PRA Group (PRAA) 47th Annual Raymond James Institutional Investor Conference summary

Strategic Overview and Market Dynamics

• Operates in 18 countries with 30 years of experience, maintaining a highly diversified NPL portfolio and balanced U.S./international presence.

• Achieved $1.2 billion in portfolio purchases in 2025, the third highest annual level, with strong U.S. momentum and consistent European outperformance.

• Cash collections rose 13% to $2.1 billion, and estimated remaining collections increased 15% to $8.6 billion at year-end 2025.

• Adjusted net income reached $73 million, with EBITDA up 16% and leverage declining to 2.73x.

• Market cyclicality and resilient customer repayment rates provide opportunities in varying economic conditions.

Three Vectors Strategy and Strategic Initiatives

• Focus on disciplined capital allocation, technology-driven operations, and a high-performance, entrepreneurial culture.

• Capital allocation prioritizes returns over growth, with global diversification and ample liquidity ($1.1B) mitigating risk.

• Operations leverage data-driven insights, flexible legal and digital channels, and a mix of onshore/offshore resources.

• Technology investments include cloud migration, omnichannel platforms, and AI-driven process improvements.

• People and culture initiatives center on talent hubs, clear metrics, and shareholder-aligned incentives.

Technology and Operational Efficiency

• European markets consolidated on a single cloud platform, with U.S. cloud migration to complete by end of 2026.

• AI pilots include mining legal documents, interactive chatbots, and compliance automation to enhance efficiency.

• Cost reductions achieved by cutting 115 corporate roles and reducing U.S. call center headcount by 42% through offshoring.

• Digital collections grew 25% in the U.S., with ongoing omnichannel and mobile app development.

• Flexible cost structure and external DCA partnerships provide scalability and efficiency.