Jefferson Capital, Inc. · NASDAQ:JCAP
Jefferson Capital — Q3 2025 Earnings Presentation
16 slides from Jefferson Capital's earnings presentation, Nov 13, 2025
Slide 1: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results November 13, 2025 © 2020 © 2025 Jefferson Jefferson Capital Capital, Systems, Inc. LLC
Slide 2: Disclaimer
Disclaimer Forward Looking Statements Disclaimer This presentation of Jefferson Capital, Inc. (together with its direct and indirect subsidiaries, “we”, “us”, “or”, “JCAP”, “Jefferson Capital”, or the “Company”) contains forward-looking statements within the meaning of the Private Securities Litigat
Slide 3: 3Q'25 Financial Performance Overview
3Q’25 Financial Performance Overview ✓ Strong growth in collections driven by 2023 and 2024 deployments $237mm Up 63% vs 3Q’24 ✓ Largest third quarter deployments in the Company’s history $151mm Up 22% vs 3Q’24 ✓ ERC reaches new record propelled by deployments at attractive returns $2.9bn ERC Up 27%
Slide 4: Macroeconomic Backdrop Remains Favorable
Macroeconomic Backdrop Remains Favorable Normalizing charge-offs drive strong supply of non-performing portfolios, while portfolio liquidation rates are supported by continued low unemployment Strong Supply Driven by Normalization of Credit Quality Trends 90+ Day Delinquency Balances (excl. Student
Slide 5: 3Q'25 Operating Performance Highlights
3Q’25 Operating Performance Highlights Collections Observations ($ in millions) ▪ Collections remain at near record levels propelled by strong deployments in 2023 and 2024 o Continued pronounced impact of Conn’s portfolio given large portion of paying accounts and short duration of the assets • $49.
Slide 6: 3Q'25 Estimated Remaining Collections
3Q’25 Estimated Remaining Collections ERC by Geography (1) Observations ($ in millions) ▪ ERC well diversified geographically and between lines of business o U.S. Distressed ERC includes $178.6 mm related to the Conn’s portfolio purchase ▪ ERC shorter in duration compared to peers because $2,930 mm
Slide 7: Best-in-Class Operating Efficiency Drives Strong Profitability
Best-in-Class Operating Efficiency Drives Strong Profitability Cash Efficiency Ratio(1) Observations ▪ Relentless focus on operating efficiency core to the JCAP return proposition o Own high value-add aspects of the purchasing and collection process that create competitive advantages o Outsource com
Slide 8: Bluestem Portfolio Purchase: Key Transaction Terms
Bluestem Portfolio Purchase: Key Transaction Terms Selected Terms Transaction ▪ Jefferson Capital to acquire a portfolio of credit card assets from affiliates of Bluestem Brands (“Bluestem”) Parties ▪ Purchaser: Jefferson Capital Systems, LLC ▪ Sellers: BLST Holding Company LLC, BLST Operating Compa
Slide 9: Jefferson Capital Well Positioned for Future Dislocated Consumer Credit Opportunities
Jefferson Capital Well Positioned for Future Dislocated Consumer Credit Opportunities Market Dynamics JCAP Positioning ▪ Broad-based business challenges across non-bank consumer credit Broadening funnel of consumer credit originators opportunities in complex situations ▪ Significant scale needed for
Slide 10: Detailed Financial Performance and Comparison vs. 3Q'24
Detailed Financial Performance and Comparison vs. 3Q’24 Key Financial Metrics Observations Operating expense increase driven by two key components: ($ in millions, except EPS) Q3’25 Vs. Q3’24 ▪ Court cost increased to $14.9 mm, up 66% vs. Q3’24 as a result of increased consumer litigation o Upfront
Slide 11: 3Q'25 Leverage and Funding Structure Overview
3Q’25 Leverage and Funding Structure Overview Net Debt / Adjusted Cash EBITDA(1) Observations ▪ JCAP seeks to operate the business long term within a range of 2.0 - 2.5x Net Debt / Adjusted Cash EBITDA o Leverage remains significantly lower than publicly traded peers ▪ On October 27, 2025 JCAP compl
Slide 12: Capital Allocation Framework
Capital Allocation Framework • Continue to deploy capital at attractive risk adjusted returns Portfolio • Fourth quarter typically offers an elevated level of deployment Growth opportunities • Maintain leverage in the 2.0-2.5x range on a sustained basis • Quarterly dividend of $0.24 per share, payab
Slide 13: Appendix
Tab Appendix © 2020 © 2025 Jefferson Jefferson Capital Capital, Systems, Inc. LLC
Slide 14: Calculation of Quarterly Cash Efficiency Ratio
Calculation of Quarterly Cash Efficiency Ratio ($ in Millions) Three Months Ended Q3'25 Sep'30 Dec'31 Mar'31 Jun'30 Sep'30 2024 2024 2025 2025 2025 Collections $ 145.1 $ 174.3 $ 260.9 $ 255.7 $ 236.8 Credit card revenue 2.1 1.9 1.9 1.8 1.8 Servicing revenue 7.6 8.0 10.7 10.5 9.4 Cash Receipts (A) $
Slide 15: Reconciliation of Adjusted Pre-tax Income and Adjusted Net Income
Reconciliation of Adjusted Pre-tax Income and Adjusted Net Income, Calculation of Adjusted Pre-tax ROAE, and Calculation of Adjusted EPS ($ in Millions) Three Months Ended Jun'30 Sep'30 Dec'31 Mar'31 Jun'30 Sep'30 2024 2024 2024 2025 2025 2025 Pre-tax income $ 39.2 $ 29.5 $ 67.0 $ 62.0 $ 45.5 Foreig
Slide 16: Calculation of Quarterly Leverage
Calculation of Quarterly Leverage ($ in Millions) Trailing Twelve Months Ended Sep'30 Dec'31 Mar'31 Jun'30 Sep'30 2024 2024 2025 2025 2025 Net cash provided by operating activities $ 125.6 $ 168.2 $ 184.5 $ 215.6 $ 270.9 Changes in prepaid expenses 20.7 7.8 13.0 11.1 (13.8) Changes in accounts payab