# EDGAR Filing Document

**Accession Number:** 0001185348
**File Stem:** 0001185348-25-000018
**Filing Date:** 2025-8
**Character Count:** 52252
**Document Hash:** 7be756aac245919cb40d66c7119d7637
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185348-25-000018.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001185348-25-000018

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250804

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRA GROUP INC
- **CENTRAL INDEX KEY:** 0001185348
- **STANDARD INDUSTRIAL CLASSIFICATION:** SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 753078675
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50058
- **FILM NUMBER:** 251180294

**BUSINESS ADDRESS:**
- **STREET 1:** 120 CORPORATE BLVD STE 100
- **CITY:** NORFOLK
- **STATE:** VA
- **ZIP:** 23502
- **BUSINESS PHONE:** 7575199300

**MAIL ADDRESS:**
- **STREET 1:** 120 CORPORATE BLVD STE 100
- **CITY:** NORFOLK
- **STATE:** VA
- **ZIP:** 23502

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PORTFOLIO RECOVERY ASSOCIATES INC
- **DATE OF NAME CHANGE:** 20020903

?xml version='1.0' encoding='ASCII'? praa-20250804

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

WASHINGTON, D.C. 20549

**FORM 8-K** 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 4, 2025

PRA Group, Inc.

_________________________________________

(Exact name of registrant as specified in its charter)

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| | | | |
|:---|:---|:---|:---|
| Delaware | Delaware | 000-50058 | 75-3078675 |
| (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| 120 Corporate Boulevard | 120 Corporate Boulevard |  |  |
| Norfolk, | Virginia |  | 23502 |
| (Address of principal executive offices) | (Address of principal executive offices) |  | (Zip Code) |

---

Registrant's telephone number, including area code: (888) 772-7326

Not Applicable

______________________________________________

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value per share | PRAA | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

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**Item 2.02 Results of Operations and Financial Condition.**

On August 4, 2025, PRA Group, Inc. (the "Company") issued a press release announcing its second quarter 2025 results. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated into this Item 2.02 by reference.

**Item 7.01 Regulation FD Disclosure.**

The slide presentation being used in connection with the Company's previously announced August 4, 2025, webcast and conference call to discuss its second quarter 2025 results is available in the Investor Relations section of the Company's website at <u>https://ir.pragroup.com/events-and-presentations</u>.

None of the information furnished in Item 2.02, Item 7.01 or Exhibit 99.1 of this Form 8-K shall be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that Section. Unless expressly set forth by specific reference in such filings, none of the information furnished in this Form 8-K shall be incorporated by reference in any filing under the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings.

**Item 9.01 Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| (d) | Exhibits | |
| | <u>[99.1](q22025earningsrelease.htm)</u> | <u>[Press release dated](q22025earningsrelease.htm)[August 4](q22025earningsrelease.htm)[, 2025](q22025earningsrelease.htm)</u> |
| | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURE**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **PRA Group, Inc.** | **PRA Group, Inc.** |
| Date: August 4, 2025 | By: | /s/ Rakesh Sehgal |
|  |  | Rakesh Sehgal |
|  |  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

![pralogoa06.gif](pralogoa06.gif)

**PRA Group Reports Second Quarter 2025 Results**

*Strong Portfolio Purchases at Attractive Returns Driving Record ERC; Double-Digit Cash Collections Growth with 60%+ Cash Efficiency Ratio*

*Net Income Attributable to PRA Group, Inc. of $42 Million Includes Approximately $30 million After-tax Gain from Previously Announced Sale of RCB Equity Interest in Brazil; $10 Million of Shares Repurchased*

*16% Adjusted EBITDA Growth Outpaces 13% Cash Collections Growth*

*Strong European Performance with Continued Focus on Transforming U.S. Business*

**NORFOLK, Va., August 4, 2025** - PRA Group, Inc. (Nasdaq: PRAA) (the "Company"), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the second quarter of 2025 ("Q2 2025").

***Q2 2025 Highlights (vs. Q2 2024)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total portfolio purchases of $346.5 million, down 8.7%, reflecting the lower target for full year 2025 of $1.2 billion compared to 2024 total portfolio purchases of $1.4 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record estimated remaining collections (ERC)<sup>1</sup> of $8.3 billion, up 21.9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total cash collections of $536.3 million, up 13.2%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash efficiency ratio<sup>2</sup> of 62.4%, up 355 basis points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to PRA Group, Inc. of $42.4 million, up 96.9%, resulting in diluted earnings per share of $1.08. This includes a $29.7 million, or $0.75 per share, after-tax gain from the previously announced sale<sup>4</sup> of the Company's equity interest in RCB, the servicing company for its nonperforming loan investments in Brazil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA<sup>3</sup> for the 12 months ended June 30, 2025 of $1.2 billion, up 16.4%.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>**($ in thousands, except per share amounts)** | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to PRA Group, Inc. | $42374 | $21516 | $46033 | $24991 |
| Diluted earnings per share | $1.08 | $0.54 | $1.16 | $0.63 |

---

"The second quarter represented another positive step in our journey of creating sustained shareholder value," said Martin Sjolund, president and chief executive officer. "We had another period of robust portfolio investments at attractive purchase price multiples, record ERC, and improved portfolio income as we continue to focus on high-return opportunities. Improvement in our cash efficiency ratio reflects the work we have been doing to increase cash collections and manage expenses, leading to Adjusted EBITDA growth that outpaced cash collections growth."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Refers to the sum of all future projected cash collections on the Company's nonperforming loan portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Calculated by dividing cash receipts less operating expenses by cash receipts. Cash receipts refers to cash collections on the Company's nonperforming loan portfolios, fees and revenue recognized from the Company's class action claims recovery services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A reconciliation of net income, the most directly comparable financial measure calculated and reported in accordance with GAAP, to Adjusted EBITDA can be found at the end of this press release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.This transaction does not impact the Company's ownership of any portfolios in Brazil, nor its existing operations or future portfolio investment opportunities in this market.

