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PRA Group Reports First Quarter 2026 Results

Strong Start to the Year with 11% Cash Collections Growth and Net Income of $28 Million

Continued Momentum in U.S. Business with Strong Results in Europe

On Track with PRA 3.0 Strategy to Drive Enhanced Results

NORFOLK, Va., May 7, 2026 - PRA Group, Inc. (Nasdaq: PRAA) (the "Company"), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the first quarter of 2026 ("Q1 2026").

Q1 2026 Highlights (vs. Q1 2025)

•Total cash collections of $551.9 million, up 11.0%.

•Cash efficiency ratio1 of 61.8%.

•Net income attributable to PRA Group, Inc. of $28.2 million, or diluted earnings per share of $0.73.

•Adjusted EBITDA2 for the 12 months ended March 31, 2026 of $1.3 billion, up 13.9%, which exceeded cash collections growth.

•Total portfolio purchases of $220.9 million, in line with expectations, as we continue to focus on driving higher returns and net income while balancing investments with leverage.

•Estimated remaining collections (ERC)3 of $8.5 billion, up 9.5%.

"We had a strong start to 2026, building on the success we achieved last year with continued improvement in our key financial and operational metrics," said Martin Sjolund, president and chief executive officer. "Cash collections grew 11% from the prior-year period, driven by the continued momentum of our operational initiatives, especially in the U.S. legal collections channel, which was supplemented by strong performance in Europe. Our cash efficiency ratio improved to 62%, even with the increase in legal collection costs to support future collections growth. Net income increased to $28 million and Adjusted EBITDA for the last twelve months was up 14%, growing faster than cash collections, as we continued to gain operating leverage."

"Overall, Q1 was another solid quarter, with strong execution across several operational initiatives and improved financial results. Looking ahead to the rest of the year, we plan to continue making progress on our new PRA 3.0 strategy, including modernizing our technology platforms and innovating with our new mobile app in the UK and global AI initiatives. We believe we are in a strong position to continue delivering enhanced results and value for our shareholders, as we transform PRA into a high-performing, technology-enabled global allocator of capital."

1.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.

2.A reconciliation of net income attributable to PRA Group, Inc. to Adjusted EBITDA can be found at the end of this press release.

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

Cash Collections and Revenues

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



Cash Collection Source	2026		2025
($ in thousands)	Q1		Q4		Q3		Q2		Q1
U.S. Core	$	268,409	$	249,322	$	258,277	$	253,856	$	240,467
U.S. Insolvency	20,141		20,223		21,131		21,175		20,589
Europe Core	192,019		188,277		185,910		185,652		164,371
Europe Insolvency	20,547		19,166		22,658		24,609		21,205
Other markets (1)	50,812		54,670		54,268		50,996		50,804
Total cash collections	$	551,928	$	531,658	$	542,244	$	536,288	$	497,436



Cash Collection Source -
Constant Currency-Adjusted	2026								2025
($ in thousands)	Q1								Q1
U.S. Core	$	268,409							$	240,467
U.S. Insolvency	20,141								20,589
Europe Core	192,019								180,408
Europe Insolvency	20,547								22,720
Other markets (1)	50,812								55,931
Total cash collections	$	551,928							$	520,115

•Total cash collections in Q1 2026 increased 11.0% to $551.9 million, compared to $497.4 million in the first quarter of 2025 ("Q1 2025"), driven by the continued increase in cash generation from our investments in the U.S. legal collections channel, as well as strong performance in our European business.



	Three Months Ended March 31,
($ in thousands)	2026		2025
Portfolio income	$	269,579	$	240,958
Recoveries collected in excess of forecast	22,698		16,500
Changes in expected future recoveries	21,188		11,422
Changes in expected recoveries	43,886		27,922
Total portfolio revenue	$	313,465	$	268,880

•Portfolio income in Q1 2026 increased 11.9% to $269.6 million, compared to $241.0 million in Q1 2025, driven by strong recent purchases at improved returns.

