PRA Group (PRAA) Investor presentation summary

Business model and market position

• 30+ years of experience, operations across 18 markets, and data from 50M+ customer accounts support portfolio underwriting and collection strategies.

• LTM Q3 2026 portfolio purchases were $1.1B, cash collections $2.2B, and ERC $8.8B; the U.S. and Europe represented 40% and 55% of ERC, respectively.

• U.S. credit card balances reached $1.106T, with charge-off rates above pre-pandemic levels supporting a favorable long-term supply outlook.

• Q3 U.S. and Europe core collections were split 51% across call centers and other non-legal channels and 49% through legal collections.

Financial performance and balance sheet

• LTM adjusted EBITDA reached $1.378B, up 9%; net leverage fell to 2.60x from a Q3 2024 peak of 2.87x, marking eight consecutive quarters of deleveraging.

• Q3 cash collections were $536M; adjusted cash efficiency was 63%, versus 61% in Q3 2025. Adjusted net income was $15M, versus $21M.

• Q3 adjusted operating expenses declined 6% YoY to $200M; compensation and benefits expense fell 11% following workforce reductions.

• Liquidity was $1B; $400M of senior notes due 2033 were issued, with proceeds used to repay the North American revolver. A new share repurchase program authorized up to $150M.

Portfolio and regional trends

• ERC rose 5% YoY to $8.8B; Q3 collections were $536M, U.S. legal collections increased 19% to $148M, and Europe collections exceeded expectations by 3%.

• European cash collections grew at a 9% CAGR across the period shown, with 27+ quarters of cash overperformance against internal targets.

• Q3 U.S. core purchase price multiple improved to 2.20x; capital allocation prioritizes global net-return opportunities and disciplined pricing.

• More than $3B was invested across nine core European markets over seven years, with disciplined deployment through periods of intense competition.