------

"More importantly, we have hit the ground running since I've stepped into the CEO role. Building on PRA's global scale and strong foundation, we are working with urgency to drive a meaningful improvement in our financial and operational results over the long term. Leveraging my experience strengthening and growing our European business with a proven multi-year track record of performance, we are accelerating the transformation of our U.S. business across our three strategic pillars: optimizing investments, operational execution, and managing expenses. I have confidence in our ability to develop PRA into the leading player in our industry, and look forward to building on our momentum."

**Cash Collections and Revenues**

The following table presents cash collections by quarter and by source on an as reported and constant currency-adjusted basis:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cash Collection Source** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **($ in thousands)** | **Q2** | **Q1** | **Q4** | **Q3** | **Q2** |
| Americas and Australia Core | $301698 | $288160 | $257711 | $266977 | $263828 |
| Americas Insolvency | 24329 | 23700 | 24067 | 26065 | 26971 |
| Europe Core | 185652 | 164371 | 162564 | 158242 | 156739 |
| Europe Insolvency | 24609 | 21205 | 23724 | 25826 | 26344 |
| Total cash collections | $536288 | $497436 | $468066 | $477110 | $473882 |
| **Cash Collection Source -** |  |  |  |  |  |
| **Constant Currency-Adjusted** | **2025** |  |  |  | **2024** |
| **($ in thousands)** | **Q2** |  |  |  | **Q2** |
| Americas and Australia Core | $301698 |  |  |  | $260348 |
| Americas Insolvency | 24329 |  |  |  | 26935 |
| Europe Core | 185652 |  |  |  | 166348 |
| Europe Insolvency | 24609 |  |  |  | 27897 |
| Total cash collections | $536288 |  |  |  | $481528 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total cash collections in Q2 2025 increased 13.2% to $536.3 million, compared to $473.9 million in the second quarter of 2024 ("Q2 2024").

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>**($ in thousands)** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Portfolio income | $250934 | $209290 | $491892 | $411346 |
| Recoveries collected in excess of forecast | $40302 | $54260 | $56802 | $90098 |
| Changes in expected future recoveries | (7010) | 19060 | 4412 | 34896 |
| &nbsp;&nbsp;&nbsp;Changes in expected recoveries | $33292 | $73320 | $61214 | $124994 |
| Total portfolio revenue | $284226 | $282610 | $553106 | $536340 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio income in Q2 2025 increased 19.9% to $250.9 million, compared to $209.3 million in Q2 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total portfolio revenue in Q2 2025 increased 0.6% to $284.2 million, compared to $282.6 million in Q2 2024.

**Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Operating expenses in Q2 2025 increased 3.9% to $202.6 million, compared to $195.0 million in Q2 2024. The increase was primarily due to increased investment in call center offshoring to

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provide greater operating flexibility as that channel continues to scale, as well as continued investments in our U.S. legal collections channel to drive future cash collections growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest expense, net in Q2 2025 increased 12.6% to $62.4 million, compared to $55.4 million in Q2 2024, primarily reflecting higher debt balances to support portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The effective tax rate for the six months ended June 30, 2025 was 26.5%.

**Portfolio Purchases**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Purchase Source** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **($ in thousands)** | **Q2** | **Q1** | **Q4** | **Q3** | **Q2** |
| Americas & Australia Core | $177097 | $165503 | $194063 | $263613 | $198761 |
| Americas Insolvency | 22186 | 12953 | 9460 | 10162 | 26627 |
| Europe Core | 142465 | 108390 | 220875 | 71507 | 127991 |
| Europe Insolvency | 4757 | 4856 | 8272 | 4696 | 25990 |
| Total portfolio acquisitions | $346505 | $291702 | $432670 | $349978 | $379369 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company purchased $346.5 million in portfolios of nonperforming loans in Q2 2025, an 8.7% decrease compared to $379.4 million in Q2 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the end of Q2 2025, the Company had in place estimated forward flow commitments<sup>1</sup> of $311.2 million over the next 12 months, comprised of $210.6 million in the Americas and Australia and $100.5 million in Europe.

**Credit Availability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Total availability under the Company's credit facilities as of June 30, 2025 was $840.7 million, comprised of $521.6 million based on current ERC and subject to debt covenants, and $319.1 million of additional availability subject to borrowing base and debt covenants, including advance rates.

**Conference Call Information** 

PRA Group, Inc. will hold a conference call today at 5:00 p.m. ET to discuss its financial and operational results. To listen to a webcast of the call and view the accompanying slides, visit https://ir.pragroup.com/events-and-presentations. To listen by phone, call 646-357-8785 in the U.S. or 1-800-836-8184 outside the U.S. and ask for the PRA Group conference call. To listen to a replay of the call, either visit the same website until August 4, 2026, or call 646-517-4150 in the U.S. or 1-888-660-6345 outside the U.S. and use access code 58095# until August 11, 2025.

**About PRA Group, Inc.**

As a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas, Europe, and Australia. With thousands of employees worldwide, PRA Group, Inc. companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com.

**About Forward Looking Statements**

Statements made herein that are not historical in nature, including PRA Group, Inc.'s or its management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

The forward-looking statements in this press release are based upon management's current beliefs, estimates, assumptions and expectations of PRA Group, Inc.'s future operations and financial and economic performance, taking into account currently available information. These statements are not statements of historical fact or guarantees of future performance, and there can be no assurance that

1. Contractual agreements with sellers of nonperforming loans that allow for the purchase of nonperforming loan portfolios at pre-established prices. These amounts represent our estimated forward flow purchases over the next 12 months under the agreements in place based on projections and other factors, including sellers' estimates of future forward flow sales, and are dependent on actual delivery by the sellers and, in some cases, the impact of foreign exchange rate fluctuations. Accordingly, amounts purchased under these agreements may vary significantly.

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anticipated events will transpire or that the Company's expectations will prove to be correct. Forward-looking statements involve risks and uncertainties, some of which are not currently known to PRA Group, Inc. Actual events or results may differ materially from those expressed or implied in any such forward-looking statements as a result of various factors, including the risk factors and other risks that are described from time to time in PRA Group, Inc.'s filings with the Securities and Exchange Commission, including PRA Group, Inc.'s annual reports on Form 10-K, its quarterly reports on Form 10-Q and its current reports on Form 8-K, which are available through PRA Group, Inc.'s website and contain a detailed discussion of PRA Group, Inc.'s business, including risks and uncertainties that may affect future results.

