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PRA Group Reports Second Quarter 2025 Results

Strong Portfolio Purchases at Attractive Returns Driving Record ERC; Double-Digit Cash Collections Growth with 60%+ Cash Efficiency Ratio

Net Income Attributable to PRA Group, Inc. of $42 Million Includes Approximately $30 million After-tax Gain from Previously Announced Sale of RCB Equity Interest in Brazil; $10 Million of Shares Repurchased

16% Adjusted EBITDA Growth Outpaces 13% Cash Collections Growth

Strong European Performance with Continued Focus on Transforming U.S. Business

NORFOLK, Va., August 4, 2025 - PRA Group, Inc. (Nasdaq: PRAA) (the "Company"), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the second quarter of 2025 ("Q2 2025").

Q2 2025 Highlights (vs. Q2 2024)

•Total portfolio purchases of $346.5 million, down 8.7%, reflecting the lower target for full year 2025 of $1.2 billion compared to 2024 total portfolio purchases of $1.4 billion.

•Record estimated remaining collections (ERC)1 of $8.3 billion, up 21.9%.

•Total cash collections of $536.3 million, up 13.2%.

•Cash efficiency ratio2 of 62.4%, up 355 basis points.

•Net income attributable to PRA Group, Inc. of $42.4 million, up 96.9%, resulting in diluted earnings per share of $1.08. This includes a $29.7 million, or $0.75 per share, after-tax gain from the previously announced sale4 of the Company's equity interest in RCB, the servicing company for its nonperforming loan investments in Brazil.

•Adjusted EBITDA3 for the 12 months ended June 30, 2025 of $1.2 billion, up 16.4%.



	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands, except per share amounts)	2025		2024		2025		2024
Net income attributable to PRA Group, Inc.	$	42,374	$	21,516	$	46,033	$	24,991
Diluted earnings per share	$	1.08	$	0.54	$	1.16	$	0.63

"The second quarter represented another positive step in our journey of creating sustained shareholder value," said Martin Sjolund, president and chief executive officer. "We had another period of robust portfolio investments at attractive purchase price multiples, record ERC, and improved portfolio income as we continue to focus on high-return opportunities. Improvement in our cash efficiency ratio reflects the work we have been doing to increase cash collections and manage expenses, leading to Adjusted EBITDA growth that outpaced cash collections growth."

1.Refers to the sum of all future projected cash collections on the Company's nonperforming loan portfolios.

2.Calculated by dividing cash receipts less operating expenses by cash receipts. Cash receipts refers to cash collections on the Company's nonperforming loan portfolios, fees and revenue recognized from the Company's class action claims recovery services.

3.A reconciliation of net income, the most directly comparable financial measure calculated and reported in accordance with GAAP, to Adjusted EBITDA can be found at the end of this press release.

4.This transaction does not impact the Company's ownership of any portfolios in Brazil, nor its existing operations or future portfolio investment opportunities in this market.

"More importantly, we have hit the ground running since I've stepped into the CEO role. Building on PRA's global scale and strong foundation, we are working with urgency to drive a meaningful improvement in our financial and operational results over the long term. Leveraging my experience strengthening and growing our European business with a proven multi-year track record of performance, we are accelerating the transformation of our U.S. business across our three strategic pillars: optimizing investments, operational execution, and managing expenses. I have confidence in our ability to develop PRA into the leading player in our industry, and look forward to building on our momentum."

Cash Collections and Revenues

The following table presents cash collections by quarter and by source on an as reported and constant currency-adjusted basis:



Cash Collection Source	2025				2024
($ in thousands)	Q2		Q1		Q4		Q3		Q2
Americas and Australia Core	$	301,698	$	288,160	$	257,711	$	266,977	$	263,828
Americas Insolvency	24,329		23,700		24,067		26,065		26,971
Europe Core	185,652		164,371		162,564		158,242		156,739
Europe Insolvency	24,609		21,205		23,724		25,826		26,344
Total cash collections	$	536,288	$	497,436	$	468,066	$	477,110	$	473,882



Cash Collection Source -
Constant Currency-Adjusted	2025								2024
($ in thousands)	Q2								Q2
Americas and Australia Core	$	301,698							$	260,348
Americas Insolvency	24,329								26,935
Europe Core	185,652								166,348
Europe Insolvency	24,609								27,897
Total cash collections	$	536,288							$	481,528

•Total cash collections in Q2 2025 increased 13.2% to $536.3 million, compared to $473.9 million in the second quarter of 2024 ("Q2 2024").