•Changes in expected recoveries in Q1 2026 increased to $43.9 million, compared to $27.9 million in Q1 2025.

•Total portfolio revenue in Q1 2026 increased 16.6% to $313.5 million, compared to $268.9 million in Q1 2025.

Expenses

1.Reflects total cash collections in South America, Canada and Australia.

•Operating expenses in Q1 2026 increased $16.2 million to $211.3 million, compared to $195.0 million in Q1 2025, driven primarily by a $15.1 million increase in legal collection costs to support future cash collections growth.

◦Compensation and benefits expense decreased $2.6 million, primarily due to our efforts to right-size our agent headcount, leverage more external collections resources (including offshore agents), and eliminate more than 115 corporate roles in the fourth quarter of 2025.

◦Communication expense decreased $1.5 million, due to the use of more cost-efficient collection strategies.

•Interest expense, net in Q1 2026 increased to $63.5 million, compared to $61.0 million in Q1 2025, primarily reflecting an increase in debt balances.

•The effective tax rate for the quarter was 21.6%.

Portfolio Purchases



Portfolio Purchase Source	2026		2025
($ in thousands)	Q1		Q4		Q3		Q2		Q1
U.S. Core	$	105,469	$	102,254	$	119,672	$	160,193	$	148,903
U.S. Insolvency	13,043		10,088		14,809		22,134		12,059
Europe Core	86,715		152,375		95,239		142,465		108,390
Europe Insolvency	4,837		4,758		5,934		4,757		4,856
Other markets (1)	10,786		45,326		19,838		16,956		17,494
Total portfolio purchases	$	220,850	$	314,801	$	255,492	$	346,505	$	291,702

•The Company purchased $220.9 million in portfolios of nonperforming loans in Q1 2026.

•At the end of Q1 2026, the Company had in place estimated forward flow commitments2 of $321.8 million over the next 12 months, comprised of $172.6 million in Europe, $132.2 million in the U.S., and $17.0 million in other markets.

Credit Availability

•Total availability under the Company's credit facilities as of March 31, 2026 was $996.0 million, comprised of $714.3 million based on current ERC and subject to debt covenants, and $281.7 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 May 7, 2027, or call 646-517-4150 in the U.S. or 1-888-660-6345 outside the U.S. and use access code 86103# until May 14, 2026.

About PRA Group, Inc.

As a global leader in acquiring and collecting nonperforming loan portfolios, 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.

1.Reflects total portfolio purchases in South America, Canada and Australia.

2.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.

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 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 March 31,
	2026		2025
Revenues
Portfolio income	$	269,579	$	240,958
Changes in expected recoveries	43,886		27,922
Total portfolio revenue	313,465		268,880
Other revenue	1,068		739
Total revenues	314,533		269,619
Operating expenses
Compensation and benefits	70,738		73,323
Legal collection costs	48,458		33,394
Legal collection fees	17,071		15,230
Agency fees	24,581		21,368
Professional and outside services	20,884		21,103
Communication	9,019		10,477
Rent and occupancy	3,258		3,480
Depreciation, amortization and impairment of long-lived assets	1,708		3,769

Other operating expenses	15,562		12,898

Total operating expenses	211,279		195,042

Income from operations	103,254		74,577
Other income/(expense)

Interest expense, net	(63,518)		(60,970)

Foreign exchange gain/(loss), net	1,054		(51)
Other	(254)		(180)
Income before income taxes	40,536		13,376

Income tax expense	8,764		4,312
Net income	31,772		9,064
Net income attributable to noncontrolling interests	3,562		5,405
Net income attributable to PRA Group, Inc.	$	28,210	$	3,659
Net income per common share attributable to PRA Group, Inc.
Basic	$	0.74	$	0.09
Diluted	$	0.73	$	0.09
Weighted average number of shares outstanding
Basic	38,368		39,549
Diluted	38,511		39,688

PRA Group, Inc.

