Jefferson Capital, Inc. · NASDAQ:JCAP
Jefferson Capital — Q4 2025 Earnings Presentation
17 slides from Jefferson Capital's earnings presentation, Mar 12, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results
Fourth Quarter and Full Year 2025 Financial Results March 12, 2026 © 2020 © 2026 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: 4Q'25 Financial Performance Overview
4Q’25 Financial Performance Overview ✓ Record collections driven by 2023 and 2024 deployments $245mm Up 41% vs 4Q’24 ✓ Record quarterly deployments $381mm Up 6% vs 4Q’24 ✓ Record ERC propelled by deployments at attractive returns $3.4bn ERC Up 23% vs 4Q’24 ✓ Strong revenue growth continues $155mm Up
Slide 4: Macroeconomic Backdrop Remains Favorable
Macroeconomic Backdrop Remains Favorable Elevated levels of consumer credit and charge-offs drive strong supply of non-performing portfolios, while continued low unemployment supports portfolio liquidation rates Strong Supply Driven by Normalization of Credit Quality Trends 90+ Day Delinquency Balan
Slide 5: Demonstrated Track Record of Delivering Long Term Results
Demonstrated Track Record of Delivering Long Term Results Demonstrated history of growth and consistent profitability successfully navigating a broad range of market environments Portfolio Metrics Deployments Collections ERC ($ in millions) ($ in millions) ($ in millions) Financial Results Revenue N
Slide 6: 4Q'25 Operating Performance Highlights
4Q’25 Operating Performance Highlights Collections Observations ($ in millions) ▪ Collections remain strong propelled by 2023 and 2024 deployments o Continued pronounced impact of Conn’s portfolios given large portion of paying accounts and short duration of the assets with $36.3 mm for the quarter
Slide 7: 4Q'25 Estimated Remaining Collections
4Q’25 Estimated Remaining Collections ERC by Geography (1) Observations ($ in millions) ▪ ERC well diversified geographically and between lines of business o U.S. Distressed ERC includes $139.9 mm related to Conn’s and $295.6 mm related to Bluestem portfolio purchases $3,380 mm ▪ ERC shorter in dura
Slide 8: Best-in-Class Operating Efficiency Drives Strong Profitability
Best-in-Class Operating Efficiency Drives Strong Profitability Cash Efficiency Ratio(1) Observations ▪ Relentless focus on operating efficiency core to the JCAP return proposition o Own high value-add aspects of the purchasing and collection process that create competitive advantages o Outsource com
Slide 9: Detailed Financial Performance and Comparison vs. 4Q'24
Detailed Financial Performance and Comparison vs. 4Q’24 Key Financial Metrics Observations ▪ Strong revenue growth supported by deployments at attractive yields ($ in millions, except EPS) Q4’25 Vs. Q4’24 ▪ Court costs increased to $17.7 mm, up 86% vs. Q4’24 as a result of increased consumer litigat
Slide 10: Detailed Financial Performance and Comparison vs. 2024
Detailed Financial Performance and Comparison vs. 2024 Key Financial Metrics Observations ▪ Record operating performance with record collections of $999 mm and record deployments of ($ in millions, except EPS) 2025 Vs. 2024 $832 mm Revenues $ 613.3 42% ▪ Record revenue, net operating income and adju
Slide 11: 4Q'25 Leverage and Funding Structure Overview
4Q’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 1.90x adjusted for $58.9 mm share repurchase in conjunction with follow-on offering on 1/9/26 o
Slide 12: Capital Allocation Framework
Capital Allocation Framework Portfolio • Continue to deploy capital at attractive risk adjusted returns Growth • Maintain leverage in the 2.0-2.5x range on a sustained basis • Quarterly dividend of $0.24 per share, payable on April 2 to shareholders of Quarterly record as of March 24 Dividend • Annu
Slide 13: Appendix
Tab Appendix © 2020 © 2026 Jefferson Jefferson Capital Capital, Systems, Inc. LLC
Slide 14: Calculation of Quarterly Cash Efficiency Ratio
Calculation of Quarterly Cash Efficiency Ratio ($ in Millions) Three Months Ended Year Ended Dec'31 Mar'31 Jun'30 Sep'30 Dec'31 Dec'31 2024 2025 2025 2025 2025 2025 Collections $ 174.3 $ 260.9 $ 255.7 $ 236.8 $ 245.3 $ 998.7 Credit card revenue 2.0 1.9 1.8 1.8 1.7 7.2 Servicing revenue 8.0 10.7 10.5
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 Year Ended Dec'31 Mar'31 Jun'30 Sep'30 Dec'31 Dec'31 2024 2025 2025 2025 2025 2025 Pre-tax income $ 29.4 $ 66.9 $ 61.9 $ 45.5 $
Slide 16: Calculation of Quarterly Leverage
Calculation of Quarterly Leverage ($ in Millions) Trailing Twelve Months Ended Adjusted Dec'31 Mar'31 Jun'30 Sep'30 Dec. 31, Dec. 31, 2024 2025 2025 2025 2025 2025 Net cash provided by operating activities $ 168.2 $ 184.5 $ 215.6 $ 270.9 $ 268.8 $ 268.8 Changes in prepaid expenses 7.8 13.0 11.1 (13.
Slide 17: Reconciliation of Adjusted Net Income
Reconciliation of Adjusted Net Income ($ in Millions) Year Ended Dec'31 Dec'31 Dec'31 Dec'31 Dec'31 Dec'31 Dec'31 2019 2020 2021 2022 2023 2024 2025 Net Income $ 22.4 $ 26.6 $ 46.2 $ 87.6 $ 111.5 $ 128.9 $ 188.0 Foreign exchange and other income (expense) - - 0.3 0.9 (4.6) 5.5 (7.7) Stock compensati