PRA Group, Inc. · NASDAQ:PRAA
PRA — Investor Presentation (November 2026)
42 slides from PRA's investor presentation, November 2026
Slide 1: November 2026 Investor Presentation
November 2026 Investor Presentation A Global Leader in Acquiring and Collecting Nonperforming Loans
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: Agenda
Agenda Company Overview PRA 3.0 Strategy Financial Performance Appendix 2 Nasdaq: PRAA
Slide 4: Strong Market Position, Improving Financial Profile and Significant Opportunities Ahead
PRA Group: Strong Market Position, Improving Financial Profile and Significant Opportunities Ahead Business Highlights Key Stats (LTM Q3 2026) 1. 30+ years of experience with highly tenured 1 management team $1.1B $2.2B Portfolio Purchases Cash Collections 2.2 Significant global scale and diversific
Slide 5: The Nonperforming Loan (NPL) Ecosystem
The Nonperforming Loan (NPL) Ecosystem Banks & Consumer Finance Recovery of NPLs is Essential How Debt Buyers Companies Generate NPLs to a Healthy Financial System Create Value • Banks & consumer finance companies • Collecting on NPLs is essential for a • Debt buyers utilize scale, technology, exten
Slide 6: Data & Analytics to Underwrite Portfolios and Determine Collection Strategy
We Use Data & Analytics to Underwrite Portfolios and Determine the Most Efficient Collection Strategy Underwriting Operational Analytics • Underwriting multi-year future collections and • Aiming to optimize customer engagement – costs tailoring collection efforts based on customers’ ability and will
Slide 7: Key Company Highlights
Key Company Highlights 1 4 Experienced Management Team Driving Differentiated European Business With a Strong Improving Results Track Record of Overperformance 2 5 Leading Global Platform With Scale and Strong Balance Sheet, Ample Liquidity, Diversification Across 18 Markets and Reduced Leverage 3 6
Slide 8: Deep Expertise and Industry Experience
1 Deep Expertise and Industry Experience Martin Sjolund Rakesh Sehgal LaTisha Tarrant Owen James President & Chief Financial Officer General Counsel and President, Chief Executive Officer Chief Human PRA Group Europe Resources Officer Steve Macke Jan Husby Adrian Murphy Global Operations Chief Infor
Slide 9: Our Global Platform Is a Key Differentiator
2 Our Global Platform Is a Key Differentiator and Positions Us to Capitalize on Attractive Opportunities United States (40% of ERC) Europe (55% of ERC) ✓ Largest NPL market globally ✓ Strong track record of disciplined investments, especially during periods of elevated competition ✓ Record credit ca
Slide 10: One of the Most Geographically Diversified Debt Buyers in the World
2 PRA is One of the Most Geographically Diversified Debt Buyers in the World Portfolio Purchases1 ERC Cash Collections1 41% 40% 39% $1.1 $8.8 $2.2 billion 52% billion 55% 52% billion 7% 5% 9% U.S. Europe Other Note: numbers may not add up due to rounding 9 Nasdaq: PRAA 1. Last twelve months ended Se
Slide 11: Resilient Global Business Model
2 Resilient Global Business Model Levers for Mitigating Potential Consumer Financial Pressure 51%/49% 51% 49% Total Core Cash of U.S. & Europe Total of U.S. & Europe Collections Mix Core Collections Total Core Between U.S. from Call Centers & Collections from and Europe Other Non-Legal Legal Channel
Slide 12: Disciplined & Diversified Purchaser of NPLs With Long Track Record
2 Disciplined & Diversified Purchaser of NPLs With Long Track Record Diversified set of markets enables us to be Disciplined investment process and selective in our investments experienced underwriters Total Portfolio Purchases $ in millions • Experienced underwriting teams $1,408 $1,289 $1,209 $1,1
Slide 13: Our Global Perspective on the Markets
3 Our Global Perspective on the Markets Managing Complexity Across Distinct Global Environments U.S. Market European Market • Complex and stringent regulatory environment • Fragmented regulatory environment o Federal Regulator: CFPB o Very different application of collections rules in o U.S. Laws: F
Slide 14: The U.S. NPL Market is the World's Largest
3 The U.S. NPL Market is the World’s Largest – and it Continues to Grow U.S. Credit Card Balances1 and Charge-Off Rates2 Attractive Through-the-Cycle Business Model $ in billions Strong Economy $1,200 $1,106 10% $1,000 • Healthy customer payment activity supports 8% collections performance on our la
Slide 15: Strong, Differentiated European Business
4 Strong, Differentiated European Business with Disciplined Investments & Consistent Collections Growth $ in millions PRA Europe Investments1 Key Europe Highlights ✓ Experienced and stable management (investment committee average tenure of ~12 years) $589 $477 $508 $519 $553 $450 $408 $407 $444 $371
Slide 16: Strong Funding and Ample Liquidity Support Disciplined Capital Allocation
5 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
Slide 17: 8 Consecutive Quarters of De-Leveraging
5 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 18: Agenda
