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© 2020 Jefferson Capital Systems, LLC© 2025 Jefferson Capital, Inc. Second Quarter 2025 Financial Results August 14, 2025
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Disclaimer Forward Looking Statements Disclaimer This presentation of Jefferson Capital, Inc. (together with its direct and indirect subsidiaries, “we”, “us”, “or”, “JCAP”, “Jefferson Capital”, or the “Company”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements concerning our anticipated financial performance. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward- looking statements, including, but not limited to, the following: a deterioration in the economic or inflationary environmentin the United States, Canada, the United Kingdom or Latin America, including the interest rate environment; our ability to replace our portfolios of nonperforming loans with additional portfolios sufficientto operate efficiently and profitably; our ability to collect sufficient amounts on our nonperforming loans to fund our operations; the possibility that third parties we rely on to conduct collection and other activities fail to perform their services; the possibility that we could recognize significant decreases in our estimate of future recoveries on nonperforming loans; changes in, or interpretations of, federal, state, local, or international laws, including bankruptcy and collection laws, or changes in the administrative practices of various bankruptcy courts, which could negatively impact our business or our ability to collect on nonperforming loans; goodwill impairment charges that could negatively impact our net income and stockholders’ equity; our ability to comply with existing and new regulations of the collection industry, the failure of which could result in penalties, fines, litigation, damage to our reputation, or the suspension or termination of or required modification to our ability to conduct our business; adverse outcomes in pending or future litigation or administrative proceedings; the possibility that class action suits and other litigation could divert management’s attention and increase our expenses; investigations, reviews, or enforcement actions by governmental authorities, including the Consumer Financial Protection Bureau, which could result in changes to our business practices, negatively impact our deployment volume, make collection of account balances more difficult, or expose us to the risk of fines, penalties, restitution payments, and litigation; the possibility that compliance with complexand evolving international and United States laws and regulations that apply to our international operations could increase our cost of doing business in international jurisdictions; our ability to comply withdata privacy regulations such as the General Data Protection Regulation; our ability to retain, expand, renegotiate or replace our credit facility and our ability to comply with the covenants under our financing arrangements; our ability to refinance our indebtedness; our ability to service our outstanding indebtedness; changes in interest or exchange rates, which could reduce our net income, and the possibility that future hedging strategies may not be successful; and the possibility that we could incur business or technology disruptions or cybersecurity incidents. These and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q to be filed with the SEC, and our other filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this presentation. Any such forward-looking statements represent management’s estimates as of the date of this presentation. