. Other subscription and services revenue was $8.4 million for the six months ended June 30, 2026, which is a $0.5 million decrease compared to $8.9 million in the same period last year. These decreases are primarily a result of the Company exiting the low margin legacy institutional brokerage business in Q2 of the prior year.

Interest revenue – represents interest earned on the Company’s consumer lending products. The lending portfolio continues to operate as a stable, cash-generating asset that supports the Company’s broader capital allocation strategy. Origination levels are actively managed based on risk conditions and capital allocation priorities.

Please refer to the “Key Performance Indicators” section for additional commentary on total revenue and subscription and services revenue.

Cost of revenue

The following table summarizes the cost of revenue for the three and six months ended June 30, 2026 and 2025:

Cost of revenue consists of provision for loan losses, net of recoveries, and transaction costs. Provision for loan losses, net of recoveries, represents the amounts charged against income during the period to maintain an adequate allowance for loan losses. Our allowance for loan losses represents our estimate of the expected credit losses (“ECL”) inherent in our portfolio and is based on various factors including the composition of the portfolio, delinquency levels, historical and current loan performance, expectations of future performance, and general economic conditions.

Transaction costs are expenses that relate directly to the onboarding and processing of new customers (excluding marketing), including expenses such as loan system transaction fees, transaction processing costs related to the Carta business and other transaction costs related to Intelligent Investing.

Cost of revenue was $4.2 million for the three months ended June 30, 2026, a decrease of $0.5 million compared to the same period in the prior year. Cost of revenue was $9.5 million for the six months ended June 30, 2026, a decrease of $1.0 million compared to the same period in the prior year.

Provision for loan losses, net of recoveries, decreased by $0.6 million for the three months ended June 30, 2026 to $3.8 million (three months ended June 30, 2025 – $4.4 million), and by $0.8 million for the six months ended June 30, 2026, to $8.4 million (six months ended June 30, 2025 – $9.2 million). The decrease primarily reflects lower lending deployment during the period as the Company continued to allocate capital in accordance with its disciplined capital allocation framework. Under this framework, lending deployment is evaluated based on expected risk-adjusted returns, capital payback periods, liquidity requirements and overall capital allocation priorities, rather than targeting a predetermined origination volume.

As at June 30, 2026, our allowance for expected credit losses totaled $17.1 million, representing a coverage ratio of 23% of gross loans (June 30, 2025 – $15.8 million, or 21%). We consider our allowance for ECL to be appropriate based on information available as at the date of this MD&A, and we believe we are adequately provisioned to absorb the impact of reasonably possible adverse changes in macroeconomic conditions, including inflation and the interest rate environment.

IFRS 9 requires the use of forward-looking indicators in measuring ECL, which may result in the recognition of expected losses in advance of any actual default event. We apply a probability-weighted approach to incorporating these forward-looking indicators, involving multiple stress scenarios and a range of potential outcomes. Factors considered in determining the range of ECL outcomes include the possible length and severity of a recession, the effectiveness of collection strategies for customers experiencing financial difficulty, and the level of loan protection insurance held by customers within our portfolio. We will continue to reassess these assumptions in future periods as economic conditions evolve.

Transaction costs were comparable to the prior-year period for the three months ended June 30, 2026. For the six months ended June 30, 2026, transaction costs decreased compared to the same period in the prior year. The decrease is primarily a result of the Company exiting the low margin legacy institutional brokerage business in the year.

Technology and development expenses

The following table provides the technology and development expenses for the three and six months ended June 30, 2026 and 2025:

Technology and development expenses consist primarily of personnel and related costs associated with the Company’s product development, business intelligence, artificial intelligence and machine learning initiatives, and information technology infrastructure teams. Associated expenses include hosting, software licenses, data acquisition, professional services, and costs related to the development, deployment, and maintenance of technology assets.

Technology and development expenses were $2.8 million for the three months ended June 30, 2026, consistent with the same period last year. Technology and development expenses were $5.7 million for the six months ended June 30, 2026, representing an increase of $0.1 million compared to $5.6 million in the same period last year. This increase primarily reflects continued investment in the development and enhancement of the Company’s Intelligent Investing platform and supporting infrastructure.

Marketing expenses

The following table provides the marketing expenses for the three and six months ended June 30, 2026 and 2025:

Marketing expenses consist of salaries and personnel‑related costs, direct marketing and advertising costs related to online and offline customer acquisition (paid search advertising, search engine optimization costs, and direct mail), public relations, promotional event programs and corporate communications.