	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2025		2024		2025		2024
Portfolio income	$	250,934	$	209,290	$	491,892	$	411,346
Recoveries collected in excess of forecast	$	40,302	$	54,260	$	56,802	$	90,098
Changes in expected future recoveries	(7,010)		19,060		4,412		34,896
Changes in expected recoveries	$	33,292	$	73,320	$	61,214	$	124,994
Total portfolio revenue	$	284,226	$	282,610	$	553,106	$	536,340

•Portfolio income in Q2 2025 increased 19.9% to $250.9 million, compared to $209.3 million in Q2 2024.

•Total portfolio revenue in Q2 2025 increased 0.6% to $284.2 million, compared to $282.6 million in Q2 2024.

Expenses

•Operating expenses in Q2 2025 increased 3.9% to $202.6 million, compared to $195.0 million in Q2 2024. The increase was primarily due to increased investment in call center offshoring to

provide greater operating flexibility as that channel continues to scale, as well as continued investments in our U.S. legal collections channel to drive future cash collections growth.

•Interest expense, net in Q2 2025 increased 12.6% to $62.4 million, compared to $55.4 million in Q2 2024, primarily reflecting higher debt balances to support portfolio investments.

•The effective tax rate for the six months ended June 30, 2025 was 26.5%.

Portfolio Purchases



Portfolio Purchase Source	2025				2024
($ in thousands)	Q2		Q1		Q4		Q3		Q2
Americas & Australia Core	$	177,097	$	165,503	$	194,063	$	263,613	$	198,761
Americas Insolvency	22,186		12,953		9,460		10,162		26,627
Europe Core	142,465		108,390		220,875		71,507		127,991
Europe Insolvency	4,757		4,856		8,272		4,696		25,990
Total portfolio acquisitions	$	346,505	$	291,702	$	432,670	$	349,978	$	379,369

•The Company purchased $346.5 million in portfolios of nonperforming loans in Q2 2025, an 8.7% decrease compared to $379.4 million in Q2 2024.

•At the end of Q2 2025, the Company had in place estimated forward flow commitments1 of $311.2 million over the next 12 months, comprised of $210.6 million in the Americas and Australia and $100.5 million in Europe.

Credit Availability

•Total availability under the Company's credit facilities as of June 30, 2025 was $840.7 million, comprised of $521.6 million based on current ERC and subject to debt covenants, and $319.1 million of additional availability subject to borrowing base and debt covenants, including advance rates.

Conference Call Information

PRA Group, Inc. will hold a conference call today at 5:00 p.m. ET to discuss its financial and operational results. To listen to a webcast of the call and view the accompanying slides, visit https://ir.pragroup.com/events-and-presentations. To listen by phone, call 646-357-8785 in the U.S. or 1-800-836-8184 outside the U.S. and ask for the PRA Group conference call. To listen to a replay of the call, either visit the same website until August 4, 2026, or call 646-517-4150 in the U.S. or 1-888-660-6345 outside the U.S. and use access code 58095# until August 11, 2025.

About PRA Group, Inc.

As a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas, Europe, and Australia. With thousands of employees worldwide, PRA Group, Inc. companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com.

About Forward Looking Statements

Statements made herein that are not historical in nature, including PRA Group, Inc.’s or its management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

The forward-looking statements in this press release are based upon management's current beliefs, estimates, assumptions and expectations of PRA Group, Inc.’s future operations and financial and economic performance, taking into account currently available information. These statements are not statements of historical fact or guarantees of future performance, and there can be no assurance that

1.Contractual agreements with sellers of nonperforming loans that allow for the purchase of nonperforming loan portfolios at pre-established prices. These amounts represent our estimated forward flow purchases over the next 12 months under the agreements in place based on projections and other factors, including sellers' estimates of future forward flow sales, and are dependent on actual delivery by the sellers and, in some cases, the impact of foreign exchange rate fluctuations. Accordingly, amounts purchased under these agreements may vary significantly.

anticipated events will transpire or that the Company's expectations will prove to be correct. Forward-looking statements involve risks and uncertainties, some of which are not currently known to PRA Group, Inc. Actual events or results may differ materially from those expressed or implied in any such forward-looking statements as a result of various factors, including the risk factors and other risks that are described from time to time in PRA Group, Inc.’s filings with the Securities and Exchange Commission, including PRA Group, Inc.’s annual reports on Form 10-K, its quarterly reports on Form 10-Q and its current reports on Form 8-K, which are available through PRA Group, Inc.'s website and contain a detailed discussion of PRA Group, Inc.'s business, including risks and uncertainties that may affect future results.