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Non-GAAP Financial Measures: This Presentation includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), including, but not limited to, Adjusted Cash EBITDA, Net Debt, Leverage, Adjusted Operating Expenses (used in Cash Efficiency Ratio), Adjusted Pre-tax Income, Adjusted Pre-tax ROAE, Adjusted Net Income and Adjusted EPS, each of which are used by management as a supplemental measure, have certain limitations, and should not be construed as alternatives to financial measures determined in accordance with GAAP. Our management believes Adjusted Cash EBITDA, Net Debt, Leverage, Adjusted Operating Expenses (used in Cash Efficiency Ratio), Adjusted Pre-tax Income, Adjusted Pre-tax ROAE, Adjusted Net Income and Adjusted EPS help us provide enhanced period-to-period comparability of operations and financial performance and are useful to investors as other companies in our industry report similar financial measures. The non-GAAP measures as defined by us may not be comparable to similar non-GAAP financial measures presented by other companies, which could limit such measures’ usefulness as comparative measures. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items. A reconciliation to the most directly comparable GAAP measures is provided in the Appendix of this Presentation. Throughout this Presentation, we also provide a number of key business metrics used by management and typically used by our competitors in our industry. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company. 2
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Strong growth in collections driven by 2023 and 2024 deployments ERC reaches new record propelled by deployments at attractive returns $2.9bn ERC Up 31% vs 2Q’24✓ Strong revenue growth continues $152.7mm Up 47% vs 2Q’24✓ Conservative leverage(1) enables growth and creates strategic optionality 1.76x✓ Solid fundamentals and continued execution drive robust and growing profitability $0.81 Adj. PF EPS(2)✓ $255.7mm Up 85% vs 2Q’24✓ Relentless focus on cost and strong collections from the Conn’s portfolio purchase enhance market- leading efficiency 75.9% Cash Efficiency Ratio✓ (1) Calculated as Net Debt divided by Adjusted Cash EBITDA. See Appendix for additional detail. (2) See Appendix for reconciliation of Adjusted Pro Forma EPS. Dividend reinforces investment discipline and delivers a differentiated total return component✓ $0.24 DPS Payable 9/4/25 3 2Q’25 Financial Performance Overview
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Strong Supply Driven by Normalization of Credit Quality Trends Macroeconomic Backdrop Remains Favorable 4Source: Federal Reserve Bank of St. Louis, Federal Reserve Bank of New York, United States Courts Bankruptcy Statistics, Gove rnment of Canada Insolvency Statistics. (1) Data through June 2025; (2) Data through July 2025. Low Unemployment Continues to Support Liquidation Rates ($ in billions) 90+ Day Delinquency Balances (excl. Student Loans) Chapter 7 Chapter 13 (thousands) U.S. Unemployment Rate(2) (thousands) Insolvency Filings | Canada Bankruptcies Proposals Bankruptcy Filings | U.S. Limited number of insolvency purchasers to absorb increasing volumes due to highly specialized expertise, proprietary technology and low CTC required - 20 40 60 80 100 120 - 5 10 15 20 25 30 4.2% - 5.0% 10.0% 15.0% 20.0% Dec-19 Sep-20 Jun-21 Mar-22 Dec-22 Sep-23 Jun-24 Mar-25Jul- 25 $1,007Bn - $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 Dec-19 Sep-20 Jun-21 Mar-22 Dec-22 Sep-23 Jun-24 Mar-25 Personal Savings at Historic Lows with COVID Excess Savings Depleted U.S. Personal Savings(1) ($Bn) Normalizing charge-offs drive strong supply of non-performing portfolios, while portfolio liquidation rates are supported by continued low unemployment - $25 $50 $75 $100 $125 $150 $175 Auto Loans Credit Card Other Loans Record consumer loan balances coupled with depressed personal savings levels fuels increased delinquency rates, a leading indicator for charge-offs
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2Q’25 Operating Performance Highlights Deployments Observations ▪ Collections remain at near record levels propelled by strong deployments in 2023 and 2024 o Continued pronounced impact of Conn’s portfolio given large portion of paying accounts and short duration of the assets • $65.1 mm of collections for the quarter attributable to the Conn’s portfolio purchase o Collection performance reflects expectations of underwriting models and overperformance for the Conn’s portfolio ▪ Strong deployments with extended runway of favorable supply trends o Disciplined approach to opportunities with focus on returns o YTD as of June 30, 2025 deployments of $300.5 mm up 24% compared to the same period in 2024 o Expanding funnel of opportunities available for Jefferson Capital to review o Dislocated performing portfolios present an attractive opportunity with limited parties that can offer a solution, but frequency and timing harder to predict o As of June 30, 2025, $257.3 mm of deployments locked in through forward flows ▪ Deployments subject to well pronounced seasonality, with fourth quarter typically highest Collections ($ in millions) ($ in millions) 5
