Slide 1: PRA Group Q2 2026 Conference Call Presentation
PRA Group Q2 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: Q2 2026 Highlights: Continued Execution Against PRA 3.0
Q2 2026 Highlights: Continued Execution Against PRA 3.0 $ in millions Continued Growth in Cash Collections Disciplined Capital Deployment While Maintaining Strong Operating Efficiency with Portfolio Purchases in Line with Expectations Cash Collections & Cash Efficiency Ratio1 Portfolio Purchases +4%
Slide 4: PRA 3.0 Strategy
PRA 3.0 Strategy A Clear Framework for Driving Higher Returns and Long-Term Shareholder Value Capital & Investing Operations, Tech & Data People & Culture Allocate capital to highest-return Build a leaner, more flexible & tech-driven Embed high-performance ownership mindset opportunities model 1• Di
Slide 5: Recent Progress Executing PRA 3.0
Recent Progress Executing PRA 3.0 Major Milestones Achieved Across All Three Vectors During Q2 and Early Q3 Capital & Investing Operations, Tech & Data People & Culture ✓ Increased Europe ERC by $349M ✓ Completed second wave of cost reduction ✓ Reduced management following sustained overperformance
Slide 6: Q2 Portfolio Purchases Remained in Line with Expectations
Q2 Portfolio Purchases Remained in Line with Expectations $ in millions Core PPMs1 and Portfolio Purchases PRA 1.98x 2.07x 1.98x 1.96x 1.98x (global) Capital Deployed Only to Portfolios That Meet Europe 1.87x 2.01x 1.78x 1.84x 1.86x Return Thresholds • Global allocation framework provides flexibilit
Slide 7: Continued Cash Collections Growth Driven by U.S. Legal & Digital and Europe
Continued Cash Collections Growth Driven by U.S. Legal & Digital and Europe 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 Collections
Slide 8: Financial Impact of the European Portfolio Review
Financial Impact of the European Portfolio Review Europe Performance What We Did Expected Future Impact • Europe cash collections exceeded • Performed comprehensive review • Higher portfolio income, the underwriting targets for 6+ of European portfolios, as part of more predictable component of cons
Slide 9: Higher Revenues Supported by Europe ERC Increase and Portfolio Income Growth
Higher Revenues Supported by Europe ERC Increase and Portfolio Income Growth $ in millions Total Revenues Changes in Expected Recoveries +29% $372 $74 $311 $333 $315 $7 $288 $7 $44 $1 $97 $33 $3 $51 $1 $64 +7% $40 $37 $27 $24 $27 $23 $21 $23 $251 $259 $263 $270 $268 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 ($7
Slide 10: Strong Earnings Growth Supported by Revenue Growth and Continued Cost Discipline
Strong Earnings Growth Supported by Revenue Growth and Continued Cost Discipline $ in millions Total Operating Expenses Adjusted Net Income1 & Adjusted ROATE2 15.3% 23.3% $219 6.0% 9.3% 11.7% $203 $58 $89 $96 $35 $28 $38 $53 -7% $13 $21 $76 $70 Q2 25 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Compensation
Slide 11: Adjusted EBITDA Growth Continued to Reduce Net Leverage
Adjusted EBITDA Growth Continued to Reduce Net Leverage $ 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 Net leverage declined to 2.67x, 2.87x 2.81x 2.83x 2.82x 2.81x down from its peak 2.77x 2.73x 2.73
Slide 12: Strong Funding Profile Supports Disciplined Capital Allocation
Strong Funding Profile Supports Disciplined Capital Allocation Staggered Maturities (None Until 2028) Flexible Capital Allocation Strategy Debt Maturity Profile1 $ in millions 1 Disciplined portfolio purchases that meet return $1,862 thresholds $550 $618 $398 $343 $0 $0 2026 2027 2028 2029 2030 2031
Slide 13: Clear Strategy, Strong Execution, and Significant Opportunities Ahead
Clear Strategy, Strong Execution, and Significant Opportunities Ahead Financial Targets Over Next 2-3 Years Focus Areas for Remainder of 2026 with PRA 3.0 Execution Capital & Investing $1.0 - $1.3 Billion • Disciplined investments • Deploy capital to opportunities meeting return thresholds of Purcha
Slide 14: Q&A
Q&A 13 Nasdaq: PRAA
Slide 15: 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 16: 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 17: 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 18: Najim Mostamand, CFA
Najim Mostamand, CFA VP, Investor Relations (757) 431-7913 IR@pragroup.com IR.PRAGROUP.COM