Marketing expenses decreased for both the three and six months ended June 30, 2026 primarily reflecting lower marketing investment as the Company aligned customer acquisition spending with its disciplined capital allocation framework.

Customer service and operations expenses

The following table provides the customer service and operations (“CS&O”) expenses for the three and six months ended June 30, 2026 and 2025:

CS&O expenses consist primarily of salaries and personnel‑related costs for customer support, payment processing and collections employees. Associated expenses include third-party expenses related to credit data sources and collections.

CS&O expenses were consistent for the three and six months ended June 30, 2026 compared to the same period last year.

General and administration expenses

The following table provides the general and administration (“G&A”) expenses for the three and six months ended June 30, 2026 and 2025:

G&A expenses consist primarily of personnel-related costs, including salaries and benefits, for employees across general and administrative functions. Additional expenses include professional services, occupancy and office costs, public company expenses, and other general corporate expenses.

G&A expenses were $3.5 million for the three months ended June 30, 2026, which is a $0.1 million decrease compared to $3.6 million in the same period last year. G&A expenses were $7.1 million for the six months ended June 30, 2026, which is a $0.5 million decrease compared to $7.6 million in the same period last year. These decreases were primarily attributable to lower operational costs as a result of ongoing efficiency initiatives and increased leverage of the Company’s existing operating structure.

Stock-based compensation and depreciation and amortization

The following table summarizes the stock-based compensation and depreciation and amortization expenses for the three and six months ended June 30, 2026 and 2025 were as follows:

Stock-based compensation represents the fair value of stock options granted to employees and directors measured using the Black-Scholes valuation model and amortized over the vesting period of the options. Depreciation and amortization is principally related to the amortization of intangible assets relating to internally capitalized development costs related to our technology platform, and technology, licenses and customer relationships acquired in the acquisitions of Carta, Moka and Fortification in 2021. Stock-based compensation and depreciation and amortization are all non-cash expenses.

Stock-based compensation decreased to $0.2 million in the three months ended June 30, 2026 compared to $0.5 million in the same period in the prior year. The decrease in stock-based compensation is driven by the granting of fewer options in the current year.

Depreciation and amortization remained largely stable for the three and six months ended June 30, 2026 compared to the same periods in the prior year.

Credit facility interest expense

The following table provides a breakdown of credit facility interest expense for the three and six months ended June 30, 2026 and 2025:

Credit facility interest expense relates to the costs incurred in connection with our credit facility. It includes interest expense and the amortization of deferred financing costs.

Credit facility interest expense decreased for the three and six months ended June 30, 2026 compared to the same period in the prior year, due to a lower interest rate which was partially offset by a higher average outstanding balance.

Other expenses (income)

The following table provides a breakdown of other expenses (income), excluding credit facility interest expense, by type for the three and six months ended June 30, 2026 and 2025:

Total other expenses was $0.6 million for the three months ended June 30, 2026, which is a change of $16.1 million compared to other income of $15.5 million for the same period last year. The change was primarily driven by a higher revaluation gain in the prior period.

Total other expenses were $4.5 million for the six months ended June 30, 2026, compared to total other income of $6.3 million for the same period in the prior year. The $10.8 million change was primarily attributable to a larger revaluation gain recognized in the prior-period.

Revaluation gains and losses relate primarily to non-operating items and do not reflect the underlying performance of the Company’s core operating businesses. Revaluation gain was $0.5 million for the three months ended June 30, 2026 compared to $13.9 million in the same period last year. The variance is primarily attributable to a gain in investment portfolio and marketable securities of $13.6 million in the prior year.

Revaluation loss was $2.4 million for the six months ended June 30, 2026 compared to a gain of $6.2 million in the same period last year. The variance is primarily attributable to a gain in investment portfolio and marketable securities of $3.5 million in the prior year, compared to a $2.7 million loss in the current year.

Debenture and other financing expense primarily consists of interest expense related to our debentures and interest expense related to our lease liabilities. Debenture and other financing expense remained relatively consistent for the three and six months ended June 30, 2026.

Selected Quarterly Information

Key Quarterly Trends

Over the past eight quarters, Orion Digital has undertaken a strategic transition toward a more diversified, platform-driven financial technology business. This period included the exit of lower-margin legacy activities, continued investment in the Company's Wealth and Payments platforms, and an increased focus on disciplined capital allocation and operating efficiency. While these initiatives reduced reported revenue in certain periods, they resulted in a revenue mix increasingly weighted toward the Company's core platform businesses and improved operating performance.