Agenda Company Overview PRA 3.0 Strategy Financial Performance Appendix 17 Nasdaq: PRAA
Slide 19: PRA 3.0: A High-Performing, Technology-Enabled Global Allocator of Capital
PRA 3.0: A High-Performing, Technology-Enabled Global Allocator of Capital 1 Capital & Invest with Discipline – allocate capital to highest-return Investing opportunities 2 Operations, Tech Modernize the Engine – become leaner, more flexible, tech- & Data driven 3 Establish a Winning Culture – embed
Slide 20: Invest with Discipline
Invest with Discipline Allocate Capital to Highest-Return Opportunities Strong financial Disciplined global Strong diversified Prudent capital profile through the NPL investor funding allocation strategy cycle • Leverage our global • Drive more predictable • Multiple sources of • Prioritize investme
Slide 21: Modernize the Engine
Modernize the Engine Become Leaner, More Flexible, Tech-Driven Fully leverage Enhanced data & Disciplined cost Transform operations technology analytics management • Balance internal • Leverage technology • Invest in talent & • Zero-based cost platform with flexible standardization to capabilities,
Slide 22: Establish a Winning Culture
Establish a Winning Culture Embed High-Performance Ownership Mindset Strong Governance & Invest in Talent Performance Culture Aligned Incentives Values • Talent hubs in • Enhance high- • Continue to align • Continued strong locations with strong performance incentives with compliance culture talent
Slide 23: 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 24: Clear Strategy to Drive Improved Results and Long-Term Stakeholder Value
Clear Strategy to Drive Improved Results and Long-Term Stakeholder Value Long Track Record & Strong Clear Vision for the Future Driving Financial Metrics Fundamentals with Proven Execution • Scaled global platform with 30-year ✓ Capital & Investing ✓ LTM Adjusted EBITDA growing faster track record t
Slide 25: Agenda
Agenda Company Overview PRA 3.0 Strategy Financial Performance Appendix 24 Nasdaq: PRAA
Slide 26: Another Solid Quarter of PRA 3.0 Execution
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 27: 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 28: Cash Collections Supported by Strong U.S. Legal Growth
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 29: Portfolio Income Continued to Grow
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 30: PRA 3.0 Cost Reduction Initiatives Continued to Drive Expense Reduction
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 31: Agenda
Agenda Company Overview PRA 3.0 Strategy Financial Performance Appendix 30 Nasdaq: PRAA
Slide 32: PPMs Capture Gross Cash but Not Net Value Creation
PPMs Capture Gross Cash but Not Net Value Creation We Solve For Net Returns After Cost to Collect, Funding & Timing • PPMs are a measure of Gross Dollars Collected Per Dollar Factors U.S. Core Europe Core Insolvency Invested…not necessarily a measure of profitability. We target net returns. Cost to
Slide 33: Understanding PRA Group Financials
Understanding PRA Group Financials Total Portfolio Revenue has two components: Total Portfolio Revenue • Portfolio Income is the yield component • Changes in Expected Recoveries is current period over/underperformance + NPV of ERC changes Portfolio Income Changes in Expected Recoveries Effective int
Slide 34: The Basis of Portfolio Income
The Basis of Portfolio Income If Cash is Collected as Expected in Original Underwriting 1. Purchase of Portfolio • Purchase Price of $1,000 with Total Estimated Collections of $2,200 = Purchase Price Multiple of 2.20x • Effective Interest Rate (EIR) = 28.8% (Gross IRR of purchase price and projected
Slide 35: What Happens When Cash IS NOT Collected As Expected
What Happens When Cash IS NOT Collected As Expected There is Always Some Level of Changes in Expected Recoveries Collecting More Cash Than Expected Collecting Less Cash Than Expected (Overperformance) (Underperformance) • Cash in excess of expectations is recognized as an increase • Cash lower than
Slide 36: 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 37: 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 38: 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 39: Reconciliation of Total Stockholders' Equity to Average Tangible Equity
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 40: Reconciliation of Net Income to Adjusted Net Income Attributable to PRA
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 41: U.S. Portfolio Acquisitions by Major Asset Type & Delinquency Category
U.S. Portfolio Acquisitions by Major Asset Type & Delinquency Category $ in thousands 2025 2026 Major Asset Type Q3 % Q4 % Q1 % Q2 % Q3 % Major Credit Cards 74,171 55% 32,323 29% 20,288 17% 32,910 30% 43,486 47% Private Label Credit Cards 54,050 40% 70,685 63% 85,427 72% 66,101 60% 38,436 42% Consum
Slide 42: Najim Mostamand, CFA
Najim Mostamand, CFA VP, Investor Relations (757) 431-7913 [email protected] IR.PRAGROUP.COM