Due to such uncertainties and risks, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of today. Information in this press release may be superseded by more recent information or statements, which may be disclosed in later press releases, subsequent filings with the Securities and Exchange Commission or otherwise. Except as required by law, PRA Group, Inc. assumes no obligation to publicly update or revise its forward-looking statements contained herein to reflect any change in PRA Group, Inc.’s expectations with regard thereto or to reflect any change in events, conditions or circumstances on which any such forward-looking statements are based, in whole or in part.

PRA Group, Inc.

Unaudited Consolidated Income Statements

(Amounts in thousands, except per share amounts)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues
Portfolio income	$	250,934	$	209,290	$	491,892	$	411,346
Changes in expected recoveries	33,292		73,320		61,214		124,994
Total portfolio revenue	284,226		282,610		553,106		536,340
Other revenue	3,462		1,619		4,201		3,475
Total revenues	287,688		284,229		557,307		539,815
Operating expenses
Compensation and benefits	75,724		74,241		149,047		147,838
Legal collection costs	37,583		35,274		70,977		61,965
Legal collection fees	15,625		13,762		30,855		25,874
Agency fees	22,688		21,008		44,056		40,731
Professional and outside services	21,071		18,124		42,174		43,174
Communication	9,417		11,577		19,894		24,155
Rent and occupancy	3,504		4,136		6,984		8,280
Depreciation, amortization and impairment	2,503		2,637		6,272		5,357

Other operating expenses	14,462		14,248		27,360		26,823

Total operating expenses	202,577		195,007		397,619		384,197

Income from operations	85,111		89,222		159,688		155,618
Other income/(expense)

Interest expense, net	(62,361)		(55,353)		(123,331)		(107,631)
Gain on sale of equity method investment	38,403		—		38,403		—
Foreign exchange (loss)/gain, net	50		(99)		(1)		128
Other	(75)		46		(255)		(160)
Income before income taxes	61,128		33,816		74,504		47,955

Income tax expense	15,415		8,702		19,727		11,088
Net income	45,713		25,114		54,777		36,867
Net income attributable to noncontrolling interests	3,339		3,598		8,744		11,876
Net income attributable to PRA Group, Inc.	$	42,374	$	21,516	$	46,033	$	24,991
Net income per common share attributable to PRA Group, Inc.
Basic	$	1.08	$	0.55	$	1.17	$	0.64
Diluted	$	1.08	$	0.54	$	1.16	$	0.63
Weighted average number of shares outstanding
Basic	39,323		39,364		39,436		39,319
Diluted	39,385		39,546		39,536		39,497

PRA Group, Inc.

Consolidated Balance Sheets

(Amounts in thousands)


	(unaudited)
	June 30, 2025		December 31, 2024
ASSETS
Cash and cash equivalents	$	131,592	$	105,938

Investments	66,500		66,304
Finance receivables, net	4,562,576		4,140,742
Income taxes receivable	24,136		19,559
Deferred tax assets, net	92,226		75,134
Right-of-use assets	26,268		32,173
Property and equipment, net	26,391		29,498
Goodwill	439,449		396,357
Other assets	65,629		65,450
Total assets	$	5,434,767	$	4,931,155
LIABILITIES AND EQUITY
Liabilities
Accrued expenses and accounts payable	$	124,103	$	141,211
Income taxes payable	37,549		28,584
Deferred tax liabilities, net	22,460		16,813
Lease liabilities	29,453		36,437
Interest-bearing deposits	168,656		163,406
Borrowings	3,614,208		3,326,621
Other liabilities	41,727		24,476
Total liabilities	4,038,156		3,737,548

Equity
Preferred stock, $0.01 par value, 2,000 shares authorized, no shares issued and outstanding	—		—
Common stock, $0.01 par value, 100,000 shares authorized, 39,074 shares issued and outstanding as of June 30, 2025; 100,000 shares authorized, 39,510 shares issued and outstanding as of December 31, 2024	391		395
Additional paid-in capital	14,086		17,882
Retained earnings	1,606,182		1,560,149
Accumulated other comprehensive loss	(283,734)		(443,394)
Total stockholders' equity - PRA Group, Inc.	1,336,925		1,135,032
Noncontrolling interests	59,686		58,575
Total equity	1,396,611		1,193,607
Total liabilities and equity	$	5,434,767	$	4,931,155


