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2026 IDEAS Midwest Conference Investor Presentation A Global Leader in Acquiring and Collecting Nonperforming Loans
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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 Such statements involve uncertainties and risks, some of which are not currently known to us, and may be superseded by future events that could cause actual results to differ materially from those expressed or implied in this presentation. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation and are qualified in their entirety by these cautionary statements. Information regarding risks and other factors that could cause our actual results to differ materially from our expectations can be found in our most recent Annual Report on Form 10-K and in subsequent SEC filings and should be considered when evaluating the forward-looking statements in this presentation. Except as required by law, we assume no obligation to update or revise these statements to reflect changes in the events, conditions, or circumstances upon which any such forward-looking statements are based. Unless otherwise noted, our results for “other” markets include South America, Canada and Australia. 1 Nasdaq: PRAA Note: All information in this presentation is as of June 30, 2026, unless specified otherwise.
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Themes Covered Industry Overview PRA Overview Strategy for Creating Value Execution & Financial Results Investment Catalysts 2 Nasdaq: PRAA
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The Nonperforming Loan (NPL) Ecosystem 3 Banks & Consumer Finance Companies Generate NPLs Recovery of NPLs is Essential to a Healthy Financial System How Debt Buyers Create Value • Banks & consumer finance companies extend credit to millions of consumers • Most customers repay their obligations • Some accounts become delinquent due to a variety of reasons (e.g. life events, too much debt, etc.) • Delinquent accounts eventually become charged-off loans (NPLs) • Collecting on NPLs is essential for a healthy financial ecosystem o Banks take losses and capital charges on NPLs o Selling portfolios frees capital and supports new lending o European regulators encourage NPL sales to improve financial system efficiency • Creditors can collect internally or through 3rd parties, or sell accounts to specialized investors • Customers benefit from resolving delinquent obligations, since credit scores can impact many aspects of life • Debt buyers leverage scale, technology, and specialist capabilities to create value • PRA leverages 30+ years of experience and data from 50M+ customer accounts • We leverage data & analytics to optimize collection strategies • Customers work with us to resolve their debt and rehabilitate their credit scores, benefiting from discounts, flexible payment options and long-term plans • Creditors are often able to recover more capital faster through NPL sales than internal collections Nasdaq: PRAA
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The U.S. NPL Market is the World’s Largest – and it Continues to Grow 4 $1,089 0% 2% 4% 6% 8% 10% $0 $200 $400 $600 $800 $1,000 $1,200 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Q2 26 U.S. Credit Card Balances1 and Charge-Off Rates2 $ in billions U.S. Credit Card Balances1 U.S. Credit Card Charge-Off Rates2 1. FRED, Consumer Loans: Credit Cards and Other Revolving Plans, All Commercial Banks. Data as of August 21, 2026. 2.Board of Governors of the Federal Reserve Board, Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks. Data as of May 19, 2026. 3.Estimated remaining collections (ERC) refers to the sum of all future projected cash collections on our nonperforming loan (NPL) portfolio. Strong Economy • Healthy customer payment activity supports collections performance on our large portfolio of NPLs ($8.9B of ERC3) Weaker Economy • Higher delinquencies and charge-off rates typically drive higher NPL portfolio supply over time • PRA’s customers have historically been fairly resilient across cycles PRA’s Advantage • Positioned to drive value across a range of economic environments and markets Attractive Through-the-Cycle Business Model • U.S. credit card balances exceed $1.0 trillion • Charge-off rates remain above pre-pandemic levels • The U.S. remains the world’s largest NPL market Nasdaq: PRAA