Consolidated Balance Sheets

(Amounts in thousands)


	(unaudited)
	March 31, 2026		December 31, 2025
ASSETS
Cash and cash equivalents	$	124,778	$	104,409

Investments	143,358		66,628
Finance receivables, net	4,637,094		4,688,024
Income taxes receivable	15,700		17,702
Deferred tax assets, net	70,914		76,955
Right-of-use assets	28,715		29,206
Property and equipment, net	24,567		24,886
Goodwill	26,871		26,871
Prepaid expenses and other assets	134,833		68,641
Total assets	$	5,206,830	$	5,103,322
LIABILITIES AND EQUITY
Liabilities
Accrued expenses and accounts payable	$	100,483	$	131,812
Income taxes payable	30,083		29,845
Deferred tax liabilities, net	18,733		17,064
Lease liabilities	31,595		32,160
Interest-bearing deposits	78,740		106,148
Borrowings	3,779,167		3,697,338
Other liabilities	99,475		48,990
Total liabilities	4,138,276		4,063,357

Equity
Preferred stock, $0.01 par value, 2,000 shares authorized, no shares issued and outstanding	—		—
Common stock, $0.01par value, 100,000 shares authorized, 38,141 shares issued and outstanding as of March 31, 2026; 100,000 shares authorized, 38,453 shares issued and outstanding as of December 31, 2025	381		385
Additional paid-in capital	3,289		11,474
Retained earnings	1,283,217		1,255,007
Accumulated other comprehensive loss	(284,599)		(287,015)
Total stockholders' equity - PRA Group, Inc.	1,002,288		979,851
Noncontrolling interests	66,266		60,114
Total equity	1,068,554		1,039,965
Total liabilities and equity	$	5,206,830	$	5,103,322


Purchase Price Multiples as of March 31, 2026 (in thousands, except percentages)
Purchase Period	Purchase Price (1)(2)		Total Estimated Collections (3)		Estimated Remaining Collections (4)		Current Purchase Price Multiple	Original Purchase Price Multiple
U.S. Core
1996-2015	$	2,736,875	$	7,505,108	$	94,785	274%	224%
2016	400,545		819,619		32,606		205%	195%
2017	511,902		1,168,721		68,438		228%	193%
2018	604,669		1,373,598		93,421		227%	199%
2019	432,222		1,017,206		70,674		235%	209%
2020	415,384		940,628		88,849		226%	215%
2021	339,885		603,675		118,686		178%	191%
2022	275,433		435,742		140,794		158%	164%
2023	506,319		947,969		447,691		187%	191%
2024	727,672		1,679,170		1,085,766		231%	211%
2025	531,021		1,144,614		975,398		216%	216%
2026	105,469		212,526		209,118		202%	202%
Subtotal	7,587,396		17,848,576		3,426,226
U.S. Insolvency
1996-2015	1,472,385		2,806,689		—		191%	154%
2016	67,454		85,669		21		127%	124%
2017	275,257		359,605		182		131%	125%
2018	97,879		137,302		59		140%	127%
2019	120,845		164,398		174		136%	128%
2020	62,130		90,300		1,584		145%	136%
2021	54,898		74,136		5,237		135%	136%
2022	33,442		47,860		11,718		143%	139%
2023	61,242		80,321		38,358		131%	136%
2024	68,168		99,364		58,508		146%	149%
2025	59,091		93,168		84,236		158%	160%
2026	13,043		20,891		20,790		160%	160%
Subtotal	2,385,834		4,059,703		220,867
Total U.S.	9,973,230		21,908,279		3,647,093
Europe Core
2012-2015	1,225,893		3,516,570		478,195		287%	190%
2016	333,090		601,998		142,105		181%	167%
2017	252,174		366,501		77,563		145%	144%
2018	341,775		574,229		151,942		168%	148%
2019	518,610		888,852		272,541		171%	152%
2020	324,119		609,550		212,981		188%	172%
2021	412,411		732,470		338,322		178%	170%
2022	359,447		600,333		370,631		167%	162%
2023	410,593		709,805		464,760		173%	169%
2024	451,786		821,118		685,317		182%	180%
2025	512,533		951,214		843,307		186%	185%
2026	85,057		157,440		154,812		185%	185%
Subtotal	5,227,488		10,530,080		4,192,476
Europe Insolvency
2014-2015	29,849		49,058		—		164%	135%
2016	39,338		58,616		440		149%	130%
2017	39,235		53,074		402		135%	128%
2018	44,908		53,386		543		119%	123%
2019	77,218		114,419		3,630		148%	130%
2020	105,440		162,032		5,399		154%	129%
2021	53,230		81,302		8,945		153%	134%
2022	44,604		66,962		20,325		150%	137%
2023	46,558		67,060		32,053		144%	138%
2024	43,459		64,128		38,821		148%	147%
2025	20,760		30,329		26,435		146%	145%
2026	4,752		7,346		7,301		155%	155%
Subtotal	549,351		807,712		144,294
Total Europe	5,776,839		11,337,792		4,336,770
Other markets (5)	951,094		2,229,871		564,685		234%	204%
Total PRA Group	$	16,701,163	$	35,475,942	$	8,548,548