Select Expenses (Income) Amounts in thousands, pre-tax

	Three Months Ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023




Noncash interest expense - amortization of debt premium and issuance costs	$	1,962	$	1,901	$	2,241	$	3,795	$	2,331	$	2,200	$	2,177	$	2,220
Change in fair value of derivatives	(1,748)		(2,570)		(4,686)		(5,706)		(5,628)		(5,930)		(6,734)		(6,545)
Amortization of intangibles	52		49		58		60		58		60		69		69
Impairment of real estate	—		831		—		—		—		—		202		5,037
Stock-based compensation expense	4,465		3,788		3,337		3,251		3,555		3,327		2,952		1,629


Purchase Price Multiples as of June 30, 2025 Amounts in thousands
Purchase Period	Purchase Price (1)(2)		Total Estimated Collections (3)		Estimated Remaining Collections (4)		Current Purchase Price Multiple	Original Purchase Price Multiple (5)
Americas and Australia Core
1996-2014	$	2,336,839	$	6,681,453	$	78,176	286%	228%
2015	443,114		927,720		39,069		209%	205%
2016	455,767		1,100,505		50,637		241%	201%
2017	532,851		1,228,005		77,204		230%	193%
2018	653,975		1,547,865		112,494		237%	202%
2019	581,476		1,320,124		100,069		227%	206%
2020	435,668		961,557		108,427		221%	213%
2021	435,846		736,580		207,580		169%	191%
2022	406,082		720,041		264,772		177%	179%
2023	622,583		1,214,966		676,089		195%	197%
2024	823,662		1,734,516		1,394,320		211%	211%
2025	343,542		733,858		702,763		214%	214%
Subtotal	8,071,405		18,907,190		3,811,600
Americas Insolvency
1996-2014	1,414,476		2,723,019		2		193%	155%
2015	63,170		88,194		6		140%	125%
2016	91,442		118,534		75		130%	123%
2017	275,257		359,352		521		131%	125%
2018	97,879		136,921		203		140%	127%
2019	123,077		167,454		682		136%	128%
2020	62,130		90,738		5,352		146%	136%
2021	55,187		74,574		12,891		135%	136%
2022	33,442		47,809		18,764		143%	139%
2023	91,282		119,901		69,577		131%	135%
2024	68,391		99,619		76,563		146%	149%
2025	35,189		55,793		55,042		159%	159%
Subtotal	2,410,922		4,081,908		239,678
Total Americas and Australia	10,482,327		22,989,098		4,051,278
Europe Core
1996-2014	814,553		2,694,589		400,652		331%	205%
2015	411,340		766,350		127,274		186%	160%
2016	333,090		588,053		149,219		177%	167%
2017	252,174		364,311		89,269		144%	144%
2018	341,775		562,173		169,822		164%	148%
2019	518,610		872,535		307,692		168%	152%
2020	324,119		596,976		237,210		184%	172%
2021	412,411		723,959		372,728		176%	170%
2022	359,447		589,618		415,912		164%	162%
2023	410,593		695,957		527,680		170%	169%
2024	451,786		816,563		794,892		181%	180%
2025	264,668		481,332		469,955		182%	182%
Subtotal	4,894,566		9,752,416		4,062,305
Europe Insolvency
2014	10,876		19,178		—		176%	129%
2015	18,973		29,587		—		156%	139%
2016	39,338		58,295		528		148%	130%
2017	39,235		52,549		396		134%	128%
2018	44,908		53,277		1,134		119%	123%
2019	77,218		114,367		7,026		148%	130%
2020	105,440		161,278		13,288		153%	129%
2021	53,230		77,420		16,550		145%	134%
2022	44,604		64,543		29,617		145%	137%
2023	46,558		66,232		44,836		142%	138%
2024	43,459		64,128		52,365		148%	147%
2025	10,186		15,399		14,987		151%	151%
Subtotal	534,025		776,253		180,727
Total Europe	5,428,591		10,528,669		4,243,032
Total PRA Group	$	15,910,918	$	33,517,767	$	8,294,310

(1) Includes the acquisition date finance receivables portfolios that were acquired through our business acquisitions.