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1. 30+ years of experience with highly tenured management team 2. Significant global scale and diversification across 18 markets 3. Attractive market dynamics in U.S. and Europe 4. Executing new strategy to drive cash generation, efficiency, and returns 5. Strong European business with 26+ quarters of cash overperformance against targets 6. Strong balance sheet, ample liquidity, and declining leverage1 PRA Group: Strong Market Position, Improving Financial Performance and Significant Opportunities Ahead 5 1 Key Highlights Key Stats (Q2 2026) 2 3 4 5 6 $297M Portfolio Purchases Disciplined Capital Deployment $559M Cash Collections Continued Growth in U.S. and Europe $8.9B ERC Company Record $58M Net Income $1.4B LTM Adjusted EBITDA2 Near All-Time High 2.67x Net Leverage Down 7 Consecutive Quarters Note: LTM refers to 12 months ended June 30, 2026. 1. The calculation of net leverage can be found at the end of this presentation. 2. A reconciliation of Net income/(loss) attributable to PRA Group, Inc. to Adjusted EBITDA can be found at the end of this presentation. Nasdaq: PRAA
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United States (40% of ERC) Europe (54% of ERC) Our Global Platform Is a Key Differentiator and Positions Us to Capitalize on Attractive Opportunities 6 ✓ Strong track record of disciplined investments, especially during periods of elevated competition ✓ 26+ quarters of cash overperformance against internal targets ✓ One of the most cost-efficient platforms in Europe ✓ Transformed European IT infrastructure (one common cloud platform and omnichannel contact platform) ✓ Largest NPL market globally ✓ Record credit card balances (~$1.1T) and elevated charge- offs support strong portfolio supply ✓ Complex regulatory environment creates barriers to entry ✓ Success driven by scale, compliance, data, analytics and deep seller relationships Nasdaq: PRAA
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Industry Evolution Is Creating New Drivers of Success The Next Generation of Debt Buying Increasingly Requires Data & Analytics, Technology, and Operational Efficiency 7 Data & Analytics • Better underwriting and forecasting • More effective customer engagement • Optimized collection strategies Technology • Modern, cloud-based customer contact platforms • AI-enabled decision-making and automation • Advanced digital capabilities Operational Efficiency • Scalable operating model • Flexible mix of employees, offshore resources, and debt collection agencies (DCAs) We launched a new strategy (PRA 3.0) in early 2026 to improve returns, enhance efficiency and create long-term shareholder value Nasdaq: PRAA
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PRA 3.0: A Clear Strategic Framework for Driving Higher Returns and Long-Term Shareholder Value 8 Establish a Winning Culture – embed high-performance ownership mindset: • Invest in talent • Strong performance culture • Aligned incentives with shareholder interests • Strong governance and values Invest with Discipline – allocate capital to highest-return opportunities: • Disciplined global NPL investor • Strong financial profile through the credit cycle • Strong diversified funding • Prudent capital allocation strategy Modernize the Engine – become leaner, more flexible, tech-driven: • Transform operations • Fully leverage technology • Enhanced data & analytics • Disciplined cost management Capital & Investing 1 Operations, Tech & Data 2 People & Culture 3 Nasdaq: PRAA
