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PRA Group (PRAA) investor relations material
PRA Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Q3 2025 saw double-digit growth in cash-based metrics, with cash collections up 13.7%–14% year-over-year to $542.2 million, driven by strong U.S. and European performance and increased U.S. legal collections.
A non-recurring, non-cash goodwill impairment charge of $412.6–$413 million was recorded, primarily related to historical European acquisitions, triggered by a sustained stock price decline, resulting in a net loss of $407.7 million.
Excluding the impairment, adjusted net income was $20.9–$21 million, with adjusted ROATE of 9%–9.3% and adjusted EBITDA up 15%–15.1% year-over-year to $1.3 billion.
Operational initiatives included restructuring U.S. operations, reducing headcount by over 250 roles, establishing a new talent hub in Charlotte, and implementing a $20 million cost reduction program.
CEO transition occurred just over 100 days ago, with a focus on cost efficiency, U.S. reorganization, and IT modernization.
Financial highlights
Portfolio revenue increased 12% year-over-year to $310–$311.1 million; portfolio income grew 19.6%–20% to $258.5–$259 million.
ERC at quarter-end was $8.4 billion, up 15%–15.2% year-over-year and 1% sequentially.
Adjusted operating expenses (excluding goodwill charge) were $214–$214.1 million, up 12% year-over-year, mainly due to legal collections investments.
Net interest expense was $64–$64.1 million, up from prior year; adjusted effective tax rate was 25%.
Net leverage improved to 2.73x–2.8x (net debt/adjusted EBITDA).
Outlook and guidance
Reaffirmed 2025 targets: $1.2 billion in portfolio purchases, high single-digit cash collections growth, and 60%+ cash efficiency for the full year.
Q4 cash collections expected to be slightly lower than Q3, but full-year guidance remains unchanged.
Estimated forward flow commitments total $297.8 million over the next 12 months.
Momentum heading into 2026, with continued focus on cost efficiency, talent acquisition, and technology upgrades.
No material impact expected from recent U.S. tax legislation in 2025; future impact under assessment.
Share buyback plans given market discount?
IT modernization: Expected impact on returns?
Southern Europe investment shift: Sustainable?
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Q4 202513 Feb, 2026
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PRA Group, Inc., a financial and business services company, engages in the purchase, collection, and management of portfolios of nonperforming loans in Europe and North America. The company purchases or services portfolios of delinquent or charged-off receivables from various financial institutions, governmental agencies, and utility providers; and provides accounts receivable management services to its clients.
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