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2Q’25 Estimated Remaining Collections Observations ▪ Deployment momentum pushes ERC to a new record ▪ ERC well diversified geographically and between lines of business o U.S. Distressed ERC includes $226.5 mm related to the Conn’s portfolio purchase ▪ ERC shorter in duration compared to peers because of lower average account balance ▪ We expect to collect $889.0 mm of the June 30, 2025 ERC balance during the next 12 months o Based on the average purchase price multiples recorded in 2025, we would need to invest approximately $465 mm globally over the same timeframe to replace this runoff and maintain current ERC levels o $218.8 mm of deployments contracted via forward flow for the next 12 months ERC by Geography (1) $2,853 mm ($ in millions) ERC by Year (1) ERC related to Payment Rewards program included under ”US Distressed.” 6 Total ERC: $2,853 mm($ in millions)
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Best-in-Class Operating Efficiency Drives Strong Profitability Adjusted Pre-Tax Return On Average Equity (2) Observations ▪ Relentless focus on operating efficiency core to the JCAP return proposition o Own high value-add aspects of the purchasing and collection process that create barriers to entry and competitive advantages o Outsource commoditized and operationally intensive aspects of the collections value chain o Variable cost structure drives flexibility to scale deployments depending on market conditions o Continuous “Champion-Challenger” performance measures used to allocate portfolio segments to best servicer ▪ Cash efficiency ratio remains best in sector o Aided by lower cost of collections related to Conn’s portfolio purchase (71.8% excl. Conn’s) o Compares to a high for the rest of the sector of 62.4% ▪ Strong investment returns coupled with leading operating efficiency create a powerful competitive advantage and support continued attractive shareholder returns Cash Efficiency Ratio(1) 7 (1) Calculated as (cash receipts – adjusted operating expenses)/cash receipts; cash receipts include the sum of ( i) collections, (ii) servicing revenue, and (iii) credit card revenue. See Appendix for additional detail. (2) See Appendix for reconciliation of Adjusted pre -tax income and calculation of Adjusted Pre -tax ROAE.
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Detailed Financial Performance and Comparison vs. 2Q’24 Key Financial Metrics Observations ▪ Revenue growth continues to outpace growth in operating expenses creating attractive bottom line lift ▪ Strong servicing revenue growth (up 48% vs Q2’24) driven by strong performance of U.K. servicing platforms and incremental revenue related to servicing arrangements for the Conn’s securitizations ▪ Best-in-class Cash Efficiency Ratio and relentless expense discipline ▪ Adjusted Pre-Tax Income up 55% vs. Q2’24 demonstrating strong momentum in business fundamentals ▪ Adjusted Cash EBITDA generation supported by growth in collections driving leverage ratio down ▪ For Q2’25, JCAP recognized portfolio revenue of $24.7 mm, servicing revenue of $3.1 mm and net operating income of $19.5 mm related to the Conn’s portfolio purchase ($ in millions, except EPS) Q2’25 Vs. Q2’24 Revenues $ 152.7 47% Operating Expenses 65.5 37% Net Operating Income 86.6 57% Pre-Tax Income 62.0 82% Adjusted Pre-Tax Income(1) 61.7 55% Pro Forma Adjusted Diluted EPS(2) 0.81 NM Cash Efficiency Ratio(3) 75.9% 638 bps Adjusted Pre-tax ROAE(1) 58.4% 1,298 bps Leverage Ratio(4) 1.76x (0.72)x (1) See Appendix for reconciliation of Adjusted Pre -tax income and calculation of Adjusted Pre -tax ROAE. (2) See Appendix for reconciliation of Pro Forma Adjusted Diluted EPS. (3) Calculated as (cash receipts – adjusted operating expenses)/cash receipts; cash receipts include the sum of ( i) collections, (ii) servicing revenue, and (iii) credit card revenue. See Appendix for additional detail. (4) Calculated as Net Debt divided by Adjusted Cash EBITDA. See Appendix for additional detail. 8