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Recent Progress Executing PRA 3.0 Major Milestones Achieved Over the Past Year 9 ✓ Reduced management layers ✓ Strengthened performance-focused culture ✓ New Charlotte talent hub; began hiring key AI & technology talent ✓ Continued incentive alignment with shareholder interests ✓ Increased Europe ERC by $349M ✓ Continued to reduce leverage: 2.87x in Q3 ‘24 vs. 2.67x in Q2 ‘26 ✓ Raised €300M of 2032 notes to further diversify funding mix ✓ €730M European RCF refinancing ✓ Opportunistic $40M of shares repurchased over last 12 months; Board authorized new $150M1 program in August 2026 ✓ Eliminated 215+ corporate & overhead roles (25%+ reduction) & 575+ call center roles: ~$35M annualized net savings2 ✓ Closed 2 U.S. call centers & 1 offshore site (7 sites in 2023 vs. 1 today) ✓ Launched cloud-based omnichannel contact platform in U.S. ✓ Assembled AI-focused team with deep expertise (20+ global pilots) Capital & Investing 1 Operations, Tech & Data 2 People & Culture 3 1. Future repurchases are subject to various factors, including compliance with covenants in debt agreements and the Board’s discretion. 2. Figures are after factoring in other offsetting costs. Nasdaq: PRAA
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$117 ($83) $71 $73 $142 2022 2023 2024 2025 LTM Q2 2026 Higher Earnings Driven by Increased Revenue Adjusted Net Income Attributable to PRA5 Growing Cash Collections and Disciplined Cost Management Driving Adjusted EBITDA Growth 10 Nasdaq: PRAA Cash Collections & Adjusted Cash Efficiency Ratio2 Adjusted EBITDA3 and Net Leverage4 $ in millions $1,007 $1,138 $1,315 $1,359 2.78x 12/31/23 2.83x 12/31/24 2.73x 12/31/25 2.67x 6/30/26 +35% 1. Reflects total portfolio purchases in South America, Canada and Australia. 2. Adjusted cash efficiency ratio is calculated by dividing cash receipts less Adjusted operating expenses by cash receipts. A reconciliation of Total operating expenses to Adjusted operating expenses can be found at the end of this presentation.. 3 A reconciliation of Net income/(loss) attributable to PRA Group, Inc. to Adjusted EBITDA can be found at the end of this presentation. 4 The calculation of net leverage can be found at the end of this presentation. 5. A reconciliation of Net income/(loss) attributable to PRA Group, Inc. to Adjusted net income/(loss) attributable to PRA can be found at the end of this presentation. 0 0 0 Continued Growth in Cash Collections While Maintaining Strong Operating Efficiency Growing Adjusted EBITDA3 While Reducing Leverage Adjusted EBITDA Net Leverage Adjusted EBITDA3 and Net Leverage4 $1,660 $1,869 $2,108 $2,184 58% 2023 59% 2024 61% 2025 61% LTM Q2 2026 +32% Cash Collections Adjusted Cash Efficiency Ratio Portfolio Purchases Global Diversification and Disciplined Capital Deployment That Continues to Meet Return Requirements Company Record 2023 2024 2025 LTM Q2 2026 $1,154 $1,408 $1,209 $1,088 U.S. Europe Other Markets 1
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Strong Funding Profile and Disciplined Capital Allocation 11 Nasdaq: PRAA Flexible Capital Allocation StrategyStaggered Maturities (None Until 2028) $ in millions Debt Maturity Profile1 $398 $550 $618 $343 2026 2027 2028 2029 2030 2031 2032 $0 $0 $1,862 UK RCF NA RCF NA Term Loan Europe RCF Senior Unsecured Notes 1. Excludes Colombian revolving credit facility with outstanding borrowings of $0.2 million as of June 30, 2026. • Ample liquidity (currently $998M) with longstanding bank relationships: • $733 million based on current ERC • $265 million of additional availability subject to borrowing base and debt covenants, including advance rates 1 Disciplined portfolio purchases that meet return thresholds 2 Invest in initiatives that enhance operating performance: legal, digital, and technology modernization 3 Opportunistic share repurchases