Due to such uncertainties and risks, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of today. Information in this press release may be superseded by more recent information or statements, which may be disclosed in later press releases, subsequent filings with the Securities and Exchange Commission or otherwise. Except as required by law, PRA Group, Inc. assumes no obligation to publicly update or revise its forward-looking statements contained herein to reflect any change in PRA Group, Inc.'s expectations with regard thereto or to reflect any change in events, conditions or circumstances on which any such forward-looking statements are based, in whole or in part.

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**PRA Group, Inc.**

**Unaudited Consolidated Income Statements**

**(Amounts in thousands, except per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio income | $250934 | $209290 | $491892 | $411346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in expected recoveries | 33292 | 73320 | 61214 | 124994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total portfolio revenue | 284226 | 282610 | 553106 | 536340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 3462 | 1619 | 4201 | 3475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 287688 | 284229 | 557307 | 539815 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits | 75724 | 74241 | 149047 | 147838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal collection costs | 37583 | 35274 | 70977 | 61965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal collection fees | 15625 | 13762 | 30855 | 25874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency fees | 22688 | 21008 | 44056 | 40731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional and outside services | 21071 | 18124 | 42174 | 43174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication | 9417 | 11577 | 19894 | 24155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rent and occupancy | 3504 | 4136 | 6984 | 8280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and impairment | 2503 | 2637 | 6272 | 5357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 14462 | 14248 | 27360 | 26823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 202577 | 195007 | 397619 | 384197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from operations | 85111 | 89222 | 159688 | 155618 |
| Other income/(expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (62361) | (55353) | (123331) | (107631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of equity method investment | 38403 |  | 38403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (loss)/gain, net | 50 | (99) | (1) | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (75) | 46 | (255) | (160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 61128 | 33816 | 74504 | 47955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 15415 | 8702 | 19727 | 11088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 45713 | 25114 | 54777 | 36867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | 3339 | 3598 | 8744 | 11876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to PRA Group, Inc. | $42374 | $21516 | $46033 | $24991 |
| Net income per common share attributable to PRA Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.08 | $0.55 | $1.17 | $0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.08 | $0.54 | $1.16 | $0.63 |
| Weighted average number of shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 39323 | 39364 | 39436 | 39319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 39385 | 39546 | 39536 | 39497 |