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

(2)Non-U.S. amounts, including purchase price adjustments that occur throughout the life of a portfolio, are presented at the exchange rate at the end of 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 March 31, 2026 exchange rate.

(5)Reflects all vintages in South America, Canada and Australia.


Portfolio Financial Information (1)
(in thousands)
	March 31, 2026 (year-to-date)								As of March 31, 2026
Purchase Period	Cash Collections (2)		Portfolio Income (2)		Changes in Expected Recoveries (2)		Total Portfolio Revenue (2)		Net Finance Receivables (3)
U.S. Core
1996-2015	$	10,384	$	5,487	$	2,695	$	8,182	$	31,227
2016	2,583		1,544		(84)		1,460		13,786
2017	5,257		3,270		(775)		2,495		27,494
2018	8,281		4,151		(418)		3,733		45,382
2019	6,631		3,457		(608)		2,849		33,983
2020	9,056		4,407		(982)		3,425		44,546
2021	10,372		5,050		(486)		4,564		59,591
2022	11,381		4,636		309		4,945		82,701
2023	39,177		18,207		(5,753)		12,454		241,850
2024	98,754		47,239		14,278		61,517		574,230
2025	63,125		43,364		(2,313)		41,051		500,322
2026	3,408		2,796		140		2,936		104,934
Subtotal	268,409		143,608		6,003		149,611		1,760,046
U.S. Insolvency
1996-2015	235		—		234		234		—
2016	39		1		26		27		19
2017	189		10		112		122		160
2018	134		2		100		102		57
2019	430		6		316		322		168
2020	544		52		86		138		1,401
2021	2,231		191		(97)		94		4,943
2022	2,184		362		(45)		317		10,557
2023	4,590		1,054		(33)		1,021		33,215
2024	5,709		2,188		(318)		1,870		45,042
2025	3,753		2,800		(857)		1,943		57,786
2026	103		143		41		184		13,117
Subtotal	20,141		6,809		(435)		6,374		166,465
Total U.S.	288,550		150,417		5,568		155,985		1,926,511
Europe Core
2012-2015	29,774		16,872		7,948		24,820		141,516
2016	6,773		2,758		5,129		7,887		80,998
2017	3,812		1,290		502		1,792		51,383
2018	7,984		2,910		3,002		5,912		95,137
2019	14,181		4,758		1,506		6,264		183,088
2020	9,918		4,154		1,275		5,429		128,550
2021	14,216		6,146		1,182		7,328		204,281
2022	15,933		6,390		2,068		8,458		233,121
2023	21,308		8,862		4,282		13,144		277,845
2024	29,869		13,672		3,368		17,040		385,315
2025	35,581		17,411		240		17,651		458,722
2026	2,670		937		723		1,660		83,953
Subtotal	192,019		86,160		31,225		117,385		2,323,909
Europe Insolvency
2014-2015	98		—		98		98		—
2016	124		18		102		120		115
2017	176		8		230		238		242
2018	227		10		93		103		424
2019	809		88		(30)		58		3,003
2020	2,039		150		(11)		139		5,075
2021	3,682		263		1,236		1,499		8,218
2022	3,659		542		1,138		1,680		17,622
2023	4,222		863		751		1,614		27,020
2024	4,003		1,307		194		1,501		29,818
2025	1,463		700		229		929		19,481
2026	45		35		33		68		4,747
Subtotal	20,547		3,984		4,063		8,047		115,765
Total Europe	212,566		90,144		35,288		125,432		2,439,674
Other markets (4)	50,812		29,018		3,030		32,048		270,909
Total PRA Group	$	551,928	$	269,579	$	43,886	$	313,465	$	4,637,094