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Clear Catalysts to Drive Improved Returns and Long-Term Shareholder Value 12 Long Track Record & Strong Fundamentals Clear Vision for the Future with Proven Execution Driving Financial Metrics • Scaled global platform with 30-year track record • A leading debt buyer in the U.S. • Relationships with key sellers • 50M+ customer accounts • Strong European business • 26+ quarters of cash overperformance • $349M increase in EU ERC in Q2 2026 • Strong liquidity and funding profile • Attractive industry dynamics • Supportive supply environment to continue purchasing $1.0B - $1.3B annually Track Record of Execution • Cost initiatives (Cut 25%+ of overhead staff; ~$35M net annualized savings) • Implemented new U.S. omnichannel contact platform and UK mobile app • New talent hub in Charlotte • Reorganization of U.S. business • Consolidated site footprint (~$4M gross annualized Opex reduction) • Continued optimizing U.S. call center staffing (~1/3 offshore) ✓ Record ERC of $8.9B ✓ Continued cash collections growth ✓ Adjusted EBITDA growing faster than collections and approaching all-time high ✓ Leverage declined 7 quarters in a row and is trending toward the mid-2x target area ✓ Cash efficiency ratio has improved by 200+ bps in the past 2 years even with record investments in U.S. legal channel ✓ Earnings and returns trending in the right direction ✓ Capital & Investing ✓ Operations, Tech & Data ✓ People & Culture Nasdaq: PRAA
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Q&A 13 Nasdaq: PRAA
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Non-GAAP Financial Measures 14 Nasdaq: PRAA The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, m anagement uses certain non-GAAP financial measures, including the non-GAAP financial measures referred to below, internally to evaluate the Company’s performance and to set performance goals. This presentation includes certain non-GAAP financial measures that exclude the impact of certain items and are not required by, or presented in accordance with, GAAP. Also included are reconciliations of the most directly comparable financial measures calculated in accordance with GAAP to the corresponding no n-GAAP financial measure. The non-GAAP financial measures included should not be considered as an alternative to the most directly comparable financial measure determined in accordance with GAAP. The calculation of the non- GAAP financial measures included may not be comparable to the calculation of similarly titled financial measures reported by other companies. The Company presents Adjusted EBITDA because the Company considers it an important supplemental measure of its operational and financial performance. Adjusted EBITDA is calculated as net income (or loss) attributable to PRA Group, Inc. plus income tax expense (or less income tax benefit); plus foreign exchange loss (or less foreign exchange gain); plus interest expense, net and other; plus depreciation and amortization; plus impairment of real estate; plus goodwill impai rment; 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. 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. The Company uses an adjusted cash efficiency ratio to monitor and evaluate operating expenses, excluding goodwill impairment ("Adjusted operating expenses"), relative to cash collections plus fees and revenue recognized from our class action claims recovery services. Management believes the adjusted cash efficiency ratio is a useful financial measure for investors in evaluating the Company's management of operating expenses because it excludes the impact of certain transactions that are either unusual or infrequent in nature, or both. The adjusted cash efficiency ratio is calculated by dividing cash receipts less Adjusted operating expenses by cash receipts. The Company uses Net income/(loss) attributable to PRA Group, Inc. excluding the impact of certain transactions that are unusual or infrequent in nature and not reflective of our ongoing operations (“Adjusted net income/(loss) attributable to PRA”) to monitor and evaluate our operating performance and allow for better comparability. Management believes Adjusted net income/(loss) attributable to PRA is a useful financial measure for investors in evaluating our operati ng results.