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**PRA Group, Inc.**

**Consolidated Balance Sheets**

**(Amounts in thousands)**

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| | | |
|:---|:---|:---|
| | **(unaudited)** | |
| | **June 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $131592 | $105938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 66500 | 66304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance receivables, net | 4562576 | 4140742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | 24136 | 19559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets, net | 92226 | 75134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets | 26268 | 32173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 26391 | 29498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 439449 | 396357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 65629 | 65450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $5434767 | $4931155 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and accounts payable | $124103 | $141211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 37549 | 28584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities, net | 22460 | 16813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 29453 | 36437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits | 168656 | 163406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 3614208 | 3326621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 41727 | 24476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4038156 | 3737548 |
| Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value, 2,000 shares authorized, no shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 100,000 shares authorized, 39,074 shares issued and outstanding as of June 30, 2025; 100,000 shares authorized, 39,510 shares issued and outstanding as of December 31, 2024 | 391 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 14086 | 17882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 1606182 | 1560149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (283734) | (443394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity - PRA Group, Inc. | 1336925 | 1135032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 59686 | 58575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1396611 | 1193607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $5434767 | $4931155 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Select Expenses (Income)**<br>*Amounts in thousands, pre-tax* | **Select Expenses (Income)**<br>*Amounts in thousands, pre-tax* | **Select Expenses (Income)**<br>*Amounts in thousands, pre-tax* | **Select Expenses (Income)**<br>*Amounts in thousands, pre-tax* | **Select Expenses (Income)**<br>*Amounts in thousands, pre-tax* | **Select Expenses (Income)**<br>*Amounts in thousands, pre-tax* | **Select Expenses (Income)**<br>*Amounts in thousands, pre-tax* | **Select Expenses (Income)**<br>*Amounts in thousands, pre-tax* | **Select Expenses (Income)**<br>*Amounts in thousands, pre-tax* |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** | **June 30,<br>2024** | **March 31,<br>2024** | **December 31,<br>2023** | **September 30,<br>2023** |
| Noncash interest expense - amortization of debt premium and issuance costs | $1962 | $1901 | $2241 | $3795 | $2331 | $2200 | $2177 | $2220 |
| Change in fair value of derivatives | (1748) | (2570) | (4686) | (5706) | (5628) | (5930) | (6734) | (6545) |
| Amortization of intangibles | 52 | 49 | 58 | 60 | 58 | 60 | 69 | 69 |
| Impairment of real estate |  | 831 |  |  |  |  | 202 | 5037 |
| Stock-based compensation expense | 4465 | 3788 | 3337 | 3251 | 3555 | 3327 | 2952 | 1629 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Purchase Price Multiples**<br>**as of June 30, 2025**<br>*Amounts in thousands* | **Purchase Price Multiples**<br>**as of June 30, 2025**<br>*Amounts in thousands* | **Purchase Price Multiples**<br>**as of June 30, 2025**<br>*Amounts in thousands* | **Purchase Price Multiples**<br>**as of June 30, 2025**<br>*Amounts in thousands* | **Purchase Price Multiples**<br>**as of June 30, 2025**<br>*Amounts in thousands* | **Purchase Price Multiples**<br>**as of June 30, 2025**<br>*Amounts in thousands* |
| **Purchase Period** | **Purchase Price** <sup>(1)(2)</sup> | **Total Estimated Collections** <sup>(3)</sup> | **Estimated Remaining Collections** <sup>(4)</sup> | **Current Purchase Price Multiple** | **Original Purchase Price Multiple** <sup>(5)</sup> |
| **Americas and Australia Core** | | | | | |
| 1996-2014 | $2336839 | $6681453 | $78176 | 286% | 228% |
| 2015 | 443114 | 927720 | 39069 | 209% | 205% |
| 2016 | 455767 | 1100505 | 50637 | 241% | 201% |
| 2017 | 532851 | 1228005 | 77204 | 230% | 193% |
| 2018 | 653975 | 1547865 | 112494 | 237% | 202% |
| 2019 | 581476 | 1320124 | 100069 | 227% | 206% |
| 2020 | 435668 | 961557 | 108427 | 221% | 213% |
| 2021 | 435846 | 736580 | 207580 | 169% | 191% |
| 2022 | 406082 | 720041 | 264772 | 177% | 179% |
| 2023 | 622583 | 1214966 | 676089 | 195% | 197% |
| 2024 | 823662 | 1734516 | 1394320 | 211% | 211% |
| 2025 | 343542 | 733858 | 702763 | 214% | 214% |
| Subtotal | 8071405 | 18907190 | 3811600 |  |  |
| **Americas Insolvency** | **Americas Insolvency** |  |  |  |  |
| 1996-2014 | 1414476 | 2723019 | 2 | 193% | 155% |
| 2015 | 63170 | 88194 | 6 | 140% | 125% |
| 2016 | 91442 | 118534 | 75 | 130% | 123% |
| 2017 | 275257 | 359352 | 521 | 131% | 125% |
| 2018 | 97879 | 136921 | 203 | 140% | 127% |
| 2019 | 123077 | 167454 | 682 | 136% | 128% |
| 2020 | 62130 | 90738 | 5352 | 146% | 136% |
| 2021 | 55187 | 74574 | 12891 | 135% | 136% |
| 2022 | 33442 | 47809 | 18764 | 143% | 139% |
| 2023 | 91282 | 119901 | 69577 | 131% | 135% |
| 2024 | 68391 | 99619 | 76563 | 146% | 149% |
| 2025 | 35189 | 55793 | 55042 | 159% | 159% |
| Subtotal | 2410922 | 4081908 | 239678 |  |  |
| Total Americas and Australia | 10482327 | 22989098 | 4051278 |  |  |
| **Europe Core** |  |  |  |  |  |
| 1996-2014 | 814553 | 2694589 | 400652 | 331% | 205% |
| 2015 | 411340 | 766350 | 127274 | 186% | 160% |
| 2016 | 333090 | 588053 | 149219 | 177% | 167% |
| 2017 | 252174 | 364311 | 89269 | 144% | 144% |
| 2018 | 341775 | 562173 | 169822 | 164% | 148% |
| 2019 | 518610 | 872535 | 307692 | 168% | 152% |
| 2020 | 324119 | 596976 | 237210 | 184% | 172% |
| 2021 | 412411 | 723959 | 372728 | 176% | 170% |
| 2022 | 359447 | 589618 | 415912 | 164% | 162% |
| 2023 | 410593 | 695957 | 527680 | 170% | 169% |
| 2024 | 451786 | 816563 | 794892 | 181% | 180% |
| 2025 | 264668 | 481332 | 469955 | 182% | 182% |
| Subtotal | 4894566 | 9752416 | 4062305 |  |  |
| **Europe Insolvency** | **Europe Insolvency** |  |  |  |  |
| 2014 | 10876 | 19178 |  | 176% | 129% |
| 2015 | 18973 | 29587 |  | 156% | 139% |
| 2016 | 39338 | 58295 | 528 | 148% | 130% |
| 2017 | 39235 | 52549 | 396 | 134% | 128% |
| 2018 | 44908 | 53277 | 1134 | 119% | 123% |
| 2019 | 77218 | 114367 | 7026 | 148% | 130% |
| 2020 | 105440 | 161278 | 13288 | 153% | 129% |
| 2021 | 53230 | 77420 | 16550 | 145% | 134% |
| 2022 | 44604 | 64543 | 29617 | 145% | 137% |
| 2023 | 46558 | 66232 | 44836 | 142% | 138% |
| 2024 | 43459 | 64128 | 52365 | 148% | 147% |
| 2025 | 10186 | 15399 | 14987 | 151% | 151% |
| Subtotal | 534025 | 776253 | 180727 |  |  |
| Total Europe | 5428591 | 10528669 | 4243032 |  |  |
| Total PRA Group | $15910918 | $33517767 | $8294310 |  |  |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Includes the acquisition date finance receivables portfolios that were acquired through our business acquisitions.

(2)Non-U.S. amounts are presented at the exchange rate at the end of the period in which the portfolio was purchased. In addition, any purchase price adjustments that occur throughout the life of the portfolio are presented at the period-end exchange rate for the respective period of purchase.

(3)Non-U.S. amounts are presented at the period-end exchange rate for the respective period of purchase.

(4)Non-U.S. amounts are presented at the June 30, 2025 exchange rate.