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2Q’25 Leverage and Funding Structure Overview Net Debt / Adjusted Cash EBITDA(1) Observations RCF ▪ JCAP seeks to operate the business long term within a range of 2.0 - 2.5x Net Debt / Adjusted Cash EBITDA o Leverage uptick at the end of 4Q’24 related to funding of the Conn’s portfolio purchase o Ratio improved at June 30, 2025 as a result of robust portfolio cashflow o Leverage remains significantly lower than publicly traded peers ▪ Fortress funding structure provides substantial liquidity for growth and strategic optionality o At June 30, 2025, $825 mm RCF undrawn with $51.7 mm of unrestricted cash on the balance sheet o Upcoming 2026 maturity pre-funded with $500 mm unsecured debt offering in May 2025, which paid off the RCF • Intent to leave the bonds outstanding until May 2026 to take advantage of attractive 6% coupon • $300 mm of RCF capacity earmarked to pay off the maturity (1) Calculated as Net Debt divided by Adjusted Cash EBITDA. See Appendix for additional detail. 9 Maturity Schedule Senior Unsecured Notes $300 mm of RCF capacity earmarked pay off 2026 maturity
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Capital Allocation Capital Allocation Framework • Continue to deploy capital at attractive risk adjusted returns • Fourth quarter typically offers an elevated level of deployment opportunities • Maintain leverage in the 2.0-2.5x range on a sustained basis 10 Portfolio Growth • Quarterly dividend of $0.24 per share, payable 9/4 to shareholders of record as of 8/25 • Annualized dividend yield of ~5.7%(1) • Dividend induces investment discipline and offers a differentiated component of shareholder return Quarterly Dividend (1) Based on a closing price of $16.87 as of July 31, 2025. • To be evaluated longer term • Objective not to reduce trading liquidity given limited float Share Repurchases History of Disciplined M&A Geographic Expansion Specialized Servicing / Capabilities Technology Tactical Asset Acquisitions
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© 2020 Jefferson Capital Systems, LLC© 2025 Jefferson Capital, Inc. Tab Appendix
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Calculation of Quarterly Cash Efficiency Ratio 12 ($ in Millions) Three Months Ended Q2'25 Jun'30 Sep'30 Dec'31 Mar'31 Jun'30 2024 2024 2024 2025 2025 Collections 137.9$ 145.1$ 174.3$ 260.9$ 255.7$ Credit card revenue 2.1 2.1 1.9 1.9 1.8 Servicing revenue 7.1 7.6 8.0 10.7 10.5 Cash Receipts (A) 147.1$ 154.8$ 184.2$ 273.5$ 268.0$ Operating expenses 47.7$ 50.4$ 64.2$ 65.1$ 65.5$ Stock compensation (0.7) (2.2) (0.4) (0.3) 8.3 Conn's one-time items (1) - - (4.3) (0.3) - Canaccede exit incentive - - (7.7) (0.2) (0.7) IPO, merger and acquisition and other one-time expenses (2) (2.1) (0.2) (0.2) (0.3) (8.4) Adjusted operating expenses (B) 44.9$ 48.0$ 51.6$ 64.0$ 64.7$ Cash efficiency ratio (A-B) / A 69.5% 69.0% 72.0% 76.6% 75.9% (1) Components include: (i) cure amounts associated with assumed contracts related to the Conn’s Portfolio Purchase, where wepaid past-due amounts owed to the vendor upon assuming such contracts; and (ii) legal fees for highly specialized expertise related to the Conn’s bankruptcy process. In a typical portfolio purchase, we do not assume any contracts and do not incur either of these types of expenses. (2) Includes professional fees and other one-time expenses related to (i) the Jefferson Capital, Inc. IPO; and (ii) M&A and other corporate transactions.