(2)Non-U.S. amounts are presented at the exchange rate at the end of the period in which the portfolio was purchased. In addition, any purchase price adjustments that occur throughout the life of the portfolio are presented at the period-end exchange rate for the respective period of purchase.

(3)Non-U.S. amounts are presented at the period-end exchange rate for the respective period of purchase.

(4)Non-U.S. amounts are presented at the June 30, 2025 exchange rate.

(5)The original purchase price multiple represents the purchase price multiple at the end of the period of acquisition.


Portfolio Financial Information (1)
Amounts in thousands
	June 30, 2025 (year-to-date)								As of June 30, 2025
Purchase Period	Cash Collections (2)		Portfolio Income (2)		Change in Expected Recoveries (2)		Total Portfolio Revenue (2)		Net Finance Receivables (3)
Americas and Australia Core
1996-2014	$	23,044	$	10,330	$	10,120	$	20,450	$	26,393
2015	7,178		4,293		(718)		3,575		16,724
2016	9,619		5,698		955		6,653		18,634
2017	15,270		7,890		3,210		11,100		32,512
2018	26,944		11,767		3,909		15,676		58,310
2019	26,477		11,886		(2,579)		9,307		52,962
2020	29,633		12,447		(2,096)		10,351		58,619
2021	34,910		18,512		(3,173)		15,339		107,468
2022	49,942		21,982		(59)		21,923		157,702
2023	124,806		62,995		(24,093)		38,902		369,079
2024	211,045		128,793		8,423		137,216		732,714
2025	30,990		23,444		4,794		28,238		340,417
Subtotal	589,858		320,037		(1,307)		318,730		1,971,534
Americas Insolvency
1996-2014	501		13		494		507		—
2015	60		4		52		56		4
2016	162		11		84		95		67
2017	596		57		309		366		463
2018	624		23		280		303		189
2019	1,701		63		378		441		644
2020	5,937		533		(504)		29		5,083
2021	6,362		915		193		1,108		11,809
2022	5,559		1,154		339		1,493		16,338
2023	14,789		4,316		487		4,803		57,511
2024	10,990		5,672		(1,370)		4,302		56,047
2025	748		1,019		512		1,531		35,689
Subtotal	48,029		13,780		1,254		15,034		183,844
Total Americas and Australia	637,887		333,817		(53)		333,764		2,155,378
Europe Core
1996-2014	48,559		29,327		12,846		42,173		90,532
2015	14,747		6,024		5,641		11,665		62,911
2016	13,241		5,837		2,311		8,148		84,225
2017	7,861		2,879		(1,468)		1,411		59,384
2018	17,709		6,247		1,880		8,127		109,923
2019	31,282		9,921		10,728		20,649		207,280
2020	23,120		8,660		7,602		16,262		144,188
2021	30,880		12,868		5,256		18,124		225,257
2022	35,193		13,631		975		14,606		261,956
2023	47,512		19,141		3,134		22,275		315,245
2024	68,963		29,804		1,798		31,602		442,315
2025	10,956		4,527		2,271		6,798		259,519
Subtotal	350,023		148,866		52,974		201,840		2,262,735
Europe Insolvency
2014	82		—		82		82		—
2015	87		—		87		87		—
2016	289		42		233		275		136
2017	626		24		398		422		261
2018	976		52		288		340		972
2019	3,678		362		339		701		6,034
2020	9,302		728		1,440		2,168		12,348
2021	7,341		898		2,087		2,985		14,880
2022	7,844		1,505		1,514		3,019		25,059
2023	7,721		2,191		1,075		3,266		36,493
2024	7,472		3,113		660		3,773		38,113
2025	396		294		90		384		10,167
Subtotal	45,814		9,209		8,293		17,502		144,463
Total Europe	395,837		158,075		61,267		219,342		2,407,198
Total PRA Group	$	1,033,724	$	491,892	$	61,214	$	553,106	$	4,562,576

(1) Includes the nonperforming loan portfolios that were acquired through our business acquisitions.

(2)Non-U.S. amounts are presented using the average exchange rates during the current reporting period.

(3)Non-U.S. amounts are presented at the June 30, 2025 exchange rate.