(5)The original purchase price multiple represents the purchase price multiple at the end of the period of acquisition.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Financial Information** <sup>(1)</sup> | **Portfolio Financial Information** <sup>(1)</sup> | **Portfolio Financial Information** <sup>(1)</sup> | **Portfolio Financial Information** <sup>(1)</sup> | **Portfolio Financial Information** <sup>(1)</sup> | **Portfolio Financial Information** <sup>(1)</sup> |
| *Amounts in thousands* | *Amounts in thousands* | *Amounts in thousands* | *Amounts in thousands* | *Amounts in thousands* | *Amounts in thousands* |
|  | **June 30, 2025 (year-to-date)** | **June 30, 2025 (year-to-date)** | **June 30, 2025 (year-to-date)** | **June 30, 2025 (year-to-date)** | **As of June 30, 2025** |
| **Purchase Period** | **Cash Collections** <sup>(2)</sup> | **Portfolio Income** <sup>(2)</sup> | **Change in Expected Recoveries** <sup>(2)</sup> | **Total Portfolio Revenue** <sup>(2)</sup> | **Net Finance Receivables** <sup>(3)</sup> |
| **Americas and Australia Core** |  |  |  |  |  |
| 1996-2014 | $23044 | $10330 | $10120 | $20450 | $26393 |
| 2015 | 7178 | 4293 | (718) | 3575 | 16724 |
| 2016 | 9619 | 5698 | 955 | 6653 | 18634 |
| 2017 | 15270 | 7890 | 3210 | 11100 | 32512 |
| 2018 | 26944 | 11767 | 3909 | 15676 | 58310 |
| 2019 | 26477 | 11886 | (2579) | 9307 | 52962 |
| 2020 | 29633 | 12447 | (2096) | 10351 | 58619 |
| 2021 | 34910 | 18512 | (3173) | 15339 | 107468 |
| 2022 | 49942 | 21982 | (59) | 21923 | 157702 |
| 2023 | 124806 | 62995 | (24093) | 38902 | 369079 |
| 2024 | 211045 | 128793 | 8423 | 137216 | 732714 |
| 2025 | 30990 | 23444 | 4794 | 28238 | 340417 |
| Subtotal | 589858 | 320037 | (1307) | 318730 | 1971534 |
| **Americas Insolvency** |  |  |  |  |  |
| 1996-2014 | 501 | 13 | 494 | 507 |  |
| 2015 | 60 | 4 | 52 | 56 | 4 |
| 2016 | 162 | 11 | 84 | 95 | 67 |
| 2017 | 596 | 57 | 309 | 366 | 463 |
| 2018 | 624 | 23 | 280 | 303 | 189 |
| 2019 | 1701 | 63 | 378 | 441 | 644 |
| 2020 | 5937 | 533 | (504) | 29 | 5083 |
| 2021 | 6362 | 915 | 193 | 1108 | 11809 |
| 2022 | 5559 | 1154 | 339 | 1493 | 16338 |
| 2023 | 14789 | 4316 | 487 | 4803 | 57511 |
| 2024 | 10990 | 5672 | (1370) | 4302 | 56047 |
| 2025 | 748 | 1019 | 512 | 1531 | 35689 |
| Subtotal | 48029 | 13780 | 1254 | 15034 | 183844 |
| Total Americas and Australia | 637887 | 333817 | (53) | 333764 | 2155378 |
| **Europe Core** |  |  |  |  |  |
| 1996-2014 | 48559 | 29327 | 12846 | 42173 | 90532 |
| 2015 | 14747 | 6024 | 5641 | 11665 | 62911 |
| 2016 | 13241 | 5837 | 2311 | 8148 | 84225 |
| 2017 | 7861 | 2879 | (1468) | 1411 | 59384 |
| 2018 | 17709 | 6247 | 1880 | 8127 | 109923 |
| 2019 | 31282 | 9921 | 10728 | 20649 | 207280 |
| 2020 | 23120 | 8660 | 7602 | 16262 | 144188 |
| 2021 | 30880 | 12868 | 5256 | 18124 | 225257 |
| 2022 | 35193 | 13631 | 975 | 14606 | 261956 |
| 2023 | 47512 | 19141 | 3134 | 22275 | 315245 |
| 2024 | 68963 | 29804 | 1798 | 31602 | 442315 |
| 2025 | 10956 | 4527 | 2271 | 6798 | 259519 |
| Subtotal | 350023 | 148866 | 52974 | 201840 | 2262735 |
| **Europe Insolvency** |  |  |  |  |  |
| 2014 | 82 |  | 82 | 82 |  |
| 2015 | 87 |  | 87 | 87 |  |
| 2016 | 289 | 42 | 233 | 275 | 136 |
| 2017 | 626 | 24 | 398 | 422 | 261 |
| 2018 | 976 | 52 | 288 | 340 | 972 |
| 2019 | 3678 | 362 | 339 | 701 | 6034 |
| 2020 | 9302 | 728 | 1440 | 2168 | 12348 |
| 2021 | 7341 | 898 | 2087 | 2985 | 14880 |
| 2022 | 7844 | 1505 | 1514 | 3019 | 25059 |
| 2023 | 7721 | 2191 | 1075 | 3266 | 36493 |
| 2024 | 7472 | 3113 | 660 | 3773 | 38113 |
| 2025 | 396 | 294 | 90 | 384 | 10167 |
| Subtotal | 45814 | 9209 | 8293 | 17502 | 144463 |
| Total Europe | 395837 | 158075 | 61267 | 219342 | 2407198 |
| Total PRA Group | $1033724 | $491892 | $61214 | $553106 | $4562576 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Includes the nonperforming loan portfolios that were acquired through our business acquisitions.

(2)Non-U.S. amounts are presented using the average exchange rates during the current reporting period.

(3)Non-U.S. amounts are presented at the June 30, 2025 exchange rate.

