PRA Group, Inc. · NASDAQ:PRAA
PRA — Q3 2026 Earnings Presentation
18 slides from PRA's earnings presentation, November 2026
Slide 1: PRA Group Q3 2026 Conference Call Presentation
PRA Group Q3 2026 Conference Call Presentation Nasdaq: PRAA
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements in this presentation, other than statements of historical fact, are forward-looking statements, which are based on our current beliefs, projections, assumptions and expectations concerning future operations and financial performance. Such statements involve unce
Slide 3: Another Solid Quarter of PRA 3.0 Execution, Driving Adjusted EBITDA Growth and Reduced Net Leverage
Another Solid Quarter of PRA 3.0 Execution, Driving Adjusted EBITDA Growth and Reduced Net Leverage $ in millions Cash Collections Exceeded Internal Expectations; Disciplined Capital Deployment Across the U.S. and Europe Adj. Cash Efficiency Ratio Improved 200+ Bps Despite Legal Investments with Pur
Slide 4: PRA 3.0 Execution Continues to Strengthen the Business
PRA 3.0 Execution Continues to Strengthen the Business Key Milestones Achieved in Q3 and Early Q4 1 Allocate capital to highest-return opportunities: Capital & ✓ Eight consecutive quarters of de-leveraging ✓ Raised $400M of senior notes due 2033, strengthening funding Investing flexibility ✓ Continu
Slide 5: Portfolio Purchases Reflect Disciplined Pricing and Healthy Supply Conditions
Portfolio Purchases Reflect Disciplined Pricing and Healthy Supply Conditions Core PPMs1 and Portfolio Purchases U.S. Credit Card Balances2 and Charge-Off Rates3 $ in millions $ in billions PRA (global) 2.07x 1.98x 1.96x 1.98x 1.94x $1,200 $1,106 10% Europe 2.01x 1.78x 1.84x 1.86x 1.76x $1,000 8% U.
Slide 6: Cash Collections Supported by Strong U.S. Legal Growth and Healthy European Results
Cash Collections Supported by Strong U.S. Legal Growth and Healthy European Results Estimated Remaining Collections (ERC)1 Total Cash Collections U.S. Legal Cash Collections $ in billions $ in millions $ in millions U.S. Legal Collection Costs U.S. Europe Other U.S. Europe Other U.S. Legal Cash Coll
Slide 7: Portfolio Income Continued to Grow, Supporting More Predictable Revenue
Portfolio Income Continued to Grow, Supporting More Predictable Revenue $ in millions Total Revenues Changes in Expected Recoveries $372 $74 $311 $333 $315 $7 $7 $97 $286 $51 $1 $64 $44 $1 $14 $1 +5% $37 $27 $24 $27 $23 $21 $23 $259 $263 $270 $268 $271 $6 $8 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25
Slide 8: PRA 3.0 Cost Reduction Initiatives Continued to Drive Expense Reduction and Support Profitability
PRA 3.0 Cost Reduction Initiatives Continued to Drive Expense Reduction and Support Profitability $ in millions Total Adjusted Operating Expenses1 Adjusted Net Income2 & Adjusted ROATE3 -6% 15% 23% $214 $200 9% 12% 6% $47 $46 $58 $35 $28 $24 $36 $34 $167 $154 $21 $14 $18 $15 Q3 25 Q3 26 Q3 25 Q4 25
Slide 9: 8 Consecutive Quarters of De-Leveraging, Driven by Increased Adjusted EBITDA and Disciplined Capital Deployment
8 Consecutive Quarters of De-Leveraging, Driven by Increased Adjusted EBITDA and Disciplined Capital Deployment $ in millions Borrowings, LTM Adjusted EBITDA1, and Net Leverage2 Borrowings $2,953 $3,114 $3,296 $3,327 $3,466 $3,614 $3,607 $3,697 $3,779 $3,759 $3,715 • Net leverage declined to 2.60x,
Slide 10: Strong Funding and Ample Liquidity Support Disciplined Capital Allocation
Strong Funding and Ample Liquidity Support Disciplined Capital Allocation Staggered Maturities Flexible Capital Allocation Strategy Debt Maturity Profile1 $ in millions 1 Disciplined portfolio purchases that meet return $1,875 thresholds $398 $550 $563 $340 $0 $0 Invest in initiatives that enhance o
Slide 11: PRA 3.0 Is Delivering Results and Building a Stronger Foundation for Long-Term Returns
PRA 3.0 Is Delivering Results and Building a Stronger Foundation for Long-Term Returns Capital & Investing ✓ Increased Europe ERC by $349M in Q2 2026 following comprehensive analysis ✓ 8 consecutive quarters of de-leveraging ✓ Raised $400M of senior notes due 2033 and extended debt maturities ✓ Repu
Slide 12: Q&A
Q&A 11 Nasdaq: PRAA
Slide 13: Non-GAAP Financial Measures
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
Slide 14: Reconciliation of Net Income/(Loss) to Adjusted EBITDA and Calculation of Net Leverage
Reconciliation of Net Income/(Loss) to Adjusted EBITDA and Calculation of Net Leverage $ in millions Non-GAAP Financial Measures Set forth below is a reconciliation of Net income/(loss) attributable to PRA Group, Inc. to Adjusted EBITDA for the last twelve months (LTM) as of March 31, 2024 through t
Slide 15: Calculation of Adjusted Cash Efficiency Ratio
Calculation of Adjusted Cash Efficiency Ratio Non-GAAP Financial Measures The following table provides a reconciliation of Total operating expenses to Adjusted operating expenses and presents the Company’s Cash efficiency ratios and Adjusted cash efficiency ratios for the periods indicated (in thous
Slide 16: Reconciliation of Total Stockholders' Equity to Average Tangible Equity and Adjusted Net Income
Reconciliation of Total Stockholders’ Equity – PRA Group, Inc. to Average Tangible Equity and Reconciliation of Net Income/(Loss) Attributable to PRA Group, Inc. to Adjusted Net Income Attributable to PRA Non-GAAP Financial Measures The following table provides a reconciliation of Total stockholders
Slide 17: Reconciliation of Net Income to Adjusted Net Income and 4-Quarter Average
Reconciliation of Net Income/(Loss) Attributable to PRA Group, Inc. to Adjusted Net Income Attributable to PRA and Calculation of 4-Quarter Average Adjusted Net Income Attributable to PRA Non-GAAP Financial Measures The following table provides a reconciliation of Net income/(loss) attributable to P
Slide 18: Najim Mostamand, CFA, VP, Investor Relations
Najim Mostamand, CFA VP, Investor Relations (757) 431-7913 IR@pragroup.com IR.PRAGROUP.COM