Cash Collections by Year, By Year of Purchase (1) as of June 30, 2025 Amounts in millions
			Cash Collections
Purchase Period	Purchase Price (2)(3)		1996-2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Total
Americas and Australia Core
1996-2014	$	2,336.8	$	4,371.9	$	727.8	$	470.0	$	311.2	$	222.5	$	155.0	$	96.6	$	68.8	$	51.0	$	40.2	$	49.4	$	23.0	$	6,587.4
2015	443.1		—		117.0		228.4		185.9		126.6		83.6		57.2		34.9		19.5		14.1		17.3		7.2		891.7
2016	455.8		—		—		138.7		256.5		194.6		140.6		105.9		74.2		38.4		24.9		24.0		9.6		1007.4
2017	532.9		—		—		—		107.3		278.7		256.5		192.5		130.0		76.3		43.8		39.2		15.3		1139.6
2018	654.0		—		—		—		—		122.7		361.9		337.7		239.9		146.1		92.9		75.9		26.9		1404.0
2019	581.5		—		—		—		—		—		143.8		349.0		289.8		177.7		110.3		77.7		26.5		1174.8
2020	435.7		—		—		—		—		—		—		132.9		284.3		192.0		125.8		87.0		29.6		851.6
2021	435.8		—		—		—		—		—		—		—		85.0		177.3		136.8		98.4		34.9		532.4
2022	406.1		—		—		—		—		—		—		—		—		67.7		195.4		144.7		49.9		457.7
2023	622.5		—		—		—		—		—		—		—		—		—		108.5		285.9		124.8		519.2
2024	823.7		—		—		—		—		—		—		—		—		—		—		145.9		211.0		356.9
2025	343.5		—		—		—		—		—		—		—		—		—		—		—		31.0		31.0
Subtotal	8,071.4		4,371.9		844.8		837.1		860.9		945.1		1,141.4		1,271.8		1,206.9		946.0		892.7		1,045.4		589.7		14,953.7
Americas Insolvency
1996-2014	1,414.5		1,949.8		340.8		213.0		122.9		59.1		22.6		5.8		3.3		2.3		1.5		1.3		0.5		2,722.9
2015	63.2		—		3.4		17.9		20.1		19.8		16.7		7.9		1.3		0.6		0.3		0.2		0.1		88.3
2016	91.4		—		—		18.9		30.4		25.0		19.9		14.4		7.4		1.8		0.9		0.6		0.2		119.5
2017	275.3		—		—		—		49.1		97.3		80.9		58.8		44.0		20.8		4.9		2.5		0.6		358.9
2018	97.9		—		—		—		—		6.7		27.4		30.5		31.6		24.6		12.7		2.5		0.6		136.6
2019	123.1		—		—		—		—		—		13.4		31.4		39.1		37.8		28.7		14.6		1.7		166.7
2020	62.1		—		—		—		—		—		—		6.5		16.1		20.4		19.5		17.0		5.9		85.4
2021	55.2		—		—		—		—		—		—		—		4.6		17.9		17.5		15.3		6.4		61.7
2022	33.4		—		—		—		—		—		—		—		—		3.2		9.2		11.1		5.6		29.1
2023	91.2		—		—		—		—		—		—		—		—		—		9.0		25.1		14.8		48.9
2024	68.4		—		—		—		—		—		—		—		—		—		—		12.1		11.0		23.1
2025	35.2		—		—		—		—		—		—		—		—		—		—		—		0.7		0.7
Subtotal	2,410.9		1,949.8		344.2		249.8		222.5		207.9		180.9		155.3		147.4		129.4		104.2		102.3		48.1		3,841.8
Total Americas and Australia	10,482.3		6,321.7		1,189.0		1,086.9		1,083.4		1,153.0		1,322.3		1,427.1		1,354.3		1,075.4		996.9		1,147.7		637.8		18,795.5
Europe Core
1996-2014	814.5		195.1		297.5		249.9		224.1		209.6		175.3		151.7		151.0		123.6		108.6		101.7		48.6		2,036.7
2015	411.3		—		45.8		100.3		86.2		80.9		66.1		54.3		51.4		40.7		33.8		30.4		14.7		604.6
2016	333.1		—		—		40.4		78.9		72.6		58.0		48.3		46.7		36.9		29.7		27.4		13.2		452.1
2017	252.2		—		—		—		17.9		56.0		44.1		36.1		34.8		25.2		20.2		17.9		7.9		260.1
2018	341.8		—		—		—		—		24.3		88.7		71.3		69.1		50.7		41.6		37.1		17.7		400.5
2019	518.6		—		—		—		—		—		48.0		125.7		121.4		89.8		75.1		68.2		31.3		559.5
2020	324.1		—		—		—		—		—		—		32.3		91.7		69.0		56.1		50.1		23.1		322.3
2021	412.4		—		—		—		—		—		—		—		48.5		89.9		73.0		66.6		30.9		308.9
2022	359.4		—		—		—		—		—		—		—		—		33.9		83.8		74.7		35.2		227.6
2023	410.6		—		—		—		—		—		—		—		—		—		50.2		103.1		47.5		200.8
2024	451.9		—		—		—		—		—		—		—		—		—		—		46.3		69.0		115.3
2025	264.7		—		—		—		—		—		—		—		—		—		—		—		11.0		11.0
Subtotal	4,894.6		195.1		343.3		390.6		407.1		443.4		480.2		519.7		614.6		559.7		572.1		623.5		350.1		5,499.4
Europe Insolvency
2014	10.9		—		4.3		3.9		3.2		2.6		1.5		0.8		0.3		0.2		0.2		0.2		0.1		17.3
2015	19.0		—		3.0		4.4		5.0		4.8		3.9		2.9		1.6		0.6		0.4		0.2		0.1		26.9
2016	39.3		—		—		6.2		12.7		12.9		10.7		7.9		6.0		2.7		1.3		0.8		0.3		61.5
2017	39.2		—		—		—		1.2		7.9		9.2		9.8		9.4		6.5		3.8		1.5		0.6		49.9
2018	44.9		—		—		—		—		0.6		8.4		10.3		11.7		9.8		7.2		3.5		1.0		52.5
2019	77.2		—		—		—		—		—		5.0		21.1		23.9		21.0		17.5		12.9		3.7		105.1
2020	105.4		—		—		—		—		—		—		6.0		34.6		34.1		29.7		25.5		9.3		139.2
2021	53.2		—		—		—		—		—		—		—		5.5		14.4		14.7		15.4		7.3		57.3
2022	44.6		—		—		—		—		—		—		—		—		4.5		12.4		15.2		7.8		39.9
2023	46.7		—		—		—		—		—		—		—		—		—		4.2		12.7		7.7		24.6
2024	43.4		—		—		—		—		—		—		—		—		—		—		9.5		7.5		17.0
2025	10.2		—		—		—		—		—		—		—		—		—		—		—		0.4		0.4
Subtotal	534.0		—		7.3		14.5		22.1		28.8		38.7		58.8		93.0		93.8		91.4		97.4		45.8		591.6
Total Europe	5,428.6		195.1		350.6		405.1		429.2		472.2		518.9		578.5		707.6		653.5		663.5		720.9		395.9		6,091.0
Total PRA Group	$	15,910.9	$	6,516.8	$	1,539.6	$	1,492.0	$	1,512.6	$	1,625.2	$	1,841.2	$	2,005.6	$	2,061.9	$	1,728.9	$	1,660.4	$	1,868.6	$	1,033.7	$	24,886.5