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cash Collections by Year, By Year of Purchase** <sup>(1)</sup><br>**as of June 30, 2025**<br>*Amounts in millions* | **Cash Collections by Year, By Year of Purchase** <sup>(1)</sup><br>**as of June 30, 2025**<br>*Amounts in millions* | **Cash Collections by Year, By Year of Purchase** <sup>(1)</sup><br>**as of June 30, 2025**<br>*Amounts in millions* | **Cash Collections by Year, By Year of Purchase** <sup>(1)</sup><br>**as of June 30, 2025**<br>*Amounts in millions* | **Cash Collections by Year, By Year of Purchase** <sup>(1)</sup><br>**as of June 30, 2025**<br>*Amounts in millions* | **Cash Collections by Year, By Year of Purchase** <sup>(1)</sup><br>**as of June 30, 2025**<br>*Amounts in millions* | **Cash Collections by Year, By Year of Purchase** <sup>(1)</sup><br>**as of June 30, 2025**<br>*Amounts in millions* | **Cash Collections by Year, By Year of Purchase** <sup>(1)</sup><br>**as of June 30, 2025**<br>*Amounts in millions* | **Cash Collections by Year, By Year of Purchase** <sup>(1)</sup><br>**as of June 30, 2025**<br>*Amounts in millions* | **Cash Collections by Year, By Year of Purchase** <sup>(1)</sup><br>**as of June 30, 2025**<br>*Amounts in millions* | **Cash Collections by Year, By Year of Purchase** <sup>(1)</sup><br>**as of June 30, 2025**<br>*Amounts in millions* | **Cash Collections by Year, By Year of Purchase** <sup>(1)</sup><br>**as of June 30, 2025**<br>*Amounts in millions* | **Cash Collections by Year, By Year of Purchase** <sup>(1)</sup><br>**as of June 30, 2025**<br>*Amounts in millions* | **Cash Collections by Year, By Year of Purchase** <sup>(1)</sup><br>**as of June 30, 2025**<br>*Amounts in millions* | **Cash Collections by Year, By Year of Purchase** <sup>(1)</sup><br>**as of June 30, 2025**<br>*Amounts in millions* |
| | | **Cash Collections** | **Cash Collections** | **Cash Collections** | **Cash Collections** | **Cash Collections** | **Cash Collections** | **Cash Collections** | **Cash Collections** | **Cash Collections** | **Cash Collections** | **Cash Collections** | **Cash Collections** | **Cash Collections** |
|<br>**Purchase Period** |<br>**Purchase Price** <sup>(2)(3)</sup> | **1996-2014** | **2015** | **2016** | **2017** | **2018** | **2019** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** | **Total** |
| **Americas and Australia Core** | **Americas and Australia Core** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1996-2014 | $2336.8 | $4371.9 | $727.8 | $470 | $311.2 | $222.5 | $155 | $96.6 | $68.8 | $51 | $40.2 | $49.4 | $23 | $6587.4 |
| 2015 | 443.1 |  | 117.0 | 228.4 | 185.9 | 126.6 | 83.6 | 57.2 | 34.9 | 19.5 | 14.1 | 17.3 | 7.2 | 891.7 |
| 2016 | 455.8 |  |  | 138.7 | 256.5 | 194.6 | 140.6 | 105.9 | 74.2 | 38.4 | 24.9 | 24.0 | 9.6 | 1007.4 |
| 2017 | 532.9 |  |  |  | 107.3 | 278.7 | 256.5 | 192.5 | 130.0 | 76.3 | 43.8 | 39.2 | 15.3 | 1139.6 |
| 2018 | 654.0 |  |  |  |  | 122.7 | 361.9 | 337.7 | 239.9 | 146.1 | 92.9 | 75.9 | 26.9 | 1404.0 |
| 2019 | 581.5 |  |  |  |  |  | 143.8 | 349.0 | 289.8 | 177.7 | 110.3 | 77.7 | 26.5 | 1174.8 |
| 2020 | 435.7 |  |  |  |  |  |  | 132.9 | 284.3 | 192.0 | 125.8 | 87.0 | 29.6 | 851.6 |
| 2021 | 435.8 |  |  |  |  |  |  |  | 85.0 | 177.3 | 136.8 | 98.4 | 34.9 | 532.4 |
| 2022 | 406.1 |  |  |  |  |  |  |  |  | 67.7 | 195.4 | 144.7 | 49.9 | 457.7 |
| 2023 | 622.5 |  |  |  |  |  |  |  |  |  | 108.5 | 285.9 | 124.8 | 519.2 |
| 2024 | 823.7 |  |  |  |  |  |  |  |  |  |  | 145.9 | 211.0 | 356.9 |
| 2025 | 343.5 |  |  |  |  |  |  |  |  |  |  |  | 31.0 | 31.0 |
| Subtotal | 8071.4 | 4371.9 | 844.8 | 837.1 | 860.9 | 945.1 | 1141.4 | 1271.8 | 1206.9 | 946.0 | 892.7 | 1045.4 | 589.7 | 14953.7 |
| **Americas Insolvency** | **Americas Insolvency** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1996-2014 | 1414.5 | 1949.8 | 340.8 | 213.0 | 122.9 | 59.1 | 22.6 | 5.8 | 3.3 | 2.3 | 1.5 | 1.3 | 0.5 | 2722.9 |