Q2 2026 represented an important step in this transition. Revenue remained broadly stable despite lower lending deployment, while operating performance improved through higher gross margins, positive operating income and stronger Adjusted EBITDA under the Company's disciplined capital allocation strategy. Wealth revenue increased 14% year-over-year, and the Wealth and Payments businesses represented an increasing proportion of total revenue, reflecting the continued evolution of Orion Digital's revenue mix. Gross margin expanded from 72% in Q2 2025 to 75% in Q2 2026, primarily reflecting lower loan-loss provisions and transaction costs associated with reduced lending deployment, together with continued growth in Wealth revenue.

Management does not view the second quarter as establishing a new earnings run rate. As previously communicated, future quarters are expected to reflect increased lending deployment, higher marketing investment following the commercial launch of Intelligent Investing, and the associated increase in loan loss provisions as capital is deployed to support growth. While these factors are expected to moderate near-term profitability, management believes the more enduring developments during the quarter were the continued growth of the Wealth platform, an improving revenue mix, ongoing operating efficiency initiatives and disciplined capital allocation. Together, these initiatives position the Company to balance near-term profitability and liquidity with long-term growth and shareholder value creation.

Non-IFRS Financial Measures

This MD&A includes certain non-IFRS financial measures. Adjusted EBITDA, Adjusted net income (loss) and cash provided by operating activities before investment in gross loans receivable are non-IFRS financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. They are presented as supplemental measures to assist investors in understanding the Company's operating performance and should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS Accounting Standards.

We use non‑IFRS financial measures to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. We believe that securities analysts, investors and other interested parties frequently use non‑IFRS financial measures in the evaluation of issuers.

Management uses non‑IFRS financial measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. These non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results under IFRS. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on any non‑IFRS financial measure and view it in conjunction with the most comparable IFRS financial measures. In evaluating these non‑IFRS financial measures, readers should be aware that in the future we will continue to incur expenses similar to those adjusted in these non-IFRS financial measures.

The following non-IFRS financial measures are intended to provide additional insight into the Company's operating performance and cash generation.

Adjusted EBITDA

Adjusted EBITDA is a non-IFRS financial measure that we calculate as net (loss) income excluding depreciation and amortization, stock-based compensation, credit facility interest expense, debenture and other financing expense, accretion related to debentures, revaluation (gain) loss, other non-operating income (expense) and income tax recovery. Adjusted EBITDA is a measure used by management and the Board to understand and evaluate our core operating performance and trends.

The following table presents a reconciliation of Adjusted EBITDA to net income (loss), the most comparable IFRS financial measure, for each of the periods indicated:

Adjusted net income (loss)

Adjusted net income (loss) is a non-IFRS financial measure that we calculate as net income (loss) excluding stock-based compensation, depreciation and amortization, revaluation (gain) loss, other non-operating income (expense) and income tax recovery. This measure differs from Adjusted EBITDA in that Adjusted net income (loss) includes credit facility interest expense, debenture and other financing expense, and thus comprises more elements of the Company’s overall net profit or loss. Adjusted net income (loss) is a measure used by management and the Board to evaluate the Company’s core financial performance.

The following table presents a reconciliation of Adjusted net income (loss) to net income (loss), the most comparable IFRS financial measure, for each of the periods indicated:

Cash provided by operating activities before investment in gross loans receivable

Cash provided by operating activities before investment in gross loans receivable is calculated as cash provided by operating activities adjusted to exclude net issuance of loans receivable. The Company requires net cash outflows in order to grow its gross loans receivable, which in turn generates future growth in interest revenue. These net cash outflows are presented within the operating activities section of the consolidated statement of cash flows, whereas the economic benefits are realized over the longer term. Consequently, we consider cash provided by operating activities before investment in gross loans receivable to be a useful measure in understanding the cash flow trends inherent to our existing scale of operations, by separating out the portion of cash flows related to investment in portfolio growth.

The following table presents a reconciliation of Cash provided by operating activities before investment in gross loans receivable, the most comparable IFRS financial measure, for each of the periods indicated:

Orion members

Orion members is an operating metric that represents the number of individuals who have registered for one or more of the Company's products or services, including MogoMoney, Intelligent Investing, our premium account subscription offerings, unique content, or events. People cease to be Orion members if they do not use any of our products or services for 12 months and have a deactivated account. Reported Orion members may overstate the number of unique individuals who actively use our products and services within a 12-month period, as one individual may register for multiple accounts whether inadvertently or in a fraudulent attempt.