(1)Non-U.S. amounts are presented at the average exchange rates during the cash collections period.

(2)Includes the acquisition date finance receivables portfolios acquired through our business acquisitions.

(3)Non-U.S. amounts are presented at the exchange rate at the end of the period in which the portfolio was purchased. In addition, any purchase price adjustments that occur throughout the life of the pool are presented at the period-end exchange rate for the respective period of purchase.

Use of Non-GAAP Financial Measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management uses certain non-GAAP financial measures, including Adjusted EBITDA, internally to evaluate the Company’s performance and to set performance goals. Adjusted EBITDA is calculated as net income attributable to PRA Group, Inc. plus income tax expense; plus interest expense, net; plus other expense; plus depreciation and amortization; plus impairment of real estate; plus net income attributable to noncontrolling interests; less gain on sale of equity method investment; and plus recoveries collected and applied to Finance receivables, net less Changes in expected recoveries. Adjusted EBITDA is a supplemental measure of performance that is not required by, or presented in accordance with, GAAP. The Company presents Adjusted EBITDA because the Company considers it an important supplemental measure of its operational and financial performance. Management believes Adjusted EBITDA helps provide enhanced period-to-period comparability of the Company's operational and financial performance as it excludes certain items whose fluctuations from period-to-period do not necessarily correspond to changes in the operations of the Company's business, and is useful to investors as other companies in the industry report similar financial measures. Adjusted EBITDA should not be considered as an alternative to net income determined in accordance with GAAP. Set forth below is a reconciliation of net income, the most directly comparable financial measure calculated and reported in accordance with GAAP, to Adjusted EBITDA for the last twelve months (LTM) ended June 30, 2025 and for the year ended December 31, 2024. The calculation of Adjusted EBITDA below may not be comparable to the calculation of similarly titled measures reported by other companies.