(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 March 31, 2026 exchange rate.

(4)Reflects all vintages in South America, Canada and Australia.


Cash Collections by Year, By Year of Purchase (1) as of March 31, 2026
											(in millions)
Purchase Period	Purchase Price (2)(3)		1996-2015		2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		2026		Total
U.S. Core
1996-2015	$	2,736.9	$	5,186.4	$	673.8	$	479.4	$	337.7	$	230.9	$	149.3	$	98.2	$	67.1	$	51.7	$	64.7	$	53.6	$	10.4	$	7,403.2
2016	400.5		—		86.1		195.3		160.1		116.6		88.7		59.9		29.1		17.6		18.1		12.9		2.6		787.0
2017	511.9		—		—		94.3		264.4		247.1		185.6		124.8		73.1		41.6		37.5		26.6		5.3		1100.3
2018	604.7		—		—		—		106.3		320.2		304.7		214.8		131.6		83.2		68.1		42.9		8.3		1280.1
2019	432.2		—		—		—		—		93.4		282.2		237.4		141.7		86.1		61.8		37.3		6.6		946.5
2020	415.4		—		—		—		—		—		127.4		274.7		185.4		121.3		83.6		50.4		9.1		851.9
2021	339.9		—		—		—		—		—		—		73.8		149.9		115.3		82.8		52.8		10.4		485.0
2022	275.4		—		—		—		—		—		—		—		34.9		102.4		87.8		58.5		11.4		295.0
2023	506.3		—		—		—		—		—		—		—		—		63.5		211.8		185.9		39.2		500.4
2024	727.7		—		—		—		—		—		—		—		—		—		119.8		374.9		98.8		593.5
2025	531.0		—		—		—		—		—		—		—		—		—		—		106.1		63.1		169.2
2026	105.5		—		—		—		—		—		—		—		—		—		—		—		3.2		3.2
Subtotal	7,587.4		5,186.4		759.9		769.0		868.5		1,008.2		1,137.9		1,083.6		812.8		682.7		836.0		1,001.9		268.4		14,415.3
U.S. Insolvency
1996-2015	1,472.4		2,290.4		230.4		142.6		78.6		39.1		13.6		4.5		2.9		1.8		1.4		1.0		0.2		2,806.5
2016	67.5		—		10.1		18.9		18.2		16.4		13.0		6.6		1.3		0.6		0.4		0.1		—		85.6
2017	275.3		—		—		49.1		97.3		80.9		58.8		44.0		20.8		4.9		2.5		1.0		0.2		359.5
2018	97.9		—		—		—		6.7		27.4		30.5		31.6		24.6		12.7		2.5		1.0		0.1		137.1
2019	120.8		—		—		—		—		13.4		30.9		37.9		36.8		28.0		14.2		2.7		0.4		164.3
2020	62.1		—		—		—		—		—		6.5		16.1		20.4		19.5		17.0		8.7		0.5		88.7
2021	54.9		—		—		—		—		—		—		4.5		17.7		17.4		15.2		11.8		2.2		68.8
2022	33.4		—		—		—		—		—		—		—		3.2		9.2		11.1		10.5		2.2		36.2
2023	61.2		—		—		—		—		—		—		—		—		4.5		14.8		18.0		4.6		41.9
2024	68.2		—		—		—		—		—		—		—		—		—		12.1		23.1		5.7		40.9
2025	59.1		—		—		—		—		—		—		—		—		—		—		5.2		3.8		9.0
2026	13.0		—		—		—		—		—		—		—		—		—		—		—		0.2		0.2
Subtotal	2,385.8		2,290.4		240.5		210.6		200.8		177.2		153.3		145.2		127.7		98.6		91.2		83.1		20.1		3,838.7
