Prog Holdings, Inc. · NYSE:PRG
Prog — Merger or Acquisition (December 2025)
16 slides from Prog's merger presentation, Dec 2, 2025
Slide 1: PROG Holdings, Inc. Announces Acquisition of Purchasing Power
PROG Holdings, Inc. Announces Acquisition of Purchasing Power December 2, 2025 Exhibit 99.2
Slide 2: Forward Looking Statements
PROG Internal Forward Looking Statements Statements in this presentation regarding PROG Holdings, Inc. (the “Company”) and its expected acquisition of Purchasing Power that are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results
Slide 3: PROG Holdings' Mission
PROG Internal PROG Holdings’ Mission 3 Mission To create a better today and unlock the possibilities of tomorrow through financial empowerment
Slide 4: Accelerates our Mission by Expanding Financial Access Through a New, Scalable Customer Acquisition Channel
PROG Internal Accelerates our Mission by Expanding Financial Access Through a New, Scalable Customer Acquisition Channel 4 Grow Expand Enhance Grow our GMV through existing merchant partners, new partners, and direct-to- consumer initiatives Expand our ecosystem to increase access and deliver more v
Slide 5: Purchasing Power at a Glance
PROG Internal Purchasing Power at a Glance 5 Purchasing Power is an e-commerce based FinTech platform offering consumers a way to buy and pay for goods and services over time, directly from their paycheck $680M -$730M 2026E revenue ~90% of Purchasing Power’s outstanding balance has payment terms of
Slide 6: Purchasing Power Operating Model
PROG Internal 6 Purchasing Power Operating Model Client (employer) offers Purchasing Power’s service to its employees as a voluntary benefit Employee registers with Purchasing Power and browses its site with over 70K unique SKUs Employee makes a purchase 2 3 4 Purchasing Power onboards a client (emp
Slide 7: Access to Customer Base at Scale
PROG Internal Access to Customer Base at Scale 7 100+ Distribution Partners Brokers Partners(1) Internal Sales Force 360+ Established Clients ~7mm+ Eligible Employees Today A Limited Number of Purchasing Power Sales Resources… …Can Reach Hundreds of Clients… …through its network of Benefit Brokers,
Slide 8: Compelling Value Proposition to Clients and Customers
PROG Internal Compelling Value Proposition to Clients and Customers 8 ~7mm+ eligible employees ~54% female / ~46% male; ~48 average age(2) ~80% of customers have <650 Credit Score Median household income of ~$78K(2) 360+ established employers, focusing on companies in industries with stable employee
Slide 9: Breadth and Depth of Product Categories
Breadth and Depth of Product Categories 9 Jewelry / Fashion / Beauty Outdoor / Fitness Electronics TV / Appliances Travel / Services Furniture / Décor Broad selection of dynamically priced SKUs across multiple categories with access to major brands and products supported by Purchasing Power’s robust
Slide 10: Acquisition Strengthens Current Ecosystem
PROG Internal Acquisition Strengthens Current Ecosystem 10 Leading in-store, app-based, and e-commerce point-of-sale lease-to-own solutions provider Direct to Consumer Buy Now, Pay Later (BNPL) payment platform Innovative credit building financial management tool that aims to help improve customers’
Slide 11: Compelling Benefits of the Transaction
PROG Internal Compelling Benefits of the Transaction 11 Expands reach into a large, underserved employee ecosystem through 360+ established employer relationships as well as public sector-related employers Broadens distribution through a scaled B2B employer network Adds a differentiated payroll- ded
Slide 12: Capital Allocation
12 Capital Allocation Fuel Growth Return Excess Capital to Shareholders Explore Strategic M&A Opportunities ▪ Capital-efficient model that pairs self-funding with securitization ▪ Strategically reinvest in business and technologies ▪ Flexible funding capacity supporting strong GMV growth ▪ Explore a
Slide 13: Key Transaction Terms
PROG Internal 13 Purchase Price ▪ $420M purchase price ― All-cash purchase at closing ▪ ~$330M of non-recourse funding debt to remain in place following closing Funding Sources ▪ ~$175M cash from PROG balance sheet ▪ ~$260M incremental borrowing on new / existing debt facilities Pro Forma Net Levera
Slide 14: Appendix
PROG Internal Appendix
Slide 15: Use of Non-GAAP Financial Measures
PROG Internal Use of Non-GAAP Financial Measures This presentation contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), including (1) pro forma forecasted Adjusted EBiTDA for Purchasing Power for 2026, and (2)
Slide 16: PROG Holdings, Inc.
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