FirstCash (FCFS) Acquisition presentation summary

Transaction overview

• Agreement reached to acquire H & T Group plc, the UK's largest pawnbroker, for 650 pence per share in cash, plus an 11 pence final dividend per share, totaling £296.6 million ($393.7 million) in equity value and £351.0 million ($466.0 million) in enterprise value.

• Acquisition will be financed through an existing US revolving credit facility and a £299.0 million bridge credit agreement.

• Boards of both companies unanimously approved the deal, pending H & T shareholder and UK regulatory approvals, with closing anticipated in the second half of 2025.

• Transaction is expected to be meaningfully accretive to EPS and EBITDA and deliver long-term strategic and financial benefits.

Strategic rationale and benefits

• Establishes market leadership in the UK and enhances scale and operating leverage in pawn operations.

• Provides geographic diversification and unlocks growth opportunities in new markets.

• Adds experienced UK leadership and operations team.

• Expected to contribute significant EPS and EBITDA accretion.

H & T Group plc profile

• Operates 285 pawn stores across the UK, with 2024 revenue of £265M ($352M) and income from operations of £122M ($162M).

• Average pawn loan amount is £460 ($611), and 64% of income from operations comes from pawnbroking.

• Offers diversified services including retail, watch repair, foreign currency, money transfer, and cheque cashing.