| 2015 | 63.2 |  | 3.4 | 17.9 | 20.1 | 19.8 | 16.7 | 7.9 | 1.3 | 0.6 | 0.3 | 0.2 | 0.1 | 88.3 |
| 2016 | 91.4 |  |  | 18.9 | 30.4 | 25.0 | 19.9 | 14.4 | 7.4 | 1.8 | 0.9 | 0.6 | 0.2 | 119.5 |
| 2017 | 275.3 |  |  |  | 49.1 | 97.3 | 80.9 | 58.8 | 44.0 | 20.8 | 4.9 | 2.5 | 0.6 | 358.9 |
| 2018 | 97.9 |  |  |  |  | 6.7 | 27.4 | 30.5 | 31.6 | 24.6 | 12.7 | 2.5 | 0.6 | 136.6 |
| 2019 | 123.1 |  |  |  |  |  | 13.4 | 31.4 | 39.1 | 37.8 | 28.7 | 14.6 | 1.7 | 166.7 |
| 2020 | 62.1 |  |  |  |  |  |  | 6.5 | 16.1 | 20.4 | 19.5 | 17.0 | 5.9 | 85.4 |
| 2021 | 55.2 |  |  |  |  |  |  |  | 4.6 | 17.9 | 17.5 | 15.3 | 6.4 | 61.7 |
| 2022 | 33.4 |  |  |  |  |  |  |  |  | 3.2 | 9.2 | 11.1 | 5.6 | 29.1 |
| 2023 | 91.2 |  |  |  |  |  |  |  |  |  | 9.0 | 25.1 | 14.8 | 48.9 |
| 2024 | 68.4 |  |  |  |  |  |  |  |  |  |  | 12.1 | 11.0 | 23.1 |
| 2025 | 35.2 |  |  |  |  |  |  |  |  |  |  |  | 0.7 | 0.7 |
| Subtotal | 2410.9 | 1949.8 | 344.2 | 249.8 | 222.5 | 207.9 | 180.9 | 155.3 | 147.4 | 129.4 | 104.2 | 102.3 | 48.1 | 3841.8 |
| Total Americas and Australia | 10482.3 | 6321.7 | 1189.0 | 1086.9 | 1083.4 | 1153.0 | 1322.3 | 1427.1 | 1354.3 | 1075.4 | 996.9 | 1147.7 | 637.8 | 18795.5 |
| **Europe Core** | **Europe Core** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 1996-2014 | 814.5 | 195.1 | 297.5 | 249.9 | 224.1 | 209.6 | 175.3 | 151.7 | 151.0 | 123.6 | 108.6 | 101.7 | 48.6 | 2036.7 |
| 2015 | 411.3 |  | 45.8 | 100.3 | 86.2 | 80.9 | 66.1 | 54.3 | 51.4 | 40.7 | 33.8 | 30.4 | 14.7 | 604.6 |
| 2016 | 333.1 |  |  | 40.4 | 78.9 | 72.6 | 58.0 | 48.3 | 46.7 | 36.9 | 29.7 | 27.4 | 13.2 | 452.1 |
| 2017 | 252.2 |  |  |  | 17.9 | 56.0 | 44.1 | 36.1 | 34.8 | 25.2 | 20.2 | 17.9 | 7.9 | 260.1 |
| 2018 | 341.8 |  |  |  |  | 24.3 | 88.7 | 71.3 | 69.1 | 50.7 | 41.6 | 37.1 | 17.7 | 400.5 |
| 2019 | 518.6 |  |  |  |  |  | 48.0 | 125.7 | 121.4 | 89.8 | 75.1 | 68.2 | 31.3 | 559.5 |
| 2020 | 324.1 |  |  |  |  |  |  | 32.3 | 91.7 | 69.0 | 56.1 | 50.1 | 23.1 | 322.3 |
| 2021 | 412.4 |  |  |  |  |  |  |  | 48.5 | 89.9 | 73.0 | 66.6 | 30.9 | 308.9 |
| 2022 | 359.4 |  |  |  |  |  |  |  |  | 33.9 | 83.8 | 74.7 | 35.2 | 227.6 |
| 2023 | 410.6 |  |  |  |  |  |  |  |  |  | 50.2 | 103.1 | 47.5 | 200.8 |
| 2024 | 451.9 |  |  |  |  |  |  |  |  |  |  | 46.3 | 69.0 | 115.3 |
| 2025 | 264.7 |  |  |  |  |  |  |  |  |  |  |  | 11.0 | 11.0 |
| Subtotal | 4894.6 | 195.1 | 343.3 | 390.6 | 407.1 | 443.4 | 480.2 | 519.7 | 614.6 | 559.7 | 572.1 | 623.5 | 350.1 | 5499.4 |
| **Europe Insolvency** | **Europe Insolvency** | **Europe Insolvency** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2014 | 10.9 |  | 4.3 | 3.9 | 3.2 | 2.6 | 1.5 | 0.8 | 0.3 | 0.2 | 0.2 | 0.2 | 0.1 | 17.3 |
| 2015 | 19.0 |  | 3.0 | 4.4 | 5.0 | 4.8 | 3.9 | 2.9 | 1.6 | 0.6 | 0.4 | 0.2 | 0.1 | 26.9 |
| 2016 | 39.3 |  |  | 6.2 | 12.7 | 12.9 | 10.7 | 7.9 | 6.0 | 2.7 | 1.3 | 0.8 | 0.3 | 61.5 |
| 2017 | 39.2 |  |  |  | 1.2 | 7.9 | 9.2 | 9.8 | 9.4 | 6.5 | 3.8 | 1.5 | 0.6 | 49.9 |
| 2018 | 44.9 |  |  |  |  | 0.6 | 8.4 | 10.3 | 11.7 | 9.8 | 7.2 | 3.5 | 1.0 | 52.5 |
| 2019 | 77.2 |  |  |  |  |  | 5.0 | 21.1 | 23.9 | 21.0 | 17.5 | 12.9 | 3.7 | 105.1 |
| 2020 | 105.4 |  |  |  |  |  |  | 6.0 | 34.6 | 34.1 | 29.7 | 25.5 | 9.3 | 139.2 |
| 2021 | 53.2 |  |  |  |  |  |  |  | 5.5 | 14.4 | 14.7 | 15.4 | 7.3 | 57.3 |
| 2022 | 44.6 |  |  |  |  |  |  |  |  | 4.5 | 12.4 | 15.2 | 7.8 | 39.9 |
| 2023 | 46.7 |  |  |  |  |  |  |  |  |  | 4.2 | 12.7 | 7.7 | 24.6 |
| 2024 | 43.4 |  |  |  |  |  |  |  |  |  |  | 9.5 | 7.5 | 17.0 |
| 2025 | 10.2 |  |  |  |  |  |  |  |  |  |  |  | 0.4 | 0.4 |
| Subtotal | 534.0 |  | 7.3 | 14.5 | 22.1 | 28.8 | 38.7 | 58.8 | 93.0 | 93.8 | 91.4 | 97.4 | 45.8 | 591.6 |
| Total Europe | 5428.6 | 195.1 | 350.6 | 405.1 | 429.2 | 472.2 | 518.9 | 578.5 | 707.6 | 653.5 | 663.5 | 720.9 | 395.9 | 6091.0 |
| Total PRA Group | $15910.9 | $6516.8 | $1539.6 | $1492.0 | $1512.6 | $1625.2 | $1841.2 | $2005.6 | $2061.9 | $1728.9 | $1660.4 | $1868.6 | $1033.7 | $24886.5 |