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Reconciliation of Adjusted Pre-tax Income and Calculation of Adjusted Pre-tax ROAE 13 (1) Components include: (i) cure amounts associated with assumed contracts related to the Conn’s Portfolio Purchase, where wepaid past-due amounts owed to the vendor upon assuming such contracts; and (ii) legal fees for highly specialized expertise related to the Conn’s bankruptcy process. In a typical portfolio purchase, we do not assume any contracts and do not incur either of these types of expenses. (2) Includes professional fees and other one-time expenses related to (i) the Jefferson Capital, Inc. IPO; and (ii) M&A and other corporate transactions. (3) Calculated on an annualized bases using a two-point average for the equity. ($ in Millions) Three Months Ended Mar'31 Jun'30 Sep'30 Dec'31 Mar'31 Jun'30 2024 2024 2024 2024 2025 2025 Pre-tax income 34.1$ 39.2$ 29.5$ 67.0$ 62.0$ Foreign exchange and other income (expense) 2.8 0.5 2.3 (2.5) (1.1) Stock compensation 0.7 2.2 0.4 0.4 (8.3) Conn's one-time items (1) - - 4.3 0.3 - Canaccede exit incentive - - 7.7 0.2 0.7 IPO, merger and acquisition, and other one-time expenses (2) 2.1 0.2 0.2 0.3 8.4 Adjusted pre-tax income 39.7$ 42.1$ 44.4$ 65.7$ 61.7$ Total equity 334.9$ 364.7$ 388.6$ 382.5$ 434.6$ 410.8$ Adjusted Pre-tax ROAE (3) 45.4% 44.7% 46.1% 64.3% 58.4%
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Reconciliation of Pro Forma Adjusted EPS 14(1) The adjustment to the shares represents the impact as if the IPO had occurred as of January 1, 2025, and the related impact to EPS. ($ in Thousands, except EPS) For the Three Months Ended June 30, As Reported Adjustments (1) Pro Forma Adjusted Net income $ 47,651 $ — $ 47,651 Shares: Weighted-average basic common shares outstanding 2,561 55,705 58,266 Weighted-average diluted common shares outstanding 2,843 55,705 58,548 Earnings per common share $ 18.61 (17.79) $ 0.82 Diluted earnings per common share 16.76 (15.95) 0.81 For the Six Months Ended June 30, As Reported Adjustments 1 Pro Forma Adjusted Net income $ 111,876 $ — $ 111,876 Shares: Weighted-average basic common shares outstanding 1,288 56,978 58,266 Weighted-average diluted common shares outstanding 1,430 56,979 58,408 Earnings per common share $ 86.88 (84.96) $ 1.92 Diluted earnings per common share 78.26 (76.35) 1.92 (1) The adjustment to the shares represents the impact as if the IPO had occurred as of January 1, 2025, and the related impact to EPS.
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($ in Millions) Trailing Twelve Months Ended Jun'30 Sep'30 Dec'31 Mar'31 Jun'30 2024 2024 2024 2025 2025 Net cash provided by operating activities 143.9$ 125.6$ 168.2$ 184.5$ 295.1$ Changes in prepaid expenses 1.7 20.7 7.8 13.0 11.1 Changes in accounts payable and accrued expenses (18.1) (8.4) (36.7) (26.0) (118.7) Provision for credit losses (3.5) (3.5) (3.5) (3.2) (2.8) Foreign exchange and other income (expense) 0.9 1.9 5.5 3.1 (0.8) Cash Interest paid 59.0 65.9 73.0 80.4 87.8 Provision for income taxes 7.9 8.2 8.7 9.6 22.0 Total portfolio revenue (331.8) (359.1) (395.9) (446.9) (492.6) Gross collections 477.8 515.9 584.5 718.2 836.0 Stock compensation 2.8 4.6 4.5 3.6 (5.4) Conn's one-time items (1) - - 4.3 4.6 4.6 Canaccede exit incentive - - 7.7 7.9 8.6 IPO, merger and acquisition and other one-time expenses (2) 2.9 2.5 2.7 2.8 9.1 Adjusted Cash EBITDA (A) 343.5$ 374.3$ 430.8$ 551.6$ 654.0$ As of Jun'30 Sep'30 Dec'31 Mar'31 Jun'30 2024 2024 2024 2025 2025 Borrowings, as reported 845.0$ 948.0$ 1,194.7$ 1,212.0$ 1,181.5$ Unamortized issuance costs 15.2 14.1 13.4 12.3 18.5 Unrestricted cash (10.5) (18.3) (35.5) (27.0) (51.7) Net Debt (B) 849.7$ 943.8$ 1,172.6$ 1,197.3$ 1,148.3$ Leverage ratio (B / A) 2.47 x 2.52 x 2.72 x 2.17 x 1.76 x Calculation of Quarterly Leverage 15 (1) Components include: (i) cure amounts associated with assumed contracts related to the Conn’s Portfolio Purchase, where wepaid past-due amounts owed to the vendor upon assuming such contracts; and (ii) legal fees for highly specialized expertise related to the Conn’s bankruptcy process. In a typical portfolio purchase, we do not assume any contracts and do not incur either of these types of expenses. (2) Includes professional fees and other one-time expenses related to (i) the Jefferson Capital, Inc. IPO; and (ii) M&A and other corporate transactions.