	LTM		For the Year Ended
Adjusted EBITDA Reconciliation ($ in thousands)	June 30, 2025		December 31, 2024
Net income attributable to PRA Group, Inc.	$	91,643	$	70,601
Adjustments:
Income tax expense	29,671		21,032
Foreign exchange loss	138		9
Interest expense, net	244,967		229,267
Other expense	946		851
Depreciation and amortization	10,876		10,792
Impairment of real estate	831		—
Net income attributable to noncontrolling interests	14,840		17,972
Gain on sale of equity method investment	(38,403)		—
Recoveries collected and applied to Finance receivables, net less Changes in expected recoveries	884,583		787,028
Adjusted EBITDA	$	1,240,092	$	1,137,552

In addition, the Company uses return on average tangible equity ("ROATE"), which is a supplemental measure of performance that is not required by, or presented in accordance with, GAAP, to monitor and evaluate operating performance relative to the Company's equity. Management believes ROATE is a useful financial measure for investors in evaluating the effective use of equity, and is an important component of its long-term stockholder return. Average tangible equity is defined as average Total stockholders' equity - PRA Group, Inc. less average goodwill and average other intangible assets. ROATE is calculated by dividing annualized Net income attributable to PRA Group, Inc. by average tangible equity.

ROATE may include certain items that are not indicative of the operating results of the Company's portfolio. Accordingly, the Company also uses Adjusted ROATE, which is defined as ROATE excluding the impact of gains/losses from the sale of equity method investments, to monitor and evaluate operating performance relative to the Company's equity. Management believes that Adjusted ROATE is a useful financial measure for investors because it excludes the impact of gains/losses that are not indicative of the operating results of the Company's portfolio.

The following table provides a reconciliation of Total stockholders' equity - PRA Group, Inc. as reported in accordance with GAAP to average tangible equity. The table also provides a reconciliation of net income attributable to PRA Group, Inc. to adjusted net income attributable to PRA Group, Inc. and provides the Company's ROATE and Adjusted ROATE for the periods indicated (in thousands, except for ratio data):



					Average Tangible Equity Reconciliation (1)
	Balance as of Period End				Second Quarter						Year-to-Date
	June 30, 2025		June 30, 2024		2025			2024			2025			2024
Total stockholders' equity - PRA Group, Inc.	$	1,336,925	$	1,145,463	$	1,278,016		$	1,137,395		$	1,230,355		$	1,147,300
Less: Goodwill	439,449		415,646		430,082			413,746			418,840			419,685
Less: Other intangible assets	1,541		1,597		1,515			1,632			1,494			1,668
Average tangible equity					$	846,419		$	722,017		$	810,021		$	725,947

					ROATE (2)
					Second Quarter						Year-to-Date
					2025			2024			2025			2024
Net income attributable to PRA Group, Inc.					$	42,374		$	21,516		$	46,033		$	24,991
Return on average tangible equity					20.0		%	11.9		%	11.4		%	6.9		%

					Adjusted ROATE (3)
					Second Quarter						Year-to-Date
					2025			2024			2025			2024
Net income attributable to PRA Group, Inc.					$42,374			$21,516			$46,033			$24,991
Less: Gain on sale of equity method investment, net of tax					$	(29,686)		$	—		$	(29,686)		$	—
Adjusted net income attributable to PRA Group, Inc.					$12,688			$21,516			$16,347			$24,991
Adjusted ROATE					6.0		%	11.9		%	4.0		%	6.9		%

Investor Contact:

Najim Mostamand, CFA

Vice President, Investor Relations

757-431-7913

IR@PRAGroup.com

News Media Contact:

Giovanna Genard

Vice President, Global Communications and External Affairs | Marketing Leader

(757) 282-3343

mediainquiries@pragroup.com

1.Amounts represent the average balances for the respective periods. Equity balances are not adjusted for gain on sale of equity method investment, which would have a de minimus effect on Adjusted ROATE.

2.Based on annualized Net income attributable to PRA Group, Inc.

3.Based on annualized Adjusted net income attributable to PRA Group, Inc.