---

(1)Non-U.S. amounts are presented at the average exchange rates during the cash collections period.

(2)Includes the acquisition date finance receivables portfolios acquired through our business acquisitions.

(3)Non-U.S. amounts are presented at the exchange rate at the end of the period in which the portfolio was purchased. In addition, any purchase price adjustments that occur throughout the life of the pool are presented at the period-end exchange rate for the respective period of purchase.

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**Use of 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 Adjusted EBITDA, internally to evaluate the Company's performance and to set performance goals. Adjusted EBITDA is calculated as net income attributable to PRA Group, Inc. plus income tax expense; plus interest expense, net; plus other expense; plus depreciation and amortization; plus impairment of real estate; plus net income attributable to noncontrolling interests; less gain on sale of equity method investment; and plus recoveries collected and applied to Finance receivables, net less Changes in expected recoveries. Adjusted EBITDA is a supplemental measure of performance that is not required by, or presented in accordance with, GAAP. The Company presents Adjusted EBITDA because the Company considers it an important supplemental measure of its operational and financial performance. Management believes Adjusted EBITDA helps provide enhanced period-to-period comparability of the Company's operational and financial performance as it excludes certain items whose fluctuations from period-to-period do not necessarily correspond to changes in the operations of the Company's business, and is useful to investors as other companies in the industry report similar financial measures. Adjusted EBITDA should not be considered as an alternative to net income determined in accordance with GAAP. Set forth below is a reconciliation of net income, the most directly comparable financial measure calculated and reported in accordance with GAAP, to Adjusted EBITDA for the last twelve months (LTM) ended June 30, 2025 and for the year ended December 31, 2024. The calculation of Adjusted EBITDA below may not be comparable to the calculation of similarly titled measures reported by other companies.

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| | | |
|:---|:---|:---|
|<br>**Adjusted EBITDA Reconciliation ($ in thousands)** | **LTM**<br>**June 30, 2025** | **For the Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Net income attributable to PRA Group, Inc. | $91643 | $70601 |
| &nbsp;&nbsp;<u>Adjustments:</u> |  |  |
| &nbsp;&nbsp;&nbsp;Income tax expense | 29671 | 21032 |
| &nbsp;&nbsp;&nbsp;Foreign exchange loss | 138 | 9 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 244967 | 229267 |
| &nbsp;&nbsp;&nbsp;Other expense | 946 | 851 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 10876 | 10792 |
| &nbsp;&nbsp;&nbsp;Impairment of real estate | 831 |  |
| &nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | 14840 | 17972 |
| &nbsp;&nbsp;&nbsp;Gain on sale of equity method investment | (38403) |  |
| &nbsp;&nbsp;&nbsp;Recoveries collected and applied to Finance receivables, net less Changes in expected recoveries | 884583 | 787028 |
| Adjusted EBITDA | $1240092 | $1137552 |

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In addition, the Company uses return on average tangible equity ("ROATE"), which is a supplemental measure of performance that is not required by, or presented in accordance with, GAAP, to monitor and evaluate operating performance relative to the Company's equity. Management believes ROATE is a useful financial measure for investors in evaluating the effective use of equity, and is an important component of its long-term stockholder return. Average tangible equity is defined as average Total stockholders' equity - PRA Group, Inc. less average goodwill and average other intangible assets. ROATE is calculated by dividing annualized Net income attributable to PRA Group, Inc. by average tangible equity.

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ROATE may include certain items that are not indicative of the operating results of the Company's portfolio. Accordingly, the Company also uses Adjusted ROATE, which is defined as ROATE excluding the impact of gains/losses from the sale of equity method investments, to monitor and evaluate operating performance relative to the Company's equity. Management believes that Adjusted ROATE is a useful financial measure for investors because it excludes the impact of gains/losses that are not indicative of the operating results of the Company's portfolio.

The following table provides a reconciliation of Total stockholders' equity - PRA Group, Inc. as reported in accordance with GAAP to average tangible equity. The table also provides a reconciliation of net income attributable to PRA Group, Inc. to adjusted net income attributable to PRA Group, Inc. and provides the Company's ROATE and Adjusted ROATE for the periods indicated (in thousands, except for ratio data):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Average Tangible Equity Reconciliation** <sup>(1)</sup> | **Average Tangible Equity Reconciliation** <sup>(1)</sup> | **Average Tangible Equity Reconciliation** <sup>(1)</sup> | **Average Tangible Equity Reconciliation** <sup>(1)</sup> |
| | **Balance as of Period End** | **Balance as of Period End** | **Second Quarter** | **Second Quarter** | **Year-to-Date** | **Year-to-Date** |
| | **June 30, 2025** | **June 30, 2024** | **2025** | **2024** | **2025** | **2024** |
| Total stockholders' equity - PRA Group, Inc. | $1336925 | $1145463 | $1278016 | $1137395 | $1230355 | $1147300 |
| &nbsp;&nbsp;&nbsp;Less: Goodwill | 439449 | 415646 | 430082 | 413746 | 418840 | 419685 |
| &nbsp;&nbsp;&nbsp;Less: Other intangible assets | 1541 | 1597 | 1515 | 1632 | 1494 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average tangible equity |  |  | $846419 | $722017 | $810021 | $725947 |
|  |  |  | **ROATE** <sup>(2)</sup> | **ROATE** <sup>(2)</sup> | **ROATE** <sup>(2)</sup> | **ROATE** <sup>(2)</sup> |
|  |  |  | **Second Quarter** | **Second Quarter** | **Year-to-Date** | **Year-to-Date** |
|  |  |  | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to PRA Group, Inc. |  |  | $42374 | $21516 | $46033 | $24991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average tangible equity |  |  | 20.0% | 11.9% | 11.4% | 6.9% |
|  |  |  | **Adjusted ROATE** <sup>(3)</sup> | **Adjusted ROATE** <sup>(3)</sup> | **Adjusted ROATE** <sup>(3)</sup> | **Adjusted ROATE** <sup>(3)</sup> |
|  |  |  | **Second Quarter** | **Second Quarter** | **Year-to-Date** | **Year-to-Date** |
|  |  |  | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to PRA Group, Inc. |  |  | $42374 | $21516 | $46033 | $24991 |
| &nbsp;&nbsp;&nbsp;Less: Gain on sale of equity method investment, net of tax |  |  | $(29686) | $— | $(29686) | $— |
| Adjusted net income attributable to PRA Group, Inc. |  |  | $12688 | $21516 | $16347 | $24991 |
| Adjusted ROATE |  |  | 6.0% | 11.9% | 4.0% | 6.9% |

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**Investor Contact:**

Najim Mostamand, CFA

Vice President, Investor Relations

757-431-7913

<u>IR@PRAGroup.com</u>

**News Media Contact:**

Giovanna Genard

Vice President, Global Communications and External Affairs \| Marketing Leader

(757) 282-3343

<u>mediainquiries@pragroup.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Amounts represent the average balances for the respective periods. Equity balances are not adjusted for gain on sale of equity method investment, which would have a de minimus effect on Adjusted ROATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on annualized Net income attributable to PRA Group, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on annualized Adjusted net income attributable to PRA Group, Inc.

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