Total U.S.	9,973.2		7,476.8		1,000.4		979.6		1,069.3		1,185.4		1,291.2		1,228.8		940.5		781.3		927.2		1,085.0		288.5		18,254.0
Europe Core
2012-2015	1,225.8		538.4		350.2		310.3		290.5		241.4		206.0		202.4		164.3		142.4		132.1		126.9		29.8		2,734.7
2016	333.1		—		40.4		78.9		72.6		58.0		48.3		46.7		36.9		29.7		27.4		27.1		6.8		472.8
2017	252.2		—		—		17.9		56.0		44.1		36.1		34.8		25.2		20.2		17.9		15.7		3.8		271.7
2018	341.8		—		—		—		24.3		88.7		71.3		69.1		50.7		41.6		37.1		34.3		8.0		425.1
2019	518.6		—		—		—		—		48.0		125.7		121.4		89.8		75.1		68.2		61.7		14.2		604.1
2020	324.1		—		—		—		—		—		32.3		91.7		69.0		56.1		50.1		45.1		9.9		354.2
2021	412.4		—		—		—		—		—		—		48.5		89.9		73.0		66.6		59.7		14.2		351.9
2022	359.4		—		—		—		—		—		—		—		33.9		83.8		74.7		67.8		15.9		276.1
2023	410.6		—		—		—		—		—		—		—		—		50.2		103.1		93.2		21.3		267.8
2024	451.9		—		—		—		—		—		—		—		—		—		46.3		135.6		29.9		211.8
2025	512.5		—		—		—		—		—		—		—		—		—		—		57.1		35.6		92.7
2026	85.1		—		—		—		—		—		—		—		—		—		—		—		2.6		2.6
Subtotal	5,227.5		538.4		390.6		407.1		443.4		480.2		519.7		614.6		559.7		572.1		623.5		724.2		192.0		6,065.5
Europe Insolvency
2014-2015	29.9		7.3		8.3		8.2		7.4		5.4		3.7		1.9		0.8		0.6		0.4		0.3		0.1		44.4
2016	39.3		—		6.2		12.7		12.9		10.7		7.9		6.0		2.7		1.3		0.8		0.6		0.1		61.9
2017	39.2		—		—		1.2		7.9		9.2		9.8		9.4		6.5		3.8		1.5		1.0		0.2		50.5
2018	44.9		—		—		—		0.6		8.4		10.3		11.7		9.8		7.2		3.5		1.4		0.2		53.1
2019	77.2		—		—		—		—		5.0		21.1		23.9		21.0		17.5		12.9		6.1		0.8		108.3
2020	105.4		—		—		—		—		—		6.0		34.6		34.1		29.7		25.5		15.5		2.0		147.4
2021	53.2		—		—		—		—		—		—		5.5		14.4		14.7		15.4		14.6		3.7		68.3
2022	44.6		—		—		—		—		—		—		—		4.5		12.4		15.2		15.2		3.7		51.0
2023	46.7		—		—		—		—		—		—		—		—		4.2		12.7		15.7		4.2		36.8
2024	43.4		—		—		—		—		—		—		—		—		—		9.5		15.2		4.0		28.7
2025	20.8		—		—		—		—		—		—		—		—		—		—		1.9		1.5		3.4
2026	4.8		—		—		—		—		—		—		—		—		—		—		—		—		—
Subtotal	549.4		7.3		14.5		22.1		28.8		38.7		58.8		93.0		93.8		91.4		97.4		87.5		20.5		653.8
Total Europe	5,776.9		545.7		405.1		429.2		472.2		518.9		578.5		707.6		653.5		663.5		720.9		811.7		212.5		6,719.3
Other markets (3)	951.1		33.9		86.5		103.9		83.7		137.0		135.9		125.4		135.0		215.9		220.5		210.7		50.9		1,539.3
Total PRA Group	$	16,701.2	$	8,056.4	$	1,492.0	$	1,512.7	$	1,625.2	$	1,841.3	$	2,005.6	$	2,061.8	$	1,729.0	$	1,660.7	$	1,868.6	$	2,107.4	$	551.9	$	26,512.6