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3/31 6/30 9/30 12/31 3/31 6/30 9/30 12/31 3/31 6/30 9/30 12/31 3/31 6/30 Net income/(loss) attributable to PRA Group, Inc. 19$ (22)$ (59)$ (83)$ (21)$ 4$ 43$ 71$ 71$ 92$ (343)$ (305)$ (281)$ (265)$ (+) Income tax expense (benefit) 14 1 (8) (16) 5 12 10 21 23 30 55 47 51 65 (+) Foreign exchange loss (gain) (2) (1) (1) — (1) — 1 — — — — (1) (2) (1) (+) Interest expense, net and other 138 150 168 183 198 209 221 230 239 246 248 252 255 257 (+) Depreciation and amortization 15 15 14 13 13 12 11 11 11 11 10 9 8 7 (+) Impairment of real estate — — 5 5 5 5 — — 1 1 1 1 1 3 (+) Goodwill impairment — — — — — — — — — — 413 413 413 413 (+) Net income attributable to noncontrolling interests 11 13 15 17 20 19 17 18 15 15 17 15 13 11 (-) Gain on sale of equity method investment — — — — — — — — — (38) (38) (38) (38) — (+) Recoveries collected and applied to Finance receivables, net less Changes in expected recoveries 820 837 864 888 825 804 797 787 824 885 903 923 929 869 LTM Adjusted EBITDA 1,015$ 993$ 998$ 1,007$ 1,044$ 1,065$ 1,100$ 1,138$ 1,184$ 1,240$ 1,265$ 1,315$ 1,349$ 1,359$ Borrowings 2,938$ 2,740$ 2,832$ 2,914$ 2,953$ 3,114$ 3,296$ 3,327$ 3,466$ 3,614$ 3,607$ 3,697$ 3,779$ 3,759$ Cash and cash equivalents 116 111 105 113 108 119 141 106 129 132 107 104 125 132 Net debt 2,822 2,629 2,727 2,801 2,845 2,995 3,155 3,221 3,337 3,483 3,500 3,593 3,654 3,627 Net leverage 2.78x 2.65x 2.73x 2.78x 2.73x 2.81x 2.87x 2.83x 2.82x 2.81x 2.77x 2.73x 2.71x 2.67x 2024 2025 2026 LTM Ended 2023 Reconciliation of Net Income/(Loss) to Adjusted EBITDA and Calculation of Net Leverage 15 Nasdaq: PRAA 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, 2023 through the LTM as of June 30, 2026. The Company evaluates its business using certain ratios that use Adjusted EBITDA. Net leverage is calculated by dividing Borrowings less Cash and cash equivalents by Adjusted EBITDA. The following table also reflects the Company’s Net leverage for the LTM as of March 31, 2023 through the LTM as of June 30, 2026. $ in millions Note: amounts may not add up due to rounding
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2023 2024 2025 LTM Q2 2026 Cash collections 1,660,450$ 1,868,576$ 2,107,626$ 2,184,375$ Fee income 10,384 10,023 9,996 $12,801 Cash receipts (A) 1,670,834$ 1,878,599$ 2,117,622$ 2,197,176$ Total operating expenses 702,062 774,792 1,232,110 $1,264,662 Less: Goodwill impairment — — (412,611) (412,611) Adjusted operating expenses (B) 702,062$ 774,792$ 819,499$ 852,051$ Adjusted cash efficiency ratio (A - B) / A 58% 59% 61% 61% Reconciliation of Total Operating Expenses to Adjusted Operating Expenses and Calculation of Adjusted Cash Efficiency Ratio 16 Nasdaq: PRAA Non-GAAP Financial Measures The following table provides a reconciliation of Total operating expenses to Adjusted operating expenses and presents the Company's Adjusted cash efficiency ratios for the periods indicated (in thousands, except for ratio data)
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2022 2023 2024 2025 LTM Q2 2026 Net income/(loss) attributable to PRA Group, Inc. 117,147$ (83,477)$ 70,601$ (305,142)$ (265,048)$ Less: Gain on sale of equity method investment — — — (38,403) — Plus: Goodwill impairment — — — 412,611 412,611 Plus/(Less): Tax effect of adjusting items1 — — — 3,515 (5,202) Adjusted net income/(loss) attributable to PRA 117,147$ (83,477)$ 70,601$ 72,581$ 142,361$ Adjusted Net Income/(Loss) Reconciliation Reconciliation of Net Income/(Loss) Attributable to PRA Group, Inc. to Adjusted Net Income/(Loss) Attributable to PRA 17 Nasdaq: PRAA Non-GAAP Financial Measures The following table provides a reconciliation of Net income/(loss) attributable to PRA Group, Inc. to Adjusted net income/(loss) attributable to PRA for the periods indicated (in thousands): 1. Based on the annual effective tax rate and pretax income excluding the effect of the adjusting items.
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I R . P R A G R O U P . C O M Najim Mostamand, CFA VP, Investor Relations (757) 431-7913 IR@pragroup.com