(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, including purchase price adjustments that occur throughout the life of a portfolio, are presented at the exchange rate at the end of the respective period of purchase.

(4)Reflects all vintages in South America, Canada and Australia.

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 the non-GAAP financial measures referred to below, internally to evaluate the Company’s performance and to set performance goals. Included below are reconciliations of the most directly comparable financial measures calculated in accordance with GAAP to the corresponding non-GAAP financial measure. The non-GAAP financial measures included below should not be considered as an alternative to the most directly comparable financial measure determined in accordance with GAAP. The calculation of the non-GAAP financial measures included below may not be comparable to the calculation of similarly titled financial measures reported by other companies.

Adjusted EBITDA

Adjusted EBITDA is calculated as net income (or loss) attributable to PRA Group, Inc. plus income tax expense (or less income tax benefit); less foreign exchange gain (or plus foreign exchange loss); plus interest expense, net; plus other expense; plus depreciation and amortization; plus impairment of real estate; plus goodwill impairment; 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.

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 and is useful to investors as other companies in the industry report similar financial measures.

Set forth below is a reconciliation of net loss attributable to PRA Group, Inc. to Adjusted EBITDA for the last twelve months (LTM) ended March 31, 2026 and for the year ended December 31, 2025.



	LTM		Year Ended
Adjusted EBITDA Reconciliation ($ in thousands)	March 31, 2026		December 31, 2025
Net loss attributable to PRA Group, Inc.	$	(280,591)	$	(305,142)
Adjustments:
Income tax expense	51,187		46,735
Foreign exchange gain	(1,860)		(755)
Interest expense, net	254,336		251,788
Other expense	410		336
Depreciation and amortization	7,805		9,035
Impairment of real estate	573		1,404
Goodwill impairment	412,611		412,611
Net income attributable to noncontrolling interests	13,325		15,168
Gain on sale of equity method investment	(38,403)		(38,403)
Recoveries collected and applied to Finance receivables, net less Changes in expected recoveries	929,206		922,697
Adjusted EBITDA	$	1,348,599	$	1,315,474

ROATE

The Company uses return on average tangible equity ("ROATE") 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 shareholder 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 Net income attributable to PRA Group, Inc. by Average tangible equity. Return on equity ("ROE") is calculated by by dividing Net income attributable to PRA Group, Inc. by average Total stockholders' equity - PRA Group, Inc.

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



					Average Tangible Equity Reconciliation (1)
	Balance as of Period End				First Quarter
	March 31, 2026		March 31, 2025		2026			2025
Total stockholders' equity - PRA Group, Inc.	$	1,002,288	$	1,219,108	$	991,068		$	1,177,070
Goodwill	26,871		420,715		26,871			408,536
Other intangible assets	1,344		1,488		1,390			1,471
Average tangible equity					$	962,807		$	767,063

					ROE and ROATE (2)
					First Quarter
					2026			2025
Net income attributable to PRA Group, Inc.					$	28,210		$	3,659
Return on equity					11.4		%	1.2		%
Return on average tangible equity					11.7		%	1.9		%

Investor Contact:

Najim Mostamand, CFA

Vice President, Investor Relations

757-431-7913

IR@PRAGroup.com

1.Amounts represent the average balances for the respective periods.

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